Ormet mulls smelter liquidation, refinery sale

Oct 18, 2013 | 02:35 PM | Michael Cowden

Tags  Ormet, Hannibal, smelter, liquidation, United Steelworkers union, USW, John Puskar, Burnside refinery

CHICAGO — Ormet Corp. is considering liquidating its Hannibal, Ohio, smelter while it looks to make a deal with a potential buyer for its Burnside, La., alumina refinery.

The bankrupt aluminum producer said it hopes a sale of the Burnside refinery will allow the operation to continue as a "going concern," but it has "no option but to pursue a liquidation of assets at the Hannibal smelter," according to documents filed in U.S. Bankruptcy Court in Delaware.

Ormet did not respond to a request for comment.

A United Steelworkers union staff representative said that liquidation at Hannibal was not a foregone conclusion, noting that it was standard practice in bankruptcy proceedings to prepare for liquidation if it becomes necessary.....





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