Email a friend
  • To include more than one recipient, please separate each email address with a semi-colon ';', to a maximum of 5

  • By submitting this article to a friend we reserve the right to contact them regarding AMM subscriptions. Please ensure you have their consent before giving us their details.

Recycler makes offer for Ormet copper rods

Dec 06, 2013 | 03:42 PM | Michael Cowden

Tags  copper rods, asset sale, Ormet Corp., Prime Materials Recovery Inc.bankruptcy, Nathan Schilberg, Matt Powell, aluminum, Michael Cowden

CHICAGO — Prime Materials Recovery Inc. wants to buy some 430 tonnes of new and used copper rods from Ormet Corp. as the bankrupt aluminum producer continues a piecemeal sale of its assets.

The East Hartford, Conn.-based recycler has offered to pay the Comex copper price for March settlement minus 16.5 cents per pound for the day the truck is loaded.

Prime Materials Recovery wants five truckloads per week beginning Dec. 16, according to documents filed in U.S. Bankruptcy Court in Delaware and signed by company president Nathan Schilberg and Ormet commercial vice president Matt Powell. Objections are due on Dec. 10.

Hannibal, Ohio-based Ormet, which filed for bankruptcy protection in February, has said it is trying to sell what it considers to be excess assets (, Oct. 16).

Latest Pricing Trends Year Over Year


How will metal prices perform in 2018?

The same, with minimal change in either direction
Better, building off 2017 momentum
Worse, suffering losses
Mixed, with steel improving and base metals declining
Mixed, with base metals improving and steel declining

View previous results