Corp.s losses mounted in August as aluminum prices on the
London Metal Exchange continued to slide.
The bankrupt Hannibal,
Ohio-based aluminum producer posted a net loss of $11.7 million
in August vs. a $6.4-million loss in July, according to court
documents filed Sept. 20 in U.S. Bankruptcy Court in
Ormet has lost nearly
$94.4 million through August, the documents said.
The company filed for
Chapter 11 bankruptcy protection in February, citing high power
and legacy costs (
amm.com, Feb. 26). Ormet has said it expects LME
cash aluminum prices to improve to averages of $2,300 per tonne
($1.04 per pound) in 2014 and $2,400 per tonne ($1.09 per
pound) in 2015 (
amm.com, Sept. 3).
The LMEs cash
primary aluminum contract ended the official session at
$1,754.50 per tonne (79.6 cents per pound) Sept. 23, down
roughly 1 percent from $1771.50 per tonne (80.4 cent per pound)
Sept. 20 and off 17.4 percent from a 2013 high of $2,123 per
tonne (96.3 cents per pound) Feb. 15.