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Ormet losses mount in August

Keywords: Tags  Ormet, Chapter 11, London Metal Exchange, LME, aluminum prices, bankruptcy protection, Delaware, aluminum Michael Cowden


CHICAGO — Ormet 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 Delaware.

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 LME’s 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.


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