Corp. has inked a pact to sell about 32,000 tonnes of alumina
to Glencore Xstrata Plc for $8.44 million.
The bankrupt Hannibal,
Ohio-based aluminum producer is seeking court approval to sell
the calcined metallurgical-grade alumina, valued at $263.75 per
tonne, from its Burnside, La., refinery to Baar,
Switzerland-based Glencore, according to court documents dated
Nov. 14 and filed in U.S. Bankruptcy Court in Delaware.
The material is to be
delivered to a Glencore vessel anchored midstream at the St.
James, La., terminal of the Mississippi River, per an asset
purchase agreement, also dated Nov. 14, and signed by Ormet
commercial vice president Matthew T. Powell and Glencore trader
Ormet said in court
documents that the move is part of its efforts to sell excess
The company has said
those assets include raw materials such as alumina, anodes,
caustic soda and bauxite, as well as finished goods. In
addition, Ormet has said it is looking to sell excess
equipment, office furniture, fixtures, vehicles and property
amm.com, Oct. 16).
Ormet has already
received court approval to sell the Burnside refinery to
Leetsdale, Pa.-based alumina producer Almatis Inc. for about
$39.5 million (
amm.com, Nov. 12).