Inc. has won an auction for carbon anodes from bankrupt
aluminum producer Ormet Corp., agreeing to pay more than $11
million for 51,800 tonnes.
aluminum producer will pay $252 per tonne, or nearly $4.31
million, for 17,086 tonnes of baked carbon anodes in Hannibal,
Ohio, where Ormet is based, and $194 per tonne, or more than
$6.74 million, for 34,755 tonnes of anodes in Baltimore,
according to documents filed in U.S. Bankruptcy Court in
which remain subject to court approval, topped competing offers
from four other companies: Aminco Resources LLC, White Plains,
N.Y.; Bognar & Co. Inc., Pittsburgh; Century Aluminum Co.,
Chicago; and Noranda Aluminum Holding Corp., Franklin,
bankruptcy court has approved the sale of approximately 430
tonnes of new and used copper rods to Leetsdale, Pa.-based
Libertas Copper LLC. Three companies had been vying for the
amm.com, Dec. 11).
In addition, Ormet has
received approval to sell 688 tonnes of aluminum fluoride to
Noranda for $950 per tonne, or $653,600 (
amm.com, Dec. 30).
Ormet, which filed for
Chapter 11 bankruptcy protection in February
(amm.com, Feb. 26), is selling what it considers
to be excess assets (
amm.com, Oct. 16).
The sales come as
Ormets losses have continued to swell. The company lost
$16.6 million in November, 48.2 percent more than October
losses of $11.2 million, putting the loss in the first 11
months of the year at nearly $134.2 million, according to a
bankruptcy court filing. The company received no revenue from
sow sales in November, the documents indicate.
Ormet has idled its
smelter in Hannibal and sold its alumina refinery in Burnside,
amm.com, Dec. 13).