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Ormet May Have Buyer

Aluminum maker files for Chapter 11 bankruptcy status

February 27, 2013

HANNIBAL — Mike Tanchuk said the 860 union and management employees on the job at the Ormet Corp....

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(9)

oldsteelmaker

Feb-28-13 8:33 PM

Senior, if the company went broke trying to service the benefits, that's just life. You can't make it 1974 again. The people should be happy there is a PBGC. Before, if a company whent broke the pensions were based on whatever was set aside, and often that was nothing.

This version of is bust. At least there is a chance there will be work there in the future. In way too many cases, and WP is a classic, the union leaders refused to see the world had changed, and used their leverage to make deals that ruined the companies. And I defy you to say they did a good job protecting the rank and file's jobs. Esmark, Severstal, RG...

CSM is alive and well. So is Essar. RG is bust, and Severstal wishes they never heard of WP, Sparrows Point or Warren.

They are scrapping Warren. Saw the auction notice Tuesday. Want to buy a rolling mill?

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Quasar

Feb-28-13 12:05 AM

Bend the overhead way down, fire the union workers, hire illegal Mexicans (democrat voters).

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oldsteelmaker

Feb-27-13 7:51 PM

Rover, PBGC didn't get involved with WP until 1985. Norton Simon owned Wheeling Steel before the merger. That was in the 60s. Senility is a terrible thing.

The first bankruptcy was the combination of a terrible market flooded with imported steel, loan payments for equipment that was needed, but with sky-high interest payments thanks to that idiot Carter, way-high union costs and benefit expenses, stupid workrules that drove up costs, and a general attitude that the company can afford it. The union picked three losers in a row, Esmark, Severstal and RG, and I am STILL seeing fools on these pages that somehow think the company was just doing this to mess with them.

Ragnar, by your logic the plant should have been closed years ago. Good libertarian position, but hardly popular with this crowd.

You are aware that the primary reason there is no Beth, LTV, Weirton, Acme, Cold Metal and a bunch of others is the pension and medical benefits costs could not be sustained.

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Ragnar

Feb-27-13 6:40 PM

There should be no PBGC and no pension dump.

No company or government department should be permitted to promise more money than what currently exists in a pension fund-IN REAL ASSETS.

Depending on future workers to fund today's workers in their retirement is nothing more than a Ponzi scheme, just like Social Security.

We heard what a genius Tanchuk is. I'm not seeing it. Forrest Gump could have "turned around" Ormet.

Let us count the ways:

1) Get a sweetheart power deal, with your savings dumped on residential consumers in the form of increased bills.

2) Get a nice deal from your weakened and failure-ridden USWA employees. Monroe County is a ****ehole. These folks had nowhere to go. Good situation on the restart.

3) Buy 100% of your raw material from a company and sell 100% of your finished material back to that company under a yearly contract.

Great work, until the power prices go up, penisons come due and supplier/buyer cancels its' contract in a down

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rover1958

Feb-27-13 5:43 PM

Isn't this a note from 'trailblazer' Norton Simon who was either the first or second weasel to drop the Wheeling-Pit pension on the then new PBGF?

Simon wanted to squeeze as much money as possible out of Wheeling as he was 'a patron of the arts'. His widow, the crone and former actress Jennifer Jones now runs his art gallery. Wish somebody would squirt Hunt Catsup (another part of Simon's empire) on his pictures.

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mikeyd

Feb-27-13 4:00 PM

wheeling-pit did this same thing.get out of paying pensions.

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LogHog

Feb-27-13 3:35 PM

ormet should have been allowed to die years ago..it's been on Govt life support fo yrs..puco even makes regular folks pay ormets electric bills...

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intresting

Feb-27-13 1:05 PM

I agree Seníor. If it weren't the the excessive costs of union wages and pensions, that wouldn't have had to file.

Don't worry, just another American company down the tubes. Bush's fault.

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ValleySenior

Feb-27-13 10:08 AM

Wow, an original idea. Enter bankruptcy. Dump the pension liablity on the PBGF. Reorganize under a new company. Put more liability on the PBGF. PBGF raised premiums on all others company particpants trying to make it happen. Life goes on. Only in America.

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