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Ormet Aims to Take Charge

Company Wants to Generate Own Electricity by 2015

June 9, 2013

HANNIBAL — As Ormet Corp....

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(7)

1whoworks

Jun-09-13 7:39 PM

Ohio goes deregulated in 2014. Will the bill then just go to the taxpayers?

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Quasar

Jun-09-13 2:34 PM

Just think how much cheaper they could make aluminum in Mexico.

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richardwhee

Jun-09-13 2:31 PM

Ragner- This is what we call CAPITALISM" Somehow or other we tax payers get stuck. In addition- I think the UMW and it's members will see the writing on the wall.

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Ragnar

Jun-09-13 11:23 AM

Let's see. Ormet was already working with a defeated union, having their electricity subsidized by other rate users and buying and selling their annual input/output on guaranteed pricing contracts.

Now they have dumped their pensions onto the PBGC, which is subsidized by tax dollars, due to its' underfunding.

Why don't we taxpayers agree to buy Ormet's output at 400% of market prices and just dump it in the ocean?

We are already subsidizing them, why not go all the way?

The company that purchased them did not even put up cash. They are using a debt financing, instead. Are they really going to line up another $450 million for a natural gas plant? Who will subsidize that?

Natural gas is not going overseas because there is no market for it here. It goes overseas because, like oil, it is traded on a world market and it goes where it can bring the best price.

Ormet is a joke.

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Johnson2616

Jun-09-13 10:52 AM

Highest production expense = electricity, generate your own, sounds like a great plan to me but you can bet the farm that AEP with the PUCO in it's back pocket isn't going to let this happen without a fight which Ormet will lose thanks to the deep pockets (at our expense) of AEP.

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daWraith

Jun-09-13 9:24 AM

The automobile industry is booming and virtually every new engine block is made from Aluminum to meet weight reduction requirements dictated by the strict CAFE fuel economy rules.

Also more aluminum is being used in auto frames; some luxury models are ALL aluminum bodies to reduce weight.

If Ormet wasn't already booming, they are dead meat in the future.

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MikeEbigg

Jun-09-13 1:14 AM

Buy a company for $200,000,000 and spend another $450,000,000 to convert it? Sounds like wishful thinking on someone's part.

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