Ormet's CEO Mike Tanchuk said that the company was being forced to cut operations at Hannibal due to unfavourable market conditions globally and the increasing price of electricity in Ohio.
According to Tanchuk, while Ormet and AEP Ohio (American Electric Power) have been working towards a solution, no agreement has been reached.
Ormet intends to continue seeking alternatives to mitigate the unfavourable PUCO ruling, which is having a knock-on effect at the company's alumina refinery in Burnside, Louisiana where all 250 employees have been issued with WARN notices.
Despite all the gloom, Tanchuk is reported to be optimistic that a solution can be found and the jobs saved.
