Read Larry Connors' blog – Short Term Trading Strategies
Ormet had previously reported that on April 16, 2009, the Company served Glencore with a Demand for Arbitration. On that same date, Ormet filed suit in the Federal District Court of Southeastern Ohio, against Glencore seeking a preliminary injunction to prevent the interruption of alumina deliveries as required under the tolling agreement with Glencore until such time that an arbitral tribunal can rule on Ormet's claims against Glencore. Since filing the federal lawsuit, the arbitral tribunal has taken Ormet's claims against Glencore under consideration on an expedited basis. Ormet requested that the federal court action be dismissed without prejudice, pending a ruling by the arbitral tribunal. "This is what we have wanted from the beginning - a fair hearing of these issues in a timeframe that recognizes the urgency of the situation," says Mike Tanchuk, president and CEO of Ormet Corporation.
ABOUT ORMET: Headquartered in Hannibal, Ohio, Ormet Corporation is a major U.S. producer of aluminum. Ormet employs approximately 1,000 people from across Monroe County, Southeastern Ohio, and parts of West Virginia. Its aluminum smelter has an annual aluminum production capacity of approximately 266,000 metric tons.
This press release contains forward-looking statements within the meaning of the federal securities laws. Such statements are based on current expectations, and the actual results and the timing of certain events could differ materially from those projected in or contemplated by these forward-looking statements due to a number of factors. Readers are cautioned that arbitration is highly uncertain, and Ormet may or may not prevail in its actions against Glencore. Ormet's tolling agreement with Glencore currently accounts for substantially all of Ormet's aluminum production and revenue, and is on pricing terms more favorable than Ormet believes could be currently obtained by it in light of current market prices for aluminum and significantly reduced global aluminum demand given current worldwide economic conditions. In addition, current market prices for aluminum are such that Ormet believes it would be unable to profitably operate its business currently if the tolling agreement were terminated and Ormet were to begin producing aluminum for customers at current market prices. Readers are cautioned that Ormet's business is subject to numerous significant risks and uncertainties in addition to those discussed above.
For more information, visit Ormet's website at www.ormet.com.
SOURCE: Ormet Corporation
James Communications, Inc. Linda King, 412-428-0050 or 412-296-2284
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
