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Since the company made an announcement at the end of July stating they had issued WARN notices to 982 employees, Ormet officials have been working hard to maintain operations and protect jobs at its Hannibal, Ohio facility. The company has already acquired a majority of raw materials necessary to operate at the four-line level for the balance of the year and anticipates layoffs of no more than 100 people through the remainder of 2009.
"This has been a tough situation but we moved quickly to take advantage of the rising prices on the London Metal Exchange," said Mike Tanchuk, Ormet's CEO. "I appreciate the continued support from Governor Strickland, the PUCO, the USWA, our legislators, our suppliers and most of all, our employees. We look forward to finalizing the power supply contract by Labor Day."
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 Ormet's business is, and the forward looking statements contained in this press release are, subject to numerous significant risks and uncertainties. These risks and uncertainties include, among others, those discussed in Ormet's 15c2-11 information and disclosure statements for the year ended December 31, 2008 and the quarter ended March 31, 2009 (copies of which are available at Ormet's website at www.ormet.com), and risks associated with Ormet's ability to secure fixed metal price arrangements for remaining 2009 metal volume, to enter into arrangements relating to aluminum output for future periods, to acquire raw materials and to finalize the power arrangement.
Headquartered in Hannibal, Ohio, Ormet Corporation is a major U.S. producer of aluminum. Ormet employs approximately 1,000 people. Its aluminum smelter based in Hannibal, Ohio has an annual aluminum production capacity of approximately 266,000 metric tons. For more information, visit Ormet's website at www.ormet.com.
SOURCE: Ormet Corporation
For Ormet Corporation Linda King, 412-428-0050 or 412-296-2284
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