Ormet has reached a long-term agreement with American Electric Power under which AEP will provide power to Ormet’s Ohio operations. Ormet and AEP have filed the agreement with the Public Utilities Commission of Ohio and the company expects that the PUCO will issue an order putting the agreement into effect within the next few weeks. The power agreement will make possible the restart of all six potlines at Ormet’s Hannibal, Ohio, facility.
Ormet also announced that it is finalizing arrangements to raise $160 million to finance the restart of its potlines. Ormet expects to have two of the six potlines operating as early as January. The four remaining potlines are expected to begin operating within the next six months.
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