Ormet plans layoffs

[UpInArms]

http://www.timesleaderonline.com/news/story/0227202004_new02_ormet27.asp

WHEELING - In an action aimed at improving the financial performance of its primary aluminum business, Ormet Primary Aluminum Corp. announced Thursday that it is curtailing operations at one of its two "direct chill" casting pits at the Hannibal Reduction Plant Cast House.

The curtailment, which will be phased in over the next 60 to 90 days, will ultimately result in the layoff of about 80 workers, a prepared statement from the company indicated. As a result of the curtailment, annual production at the Hannibal Reduction Plant Cast House, which totaled more than 200 million pounds of billet in 2003, will be reduced by about 100 million pounds annually.

<snip>

"While we regret the impact of this curtailment action on some of our customers and employees, we believe it will strengthen Ormet's overall operational and financial performance and thereby enhance our viability over the long term," Boyle said.

Ormet is currently notifying all customers and employees affected by the curtailment. Loren Hartshorn, president of United Steelworkers of America Local 5724, characterized the news as being "awful."

...more...

[Ohio Dem]

1. This is my area. About half the people I know work for Ormet.

Okay, maybe not half, but it seems that way. This sucks, but I guess it's better than the plant up and leaving.

[madrchsod]

2. another primary industry

starting to bite the dust in the usa....

[doc03]

3. Ormet is in chapter 11, last week they asked the court to approve

$2 million for bonuses to retain their bad management. If they follow
the game plan next they will dump their pensions on the PBGC and drop the retirees health insurance.