Company Threatens Layoffs Without Utility Rate Decrease
Hannibal-based aluminum manufacturer Ormet says it needs deeper discounts from Columbus-based American Electric Power to avoid laying off it's 1-thousand workers.
Ormet has received a rate subsidy funded by AEP customers that has reduced its costs by more than 150 million dollars. Ormet says it wants and even larger break. Ormet says the request comes amid low aluminum prices and a series of AEP rate hikes. The utility says only that it will continue to support Ormet.