A massive aluminum smelter on the banks of the Ohio River is in bankruptcy, but its owners say it could be saved from permanent closure if it gets a lifeline — from Ohio residents, the Wall Street Journal reported yesterday. On Friday, Ormet Corp., the smelter's operator, said it would temporarily close the smelter, which employs 670 in and around Hannibal, Ohio, unless Ohio regulators agree to further cut its power bill. Regulators earlier in the week offered Ormet a 20 percent cut in the cap on electricity prices, as well as $42 million in additional discounts for 2013-14. In total, state officials say they have already approved $346 million in financial support for Ormet in the last four years. Any shortfall would have to be made up by American Electric Power Co.'s other ratepayers, likely adding a few dollars each month to residents' utilities bills. Ormet said it plans to close the smelter immediately and reopen only if it obtained "a long-term economical power supply" and if aluminum prices improve. The Ohio Public Utilities Commission's battle with Ormet mirrors fights across the country, where aluminum producers are struggling to stay viable. The makers are threatening to close smelters — putting hundreds of people out of work — if they can't get better electricity rates.
