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Ormet Announces $1.1 Million Quarterly Loss
Edited by : AL CIRCLE
2 min read
Ormet Corp. posted a $1.1 million net loss for the first three months of 2012, but company officials spent $1.9 million during this time to reline 22 pots at the Primary Aluminum Reduction Plant.
As Ormet gears up for the future, the company continues dealing with costs related to the restart of Ormet's Burnside, La., alumina facility, though President and Chief Executive Officer Mike Tanchuk said operations there are coming into place.
With eyes focused on the future, Tanchuk and other Ormet leaders are now looking at the possibility of making joint investments with Trafigura, one of the world's leading commodity traders, specializing in the oil, minerals and metals markets, with 81 offices in 54 countries.
"To be successful, Ormet must grow smartly while we continue to focus on our current operations. Trafigura is a great partner for us to accomplish our goals," Tanchuk said. "Clearly, the strengths of our two companies complement each other."
According to company information, Trafigura's primary trading businesses are the supply and transport of crude oil, petroleum products, renewable energies, coal, refined metals, ores and concentrates. It is also the world's the third largest independent oil trader.
Trafigura and Ormet entered into an agreement to explore and evaluate joint investments in projects in the bauxite, alumina and aluminum industry. Trafigura hopes its global experience in mining, commodities and logistics will complement Ormet's aluminum production expertise. The companies are already working together at the Burnside facility, as Trafigura provides off and on loading services for Ormet's alumina refinery.
As Ormet and Trafigura prepare for their partnership, work continues for about 1,000 employees at Ormet's Hannibal facility. In the first three months of the year, workers shipped 67,981 metric tons of product, compared to 58,079 tons during the same time in 2011. The increase is partially due to restarting two potlines that were closed during the first three months of 2011.
As Ormet gears up for the future, the company continues dealing with costs related to the restart of Ormet's Burnside, La., alumina facility, though President and Chief Executive Officer Mike Tanchuk said operations there are coming into place.
With eyes focused on the future, Tanchuk and other Ormet leaders are now looking at the possibility of making joint investments with Trafigura, one of the world's leading commodity traders, specializing in the oil, minerals and metals markets, with 81 offices in 54 countries.
"To be successful, Ormet must grow smartly while we continue to focus on our current operations. Trafigura is a great partner for us to accomplish our goals," Tanchuk said. "Clearly, the strengths of our two companies complement each other."
According to company information, Trafigura's primary trading businesses are the supply and transport of crude oil, petroleum products, renewable energies, coal, refined metals, ores and concentrates. It is also the world's the third largest independent oil trader.
Trafigura and Ormet entered into an agreement to explore and evaluate joint investments in projects in the bauxite, alumina and aluminum industry. Trafigura hopes its global experience in mining, commodities and logistics will complement Ormet's aluminum production expertise. The companies are already working together at the Burnside facility, as Trafigura provides off and on loading services for Ormet's alumina refinery.
As Ormet and Trafigura prepare for their partnership, work continues for about 1,000 employees at Ormet's Hannibal facility. In the first three months of the year, workers shipped 67,981 metric tons of product, compared to 58,079 tons during the same time in 2011. The increase is partially due to restarting two potlines that were closed during the first three months of 2011.
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