Ormet reports $1.1M net loss for Q1 2012
This compares to a net income of $5.5M for the same period last year for the Hannibal, Ohio USA-based company.
The company spent $1.9M during this period to reline 22 pots at its Primary Aluminum Reduction Plant.
In the first three months of the year, the company shipped 67,981t tons of product, compared to 58,079t during the same time in 2011. The increase is partially due to restarting two potlines closed during the first three months of 2011.
As it gears up for the future, the company continues dealing with costs related to the restart of Ormet’s Burnside, Louisiana, alumina facility, though President and Chief Executive Officer Mike Tanchuk said operations there are coming into place.
He said: “Our Burnside, Louisiana alumina refinery operation continues to increase production and is nearing capacity.”
The company has also entered in a joint venture with commodity trader Trafigura, which specializes in the oil, minerals and metals markets, with 81 offices in 54 countries.
The pair will 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.