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Friday, 27 June 2014 09:22

Top bidder in Ormet Corp. auction still unknown

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Auction of Monroe County aluminum smelter concluded on Thursday

CINCINNATI, Ohio -- The results of an auction that will determine the future of the Ormet Corporation's Hannibal plant - and possibly its former employees - have yet to be released to the public.

Bidding on the now-defunct Monroe County aluminum smelter ended on Thursday. Leading up to the auction, Ormet officials said that a number of interested parties had submitted bids for the closed plant, with a base bid of $15.25 million.

The auction, which took place at a Cincinnati law firm, was private, with no one allowed to attend except the bidders. Ormet attorneys and representatives of Calibre Group, the company the court authorized to find a buyer for the smelter, could not be reached for immediate comment.

The United Steelworkers and Ormet employees are hoping the plant is purchased by someone who wants to restart the plant and operate it again.

Ormet filed for bankruptcy in early 2013. Officials announced in October the company would close the plant and lay off more than 1,000 workers after state utility regulators rejected portions of its proposed deal for reducing electricity costs.

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