Ohio company wants deeper electric-rate cut

HANNIBAL, Ohio (AP) — A large Ohio aluminum manufacturer says it needs even deeper discounts from American Electric Power to avoid layoffs.

Ormet Corp., located near Hannibal in eastern Ohio, has benefited from a unique electric-rate subsidy that has reduced its costs by more than $150 million since 2009. It’s paid for by all American Electric Power customers.

But The Columbus Dispatch reports that the largest employer in the region wants a bigger break from the power company or all 1,000 or so workers could lose their jobs.

The company says the plant is suffering because of low aluminum prices and a series of rate increases by the power company.

American Electric Power wouldn’t address the situation with Ormet beyond a statement saying it would continue to support the company.