Century says it's committed to reopening Ravenswood plant
CHARLESTON, W.Va. -- Century Aluminum is "steadfastly committed" to reopening its Ravenswood plant, the company said in its fourth quarter 2012 report, which recorded a net loss of about $7 million, or 8 cents a share on sales of $317.7 million.
During the same period a year ago, the company reported a net loss of $31.1 million or 35 cents a share on sales of $318.2 million.
For all of 2012, Century reported a net loss of $35.6 million, or 40 cents a share, compared to a net income of $11.3 million, or 11 cents a share, in 2011.
The aluminum plant in Ravenswood has been shuttered since early 2009.
"In West Virginia, we have secured significant support for Ravenswood's power cost and are seeking to close the remaining gap that will allow us to reopen the plant, a goal to which we remain steadfastly committed," President and Chief Executive Officer Michael Bless said in the earnings report.
Century officials have said that to reopen the plant the company would need a special rate for electricity based on the changing price of aluminum.
Century proposed two alternatives to the West Virginia Public Service Commission in October, but the plans still put the Jackson County company's risks onto Appalachian Power's customers, which the PSC has adamantly denied.
The PSC denied both alternatives in December.
The commission then proposed that Century negotiate with other parties involved, like Appalachian Power and the West Virginia Energy Users Group, to try to negotiate a special electricity rate.
The PSC said that its Oct. 4 order remains "in full force and effect." In that order, the PSC rejected parts of Century's initial proposal but said the Ravenswood company could receive a special rate for electricity, so long as it's not at the expense of other Appalachian Power customers.
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