Felman Production to Restart One Furnace, Effective Immediately

NEW HAVEN, W.Va.--()--Felman Production, LLC (“Felman” or the “Company”) today announced that it will immediately begin to resume plant operations following an agreement that it has reached with the Appalachian Power Company (“APCo”) regarding a market variable electrical rate. The rate was a necessary component in enabling the ongoing economic viability of Felman’s New Haven manufacturing site. The Company plans to fully resume production in two of its three furnaces by the end of July.

Commenting on the plant restart, Felman’s Chief Executive Officer Mordechai “Motti” Korf said, “I am very pleased that we have been able to successfully restart operations. Our special rate provides us with the necessary flexibility to continue operating during periods of weak commodity prices, while ensuring that we pay more than 100 percent of variable costs over the life of the contract. I want to acknowledge everyone in the local community that provided their positive feedback and support during the plant shutdown, and I want to thank the West Virginia Public Service Commission, APCo, and the United Steelworkers Local Union 5171 for their efforts to strengthen Felman’s long term viability. We look forward to continuing to provide our customers with high-quality product at competitive market prices.”

About Felman Production, LLC:

Founded in 2006 and headquartered in New Haven, WV, Felman Production, LLC is a leading producer of high-quality ferrosilicomanganese, an essential deoxidizer and alloy additive used in the manufacturing of steel. When utilizing multiple furnaces in around-the-clock operations, the company has the capacity to produce approximately 105,000 metric tons of silicomanganese annually at its 190 plus acre facility. Felman Production’s products are distributed to steelmakers across North and South America through its sister company Felman Trading, Inc., an international ferroalloys trading company. Felman Production is one of only two companies in the United States that produces critically important silicomanganese. Felman Production is a wholly-owned subsidiary of Miami-based Georgian American Alloys, Inc. For more information, please visit: www.gaalloys.com.

Contacts

ICR, Inc.
Jason Chudoba or John McKenna
203-682-8200
Jason.Chudoba@icrinc.com
John.McKenna@icrinc.com

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Contacts

ICR, Inc.
Jason Chudoba or John McKenna
203-682-8200
Jason.Chudoba@icrinc.com
John.McKenna@icrinc.com