Horsehead Holding Corp. (Nasdaq: ZINC)
announced today that production of zinc metal has begun at its new zinc
facility in Mooresboro, NC. The cell house has been loaded with
electrolyte, the rectifiers have been switched on and plating of zinc
metal is underway. We expect to harvest the initial cathode later this
week and begin melting and casting final product for shipment shortly
thereafter.
“We are excited to have reached this critical milestone. We look forward
to beginning to support our customers’ needs from this new facility,”
said Jim Hensler, Chairman, President & CEO.
The facility, which started construction in September 2011, is expected
to have initial capacity to produce 155,000 tons of zinc per year. Ramp
up to the initial capacity is expected to take up to six months.
Construction of the co-product recovery circuit at the plant is expected
to be completed mid-year and its ramp up is expected to occur over a
twelve month period.
About Horsehead
Horsehead Holding Corp. (“Horsehead”) (Nasdaq: ZINC) is the parent
company of Horsehead Corporation, a leading U.S. producer of specialty
zinc and zinc-based products and a leading recycler of electric arc
furnace dust; The International Metals Reclamation Company (“INMETCO”),
a leading recycler of metals-bearing wastes and a leading processor of
nickel-cadmium (NiCd) batteries in North America; and Zochem Inc., a
zinc oxide producer located in Brampton, Ontario. Horsehead,
headquartered in Pittsburgh, Pa., employs approximately 700 people and
has seven facilities throughout the U.S. and Canada. Visit www.horsehead.net
for more information.
Cautionary Statement about Forward-Looking Statements
This press release contains forward-looking statements, including
statements about business outlook, future operating levels, proposed and
potential initiatives and strategy, financial and performance targets
and statements about historical results that may suggest trends for our
business. These statements are based on assumptions, estimates and
information available to us at the time of this press release and are
not guarantees of future performance. There may be several factors that
may cause our actual results to differ materially from the
forward-looking statements, including, among others, the impact of
future market conditions or unexpected production disruptions, including
labor disruptions associated with the wind down of our Monaca facility
on our results of operations, our future operating costs and production
levels and our expansion plans and initiatives, delays in the
achievement of full commercial operations at our Mooresboro facility,
our ability to successfully implement and maintain past and future price
increases, our ability to achieve the benefits we expect to achieve from
the Mooresboro facility once fully operational, the ultimate cost to
construct and start up the new plant and our ability to pay these costs
and maintain adequate liquidity, our ability to obtain environmental and
regulatory permits and approvals, and the success and timing of our
expansion plans and initiatives and their impact on our future
capabilities, capacity and production costs and our financial results.
Our actual results, performance or achievements could differ materially
from those expressed in, or implied by, the forward-looking statements.
We can give no assurances that any of the events anticipated by the
forward-looking statements will occur or, if any of them does, what
impact they will have on our results of operations and financial
condition. You should carefully read the factors described in the “Risk
Factors” section of our filings with the Securities and Exchange
Commission for a description of certain risks that could, among other
things, cause our actual results to differ from these forward-looking
statements. All forward-looking statements are qualified in their
entirety by this cautionary statement, and we undertake no obligation to
revise or update this earnings release to reflect events or
circumstances after the date hereof.
Copyright Business Wire 2014