Group items tagged

Following announcements from Aurubis and Revere about planned rises in their US fabrication charges, Olin Brass Corp. and Hussey Copper Corp. have also unveiled their plans to increase fabrication conversion prices. Olin Brass Corp. intends to increase charges by 5¢/lb on all alloy orders shipped from 1st March. Hussey Copper Corp. will increase charges by up to 10% on its copper products, including sheet, strip, bar and plate on shipments from 1st March. Olin Brass attributed the rise in its prices to escalating inflationary costs related to supplies, maintenance, energy and healthcare. Hussey stated that the charge increases were essential for ensuring continued investment in its equipment, products and people.

Hussey Copper Ltd, the Philadelphia-based copper semis fabricator, is rumoured to be up for sale and industry sources said that a deal is likely to be struck imminently. The company has recently been struggling to finance elevated input costs, attributed to high copper prices. In a bid to alleviate cash-flow issues stemming from the higher cost of financing, Hussey firstly reduced its payment terms in January from a 45-day to a 30-day basis. Two months later, the company asked customers to pay for freight charges on orders, which mills' traditionally absorbed into their own costs. Hussey manufactures copper and copper alloy rolled products, rods and electrical bar at two operations located in Leetsdale, PA and Eminence, KY.

Hussey Copper Ltd., the US based manufacturer of copper and copper alloy rolled products, rods and electrical bar, filed for Chapter 11 bankruptcy on 27th September following a liquidity problem attributed to sustained high copper prices. It is also reported that Kataman Metals, a trading firm involved in the primary and secondary copper markets, agreed to purchase assets belonging to the company. Kataman is believed to have supplied materials to Hussey in the past. The sale is expected to take a further 60 to 90 days.