CLEVELAND, Feb. 2 /PRNewswire-FirstCall/ -- Oglebay Norton Company (Pink Sheets:OGBY.PK) today announced that it has recently secured two multi- year limestone supply agreements for application in the Flue Gas Desulphurization (FGD) market. The contracts are with American Electric Power (NYSE:AEP) and FirstEnergy Corp. (NYSE:FE). By 2010, total tonnage supplied to these two customers will be approximately 1.1 million tons per year. Currently, Oglebay Norton serves 20 FGD customers with approximately 1.4 million tons of limestone and lime per year.
Flue Gas Desulphurization is the process of removing sulfur dioxide emissions from combusted coal to assist operations in complying with emissions requirements such as the Clean Air Interstate Rule issued by the U.S. Environmental Protection Agency in 2005. When high calcium limestone or lime is utilized in the FGD process a generated by-product is synthetic gypsum which is suitable for use in wallboard, cement and various agricultural applications.
Michael Lundin, Oglebay Norton President and CEO, said that, "Securing these contracts is consistent with our previously stated strategy of focusing on growth in our four principal end markets: industrial, building products, energy and environmental. We believe that the quality, location and production capacity of our lime and limestone operations allows us to provide the long term value necessary to actively pursue and secure additional supply contracts in this growing end market."
Oglebay Norton Company filed a Form 15 with the United States Securities and Exchange Commission (the "SEC") and filed to deregister its stock. As a result, the Company shares are not registered with the SEC and any previously filed and provided prospectus is no longer active or current and cannot be used. The Company is not obligated to and will not voluntarily comply with periodic reporting requirements for registrants under the Securities Exchange Act of 1934. The financial information included on our website or in other public presentations is provided as a courtesy to our shareholders and, although management believes it is accurate and complete, has not been subjected to review procedures by independent auditors and is not compliant with SEC requirements for financial reporting by SEC registrants.
Oglebay Norton Company, a Cleveland, Ohio-based company with a 150-year tradition of service, provides essential minerals and aggregates to a broad range of markets, from building materials and environmental remediation to energy and industrial applications. For more information, see www.oglebaynorton.com.
Safe Harbor Statement
Certain statements contained in this release are "forward-looking" in that they reflect management's expectations and beliefs regarding the future performance of the Company and its operating segments. Such forward-looking statements are subject to uncertainties and factors relating to the Company's operations and business environment, all of which are difficult to predict and many of which are beyond the control of the Company. The Company believes that the following factors, among others, could affect its future performance and cause actual results to differ materially from those expressed or implied by forward-looking statements made by or on behalf of the Company: (1) fluctuations in energy, fuel and oil prices; (2) fluctuations in integrated steel production in the Great Lakes region; (3) fluctuations in Great Lakes and Mid-Atlantic construction activity; (4) economic conditions in California and population growth rates in the southwestern United States; (5) weather conditions, particularly in the Great Lakes region and flooding; (6) availability of third-party transportation for delivery of product; (7) the outcome of periodic negotiations of labor agreements; (8) changes in the demand for the Company's products due to changes in technology; (9) the loss, insolvency or bankruptcy of major customers, insurers or debtors; (10) difficulty in hiring sufficient staff that is skilled appropriately; (11) changes in environmental laws; (12) an increase in the number and cost of asbestos and silica product liability claims filed against the Company and its subsidiaries and determinations by a court or jury against the Company's interest; (13) the insolvency of insurers, the effects of any coverage litigation with insurers or the adequacy of insurance; (14) changes in Federal or State law with respect to asbestos or silica product liability claims; and (15) risks related to the low trading volume of the Company's stock and the de-registration of the Company's stock with the United States Securities and Exchange Commission.
Source: Oglebay Norton Company