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FELMAN PRODUCTION’S APPLICATION FOR SPECIAL ELECTRIC RATE AUTHORIZED BY WEST VIRGINIA’S PUBLIC SERVICE COMMISSION 

NEW HAVEN, W. Va. (April 4, 2014) – Felman Production, LLC (“Felman”) today announced that West Virginia’s Public Service Commission (“PSC”) issued an order (“Order”) that establishes a special variable rate plan based on market conditions in which Felman would receive a discount off its electricity costs when the ferroalloy market is down and pay a premium when times are good.

Felman’s Chief Executive Officer Mordechai “Motti” Korf commented, “While we did not get everything we requested from the PSC, we are very pleased with the ruling. We believe this Order provides an important step in making Felman a viable producer able to weather the ups and downs of the ferroalloy market long term. We thank the United Steelworkers Local Union 5171, representing workers at Felman, which strongly supported the company when it filed its petition with the PSC last August. Members of Local 5171 will vote next week on modifications to the current collective bargaining agreement with the company, which, if passed, will have the effect of further strengthening Felman’s long term viability.” 

According to the Order, should Felman choose to accept the approved special rate and enter into a contract with Appalachian Power Company (“APCo”), the contract must be filed with the PSC by June 30, 2014. Any restart at Felman would take several weeks after entering into a contract with APCo.