Rain Carbon Updates Post-Hurricane Status of Gulf Coast Calcination Facilities

Rain Carbon Inc., a leading global producer of carbon-based products and advanced materials, today announces that it has resumed calcined petroleum coke production at three of its U.S. facilities and that the restart process has begun at a fourth plant that was impacted by Hurricane Ida, which hit the Gulf Coast on August 29.

"I am pleased to report that the Chalmette and Gramercy plants in Louisiana are again producing CPC and their terminals have also returned to operation," said Rain Carbon President Gerry Sweeney, who added that the company's Purvis calcination plant in Mississippi was unaffected other than a short outage while the category 4 storm passed.

"Our fourth calcination facility that went offline due to the hurricane - the Norco plant in Louisiana - has begun the heat-up process, and we expect to resume CPC production there in the coming days."

Given the widespread flooding and wind damage, Sweeney said that the company is closely monitoring refinery restart plans and their ability to resume the supply of green petroleum coke feedstock.

"We are also tracking navigation issues associated with the waterways that could impact barge shipments of raw materials to our calcination facilities or CPC deliveries to our customers - and we are working closely with our customers to minimize any impacts to them," Sweeney said.

Shares of Rain Industries Limited was last trading in BSE at Rs. 229.4 as compared to the previous close of Rs. 231.6. The total number of shares traded during the day was 109638 in over 1982 trades.

The stock hit an intraday high of Rs. 235.9 and intraday low of 228.1. The net turnover during the day was Rs. 25402245.

Source : Equity Bulls

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