Rain Carbon Assessing Impact of Hurricane Ida on Louisiana Calcination Facilities

Rain Carbon Inc., a leading global producer of carbon-based products and advanced materials, today announces that it is still assessing the impact of Hurricane Ida on several of its U.S. calcination facilities after the category 4 storm made landfall in Louisiana on Sunday.

As a precautionary measure in advance of the hurricane hitting the U.S. Gulf Coast, the company temporarily curtailed operations at its calcination, energy and terminal facilities in Chalmette, Gramercy and Norco, Louisiana, as well as its calcination plant in Purvis, Mississippi. In addition, activities at the creosote distribution center in Avondale, Louisiana, were curtailed. The company's Lake Charles calcination, energy and terminal facilities in Louisiana and its Robinson calciner in Illinois have remained in operation.

"We have restarted the Purvis plant, but given the widespread lack of electricity and flooding, it will likely be several days until we can safely complete our damage assessment, develop plans to restart the facilities that were temporarily shut down, and determine what - if any - impact the hurricane will have on our ability to operate," said Rain Carbon President Gerry Sweeney. "This includes delivering products to customers as well as procuring raw materials, since we understand that at least two of our major refinery suppliers may have been significantly impacted."

Sweeney added, "We are also very concerned that many of our employees and their families may have suffered personal property damage, and this will create further challenges. To make matters worse, local officials are saying that it could be weeks before electricity and cell phone service are restored across much of Louisiana."

Shares of Rain Industries Limited was last trading in BSE at Rs. 222 as compared to the previous close of Rs. 220.85. The total number of shares traded during the day was 269713 in over 3388 trades.

The stock hit an intraday high of Rs. 227.2 and intraday low of 220.55. The net turnover during the day was Rs. 60618394.

Source : Equity Bulls

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