12/20/02

Ohio Citizen Action wants the Public Utilities Commission of Ohio to order FirstEnergy Corp. to refund a portion of each customer's electric bill associated with the original construction cost of the Davis-Besse nuclear power plant because the plant has been down for repairs since February. Between 2001 and 2006 - as Ohio moves toward deregulated electric service - the PUCO is letting FirstEnergy collect some costs early that it would have collected over a period as a utility whose rates were regulated. A FirstEnergy spokesman dismissed the request as frivolous, saying Citizen Action does not understand the law and is seeking publicity. The company cannot pass on the nearly $400 million it is spending for Davis-Besse's repairs and replacement power.

UNIONS

Teamsters Local 407

ousts old officers

Members of Teamsters Local 407, which represents 4,800 truck and bus drivers, have elected a new slate of officers. Incumbents were ousted from top positions. Frank Burdell defeated incumbent Alex Adams 1,579 votes to 901 for president of the local. Nick Haschka wrested the vice president's job from incumbent Benjamin Vance, and Paul Wojnar defeated incumbent Timothy Robertson for secretary-treasurer. The winners take office Jan. 2 for three-year terms. Local 407 represents drivers for Yellow Freight, United Parcel Service and the Cleveland School District.

PLASTICS

PolyOne's rating

is lowered by Fitch

Fitch Ratings yesterday lowered PolyOne Corp.'s senior unsecured debt rating and its senior secured credit line to BBB- from BB while maintaining a negative rating outlook. The move follows PolyOne's announcement Tuesday that it will take a loss in the fourth quarter and that steps will be taken, including suspending the common stock dividend, to shore up finances. Cleveland-based PolyOne, which provides polymer services, is negotiating with lenders to amend secured debt covenants for 2003, Fitch reported.

LAWSUITS

Brush wins lawsuit

over beryllium

A California jury has decided in favor of Brush Engineered Materials Inc.'s Brush Wellman Inc. unit in a lawsuit involving allegations that it had misinformed workers about the hazards of working with beryllium. The Cleveland company said the jury unanimously concluded that Brush Wellman had not been negligent, that there had been no defects in its products or warnings, and that the company had not concealed or suppressed information about the known occupational risks of working with beryllium.

BANKS

KeyBank helps build

KSU's 'trading' floor

The Akron/Canton district of KeyBank has given $71,430 to Kent State University to help build its simulated stock trading floor. The College of Business Administration and Graduate School of Management expect students to learn mathematical and risk-management lessons while "trading" on the floor, where the systems, software, data feeds and analytics will be real.