"The financial performance has been dismal," Barry Nuss, chief financial officer at Georgian American Alloys, said in written testimony filed with the PSC.
Part of the loss was due to increasing power rates, which account for 20 percent of the company's costs. But inefficient equipment has also played a part.
The company said the equipment was in a state of disrepair when the plant was purchased in 2006. Since then, Felman has had to spend more than $54 million in capital improvements at the site.
The company is also being hurt by competition from manufacturers in countries like India, Kazakhstan, and Venezuela. It's asked the International Trade Commission to renew anti-dumping duties designed to protect domestic producers from potential unfair trading practices by international competitors.
The other headwind is the current global oversupply in the steel markets, which has driven commodity prices down for steel and steelmaking components, including coal and additives produced at plants like Felman.
The company contends it needs the special power rate in order to remain competitive until the market returns to normal.
However, as they did in the Century case, critics will argue the state shouldn't force residential power customers - who have already been hit with significant increases in their power bills - to subsidize a company that can't turn a profit on its own.
Felman will face a tough sell to convince the public its plan represents a worthwhile investment.