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Primary Energy Recycling Hits Yr High on Power Deal with ArcelorMittal in Indiana

Primary Energy Recycling Corp (PRI.TO) is up 12% this morning, gaining $0.16 to a year high $1.48 a share after saying late yesterday it finalized a long-term contract with ArcelorMittal USA for energy services from Primary's North Lake Energy facility in northwestern Indiana near Chicago.

The pact is expected to last at least 309 years and calls for Primary to boost capacity from the heat capture plant to 9 megawatts.

Cost of the project is expected to be between $10 to $12 million. The initial phase of the project wrapped in March, with anticipated conclusion in mid-2012.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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