Nearly two months after saying they were taking a year off from their Orion Music + More Festival, Metallica appear to have decided to make it permanent. In a new interview, James Hetfield says that the band has called time on the whole shebang, referring to it as a "financial disaster."

“Right now, it seems like metal is struggling a little bit in the States,” Hetfield told Houston's 94.5 The Buzz. “Obviously, the Orion festival that we had tried to do the last couple of years has really not been. . . . Gosh, it’s been a disaster financially, and it’s not able to happen again because of that. So it’s a bummer. So, you know, we’re doing what we can to keep being alive here."

Metallica began the two-day festival in 2012 in Atlantic City, N.J., with a second one the next year at Belle Isle in Detroit. Orion brought together many alternative, punk and metal acts, with Metallica headlining both nights. There were also attractions that highlighted the personal interests of the members, such as Kirk Hammett's collection of horror-movie memorabilia and Robert Trujillo's skating ramp.

However, Hetfield did say that the band was hoping to tour the U.S. again soon. Earlier this month, Hammett said Metallica were going to begin their process for a new album very soon.