4/24/2014 12:02:00 AM
NEWS BRIEFS
Allegheny Technologies Weathers Challenging Quarter
Specialty metals supplier Allegheny Technologies reported first quarter revenue, including fastener stock, declined 10% to $987.3 million. The Pittsburgh-based company recorded a Q1 net loss of $20 million.
“As we enter the second quarter, we are seeing meaningful signs of continued improvement,” stated CEO Rich Harshman. “Our backlog at $1.8 billion is at its highest point in the last two years. Demand from the jet engine market is beginning to improve for both new builds and aftermarket spares. The oil & gas supply chain appears to be in better balance. The markets for flat-rolled stainless sheet and plate and grain-oriented electrical steel are improving and base price increases are being realized. In addition, demand from long-stalled project business is beginning to reappear.”
High-value products sales were over 78% of ATI Q1 revenue and increased almost 9% compared to the fourth quarter of 2013. Sales of nickel-based alloys and specialty alloys increased 16% and represented 25% of Q1 sales.
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