Ampco-Pittsburgh Loses $520,000 in Second Quarter
YOUNGSTOWN, Ohio – Ampco-Pittsburgh Corp., the Pittsburgh company that last week acquired the former Alloys Unlimited & Processing Inc. in Mineral Ridge (READ STORY), says it lost $520,000 in the second quarter, or 5 cents per share, compared to income of $1.1 million, 11 cents per share, in the prior-year quarter.
For the first six months of 2015, Ampco-Pittsburgh lost $448,000, or 4 cents per share, compared to net income of $1.2 million, or 12 cents, during the first six months of 2014.
The company’s CEO, John Stanik, attributed the loss “principally due to a lower volume of shipments” in Ampco’s forged and cast engineered products division. “Additionally, weaker margins, particularly for our forged roll company, contributed to the fall off in earnings as global steel and aluminum customers worked below capacity, putting pricing pressure on us, their vendors,” he said.
The July 29 purchase of Alloys Unlimited, now doing business as Alloys Unlimited and Processing LLC, is a “significant step toward the diversification of our forged and cast product offerings,” Stanik said.
Alloys Unlimited supplies specialty tool, alloy, and carbon steel round bar to customers locally and nationally. It also provides specialty services such as saw cutting, CNC machining, rough turning and boring, heat-treating, and trepanning.
Ampco-Pittsburgh is executing a three-year strategic plan, its CEO noted, and has implemented reductions “within both the salary and hourly employee groups.”
Pictured: Alloys Unlimited and Processing LLC distribution center at 3714 Union St. in Mineral Ridge.
Copyright 2023 The Business Journal, Youngstown, Ohio.