Ampco-Pittsburgh Subsidiaries to Increase Prices on Forged and Cast Rolls
15 Febrero 2023 - 4:07PM
Business Wire
Ampco-Pittsburgh Corporation (NYSE: AP) announced today that its
subsidiary, Union Electric Steel Corporation (“Union Electric
Steel”), will raise base prices 10-15% on all forged and cast roll
products that it and its subsidiaries produce globally. This
increase is effective on all new quotations and new orders.
Material and energy surcharges will remain in effect.
The price adjustments are driven by continued inflationary cost
increases in all areas of our business that are not captured by a
surcharge.
Commenting on the announcement, Skip Reinert, Vice President of
Sales and Marketing, stated, “The overall metals industry has seen
a dramatic increase in costs due to an inflationary environment not
seen in 40 years. This price adjustment is necessary to maintain a
reliable security of supply of superior-quality products for our
customers.”
About Ampco-Pittsburgh
Corporation
Ampco-Pittsburgh Corporation manufactures and sells highly
engineered, high-performance specialty metal products and
customized equipment utilized by industry throughout the world.
Through its operating subsidiary, Union Electric Steel Corporation,
it is a leading producer of forged and cast rolls for the global
steel and aluminum industries. It also manufactures open-die forged
products that are sold principally to customers in the steel
distribution market, oil and gas industry, and the aluminum and
plastic extrusion industries. The Corporation is also a producer of
air and liquid processing equipment, primarily custom-engineered
finned tube heat exchange coils, large custom air handling systems
and centrifugal pumps. It operates manufacturing facilities in the
United States, England, Sweden, and Slovenia and participates in
three operating joint ventures located in China. It has sales
offices in North America, Asia, Europe, and the Middle East.
Corporate headquarters is located in Carnegie, Pennsylvania.
Forward-Looking
Statements
The Private Securities Litigation Reform Act of 1995 (the “Act”)
provides a safe harbor for forward-looking statements made by us or
on behalf of the Corporation. This press release may include, but
is not limited to, statements about operating performance, trends
and events that the Corporation expects or anticipates will occur
in the future, statements about sales and production levels,
restructurings, the impact from global pandemics (including
COVID-19), profitability and anticipated expenses, inflation, the
global supply chain, future proceeds from the exercise of
outstanding warrants, and cash outflows. All statements in this
document other than statements of historical fact are statements
that are, or could be, deemed “forward-looking statements” within
the meaning of the Act and words such as “may,” “will,” “intend,”
“believe,” “expect,” “anticipate,” “estimate,” “project,”
“forecast” and other terms of similar meaning that indicate future
events and trends are also generally intended to identify
forward-looking statements. Forward-looking statements speak only
as of the date on which such statements are made, are not
guarantees of future performance or expectations, and involve risks
and uncertainties. For the Corporation, these risks and
uncertainties include, but are not limited to cyclical demand for
products and economic downturns; excess global capacity in the
steel industry; fluctuations of the value of the U.S. dollar
relative to other currencies; increases in commodity prices,
reductions in electricity and natural gas supply or shortages of
key production materials; limitations in availability of capital to
fund our operations and strategic plan; inability to maintain
adequate liquidity in order to meet our operating cash flow
requirements, repay maturing debt and meet other financial
obligations; inability to obtain necessary capital or financing on
satisfactory terms in order to acquire capital expenditures that
may be required to support our growth strategy; inoperability of
certain equipment on which we rely; liability of our subsidiaries
for claims alleging personal injury from exposure to
asbestos-containing components historically used in certain
products of our subsidiaries; changes in the existing regulatory
environment; inability to successfully restructure our operations;
consequences of global pandemics (including COVID-19); work
stoppage or another industrial action on the part of any of our
unions; inability to satisfy the continued listing requirements of
the New York Stock Exchange or the NYSE American Exchange;
potential attacks on information technology infrastructure and
other cyber-based business disruptions; failure to maintain an
effective system of internal controls; disruptions caused by
hostilities, including any disruptions caused by the hostilities in
Ukraine; and those discussed more fully elsewhere in this report
and in documents filed with the Securities and Exchange Commission
by the Corporation, particularly in Item 1A, Risk Factors, in Part
I of the Corporation’s latest Annual Report on Form 10-K, and Part
II of the latest Quarterly Report on Form 10-Q. The Corporation
cannot guarantee any future results, levels of activity,
performance or achievements. In addition, there may be events in
the future that the Corporation may not be able to predict
accurately or control which may cause actual results to differ
materially from expectations expressed or implied by
forward-looking statements. Except as required by applicable law,
the Corporation assumes no obligation, and disclaims any
obligation, to update forward-looking statements whether as a
result of new information, events or otherwise.
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Michael G. McAuley Senior Vice President, Chief Financial
Officer and Treasurer (412) 429-2472 mmcauley@ampcopgh.com
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