Ampco-Pittsburgh Subsidiaries to Increase Price on Forged and Cast Rolls
03 November 2021 - 9:50PM
Business Wire
Ampco-Pittsburgh Corporation (NYSE: AP) announced today that its
subsidiary, Union Electric Steel Corporation (“Union Electric
Steel”), will raise prices on forged and cast roll products that it
and its subsidiaries produce globally. This increase is effective
immediately on all orders.
The price adjustments are driven by continued upward pricing
pressures on the cost of raw materials, natural gas, electricity,
transportation, labor, and other consumables, increasing production
costs due to growing product demand, and other global supply chain
factors. Consequently, Union Electric Steel will increase its
pricing levels on forged and cast rolls products by 8-12%,
depending on contractual energy surcharge coverages currently in
place.
Commenting on the announcement, Skip Reinert, Vice President of
Sales and Marketing, stated, “As the overall metal industry has
ramped activity, manufacturing and supply chain costs, including
natural gas, labor, and transportation, continue to increase
dramatically. Additionally, our business continues to be impacted
by the increasing costs of key raw materials. This price adjustment
is necessary to maintain a reliable 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
industry. It also manufactures open-die forged products that
principally are sold 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, Slovenia, and participates in three operating
joint ventures located in China. It has sales offices in North and
South 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 or on
behalf of Ampco-Pittsburgh Corporation (the “Corporation”). This
press release may include, but is not limited to, statements about
operating performance, trends, 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,
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 or shortages of key production materials;
consequences of global pandemics (including COVID-19); changes in
the existing regulatory environment; new trade restrictions and
regulatory burdens associated with “Brexit”; inability of the
Corporation to successfully restructure its operations; limitations
in availability of capital to fund the Corporation’s operations and
strategic plan; inoperability of certain equipment on which the
Corporation relies; work stoppage or another industrial action on
the part of any of the Corporation’s unions; liability of the
Corporation’s subsidiaries for claims alleging personal injury from
exposure to asbestos-containing components historically used in
certain products of those subsidiaries; inability to satisfy the
continued listing requirements of the New York Stock Exchange or
NYSE American; failure to maintain an effective system of internal
control; potential attacks on information technology infrastructure
and other cyber-based business disruptions; 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. 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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version on businesswire.com: https://www.businesswire.com/news/home/20211103006264/en/
Melanie L. Sprowson Director, Investor Relations 412-429-2454
msprowson@ampcopgh.com
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