Ampco-Pittsburgh Subsidiaries to Increase Price on Forged and Cast Engineered Products
11 July 2017 - 6:24AM
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 engineered products
that it and its subsidiaries produce globally. These subsidiaries
include the acquired companies formerly comprising the Åkers Group
(“Åkers”). This increase is effective August 1, 2017, or as
relevant contract terms permit.
The price adjustments are driven by increasing production costs
due to growing product demand, as well as upward pricing pressures
on the cost of key raw materials, combined with other steelmaking
consumables such as electrodes and refractories. As a direct
consequence, Union Electric Steel is increasing its pricing levels
by approximately 10% for all product lines worldwide.
Commenting on the announcement, Rodney Scagline, President of
Union Electric Steel, stated, “Despite considerable efforts made
across the business to offset cost pressures, we are now compelled
to increase price levels globally. The increase is necessary to
ensure that Union Electric Steel remains a reliable and long-term
provider of high-quality products and services, as well as a
partner of application development and product innovation to
support our customers.”
About Ampco-Pittsburgh Corporation
Ampco-Pittsburgh Corporation, through its operating subsidiary,
Union Electric Steel Corporation, is a leading producer of forged
and cast rolls for the worldwide steel and aluminum industries, as
well as ingot and open die forged products for the oil and gas,
aluminum, and plastic extrusion industries. Ampco-Pittsburgh 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. The Corporation operates
manufacturing facilities in the United States, Canada, United
Kingdom, Sweden, Slovenia, and China. Sales offices are located in
North and South America, Asia, Europe, and the Middle East.
Corporate headquarters is located in Carnegie, Pennsylvania.
The Private Securities Litigation Reform Act of 1995 (the “Act”)
provides a safe harbor for forward-looking statements made by or on
our behalf. This news release may contain forward-looking
statements that reflect our current views with respect to future
events and financial performance. 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. In this document, statements regarding future financial
position, sales, costs, earnings, cash flows, other measures of
results of operations, capital expenditures or debt levels and
plans, objectives, outlook, targets, guidance or goals are
forward-looking statements. Words such as “may,” “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 Ampco-Pittsburgh, these risks and
uncertainties include, but are not limited to, those described
under Item 1A, Risk Factors, of Ampco-Pittsburgh’s Annual Report on
Form 10-K. In addition, there may be events in the future that we
are not 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, we assume no obligation, and disclaim 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: http://www.businesswire.com/news/home/20170710006406/en/
Ampco-Pittsburgh CorporationMelanie L. Sprowson,
412-429-2454Director, Investor Relationsmsprowson@ampcopgh.com
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