Allegheny Tech: Flat-Rolled Operations on Track
October 01 2015 - 10:50AM
Dow Jones News
Allegheny Technologies Inc. said its flat-rolled products
operations and production levels have been meeting or exceeding
expectations, with the majority of its plants at pre-work stoppage
levels amid a continued lockout of more than 2,000 of its unionized
employees that began last month.
The company has been operating plants affected by the lockout
with salaried and nonunion employees as well as temporary workers
since mid-August, when it issued the lockout notice, citing a lack
of progress in contract negotiations with workers represented by
the United Steelworkers.
The Pittsburgh-based manufacturer of specialty materials also
said stainless steel demand remains soft, mostly owing to low-price
imports, primarily from China. Demand from the oil-and-gas sector,
which also has been a drag on the company's performance in recent
quarter, has continued to deteriorate. However, Allegheny didn't
provide any guidance regarding the expected impact on its financial
results.
The company also announced that its hot-rolling and processing
facility has returned to production with the rotary crop shear. The
rotary crop shear had been offline for to correct a defective
component discovered in May during routine maintenance.
Allegheny, which manufactures specialty materials for a number
of industries that also include defense and aerospace, has been
focused on reducing costs to help offset the weak demand.
Shares were up 1.4% in early trading Thursday.
Write to Tess Stynes at tess.stynes@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 01, 2015 10:35 ET (14:35 GMT)
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