Ampco-Pittsburgh Subsidiaries to Increase Price on Forged and Cast Rolls
April 18 2018 - 8:09AM
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. These subsidiaries include
the acquired companies formerly comprising the Åkers Group
(“Åkers”). This increase is effective immediately on all new orders
received as of April 18, 2018, or as relevant contract terms
permit.
The price adjustments are driven by upward pricing pressures on
the cost of raw materials and other steelmaking consumables,
increasing production costs due to growing product demand and other
global inflationary factors. As a direct consequence, Union
Electric Steel is increasing its pricing levels by approximately
8-10% for all forged and cast roll product lines worldwide.
Commenting on the announcement, Rodney Scagline, President of
Union Electric Steel, stated, “Our business continues to be
impacted by the increasing costs of key raw materials, such as
electrodes and refractories. In addition, as the overall metal
industry has ramped activity, other manufacturing and supply chain
costs, such as cutting tool inserts, labor, and transportation,
have increased dramatically. We are particularly concerned about
the cost of freight within North America following the recently
adopted Electronic Logging Device Rule. Union Electric Steel must
recover these costs to be able to invest in our operations in order
to maintain a reliable supply of rolls to 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: https://www.businesswire.com/news/home/20180418005668/en/
Ampco-Pittsburgh CorporationMelanie L. Sprowson,
412-429-2454Director, Investor Relationsmsprowson@ampcopgh.com
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