Ampco-Pittsburgh Corp Reports Results or Q2 & H1 of 2021
Ampco Pittsburgh Pittsburg Post

Ampco-Pittsburgh Corp Reports Results or Q2 & H1 of 2021

US steel maker Ampco Pittsburgh Corporation has reported net sales of USD 92.4 million and USD 179.2 million, respectively, for the three

US steel maker Ampco Pittsburgh Corporation has reported net sales of USD 92.4 million and USD 179.2 million, respectively, for the three and six months ended June 30, 2021, compared to USD 74.8 million and USD 165.8 million for the three and six months ended June 30, 2020, respectively. The increase is primarily attributable to higher shipments of mill rolls and higher shipments of forged engineered products. Income from operations for the three and six months ended June 30, 2021, was USD 0.5 million and USD 1.4 million, respectively, compared to minus USD 0.1 million and USD 4.3 million for the three and six months ended June 30, 2020, respectively. For the three months ended June 30, 2021, the improvement primarily reflects the impacts of higher shipment volumes and improved cost absorption from higher production levels in the current quarter compared to significant downtime from the idling of manufacturing facilities associated with the early stages of the pandemic in the prior year quarter. For the six months ended June 30, 2021, income from operations declined as higher raw material costs net of surcharges, a less favorable sales mix, and an insurance recovery of USD 0.8 million in the prior year more than offset the benefit of higher shipment volumes in the current year.

Sales for the Forged and Cast Engineered Products segment for the three and six months ended June 30, 2021, improved from the prior year period primarily due to higher shipments of forged and cast mill rolls as well as higher shipments of forged engineered products to the oil and gas and steel distribution markets. Operating results for the three months ended June 30, 2021, improved compared to the prior year primarily due to the higher volume of shipments and improved cost absorption from higher production levels in the current quarter compared to significant downtime from the pandemic-related idling of manufacturing facilities in the prior year quarter. For the six months ended June 30, 2021, operating results declined primarily as the effect of higher shipment volumes could not offset the impacts of higher raw material costs net of surcharges, a less favorable sales mix, and an insurance recovery recorded in the prior year.

Sales and operating results for the Air and Liquid Processing segment for the three and six months ended June 30, 2021, decreased compared to the prior year primarily due to a lower volume of centrifugal pumps shipments driven mainly by customer-requested delays.

Ampco-Pittsburgh Corporation is a specialty steel manufacturer headquartered in Downtown Pittsburgh in Pennsylvania. Ampco was formed in 1929 and is a conglomerate made up of several previously established small steel makers. Five small companies operate under the Ampco umbrella in two different product segments. The Forged and Cast Rolls portion of the corporation includes two companies: Union Electric Steel and Davy Rolling Company. Union Electric is the world's largest producer of rolled steel, which is used in the cold rolling process of making many metals. The subsidiary offers a variety of grades of thickness and hardness for the product. Davy Rolling Company, a former British corporation, creates cast rolls, heavy duty rolls, and specialty rolls. The Air and Liquid Processing Segment of the company comprises Aerofin, Buffalo Air Handling, and Buffalo Pumps. Aerofin creates steel coils for use industrially in power plants and oil extraction and commercially in automobiles, and heating/cooling systems. Under Buffalo Air Handling, metal plating, parts, and fans for huge ventilation and refrigeration systems are manufactured. Buffalo Pumps is the maker of a variety of pumps for various industries.

Related Stories

No stories found.
SteelGuru Business News
www.steelguru.com