This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

ATI Restructures Engineered Products Segment And Comments On Third Quarter 2013

Allegheny Technologies Incorporated (NYSE:ATI) today announced a restructuring of its Engineered Products segment and commented on third quarter 2013 business conditions.

ATI has restructured its Engineered Products segment as a result of the previously announced pending sale of its tungsten materials business, and the integration of the previously standalone specialty steel forgings business into ATI Ladish’s forgings operations. In addition, to improve operating efficiencies and reduce costs ATI has integrated its precision titanium and specialty alloy flat-rolled finishing business into ATI Allegheny Ludlum’s specialty plate business. As a result, effective with the reporting of the third quarter 2013 results, ATI will report the results of its tungsten materials business as discontinued operations; the specialty steel forgings business will be included in ATI’s High Performance Metals segment and the precision titanium and specialty alloy flat-rolled finishing business will be included in ATI’s Flat-Rolled Products segment.

Also, ATI has completed a strategic review of its iron castings business and its fabricated components business, two small operations that were part of ATI’s Engineered Products segment. As a result of this review, ATI has closed the fabricated components business and intends to divest its iron casting business. Through the first six months of 2013, these two businesses had revenues of approximately $10 million and a loss before taxes of approximately $9 million. As a result of these strategic actions, ATI will record a non-recurring pre-tax charge of approximately $9 million in the third quarter 2013, primarily related to asset impairment. Results for the fabricated components and iron castings businesses will be reported as discontinued operations beginning in the third quarter 2013.

“These strategic actions are designed to position ATI for improved financial performance in 2014 and beyond, simplify capital allocation decisions, and enhance our focus on ATI’s strategic businesses,” said Rich Harshman, ATI’s Chairman, President and Chief Executive Officer.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs