Allegheny 1Q Profit Plunges On Lower Demand

PITTSBURGH (AP) — Titanium producer Allegheny Technologies Inc. said Wednesday its first-quarter profit plunged on a drop in sales stemming from the continued economic downturn and charges stemming from a dip in the cost of raw materials.

Allegheny's profit attributable to non-controlling interests tumbled 96 percent to $5.9 million, or 6 cents per share, from $142 million, or $1.40 per share, in the year-ago period.

Sales fell 38 percent to $831.6 million from $1.34 billion in the year-ago period. High performance metal sales dropped 19 percent to $387.9 million, while demand for flat-rolled products fell 49 percent to $378.2 million and sales of engineered products dropped 43 percent to $65.5 million. ...