As expected, ATI reports significant third-quarter loss
Allegheny Technologies Inc. reported Tuesday it experienced a third-quarter loss of $145 million, or $1.35 per share. Sales were $833 million, a 19 percent decline from the previous quarter.
These figures were in line with what the company, a Pittsburgh-based specialty metals manufacturer, had projected Oct. 6. It forecast a loss of $142 million to $148 million.
ATI, dealing with a difficult global market, has 12 facilities in four states. Two are in Washington County: the Allegheny Ludlum plate mill in Canton Township and a facility in Houston.
“This was a very challenging quarter due to difficult business conditions, especially in the flat rolled products segment, further weakening in demand from the oil & gas markets, and continued weak demand for forged products from the construction and mining market.” Rich Harshman, chairman, president and CEO, said in a statement on the company’s website.
About 2,200 employees, including 200 at the Canton plant – all members of the United Steelworkers – have been locked out by the company since Aug. 15. Until then, they had been working under terms of a contract that had expired June 30. The two sides had been negotiating on a new contract.
ATI on Thursday laid off salaried employees at the corporate level and in the specialty materials and components segment.
Most corporate layoffs were in Pittsburgh; none was at the Washington County sites.