CARNEGIE, Pa .– (BUSINESS WIRE) – Ampco-Pittsburgh Corporation (NYSE: AP) announced today that its subsidiary Union Electric Steel Corporation (“Union Electric Steel” or “the Company”) will raise prices for its Forged Technical Products (FEP). This increase applies immediately to all new orders received after October 25, 2021 or if the relevant contractual conditions allow this. The company will also impose an alloy and energy surcharge on all orders shipped on or after January 1, 2022.
The price adjustments are being driven by increasing price pressures on the cost of raw materials, natural gas, electricity, transportation and other consumables, rising production costs due to increasing product demand and other global supply chain factors. As a result, Union Electric Steel is increasing its price level for all forged product lines (FEP) worldwide by around 12-18%.
Commenting on the announcement, Skip Reinert, Vice President of Sales and Marketing, said, “As the entire metal industry has expanded, manufacturing and supply chain costs, including labor and transportation costs, have increased dramatically. In addition, our business continues to be affected by the rising cost of important raw materials. This price adjustment is necessary in order to be able to reliably supply our customers with high-quality products. ”
About Ampco-Pittsburgh Corporation
Ampco-Pittsburgh Corporation manufactures and sells high-tech, high-performance specialty metal products and custom equipment used by industries around the world. Through its operating subsidiary Union Electric Steel Corporation, it is a leading manufacturer of forged and cast rolls for the global steel and aluminum industry. It also manufactures open die forging products that are mainly sold to customers in the steel distribution market, the oil and gas industry, and the aluminum and plastic extrusion industries. The company is also a manufacturer of air and liquid processing equipment, mainly custom finned tube heat exchanger coils, large custom air handling systems, and centrifugal pumps. It has manufacturing facilities in the United States, England, Sweden, Slovenia and is involved in three operational joint ventures in China. It has sales offices in the Americas, Asia, Europe and the Middle East. The company’s headquarters are in Carnegie, Pennsylvania.
The Private Securities Litigation Reform Act of 1995 (the “Act”) provides a safe haven for forward-looking statements made by or on behalf of Ampco-Pittsburgh Corporation (the “Company”). This press release may include, among other things, statements about operating performance, trends, events that the Company expects or anticipates in the future, statements about sales and production levels, restructuring, the impact of global pandemics (including COVID-19), profitability and anticipated expenses, future proceeds from exercising outstanding warrants and cash outflows. All statements in this document that are not historical facts are statements that are deemed to be “forward-looking statements” within the meaning of the law and words such as “may,” “will,” “intend,” “believe,” “expect,” “anticipate.” “,” Estimate, “” project, “” predict, “and other terms with similar meanings that indicate future events and trends are also generally used to identify forward-looking statements. Forward-looking statements apply only at the point in time at which these statements are made, are not guarantees of future performance or expectations and involve risks and uncertainties. For the company, these risks and uncertainties include, but are not limited to: cyclical demand for products and economic downturns; worldwide overcapacities in the steel industry; Fluctuations in the value of the US dollar against other currencies; Rise in raw material prices or shortage of important production materials; Consequences of global pandemics (including COVID-19); Changes in the existing regulatory environment; new trade restrictions and regulatory burdens in connection with “Brexit”; Inability of the company to successfully restructure its business; Restrictions on the availability of capital to fund the company’s business and strategic plan; Inability of certain devices that the company relies on; Work stoppage or other industrial action by any of the company’s unions; Liability of the company’s subsidiaries for claims of alleged personal injury from exposure to asbestos-containing components that have been used in the past in certain products of those subsidiaries; Inability to meet the ongoing listing requirements of the New York Stock Exchange or NYSE American; Failure to maintain an effective internal control system; potential attacks on IT infrastructure and other cyber-based business disruptions; and those discussed in more detail elsewhere in this report and in documents the company has filed with the Securities and Exchange Commission, particularly Item 1A, Risk Factors, in Part I of the company’s latest Annual Report on Form 10-K . The company cannot guarantee any future results, activities, accomplishments, or accomplishments. In addition, events may occur in the future that the company may not be able to accurately predict or control, that could cause actual results to differ materially from expectations expressed or implied in forward-looking statements. Unless required by law, the company assumes no obligation and disclaims any obligation to update forward-looking statements as a result of new information, events or for other reasons.