Allegheny Tech Stock Price, News & Analysis

Allegheny Technologies Incorporated (NYSE: ATI) announced plans to offer senior notes with terms of eight and ten years. The proceeds will fund the redemption of all outstanding 5.875% Senior Notes due 2023, totaling $500 million, and support a $50 million contribution to a defined benefit pension plan in Q3 2021. BofA Securities and other firms are joint book-running managers for this offering. The offering is part of an effective shelf registration statement and does not constitute an offer to buy or sell securities unlawfully.

Allegheny Technologies Incorporated (NYSE: ATI) has successfully sold its Flowform Products business in Billerica, Massachusetts, to Consolidated Boring, Inc. for $55 million in cash, finalized on August 13, 2021. The sale aims to enhance ATI's balance sheet and liquidity. The Flowform Products division, part of ATI's High Performance Materials & Components segment, will now operate as American Flowform & Machining, LLC. ATI continues to evaluate operations to maximize value and optimize costs, citing competitive dynamics that did not leverage its core strengths.

Allegheny Technologies Incorporated (NYSE: ATI) reported second quarter 2021 sales of $616 million, with a net loss of $49.2 million, or $(0.39) per share. Adjusted net loss was $15.1 million, excluding $40.3 million in strike-related costs. Sales fell from $693 million in Q1 2021 and $770 million in Q2 2020. The High Performance Materials & Components (HPMC) segment saw a 25% sales increase versus Q1 2021, driven by aerospace demand, while the Advanced Alloys & Solutions (AA&S) segment sales dropped 30% from Q1 2021. Outlook remains cautious due to potential impacts from recent strikes.

On July 14, 2021, Allegheny Technologies Incorporated (NYSE: ATI) announced the ratification of a new four-year labor agreement with the United Steelworkers, effectively ending a strike that began on March 30, 2021. Employees are set to return to work the week of July 19, 2021, with production gradually ramping up. The agreement benefits around 1,300 employees with competitive wages and healthcare benefits, securing long-term viability for ATI's Specialty Rolled Products business. Executive Kim Fields emphasized that the deal supports employees while ensuring business stability.

Allegheny Technologies Incorporated (NYSE: ATI) has reached a tentative agreement for a labor contract with the United Steelworkers (USW) covering around 1,300 employees in the Advanced Alloys & Solutions segment. This contract spans from March 1, 2021, to February 28, 2025, and is pending ratification by USW members. Executive vice president Kim Fields emphasized that the agreement supports employee stability and the company's goals, including mitigating healthcare cost inflation. ATI continues to pursue its strategy of exiting standard stainless sheet products.

Allegheny Technologies Incorporated (NYSE: ATI) will host a live conference call on August 3, 2021, at 8:30 a.m. ET, following its second quarter 2021 results release. The call will be accessible via the company's website, ATImetals.com, where presentation slides will also be available. A replay of the conference call will be provided after the event. ATI focuses on advanced materials science and serves demanding industries, enhancing performance and value in various applications.

Allegheny Technologies Incorporated (NYSE: ATI) announced that Robert S. Wetherbee has been appointed Board Chair following the 2021 Annual Meeting. His appointment coincides with the retirement of Diane C. Creel, who served as Board Chair since 2019. J. Brett Harvey has been named Lead Independent Director. Wetherbee emphasized the importance of unified leadership for shareholder value and expressed confidence in ATI's future. Under his leadership since January 2019, Wetherbee has focused on building a strong leadership team and addressing challenges posed by the pandemic.

Allegheny Technologies (NYSE: ATI) reported Q1 2021 sales of $693 million, with a net loss of $7.9 million or $(0.06) per share. Adjusted EBITDA stood at $62.6 million, 9.0% of sales. Sequentially, sales improved compared to Q4 2020’s $658 million, owing to recovering jet engine production and rising raw material prices. Year-over-year, Q1 sales fell 27% from $956 million, reflecting pandemic impacts. Segment performance varied: High Performance Materials & Components saw a 43% drop in sales YoY, while Advanced Alloys & Solutions experienced a 16% decline. Cash on hand was $541.7 million.

Allegheny Technologies (NYSE: ATI) will host a conference call for financial results on April 29, 2021, at 8:30 a.m. ET, following the release of its first-quarter 2021 results. The call will be accessible via live internet broadcast on ATImetals.com, where presentation slides will also be available. A replay will be provided post-call on the same website. ATI, a $3 billion manufacturer, focuses on providing innovative materials solutions across various demanding applications.