ATI Announces Successful Completion of Repairs to Hot-Rolling and Processing Facility Rotary Crop Shear
October 01 2015 - 7:45AM
Business Wire
Allegheny Technologies Incorporated (NYSE:ATI) today announced
that ATI Flat Rolled Products has successfully rolled coils of
stainless steel across its Hot-Rolling and Processing Facility
(HRPF) utilizing the repaired Rotary Crop Shear (RCS). The repair
and installation of the RCS was completed on schedule. First coils
were successfully rolled on September 29, 2015.
On May 28, 2015, ATI announced that during routine maintenance a
defective component was discovered in the RCS. While the RCS was
offline, most flat-rolled products were produced without the RCS.
However, projected operating profit benefits from the HRPF were not
fully realized. While the RCS was offline, new product
qualification and new product development continued at a rapid
pace. All planned stainless, nickel-based alloys and specialty
alloy, titanium and titanium alloy, and zirconium product
qualifications are now complete.
ATI’s new HRPF is a key enabler to position ATI Flat Rolled
Products as a leader in flat-rolled specialty materials. It is the
most advanced and most powerful hot-rolling and processing facility
in the industry.
ATI Flat Rolled Products Operations Update
On August 14, 2015, ATI announced that faced with a lack of
progress in ongoing contract negotiations with the USW, the Company
issued a lockout notice, effective on August 15, involving more
than 2,000 employees at various facilities. The labor agreements
covering these employees expired on June 30, 2015. ATI remains
committed to reaching a fair and more competitive labor agreement
with the USW, and looks forward to our USW-represented employees
returning to work. Until this objective is achieved, ATI continues
to operate the affected facilities and continues to safely produce
high quality flat-rolled products to meet the needs of our
customers with ATI salaried and non-union employees and temporary
staffing.
Presently, ATI Flat Rolled Products (FRP) operations, production
levels, and safety engagements are meeting and in many cases
exceeding expectations. ATI FRP facilities are operating – most at
pre-work stoppage production levels. Some examples:
- The Brackenridge, PA specialty melt
shop is now producing at a rate of more than 80% of normal output,
which is in line with the current soft demand.
- Most coil finishing operations are
running 24-hour operations.
- The Washington, PA specialty plate
facility has produced its entire range of specialty alloy
grades.
While asset utilization continues to improve, stainless steel
demand remains soft mainly due to unusually high domestic inventory
levels as a result of the first-half 2015 surge of low-priced
imports, primarily from China, and generally weak demand. Also,
demand from the oil & gas market has continued to
deteriorate.
“We did not want a work stoppage – and did everything possible
to avoid it – but it is enabling us to identify new ways to safely
optimize operations, increase our hands-on knowledge of the
equipment and processes, and improve our productivity and
efficiency,” said Bob Wetherbee, Executive Vice President, ATI Flat
Rolled Products Group. “We are discovering best practices that will
be shared across all FRP facilities to improve our operations and
strengthen our competitive position.”
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are based on management’s current
expectations and include known and unknown risks, uncertainties and
other factors, many of which we are unable to predict or control,
that may cause our actual results, performance or achievements to
materially differ from those expressed or implied in the
forward-looking statements. Additional information concerning
factors that could cause actual results to differ materially from
those projected in the forward-looking statements is contained in
our filings with the Securities and Exchange Commission. We assume
no duty to update our forward-looking statements.
Creating Value Thru Relentless Innovation®
Allegheny Technologies Incorporated is one of the largest and
most diversified specialty materials and components producers in
the world with revenues of approximately $4.3 billion for the
twelve months ended June 30, 2015. ATI has approximately 9,600
full-time employees world-wide who use innovative technologies to
offer global markets a wide range of specialty materials solutions.
Our major markets are aerospace and defense, oil and gas/chemical
process industry, electrical energy, medical, automotive, food
equipment and appliance, and construction and mining. The ATI
website is www.ATImetals.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151001005918/en/
Allegheny Technologies IncorporatedDan L. Greenfield,
412-394-3004
ATI (NYSE:ATI)
Historical Stock Chart
From Mar 2024 to Apr 2024
ATI (NYSE:ATI)
Historical Stock Chart
From Apr 2023 to Apr 2024