Carnegie, PA, July 10, 2017 -- Ampco-Pittsburgh Corporation (NYSE: AP) announced today that its subsidiary, Union Electric Steel Corporation (“Union Electric Steel”), will raise prices on forged and cast engineered products that it and its subsidiaries produce globally. These subsidiaries include the acquired companies formerly comprising the Åkers Group (“Åkers”). This increase is effective August 1, 2017, or as relevant contract terms permit.
The price adjustments are driven by increasing production costs due to growing product demand, as well as upward pricing pressures on the cost of key raw materials, combined with other steelmaking consumables such as electrodes and refractories. As a direct consequence, Union Electric Steel is increasing its pricing levels by approximately 10% for all product lines worldwide.
Commenting on the announcement, Rodney Scagline, President of Union Electric Steel, stated, “Despite considerable efforts made across the business to offset cost pressures, we are now compelled to increase price levels globally. The increase is necessary to ensure that Union Electric Steel remains a reliable and long-term provider of high-quality products and services, as well as a partner of application development and product innovation to support our customers.”
About Ampco-Pittsburgh Corporation
Ampco-Pittsburgh Corporation, through its operating subsidiary, Union Electric Steel Corporation, is a leading producer of forged and cast rolls for the worldwide steel and aluminum industries, as well as ingot and open die forged products for the oil and gas, aluminum, and plastic extrusion industries. Ampco-Pittsburgh is also a producer of air and liquid processing equipment, primarily custom-engineered finned tube heat exchange coils, large custom air handling systems and centrifugal pumps. The Corporation operates manufacturing facilities in the United States,Canada, United Kingdom, Sweden, Slovenia, and China. Sales offices are located in North and South America, Asia, Europe, and the Middle East. Corporate headquarters is located in Carnegie, Pennsylvania.
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