Allegheny Technologies Incorporated produces and sells specialty materials and components worldwide. The company operates through two segments, High Performance Materials & Components; and Flat-Rolled Products. The High Performance Materials & Components segment provides various high performance materials, including titanium and titanium-based alloys; nickel-and cobalt-based alloys and superalloys; zirconium and related alloys, such as hafnium and niobium, advanced powder alloys, and other specialty materials, in long product forms of ingots, billets, bars, rods, wires, shapes and rectangles, and seamless tubes, plus precision forgings, castings, components, and machined parts. This segment serves aerospace and defense, oil and gas/chemical, hydrocarbon processing, electrical energy, and medical markets. The Flat-Rolled Products segment produces, converts, and distributes stainless steel, nickel-based alloys, specialty alloys, and titanium and titanium-based alloys in various forms, including plate, sheet, engineered strip, and Precision Rolled Strip products, as well as grain-oriented electrical steel. This segment serves oil and gas/chemical and hydrocarbon processing industry, electrical energy, automotive, food processing equipment and appliances, construction and mining, electronics, communication equipment and computers, and aerospace and defense markets. The company sells its products through direct sales and independent representatives. Allegheny Technologies Incorporated was founded in 1960 and is headquartered in Pittsburgh, Pennsylvania.
Allegheny Technologies (ATI) Stock Plunges on Q3 Miss NEW YORK -- Shares of Allegheny Technologies (ATI) were retreating 15.39% to $15.06 on heavy trading volume early-afternoon Tuesday after the company reported 2016 third-quarter results that fell short of analysts' expectations. Before today's market open, Allegheny posted an adjusted loss of 21 cents per share, higher than analysts' estimated loss of 9 cents per share. Revenue came in at $770.5 million, below Wall Street's projected $821.9 million. During the same period last year, the Pittsburgh-based specialty materials and components producer reported a loss of 25 cents per diluted share on revenue of $832.7 million. Allegheny said it will shutter two plants in Western Pennsylvania in 2016 as a result of low raw materials prices and global commodity stainless steel sheet and strip overcapacity, among other reasons. The company will close its Midland, PA-based commodity stainless steel melt and sheet finishing facility, which employs about 360 people, and its Bagdad, PA-based grain-oriented electrical steel finishing facility, which has about 250 employees, according to the Associated Press. Allegheny expects to report between $11 million and $21 million of charges related to the closures in its 2016 fourth quarter earnings. More than 3.36 million of the company's shares changed hands so far today vs. its average 30-day volume of 2.03 million shares per day.
