A&T Stainless Joint Venture Tariff Exclusion Request Denied
April 24 2019 - 5:09PM
Business Wire
ATI Flat Rolled Products maintains
commitment to sustained profitability
Allegheny Technologies Incorporated (NYSE: ATI) today learned
that the A&T Stainless joint venture’s previously filed Section
232 tariff exclusion request has been denied by the U.S. Department
of Commerce. The joint venture (JV) imports semi-finished stainless
slab products from Indonesia to produce 60-inch wide stainless
sheet products for sale in North America. These slabs will
continue to be subject to the 25% tariff levied on all stainless
steel products imported into the United States.
“While we are disappointed that the U.S. Department of Commerce
denied the JV’s Section 232 tariff exclusion request, it does not
change our strategy of returning ATI’s Flat Roll Products segment
to sustained profitability,” said Robert S. Wetherbee, ATI
President and CEO. “Although we believe the unique status of the
North American stainless steel industry warranted approval of our
exclusion, we are committed to meeting our customers’ needs and
delivering value to our shareholders. We will work with our joint
venture partner to determine our next steps.”
This news release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Certain statements in this news release relate to future
events and expectations and, as such, constitute forward-looking
statements. Forward-looking statements, which may contain such
words as “anticipates,” “believes,” “estimates,” “expects,”
“would,” “should,” “will,” “will likely result,” “forecast,”
“outlook,” “projects,” and similar expressions, 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. Our performance or achievements may differ
materially from those expressed or implied in any forward-looking
statements due to the following factors, among others: (a) material
adverse changes in economic or industry conditions generally,
including global supply and demand conditions and prices for our
specialty metals; (b) material adverse changes in the markets we
serve; (c) our inability to achieve the level of cost savings,
productivity improvements, synergies, growth or other benefits
anticipated by management from strategic investments and the
integration of acquired businesses; (d) volatility in the price and
availability of the raw materials that are critical to the
manufacture of our products; (e) declines in the value of our
defined benefit pension plan assets or unfavorable changes in laws
or regulations that govern pension plan funding; (f) labor
disputes or work stoppages; (g) equipment outages and (h) other
risk factors summarized in our Annual Report on Form 10-K for the
year ended December 31, 2018, and in other reports filed with the
Securities and Exchange Commission. We assume no duty to update our
forward-looking statements.
Creating Value Thru Relentless Innovation™
ATI is a global manufacturer of technically advanced specialty
materials and complex components. ATI revenue was $4.1 billion for
the twelve month period ended March 31, 2019. Our largest markets
are aerospace & defense, particularly jet engines. We also have
a strong presence in the oil & gas, electrical energy, medical,
automotive, and other industrial markets. ATI is a market leader in
manufacturing differentiated specialty alloys and forgings that
require our unique manufacturing and precision machining
capabilities and our innovative new product development competence.
We are a leader in producing powders for use in next-generation jet
engine forgings and 3D-printed aerospace products. See more at our
website ATIMetals.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20190424006111/en/
Investor Contact:Scott A.
Minder412-395-2720scott.minder@atimetals.com
Media Contact:Natalie
Gillespie412-394-2850natalie.gillespie@atimetals.com
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