Allegheny Technologies announces 2nd Quarter 2011 results
August 2, 2011
Specialty Metals producer Allegheny Technologies Inc (ATI) whose products include titanium and titanium alloys, nickel-based alloys and superalloys, grain-oriented electrical steel, stainless and specialty steels, zirconium, hafnium, niobium, tungsten and tungsten carbide, has reported strong growth in its key global markets in the second quarter of 2011.
Sales increased to $1.35 billion, a rise of 28% compared to the same period in 2010, and 10% compared to the first quarter 2011. Net income attributable to ATI was $64.0 million including Ladish acquisition expenses earlier this year.
Sales in the Engineered Products segments which includes cemented carbide tools and other PM products increased to $127.1 million, an increase of 33.9% compared to the second quarter 2010. This was primarily as a result of the improved demand and higher prices for tungsten-based and carbon alloy steel forging products.
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