Allegheny reports $28.8 million loss in Q3

Allegheny reports $28.8 million loss in Q3

US specialty steel producer Allegheny Technologies posted a loss of $28.8 million in the third quarter of 2003. A year before, company also reported $7.5 million loss in the same period. Sales grew up by 3% and reached to $483 million. Allegheny attributed the loss to weak demand of specialty steels and high raw material, energy and insurance costs. The company is planning job cuts in the fourth quarter and reduce costs as well as improve productivity.