Allegheny Technologies Incorporated reported Thursday first quarter 2015 sales of $1.13 billion and net income of $10.0 million. Fourth quarter 2014 net income was $1.4 million. For the first quarter 2014, the net loss was $18.1 million on sales of $987.3 million.
“In our Flat Rolled Products segment, we expect improved volume and a better product mix in the second quarter 2015 as we begin to realize the range of capabilities of the new Hot-Rolling and Processing Facility (HRPF),” said said Rich Harshman, Chairman, President and Chief Executive Officer. “For example, during the second quarter, we expect to ship more 60” wide stainless, auto-exhaust alloys, and 48” wide nickel-based alloy coils compared to the first quarter. We were not capable of hot rolling these sizes prior to the HRPF. We expect selling prices and demand for our standard stainless products will remain uncertain until raw material prices stabilize. Base selling prices for standard stainless sheet is also being pressured by imports, mainly from China. Nickel plate shipments for the large oil & gas pipeline project are expected to continue to benefit second quarter results. Trailing HRPF start-up costs of approximately $3 million are expected to be incurred in the second quarter. We continue to expect fourth quarter 2015 operating profit to benefit at an annualized rate of approximately $150 million, compared to 2014, which includes the elimination of startup costs.”