Pittsburgh, Pennsylvania-based specialty steelmaker Allegheny Technologies Incorporated announced Wednesday that net income surged to $62.3 million in Q3 compared to net income of $1 million in Q3 2010. Q3 sales were also up 28 percent from Q3 2010 and year-to-date 2011 sales rose 30 percent over 2010.
Overall, 2011 has shaped up to be a much more profitable year for Allegheny, which reported a net income of $182.6 million for the first nine months of 2011, a more than three-fold increase from $55.6 million in the same period last year.