Ampco-Pittsburgh Corporation, a specialty steel manufacturer headquartered in Pittsburgh, Pennsylvania, US, has issued its financial results for the fourth quarter of 2009 and the whole year.
The net profit of the company increased 120 percent to $27.7 million in 2009, from $12.6 million in 2008. Net sales revenues in 2009 saw a decrease of 24 percent, dropping from $394.5 million in the previous year to $299.2 million.
In the fourth quarter of 2009, the company's net profit was $3.9 million, compared with a net loss of million $21.2 million in the same period of 2008. Net sales revenues in the fourth quarter of 2009 saw a 24 percent decrease, dropping from $88.1 million in the fourth quarter of 2008 to $66.5 million.
Regarding the financial results, the company said that, while it appears the global economies are in the early stages of a gradual recovery, the corporation remains cautiously optimistic. "The need for additional rolling mill rolls will lag the economic recovery until production returns to more normal levels and companies consume their existing inventories, though raw material cost savings will unlikely be repeated," the company statement said.