Allegheny Technologies Incorporated reported fourth quarter 2016 sales of $796 million and net income attributable to ATI of $10 million. For the full year 2016, ATI reported a net loss attributable to ATI of $641 million on $3.1 billion in sales.
ATI’s sales to the key global markets of aerospace and defense, oil & gas, electrical energy, automotive and medical represented 80 percent of ATI sales for 2016. Sales to the oil and gas market were $281 million and represented 9 percent of ATI sales. ATI’s sales to this market decreased 48 percent in 2016 compared to 2015 and decreased 63 percent from 2014, when sales were $752 million. Sales to the automotive market were $233 million and represented 7 percent of ATI sales.
“The full year 2016 has been a period of transition for ATI as we made hard decisions and took significant actions to improve our cost structure and lay the groundwork for future long-term profitable growth,” said Rich Harshman, Chairman, President and Chief Executive Officer. “Our Flat Rolled Products segment made progress to achieve sustainable profitability primarily as a result of cost reduction and restructuring actions.”