Ampco-Pittsburgh subsidiary to increase price of forged engineered products

CARNEGIE, Pennsylvania, October 25, 2021– (COMMERCIAL THREAD) – Ampco-Pittsburgh Corporation (NYSE: AP) today announced that its subsidiary, Union Electric Steel Corporation (“Union Electric Steel” or “the Company”), will increase the prices of its Engineered Forged Products (FEP ). This increase is effective immediately on all new orders received as of October 25, 2021 or to the extent that the relevant contractual conditions allow. The Company will also implement an alloy and energy surcharge on all orders shipped on or after January 1, 2022.

The price adjustments are driven by upward pressure on the prices of raw materials, natural gas, electricity, transport and other consumables, increasing production costs due to increasing demand for products and other factors in the global supply chain. As a result, Union Electric Steel is increasing its price points by around 12-18% for all Engineered Forged (FEP) product lines around the world.

Commenting on the announcement, Skip Reinert, vice president of sales and marketing, said, “As the entire metal industry has increased its business, manufacturing costs and the supply chain, including labor and transport have increased considerably. In addition, our business continues to be affected by increasing costs of key raw materials. This price adjustment is necessary to maintain a reliable supply of top quality products to our customers.

About Ampco-Pittsburgh Corporation

Ampco-Pittsburgh Corporation manufactures and sells specialty high-tech, high-performance metal products and custom equipment used by industry around the world. Through its operating subsidiary, Union Electric Steel Corporation, it is a leading producer of forged and cast rollers for the global steel and aluminum industry. It also manufactures open die forged products which are primarily sold to customers in the steel distribution market, the oil and gas industry, and the aluminum and plastic extrusion industries. The Company is also a producer of air and liquid handling equipment, primarily custom designed finned tube heat exchange coils, large custom air handling systems and centrifugal pumps. It operates manufacturing facilities in the United States, England, Sweden, Slovenia and participates in three operating joint ventures located in China. It has sales offices in North and South America, Asia, Europe and the Middle East. The head office is located in Carnegie, PA.

Forward-looking statements

The Private Securities Litigation Reform Act of 1995 (the “Act”) provides a safe haven for forward-looking statements made by or on behalf of Ampco-Pittsburgh Corporation (the “Company”). This press release may include, but is not limited to, statements about operating performance, trends, events the Company expects or anticipates to occur in the future, statements about sales levels and production, restructurings, the impact of global pandemics (including COVID-19), profitability and planned expenses, future revenues from the exercise of outstanding warrants and cash outflows. All statements contained in this document other than statements of historical fact are statements which are, or could be, considered “forward-looking statements” within the meaning of the Law and words such as “may”, “will”, ” intention “” believe “,” expect “,” anticipate “,” estimate “,” project “,” foresee “and other terms of similar meaning which indicate future events and trends are also generally intended to identify forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made, do not constitute guarantees of future performance or expectations and involve risks and uncertainties. For the Company, these risks and uncertainties include, but are not limited to: cyclical product demand and economic downturns; excess global capacity in the steel industry; fluctuations in the value of the US dollar against other currencies; increases in commodity prices or shortages of key production materials; consequences of global pandemics (including COVID-19); changes in the existing regulatory environment; new trade restrictions and regulatory burdens associated with “Brexit”; the inability of the Company to successfully restructure its operations; the limits on the availability of capital to finance the operations and the strategic plan of the Company; the inoperability of certain equipment on which the Company relies; work stoppage or other industrial action by one of the Company’s unions; the liability of the Company’s subsidiaries for claims alleging bodily injury resulting from exposure to asbestos-containing components historically used in certain products of these subsidiaries; failure to meet the continuous listing requirements of the New York Stock Exchange or NYSE American; failure to maintain an effective system of internal control; potential attacks on information technology infrastructure and other disruption to cyber activity; and those discussed in more detail elsewhere in this report and in documents filed with the Securities and Exchange Commission by the Company, in particular in Item 1A, Risk Factors, in Part I of the Company’s latest annual report on form 10-K. The Company cannot guarantee any future result, level of activity, performance or achievement. In addition, there may be future events that the Company may not be able to accurately predict or control, which could cause actual results to differ materially from the expectations expressed or implied by forward-looking statements. . Except as required by applicable law, the Company assumes no obligation, and disclaims any obligation, to update any forward-looking statements, whether as a result of new information, events or otherwise.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211025005803/en/

Contacts

Melanie L. Sprowson
Director, Investor Relations
412-429-2454
[email protected]

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