Slack demand, price pressure hit ATI in qtr.
Jul 24, 2013 | 06:35 PM
| Daniel Fitzgerald
NEW YORK Allegheny Technologies Inc. (ATI) saw second-quarter net income and sales tumble, citing lackluster "global demand" and "continuing pricing pressure."
Quarterly net income attributable to Pittsburgh-based ATI plunged 92.2 percent to $4.4 million on sales that fell 16.4 percent to $1.14 billion.
Average transaction prices for all flat-rolled products, including surcharges, fell 9.1 percent to $1.90 per pound in the same comparison, while average base-selling prices "remain at historically low levels for standard stainless products," the company said.....
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