Slack demand, price pressure hit ATI in qtr.

Jul 24, 2013 | 06:35 PM | Daniel Fitzgerald

Tags  ATI, Allegheny Technologies, Richard Harshman, Brackenridge plant, stainless steel, electrical steel, quarterly earnings, 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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