Titanium sponge hurts ATI bottom line
Oct 25, 2013 | 11:45 AM
| Frank Haflich
LOS ANGELES Allegheny Technologies Inc. (ATI) is paying the price for running its Rowley, Utah, titanium sponge plant at a higher rate than might be expected during a period of low-priced scrap.
Operating earnings by ATIs High Performance Metals segment were reduced in part "by our strategic decision to use ATI-produced titanium sponge rather than titanium scrap" to make certain products, chairman, president and chief executive officer Richard J. Harshman said during the companys third-quarter earnings conference call.
Harshman said that Rowley has begun the qualification process to produce premium-quality sponge, which is used in rotating parts for aircraft engines, a critical milestone for a sponge plant.....
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