Allegheny Technologies Expects Strong Fourth Quarter 2004 Results
Allegheny Technologies Inc. (ATI) has said that it expects fourth quarter 2004 earnings to be in the range of $0.32 to $0.37 per share. The Company plans to release its fourth quarter and full-year 2004 results before the market opens on January 31, 2005.
"Our projected fourth quarter 2004 results are due primarily to better than expected operating results in our Flat-Rolled Products and High Performance Metals segments," said Pat Hassey, Chairman, President and Chief Executive Officer of Allegheny Technologies. "Fourth quarter 2004 results benefited from operating efficiencies and cost reductions, which were enhanced by the successful integration of this past summer's stainless steel asset acquisition and our upgraded high performance metals rolling mill. The fourth quarter 2004 results include a LIFO inventory valuation reserve charge of approximately $30 million due to higher raw materials costs. Looking ahead, we continue to be optimistic about 2005."
ATI is one of the largest and most diversified specialty materials producers in the world. The Company has approximately 9,000 full-time employees world-wide. Products include nickel-based and cobalt-based alloys and superalloys, titanium and titanium alloys, specialty steels, super stainless steel, and exotic alloys.
