Service Centers
April 9, 2017
AM Castle to Undertake Financial Restructuring
Written by Sandy Williams
AM Castle, a specialty metals company, announced it has reached an agreement with lenders to complete a comprehensive financial restructuring. The company posted a $114.1 million loss in FY 2016 compared to a loss of $218.8 million in 2015.
Fourth quarter net sales totaled $113.7 million, down 14.2 percent compared to Q4 2015. Tons sold per day decreased by 4.6 percent and average priced declined 6.2 percent in the quarter. Net loss from continuing operations was $19.7 million in Q4.
