Steel Mills
January 28, 2021
Dramatic Loss at ATI Due to Restructuring
Written by Sandy Williams
Allegheny Technologies Inc. posted a net loss of $1.22 billion due to more than a billion dollars of restructuring and other charges related to the exit from its stainless sheet products business. Excluding restructuring and additional charges, adjusted net loss was $41.9 million.
“In the fourth quarter, we took decisive action to accelerate our future by exiting the low-margin standard stainless sheet product line and redeploying capital to high-return opportunities,” said President and CEO Robert Wetherbee. “We’ve already made significant progress on achieving that goal. The transformation represents a major step forward to making ATI a more sustainably profitable aerospace and defense-focused company.”
