Allegheny Technologies Sees Demand Rebounding In FY21 - Quick Facts

(RTTNews) - While reporting financial results for the fourth quarter on Thursday, Allegheny Technologies Inc. (ATI) said it expects a continued difficult market environment in the first quarter of fiscal 2021, driven by the Covid-19 resurgence and the relatively low rates of global air passenger travel.

The company added that its first quarter 2021 compares to a robust pre-pandemic quarter for Allegheny that included a surge in wide-body jet engine product sales.

However, the company is optimistic that the worst is behind and demand will begin to rebound for the full year 2021 as Covid-19 vaccines are increasingly approved and administered around the world.

It expects demand to improve in the second half of the year, led by increasing narrow-body engine production volumes enhanced by ATI's jet engine-related share gains and new business in airframes.