Allegheny To Eliminate Over 250 Positions - Quick Facts

(RTTNews) - Allegheny Technologies Inc. (ATI) announced the next phase in the restructuring of its Flat Rolled Products, or FRP operations with the reduction of approximately one third of FRP's salaried workforce through the elimination of over 250 positions. The company will record a $9 million severance charge in first quarter 2016. Allegheny expects annualized cost savings benefits of over $30 million beginning in the third quarter 2016.

Rich Harshman, CEO, said: "It is difficult for a U.S.-based company to compete in the global commodity markets, particularly when significant global overcapacity exists for products such as commodity stainless steel sheet and grain-oriented electrical steel. Our GOES operation will be idled this month."

Allegheny expects its FRP business to be modestly profitable in the second half of 2016.