Ampco-Pittsburgh Corporation

Corporate profile

• Ampco-Pittsburgh Corporation is a Pennsylvania corporation, organized in 1929.
• The company reports through two segments:
  • Forged and Cast Engineered Products (FCEP)
  • Air and Liquid Processing (ALP)

Segments and core products

FCEP (Forged and Cast Engineered Products)

• Core products:
  • Forged hardened steel rolls
  • Cast rolls
  • Forged engineered products (FEP)
• Primary end markets: steel and aluminum industries, oil and gas, and related distribution and industrial markets
• Global footprint:
  • U.S.: Union Electric Steel Corporation (UES) with facilities in Carnegie, PA; operations include three plants in Pennsylvania and one in Indiana
  • Sweden: Åkers Sweden AB (manufacturing in Åkers Styckebruk)
  • Slovenia: Åkers Valji Ravne d.o.o. (manufacturing in Ravne na Koroškem)
  • China: Shanxi Åkers TISCO Roll Co., Ltd. (joint venture; Taiyuan, Shanxi) and Anhui Baochang Roll Co., Ltd. (joint venture; Maanshan, Anhui)
  • Hong Kong: Union Electric Steel (Hong Kong) Limited (non-operating; holds joint venture stake)
• Key operating entities: Åkers Sweden AB; Åkers Valji Ravne d.o.o.; Shanxi Åkers TISCO Roll Co., Ltd.; Anhui Baochang Roll Co., Ltd.; Union Electric Steel (UES)
• Customer concentration:
  • One customer accounted for about 10% of FCEP net sales in 2025
  • One customer accounted for about 11% of FCEP net sales in 2024

ALP (Air and Liquid Processing)

• Core products and divisions:
  • Aerofin Division: custom-engineered finned-tube heat exchanger coils and related heat transfer products
  • Buffalo Air Handling Division: large custom-designed air handling systems
  • Buffalo Pumps Division: centrifugal pumps for power generation, marine defense, and industrial refrigeration
• Primary end markets: power generation, military/defense, industrial manufacturing
• Geographic footprint: manufacturing and assembly operations in Virginia and New York; sales offices across the U.S. and Canada
• Customer concentration:
  • One customer accounted for about 12% of ALP net sales in 2025
  • In 2024, no single ALP customer exceeded 10% of net sales

Notable corporate and operational details

• UES-UK insolvency proceeding

  • On October 14, 2025, the directors of Union Electric Steel UK Limited (UES-UK), an indirect, wholly owned subsidiary, filed a Notice of Appointment with the U.K. Insolvency Court.
  • FRP Advisory Trading Limited was appointed as administrators. UES-UK is in administration with an orderly wind-down and asset sale plan.
  • The action is confined to UES-UK and did not affect the Corporation or other subsidiaries.

• Backlog (as of December 31, 2025)

  • Total backlog: $328.9 million (down from $378.9 million at December 31, 2024)
  • FCEP backlog decreased by about $41.9 million due to lower order intake for forged and cast rolls and foreign exchange translation effects
  • ALP backlog decreased by about $8.0 million, primarily reflecting the U.S. Navy’s termination of the Constellation Frigate program (approximately $7.1 million removed from backlog near year-end)
  • Approximately 6% of backlog is expected to be released after 2026

• Workforce

  • Total active employees worldwide as of December 31, 2025: 1,432
  • Approximately 62% of employees are based in the United States
  • Approximately 24% of employees are covered by collective bargaining agreements

• Capital structure and liquidity

  • Revolving credit facility: $100 million available, maturing June 25, 2030
  • The facility is secured and subject to covenants that could affect liquidity if not met
  • The company is exposed to macroeconomic, geopolitical, and tariff pressures, including U.S. tariffs on steel and related products and international trade dynamics

Key markets and drivers

• FCEP: global steel capacity exceeds consumption; tariffs and trade policies affect demand and pricing
• ALP: demand supported by power generation and U.S. military markets; inflation and tariffs affect input costs and pricing
• Currency and export dynamics: exports are material to results; foreign currency translation impacts reported results and the company manages associated hedging and currency risk

Products and facilities overview (selected)

• Forged rolls, cast rolls, and forged engineered products produced in the U.S., Sweden, Slovenia, and Chinese joint ventures
• ALP products manufactured and assembled in the U.S. (Virginia and New York)
• Principal U.S. locations (examples):
  • Carnegie, PA (UES operations)
  • Burgettstown, PA (Route 18 facility)
  • Valparaiso, IN
  • Erie, PA
• Notable foreign manufacturing sites: Åkers Sweden AB (Åkers Styckebruk, Sweden), joint ventures in Ravne, Slovenia and Taiyuan, China

Customer and market risks

• Exposure to a small number of large customers (2025): one FCEP customer at ~10% of net sales; one ALP customer at ~12% of net sales
• Tariffs and trade policies can affect pricing and demand
• Foreign currency translation can affect reported results
• Dependence on specific equipment and long-term contracts; market cyclicality in steel and energy sectors

Where to find more

• Refer to the Consolidated Financial Statements and Note disclosures for detailed figures and accounting treatment:
  • Note 2 — Exit/Deconsolidation
  • Note 10 — Debt
  • Note 20 — Litigation
  • Note 22 — Environmental Matters
  • Note 24 — Business Segments
• Executive officers and corporate governance information are listed in the report (including recent CEO and CFO appointments).