Shares of Ampco-Pittsburgh Corporation (NYSE:AP) soared nearly 70% during Wednesday's pre-market after its subsidiary, Union Electric Steel Corporation, secured contracts estimated at $11.7 million.
What Happened: At the time of writing, Ampco-Pittsburgh was trading at $1.290 after it closed at $0.7649, according to Benzinga Pro.
As per their press release Wednesday, Union Electric Steel Corporation will provide rolls for two new rolling mill projects in Mexico and Scandinavia, with deliveries expected in the first half of 2025.
The contracts include a $6.7 million agreement with Ternium Mexico S.A. de C.V., a leading North American steel producer, and a $5 million deal with a major European OEM mill builder constructing a new facility in Scandinavia.
The contract wins align with Ampco-Pittsburgh's announcement of a record-breaking quarter for its Air and Liquid Processing segment, with over 50% surge in new orders from the previous quarter, marking the highest quarterly order intake in the segment's history.
Brett McBrayer, CEO of Ampco-Pittsburgh, lauded Union Electric's commitment to delivering high-quality products to the global steel and aluminum markets. He also emphasized the company's increased market presence due to strategic investments in sales and manufacturing capacity.
Ampco-Pittsburgh anticipates its total backlog for the quarter ending June 30, to be in the range of $360 to $365 million, representing sequential growth of 3.2% to 4.6% compared to the previous quarter.
Why It Matters: The recent success of Ampco-Pittsburgh and its subsidiary, Union Electric Steel Corporation, comes amid a period of consolidation and adaptation in the steel industry. Smaller transactions are confirming a positive merger and acquisition trend in the steel industry, reflecting companies' commitment to strengthening their global leadership in the manufacturing and distribution of steel and high-performance alloys.
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Photo by BildWerk on Shutterstock
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
安博科-匹兹堡（纽约证券交易所代码：AP）的股价在周三的盘前飙升了近70％，此前其子公司联合电气钢铁公司获得了估计为1170万美元的合同。
发生了什么：根据Benzinga Pro的数据，在撰写本文时，Ampco-Pittsburgh的交易价格为1.290美元，收于0.7649美元。
根据周三的新闻稿，联合电气钢铁公司将为墨西哥和斯堪的纳维亚半岛的两个新轧机项目提供轧辊，预计将于2025年上半年交付。
这些合同包括与北美领先的钢铁生产商Ternium Mexico S.A.de C.V. 签订的670万美元协议，以及与一家在斯堪的纳维亚建造新工厂的大型欧洲原始设备制造商达成的500万美元协议。
该合同的中标与Ampco-Pittsburgh宣布其空气和液体处理板块的季度创纪录一致，新订单比上一季度增长了50％以上，创下了该细分市场历史上最高的季度订单量。
Ampco-Pittsburgh首席执行官布雷特·麦克布雷尔对联合电气致力于向全球钢铁和铝市场提供高质量产品的承诺表示赞赏。他还强调说，由于对销售和制造能力的战略投资，该公司的市场占有率有所提高。
Ampco-Pittsburgh预计，截至6月30日的季度其待办事项总额将在3.6亿美元至3.65亿美元之间，与上一季度相比连续增长3.2％至4.6％。
为何重要：Ampco-Pittsburgh及其子公司联合电气钢铁公司最近取得的成功是在钢铁行业整合和调整时期取得的。规模较小的交易证实了钢铁行业的积极并购趋势，这反映了各公司致力于加强其在钢铁和高性能合金制造和分销方面的全球领导地位。
照片由 BildWerk 在 Shutterstock 上拍摄
这个故事是使用 Benzinga Neuro 创作的，由 Pooja Rajkumari
