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-匹茲堡（紐約證券交易所代碼：AP）的股價在週三的盤前飆升了近70％，此前其子公司聯合電氣鋼鐵公司獲得了估計爲1170萬美元的合同。
發生了什麼：根據Benzinga Pro的數據，在撰寫本文時，Ampco-Pittsburgh的交易價格爲1.290美元，收於0.7649美元。
根據週三的新聞稿，聯合電氣鋼鐵公司將爲墨西哥和斯堪的納維亞半島的兩個新軋機項目提供軋輥，預計將於2025年上半年交付。
這些合同包括與北美領先的鋼鐵生產商Ternium Mexico S.A.de C.V. 簽訂的670萬美元協議，以及與一家在斯堪的納維亞建造新工廠的大型歐洲原始設備製造商達成的500萬美元協議。
該合同的中標與Ampco-Pittsburgh宣佈其空氣和液體處理板塊的季度創紀錄一致，新訂單比上一季度增長了50％以上，創下了該細分市場歷史上最高的季度訂單量。
Ampco-Pittsburgh首席執行官佈雷特·麥克布雷爾對聯合電氣致力於向全球鋼鐵和鋁市場提供高質量產品的承諾表示讚賞。他還強調說，由於對銷售和製造能力的戰略投資，該公司的市場佔有率有所提高。
Ampco-Pittsburgh預計，截至6月30日的季度其待辦事項總額將在3.6億美元至3.65億美元之間，與上一季度相比連續增長3.2％至4.6％。
爲何重要：Ampco-Pittsburgh及其子公司聯合電氣鋼鐵公司最近取得的成功是在鋼鐵行業整合和調整時期取得的。規模較小的交易證實了鋼鐵行業的積極併購趨勢，這反映了各公司致力於加強其在鋼鐵和高性能合金製造和分銷方面的全球領導地位。
照片由 BildWerk 在 Shutterstock 上拍攝
這個故事是使用 Benzinga Neuro 創作的，由 Pooja Rajkumari
