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"We'll have the second- or third-best year in our history, with a really bad second half," CEO L. Patrick Hassey told analysts in New York. Allegheny Technologies will do well this year despite the recently ended eight-week strike at airplane maker Boeing Co. and the downturn in the automotive industry, Hassey said, because of its position in the global markets.
In addition, Allegheny Technologies will not be deterred from investing $1.2 billion in a new hot rolling mill and processing facility at its Brackenridge mill, Hassey said. The engineering work is completed and he expects construction will begin in 2009, with the project completed in four years.
He expects the downturn to continue for 18 to 24 months, but the Pittsburgh specialty metals company is involved in markets that are showing strength, Hassey said. He predicted 2009 will be profitable for the company, but different than the boom in 2008.
"The light at the end of this tunnel is not a freight train," Hassey said, adding that he believes Allegheny Technologies can get a "good ride" when the downturn ends.
Titanium products that Allegheny Technologies produces are the new materials for aerospace and tactical vehicles for the military, as well as deepwater drilling and the medical and inplant fields, Hassey said. Boeing has orders for 1,000 planes and more titanium is being used in their construction, he said.
With China and India increasing electrification, and the United States needing to replace electrical infrastructure, the market for Allegheny Technologies' grain-oriented electrical steel is sold out, with price increases expected in 2009 and 2010.
Hassey did not discuss recent 20 percent temporary work force cuts at several plants in Western Pennsylvania that idled several hundred. Spokesman Dan Greenfield could not be reached for comment.
ATI's stock fell $3.30 a share, or 16.5 percent, to $16.99. Its 52-week high was $98.49.
To see more of The Pittsburgh Tribune-Review or to subscribe to the newspaper, go to http://www.pittsburghlive.com/x/pittsburghtrib/. Copyright (c) 2008, The Pittsburgh Tribune-Review Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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