Allegheny Technologies (ATI) Lowers Quarterly Dividend 55.6% to $0.08; 2.4% Yield

Allegheny Technologies (NYSE: ATI) declared a quarterly dividend of $0.08 per share, or $0.32 annualized. This is a 55.6% decrease from the prior dividend of $0.18.

The dividend will be payable on December 30, 2015, to stockholders of record on December 21, 2015, with an ex-dividend date of December 17, 2015.

The annual yield on the dividend is 2.4 percent.

“Challenging market conditions continue to impact our Flat Rolled Products (FRP) segment standard stainless steel sheet and Grain-Oriented Electrical Steel (GOES) products,” said Rich Harshman, ATI’s Chairman, President and CEO. “As a result, we are reducing our quarterly cash dividend to $0.08 per share from $0.18 per share in the previous quarter.

“As a result of actions we are taking, including cost reductions and limiting capital spending, we expect to have a solid liquidity position in 2016. We expect our High Performance Materials and Components segment to achieve significant profitable growth over the next several years, beginning in 2016, largely due to improving demand from the commercial aerospace market and cost reduction actions that have already been implemented. In addition, as announced earlier today, we are taking rightsizing actions to align our Flat Rolled Products operations to the current and expected intermediate-term challenging market conditions impacting our standard stainless steel sheet and GOES products. These actions are designed to return our FRP segment to sustainable profitability as soon as the second half of 2016.”

For a dividend history and other dividend-related data on Allegheny Technologies (ATI) click here.

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