Allegheny Technologies (ATI) to Implement Cost Optimization Measures; Sees non-Cash Impairment Charges
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Allegheny Technologies Announces Actions to Improve Future Financial Performance
August 24, 2016 4:20 PM EDTPITTSBURGH--(BUSINESS WIRE)-- Allegheny Technologies Incorporated (NYSE: ATI) today announced several actions to improve the Companys future financial performance, which include the indefinite idling of the Rowley, UT titanium sponge production facility and consolidating certain titanium manufacturing operations in Albany, OR.
These actions are expected to improve ATIs annual operating income by approximately $50 million beginning in 2017. In addition, these actions are expected to generate approximately $50 million of cash flow from lower managed working capital as titanium sponge inventory is reduced over the next several quarters.
As a result of these... More