Allegheny Technologies (ATI) Sees FRP Business and Inventory Charges in Q4
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ATI Announces Flat Rolled Products Impairment and Other Charges
January 19, 2016 7:45 AM ESTPITTSBURGH--(BUSINESS WIRE)-- Allegheny Technologies Incorporated (NYSE: ATI) today announced that fourth quarter 2015 results will include approximately $267 million in pre-tax charges, including approximately $181 million of non-cash, long-lived asset impairment charges for its Flat Rolled Products (FRP) business, and $76 million of non-cash inventory charges.
Asset impairment charges include the write off of all $127 million of goodwill in the FRP business. As previously announced, ATI is taking rightsizing actions to better align its FRP operations to the challenging market conditions for its commodity products. These actions include:
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