Lacking Tariff Relief, A&T Stainless to Idle Midland Operations
ATI Inc. (ATI)
Last ati inc. earnings: 2/4 07:30 am
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Source: Business Wire
Operations scheduled to cease by end of the second quarter PITTSBURGH--(BUSINESS WIRE)--Allegheny Technologies Incorporated (NYSE: ATI) today announced that its 50% owned A&T Stainless joint venture plans to idle its Direct Roll Anneal and Pickle (DRAP) operations in Midland, Pennsylvania by the end of June 2020 due to Section 232 tariffs that make the business unsustainable. A&T Stainless has alerted the nearly 70 Midland-based employees—the majority of whom are represented by the United Steelworkers—that the DRAP will be idled by the end of the second quarter 2020.A&T Stainless imports semi-finished stainless slab products from Indonesia to produce 60-inch wide stainless sheet products. Subject to the 25% tariff levied on all stainless steel products imported into the United States under Section 232, since March 2018, A&T Stainless has paid over $37 million in tariffs. ATI’s 2019 financial results included $19.3 million of losses for its share of A&T Stainless results, which incl
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ATI
Earnings
- 10/29/24 - Miss
ATI
Sec Filings
- 11/18/24 - Form 4
- 11/15/24 - Form 144
- 11/12/24 - Form SC
- ATI's page on the SEC website