Ampco-Pittsburgh Corp
NYSE:AP
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Ampco-Pittsburgh Corp
NYSE:AP
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Ampco-Pittsburgh Corp
Ampco-Pittsburgh Corp. engages in the manufacture and sale of custom designed engineering products. The company is headquartered in Carnegie, Pennsylvania and currently employs 1,485 full-time employees. The firm operates through two segments: the Forged and Cast Engineered Products (FCEP), and the Air and Liquid Processing. The Forged and Cast Engineered Products segment consists of Union Electric Steel Corporation (UES) and Union Electric Steel UK Limited (UES-UK). The Air and Liquid Processing segment includes Aerofin, Buffalo Air Handling and Buffalo Pumps, all divisions of Air & Liquid Systems Corporation (Air & Liquid), a wholly owned subsidiary of the Corporation. The Union Electric Steel Corporation produces forged hardened steel rolls and open die forged products. The Union Electric Steel UK Limited produces cast rolls for hot and cold strip mills, medium/heavy section mills and plate mills. The Aerofin division of Air & Liquid Systems Corporation produces custom-engineered finned tube heat exchange coils and heat transfer products.
Ampco-Pittsburgh Corp. engages in the manufacture and sale of custom designed engineering products. The company is headquartered in Carnegie, Pennsylvania and currently employs 1,485 full-time employees. The firm operates through two segments: the Forged and Cast Engineered Products (FCEP), and the Air and Liquid Processing. The Forged and Cast Engineered Products segment consists of Union Electric Steel Corporation (UES) and Union Electric Steel UK Limited (UES-UK). The Air and Liquid Processing segment includes Aerofin, Buffalo Air Handling and Buffalo Pumps, all divisions of Air & Liquid Systems Corporation (Air & Liquid), a wholly owned subsidiary of the Corporation. The Union Electric Steel Corporation produces forged hardened steel rolls and open die forged products. The Union Electric Steel UK Limited produces cast rolls for hot and cold strip mills, medium/heavy section mills and plate mills. The Aerofin division of Air & Liquid Systems Corporation produces custom-engineered finned tube heat exchange coils and heat transfer products.
Actions taken: Management completed exits of underperforming assets (U.K. cast roll facility and a small U.S. steel distribution business) in Q4 to reshape the portfolio and expects $7 million to $8 million of annual adjusted EBITDA improvement from these actions.
Q4 results: Consolidated adjusted EBITDA was $3.2 million in Q4 2025, down from $6.0 million a year earlier, driven mainly by a pause in FCEP customer orders after tariff-related uncertainty.
Full-year performance: Consolidated adjusted EBITDA for 2025 was $29.2 million, slightly above prior year, and both segments contributed to revenue growth, with ALP setting record revenue and income for the year.
Air & Liquid strength: ALP delivered record 2025 revenue and adjusted EBITDA ($15.4 million); early 2026 bookings accelerated (orders up 73% in first two months and Navy bookings >$9 million), driven by nuclear, Navy, AI data-center demand and commercial pump markets.
FCEP disruption and recovery plan: FCEP reported a GAAP operating loss of $44.7 million for 2025 due to large one-time exit charges (U.K. deconsolidation) but produced $24.4 million of adjusted EBITDA for the year; management expects margin expansion in H2 2026 and full-year 2027 as Sweden ramps and tariffs support U.S. pricing.
One-time charges & balance sheet: Q4 included large mostly noncash charges: a U.K. exit-related deconsolidation (Q4 charges cited as $42.4 million) and a $11.9 million after-tax asbestos revaluation; cash was $10.7 million with $25.5 million available on the revolver at year-end.
Outlook commentary: Management sees recovering roll demand, expects Sweden production to be ~20% higher by Q3 2026, and anticipates improved profitability as tariff digestion and operational fixes take hold.
