{"id":8691,"date":"2016-11-08T01:35:46","date_gmt":"2016-11-08T01:35:46","guid":{"rendered":"https:\/\/staging.asminternational.org\/hts-new\/results\/-\/journal_content\/56\/10192\/26953140\/NEWS\/"},"modified":"2023-02-07T04:49:10","modified_gmt":"2023-02-07T04:49:10","slug":"ampco-pittsburgh-acquires-asw-steel-for-its-specialty-steel-products","status":"publish","type":"post","link":"https:\/\/www.asminternational.org\/hts\/ampco-pittsburgh-acquires-asw-steel-for-its-specialty-steel-products\/","title":{"rendered":"Ampco Pittsburgh acquires ASW Steel  for its specialty steel products"},"content":{"rendered":"<p>\n\tAmpco-Pittsburgh Corp., Carnegie, Pa., has acquired ASW Steel Inc., Welland, Ontario, a specialty steel producer with customers in the oil and gas, power generation, aerospace, transportation, and construction industries. ASW offers &nbsp;a unique combination of carbon, stainless, and other specialty steelmaking capabilities, as well as flexible steel refining methods such as argon oxygen decarburization, vacuum oxygen decarburization, vacuum degassing, and a ladle metallurgical station. &nbsp;<\/p>\n<p>\n\tAccording to John Stanik, Ampco-Pittsburgh&#8217;s Chief Executive Officer, &#8220;This acquisition is a very important element in Ampco-Pittsburgh&#8217;s strategic diversification plan. ASW&#8217;s proven broad expertise in flexible steel refining methods will provide us with the capabilities to manufacture the additional chemistries needed to expand our reach in the open-die forging market. The transaction also enhances our ability to grow in markets in which we currently participate and to add new markets.&#8221;<\/p>\n<p>\n\t&#8220;Our combined capabilities will offer forgers, ring rollers, and rolling mills, a high-quality supplier with the broadest range of specialized steel products in the marketplace,&#8221; says Tim Clutterbuck, President of ASW Steel, Inc.<\/p>\n<p>\n\tThe total purchase price was approximately $13.1 million, including $3.5 million in cash and assumption of approximately $9.6 million of outstanding indebtedness.<\/p>\n<p>\n\tASW, whose annual revenues are approximately $48 million, will be an indirect subsidiary of Union Electric Steel Corporation, a wholly owned operating subsidiary of Ampco-Pittsburgh. Union Electric Steel is a leading producer of forged and cast engineered products for the global steel and aluminum industries.<\/p>\n<p>\n\t<a href=\"http:\/\/www.ampcopgh.com\/\" style=\"font-family: Helvetica, Arial, sans-serif; font-size: 0.9375em;\">www.ampcopgh.com<\/a><\/p>\n<p>\n\t&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ampco-Pittsburgh Corp., Carnegie, Pa., has acquired ASW Steel Inc., Welland, Ontario, a specialty steel producer with customers in the oil and gas, power generation, aerospace, transportation, and construction industries.<\/p>\n","protected":false},"author":63082,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[444,446,443,439,440,441,1],"tags":[],"class_list":["post-8691","post","type-post","status-publish","format-standard","hentry","category-aerospace-and-defense","category-automobiles-and-ground-transportation","category-fossil-fuel-power","category-general","category-news","category-news-articles","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - 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