RTTNews | Dec 2, 2020 08:30AM EST

08:30 Wednesday, December 2, 2020 (RTTNews.com) - Allegheny Technologies Incorporated (ATI) said the company is exiting standard stainless sheet products by mid-year 2021. ATI expects to achieve EBITDA margins of 15% or more within the Advanced Alloys and Solutions (AA&S) segment with recovery of the commercial aerospace end market.

Allegheny said it has continued transforming the footprint of its AA&S business. As it accelerates transformation, ATI expects to cease production activities at five locations by year-end 2021. The company will consolidate its finishing operations by investing in its Vandergrift, PA location.

Allegheny expects one-time charges related to the implementation of these actions to be in the range of $25 to $30 million and will be expensed in the fourth quarter of 2020.

Allegheny also stated that its fourth quarter results will include approximately $1 billion of non-cash charges for long-lived asset impairments, predominantly associated with Brackenridge, PA operations, including the Hot-Rolling and Processing Facility.

The company said Kim Fields, currently EVP of AA&S, will assume responsibility for both the High Performance Materials and Components (HPMC) and AA&S segments, effective January 1, 2021.

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