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Allegheny Technologies Inc. reported a $7.9 million loss in the first quarter of 2021, but the company said it anticipates demand for its jet engine products will increase as air travel recovers from the covid pandemic.
“Our first-quarter financial results exceeded expectations, benefiting from the ongoing modest recovery in jet engine production, our aggressive 2020 cost-cutting actions and a strong tailwind from nickel and other raw material prices,” President and CEO Robert S. Wetherbee said in ATI’s results statement released Thursday.
“Despite our expected seasonal cash burn, our strong balance sheet and cash position ensure our ability to meet customer obligations and succeed in a challenging environment,” he said.
By Reuters Staff
2 Min Read
OSLO (Reuters) - Norwegian aluminium maker Norsk Hydro has agreed to sell its underperforming Rolling division to private equity firm KPS Capital Partners for 1.38 billion euros ($1.65 billion), Hydro said on Friday.
FILE PHOTO: Norwegian aluminium producer Norsk Hydro s CEO Hilde Merete Aasheim poses for a picture in the company s headquarters in Oslo, Norway, May 8, 2019, REUTERS/Terje Solsvik/File Photo
The division, which turns aluminium slabs into metal sheets used for packaging, automobiles and drinks cans among other products, had been under review since Hilde Merete Aasheim became Hydro’s chief executive in May 2019
“The sale of Rolling will strengthen our ability to deliver on our strategy, strengthening our position in low-carbon aluminium while exploring new growth in areas where our capabilities match global megatrends,” Aasheim said on Friday.
Constellium Paris: Constellium Reports Fourth Quarter and Full Year 2020 Results
Fourth quarter 2020 highlights:
Revenue of €1.2 billion, down 9% compared to Q4 2019
Net income of €26 million compared to net income of €22 million in Q4 2019
Adjusted EBITDA of €111 million, down 8% compared to Q4 2019
Cash from Operations of €71 million and Free Cash Flow of €28 million
Full year 2020 highlights:
Revenue of €4.9 billion, down 17% compared to 2019
Net loss of €17 million compared to net income of €64 million in 2019
Adjusted EBITDA of €465 million, down 17% compared to 2019
Cash from Operations of €334 million and Free Cash Flow of €157 million
Net debt / LTM Adjusted EBITDA of 4.3 at December 31, 2020
Jean-Marc Germain, Constellium s Chief Executive Officer said, Constellium delivered resilient results in 2020 despite the significant challenges presented by the COVID-19 pandemic. We reacted quickly to the crisis, demonstrating strong cost control w