Allegheny Technologies Incorporated has announced a project designed to enhance the high-
performance metals capabilities of its Richburg, South Carolina, long products rolling mill facility. The project includes mutual conversion agreements with AvestaPolarit’s US long products subsidiary, AvestaPolarit Inc.
âThis project provides Allegheny Technologies with enhanced capabilities and efficiencies consistent with our objectives to reduce costs and grow our diverse high Performance Metals segment businesses,” said Jim Murdy, president and chief executive officer of Allegheny Technologies. “These agreements with AvestaPolarit permit both companies to pursue strategies for their separate and distinct product lines at considerable capital cost avoidance.
“The new capital project at the Richburg, SC, facility should be completed in the second half of 2004 and cost Allegheny Technologies approximately USD 30 million. Our 2002 capital expenditure plan remains approximately USD 50 million, as previously announced.â?
The companies entered into 20-year agreements giving AvestaPolarit access to process stainless steel long products at Allegheny Technologiesâ Richburg facility and Allegheny Technologies access to process high performance long products at AvestaPolarit’s Richburg
facility. Allegheny Technologies has converted stainless steel long products for AvestaPolarit at Allegheny Technologies’ Richburg mill since 1994.
