AP on NYSE

Ampco Pittsburgh

Logo: Ampco Pittsburgh, Public domain, via Wikimedia Commons4

Steel manufacturer

Ampco-Pittsburgh Corporation (American Metal Products Company) is a specialty steel manufacturer headquartered in Downtown Pittsburgh, Pennsylvania. It is one of several companies to bear the Ampco name, and it should not be confused with the Milwaukee-based copper base alloy producer, Ampco Metal Inc.; the Miami-based cabinetry company; the Swiss aluminum corporation; or the Dallas-based tool company. Ampco was formed in 1929 and is a conglomerate made up of several previously established small steel makers.3 Its shares trade on NYSE under the symbol AP.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

1929Founded1

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  • TickerAP on NYSE1
  • Industrysteel1
  • HeadquartersPittsburgh1
  • Websitewww.ampcopgh.com
  • Incorporated inPA5
  • Business address726 Bell Avenue, Suite 301, Carnegie, Pa 151065
  • Filer categoryNon-accelerated filer, Smaller reporting company5

Ampco-Pittsburgh Corporation (American Metal Products Company) is a specialty steel manufacturer headquartered in Downtown Pittsburgh, Pennsylvania. It is one of several companies to bear the Ampco name, and it should not be confused with the Milwaukee-based copper base alloy producer, Ampco Metal Inc.; the Miami-based cabinetry company; the Swiss aluminum corporation; or the Dallas-based tool company. Ampco was formed in 1929 and is a conglomerate made up of several previously established small steel makers. Five small companies operate under the Ampco umbrella in two different product segments.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-13.1%Operating margin7
-15.9%Net margin7
3.3%Revenue growth, 20257
-202.4%Return on equity7
-$8.1MFree cash flow7

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development0¢$494.0K
  • Selling, general and admin13¢$52.1M
  • Other costs87¢$363.5M
  • Income tax0¢$120.0K

Out of $416.3M in revenue.7 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending100¢$9.4M

Out of $1.3M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.7

Financial statements

Revenue891011127$416.3M in 2025+5% since 2019
0$200.0M$400.0M$600.0M2019: $397.9M$397.9M20192020: $328.5M$328.5M2020−17%2021: $335.1M$335.1M2021+2%2022: $380.3M$380.3M2022+13%2023: $415.3M$415.3M2023+9%2024: $402.8M$402.8M2024−3%2025: $416.3M$416.3M2025+3%
Operating income891011127-$54.5M in 2025+399% since 2019
-$60.0M-$40.0M-$20.0M0$20.0M2019: -$10.9M-$10.9M20192020: $6.4M$6.4M20202021: -$4.8M-$4.8M20212022: $2.8M$2.8M20222023: -$34.6M-$34.6M20232024: $12.2M$12.2M20242025: -$54.5M-$54.5M2025
Net income891011127-$66.1M in 2025+215% since 2019
-$80.0M-$60.0M-$40.0M-$20.0M0$20.0M2019: -$21.0M-$21.0M20192020: $8.0M$8.0M20202021: -$3.9M-$3.9M20212022: $3.4M$3.4M20222023: -$39.9M-$39.9M20232024: $438.0K$438.0K20242025: -$66.1M-$66.1M2025
Fiscal year2019202020212022202320242025
Revenue$397.9M8$328.5M9$335.1M10$380.3M11$415.3M12$402.8M7$416.3M7
Research and development$2.5M8$2.0M9$1.2M10$1.0M11$662.0K12$441.0K7$494.0K7
Selling, general and admin$53.6M8$45.5M9$46.0M10$43.5M11$50.9M12$54.9M7$52.1M7
Operating expenses$349.7M10$387.4M11$456.9M12$406.1M7$488.6M7
Operating income-$10.9M8$6.4M9-$4.8M10$2.8M11-$34.6M12$12.2M7-$54.5M7
Income before tax-$995.0K10$5.6M11-$39.3M12$5.0M7-$63.4M7
Income tax$2.1M8-$470.0K9$2.3M10$1.6M11-$1.2M12$2.7M7$120.0K7
Net income-$21.0M8$8.0M9-$3.9M10$3.4M11-$39.9M12$438.0K7-$66.1M7
Earnings per share-$1.678$0.569-$0.2010$0.1811-$2.0412$0.027-$3.287
Earnings per share (diluted)-$1.678$0.549-$0.2010$0.1811-$2.0412$0.027-$3.287
Shares (weighted, basic)19.0M shares1019.3M shares1119.6M shares1219.9M shares720.1M shares7
Shares (weighted, diluted)19.0M shares1019.4M shares1119.6M shares1219.9M shares720.1M shares7

Compare Ampco Pittsburgh with another company

Corporate structure

Ampco Pittsburgh sits at the top of its group. 13 entities, 5 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Ampco Pittsburgh

  • Ampco Pittsburgh Pittsburgh
    • Air & Liquid Systems Corporation Subsidiary · Pennsylvania, United States
    • Ampco UES Sub, Inc. Subsidiary · Delaware, United States
    • Ampco-Pittsburgh Securities V Investment Corporation Subsidiary · Delaware, United States
    • Ampco-Pittsburgh Securities V L.L.C. Subsidiary · Delaware, United States
    • Rolls Technology Inc. Subsidiary · Delaware, United States
    • Shanxi Åkers TISCO Roll Co. Ltd. Subsidiary · China
    • The Davy Roll Company Limited Subsidiary · United Kingdom
    • Union Electric Steel Corporation Subsidiary · Pennsylvania, United States
    • Union Electric Steel UK Limited+ Subsidiary · United Kingdom
    • Åkers AB Subsidiary · Sweden
    • Åkers Sweden AB Subsidiary · Sweden
    • Åkers Valji Ravne d.o.o. Subsidiary · Slovenia

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Ampco Pittsburgh reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$439.2M7 Dec 31, 2025$468.0M7 Dec 31, 2024−6.2%
Accumulated depreciation$310.1M7 Dec 31, 2025$320.0M7 Dec 31, 2024−3.1%
Property and equipment, net$129.1M7 Dec 31, 2025$148.1M7 Dec 31, 2024−12.8%
Finance-lease assets$3.8M7 Dec 31, 2025$3.0M7 Dec 31, 2024+28.0%
Operating-lease assets (leased space)$4.7M7 Dec 31, 2025$4.6M7 Dec 31, 2024+1.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$10.7M7 Dec 31, 2025$15.4M7 Dec 31, 2024−30.6%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$4.6M7 Dec 31, 2025$4.3M7 Dec 31, 2024+8.8%
Trademarks and trade names (indefinite-lived)$2.4M7 Dec 31, 2025$2.1M7 Dec 31, 2024+16.6%
Accumulated amortization$7.6M7 Dec 31, 2025$6.7M7 Dec 31, 2024+14.8%

Inventory

ItemLatestA year beforeChange
Inventory, total$104.4M7 Dec 31, 2025$116.8M7 Dec 31, 2024−10.6%
Raw materials$38.8M7 Dec 31, 2025$46.4M7 Dec 31, 2024−16.4%
Work in process$39.9M7 Dec 31, 2025$49.3M7 Dec 31, 2024−19.0%
Finished goods$19.1M7 Dec 31, 2025$13.5M7 Dec 31, 2024+41.4%
Supplies$6.7M7 Dec 31, 2025$7.6M7 Dec 31, 2024−11.8%

Properties, in its own words

The location and general character of the principal locations in each segment are included in the below summary. Domestic locations are leased and foreign locations are owned, unless otherwise noted. In addition, the Corporation has sales offices located in several foreign countries. See Note 5, Property, Plant and Equipment, and Note 10, Debt, to the Consolidated Financial Statements for disclosure of properties held as collateral.

Company and Location · Principal Use · Approximate Square Footage · Type of Construction

The rest of Item 2

FORGED AND CAST ENGINEERED PRODUCTS SEGMENT

Union Electric Steel Corporation

Route 18Burgettstown, PA 15021* · Manufacturing facilities · 296,800 on 55 acres · Metal and steel

726 Bell AvenueCarnegie, PA 15106* · Manufacturing facilities and offices · 165,900 on 8.7 acres · Metal and steel

U.S. Highway 30Valparaiso, IN 46383* · Manufacturing facilities · 88,000 on 20 acres · Metal and steel

1712 Greengarden RoadErie, PA 16501* · Manufacturing facilities · 40,000 on 1 acre · Metal and steel

Åkers Sweden AB

Bruksallén 12SE-647 51Åkers Styckebruk, Sweden · Manufacturing facilities and offices · 394,000 on 162 acres · Steel framed, metal and brick

Åkers Valji Ravne d.o.o.

Koroška c. 14SI-2390 Ravne na Koroškem, Slovenia · Manufacturing facilities and offices · 106,000 on 2.1 acres · Brick

Shanxi Åkers TISCO Roll Co., Ltd.

No. 2 Jian Cao PingTaiyuan, Shanxi, China · Manufacturing facilities and offices · 338,000 on 14.6 acres · Metal, steel and brick

AIR AND LIQUID PROCESSING SEGMENT

Air & Liquid Systems Corporation

Aerofin Division4621 Murray PlaceLynchburg, VA 24506* · Manufacturing facilities and offices · 146,000 on 15.3 acres · Brick, concrete and steel

Buffalo Air Handling Division

467 Zane Snead DriveAmherst, VA 24531* · Manufacturing facilities and offices · 89,000 on 19.5 acres · Metal and steel

4201 Murray PlaceLynchburg, VA 24501* · Manufacturing facilities and offices · 69,700 on 8.6 acres · Metal and cement block

Buffalo Pumps Division

874 Oliver StreetN. Tonawanda, NY 14120* · Manufacturing facilities and offices · 94,000 on 9 acres · Metal, brick andcement block

* Facility is leased.

Most of the Corporation’s domestic real property locations are subject to sale-leaseback financing transactions with STORE, including its manufacturing facilities. See Note 10, Debt, to the Consolidated Financial Statements.

UES subleases office space to the Corporation. The Corporation further subleases a portion of its office space to Air & Liquid for use as its headquarters.

The Corporation believes all of the owned facilities are adequate and suitable for their respective purposes.

The forged roll facilities of the FCEP segment operated within approximately 80% to 85% of their normal capacity during 2025. Excluding the operations of UES-UK, the cast roll facilities of the FCEP segment operated within approximately 85% to 95% of normal operating capacity during 2025. The facilities of the ALP segment operated within approximately 70% to 80% of their normal capacity. Normal capacity is defined as capacity under approximately normal conditions with allowances made for unavoidable interruptions such as lost time for repairs, maintenance, breakdowns, set-up, failure, supply delays, labor shortages and absences, Sundays, holidays, vacation, and inventory taking. The number of work shifts is also taken into consideration.

Item 2 of the 10-K filed Mar 16, 2026.15

Leadership

Who has led Ampco Pittsburgh, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (23)

Products and brands

  • rolling

Listed on Wikidata.1

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Air & Liquid Systems Corporation Pennsylvania6
  • Ampco UES Sub, Inc. Delaware6
  • Ampco-Pittsburgh Securities V Investment Corporation Delaware6
  • Ampco-Pittsburgh Securities V L.L.C. Delaware6
  • Rolls Technology Inc. Delaware6
  • Shanxi Åkers TISCO Roll Co. Ltd. China6
  • The Davy Roll Company Limited England6
  • Union Electric Steel Corporation Pennsylvania6
  • Union Electric Steel UK Limited+ England6
  • Åkers AB Sweden6
  • Åkers Sweden AB Sweden6
  • Åkers Valji Ravne d.o.o. Slovenia6

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Sep 23, 20268-K Regulation FD disclosure49
  2. Aug 11, 20268-K Results of operations50
  3. Jul 9, 20268-K Results of operations51
  4. May 12, 20268-K Shareholder vote52
  5. May 12, 20268-K Results of operations53
  6. Mar 16, 20268-K Results of operations54
  7. Dec 11, 20258-K Executive or director change55
  8. Nov 18, 20258-K Regulation FD disclosure56
  9. Nov 12, 20258-K Results of operations57
  10. Nov 7, 20258-K Executive or director change; Regulation FD disclosure58
  11. Oct 15, 20258-K Entered a material agreement; Results of operations; Impairment59
  12. Aug 12, 20258-K Results of operations60
  13. Jul 3, 2018New chief executive Brett McBrayer becomes CEO16
  14. Jun 3, 2015New chief executive Robert G. Carothers becomes CEO18
  15. Jan 6, 2015New chief executive John S. Stanik becomes CEO17
  16. May 24, 2007New chief executive Robert A. Paul becomes CEO19
  17. 1929Founded Founded1

Calendar

Coming up

  1. Nov 11, 2026Reports results for the quarter ending Sep/202661

When it reported results

  1. Aug 11, 2026Reported quarterly or annual results50
  2. Jul 9, 2026Reported quarterly or annual results51
  3. May 12, 2026Reported quarterly or annual results53
  4. Mar 16, 2026Reported quarterly or annual results54
  5. Nov 12, 2025Reported quarterly or annual results57
  6. Oct 15, 2025Reported quarterly or annual results59
  7. Aug 12, 2025Reported quarterly or annual results60
  8. May 12, 2025Reported quarterly or annual results62

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

253 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 46 major events, 138 insider forms, 19 large holders, 30 other. The latest 20:

  1. Sep 23, 20268-K EDGAR
  2. Aug 28, 20264 EDGAR
  3. Aug 14, 2026SCHEDULE 13G/A EDGAR
  4. Aug 11, 20268-K EDGAR
  5. Aug 11, 202610-Q EDGAR
  6. Jul 9, 20268-K EDGAR
  7. Jun 26, 20264 EDGAR
  8. Jun 22, 20264 EDGAR
  9. May 29, 2026SD EDGAR
  10. May 20, 20264 EDGAR
  11. May 19, 20264 EDGAR
  12. May 19, 20264 EDGAR
  13. May 19, 20264 EDGAR
  14. May 18, 20264 EDGAR
  15. May 18, 20264 EDGAR
  16. May 18, 20264 EDGAR
  17. May 18, 20264 EDGAR
  18. May 18, 20264 EDGAR
  19. May 18, 20264 EDGAR
  20. May 12, 20268-K EDGAR

The 253 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

27 open-market trades by officers, directors and large owners since October 2021: 25 buys and 2 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 25, 2026Lyon SamuelPresident of Union ElectricSale9,500$9.82$93.3KForm 4
Jun 18, 2026Lyon SamuelPresident of Union ElectricSale547$11.30$6.2KForm 4
May 19, 2026McBrayer BrettChief Executive OfficerBuy3,300$9.03$29.8KForm 4
Mar 19, 2026McBrayer BrettChief Executive OfficerBuy7,500$6.67$50.0KForm 4
Dec 1, 2025McBrayer BrettChief Executive OfficerBuy19,000$2.58$48.9KForm 4
Nov 19, 2025McNair Darrell LDirectorBuy3,000$2.52$7.6KForm 4
Nov 17, 2025Louis Berkman Investment CO10% ownerBuy93,000$2.67$248.3KForm 4
Nov 17, 2025McNair Darrell LDirectorBuy10,000$2.68$26.8KForm 4
Nov 17, 2025GERMAN MICHAEL IDirectorBuy40,000$2.65$106.0KForm 4
Mar 25, 2025Fessenden Elizabeth AnneDirectorBuy1,380$2.16$3.0KForm 4
Mar 24, 2025Fessenden Elizabeth AnneDirectorBuy2,400$2.23$5.4KForm 4
Sep 13, 2023McNair Darrell LDirectorBuy3,000$3.12$9.4KForm 4
Jun 29, 2023DiSanto Frederick D.Buy7,399$2.99$22.1KForm 4
Jun 29, 2023DiSanto Frederick D.Buy7,399$2.99$22.1KForm 4
Jun 28, 2023DiSanto Frederick D.Buy918$2.85$2.6KForm 4
Jun 28, 2023DiSanto Frederick D.Buy918$2.85$2.6KForm 4
Jun 23, 2023DiSanto Frederick D.Buy2,000$2.94$5.9KForm 4
Jun 22, 2023DiSanto Frederick D.Buy5,000$2.94$14.7KForm 4
May 19, 2023DiSanto Frederick D.Buy4,805$3.07$14.8KForm 4
May 19, 2023DiSanto Frederick D.Buy4,805$3.07$14.8KForm 4

All 27 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025PEO—J. Brett McBrayer$718.8K$2.1M72
2025Michael G. McAuley$488.8K$1.0M72
2025Samuel C. Lyon$478.8K$994.9K72
2024Chief Executive Officer$693.8K$2.2M72
2024President of Union Electric Steel$455.0K$1.1M72
2024Senior Vice PresidentChief Financial Officer and Treasurer$465.0K$1.1M72

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 85. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Gamco Investors, Inc. Et Al2,459,829$21.3M0.2%−32,128
Gabelli Funds LLC1,391,800$12.0M0.1%−8,000
BlackRock, Inc.982,611$8.5M0.0%+779,478
Ameriprise Financial Inc905,679$7.8M0.0%−267,345
Wells Fargo & Company/mn660,945$5.7M0.0%+4,944
Vanguard Capital Management LLC604,091$5.2M0.0%+3,977
Renaissance Technologies LLC414,419$3.6M0.0%−8,800
Geode Capital Management, LLC342,836$3.0M0.0%+207,773
American Century Companies Inc328,848$2.8M0.0%+109,988
Dimensional Fund Advisors LP295,444$2.6M0.0%−59,983
Meros Investment Management, LP239,910$2.1M0.7%+25,060
Susquehanna International Group, Llp195,321$1.7M0.0%+168,722
O'shaughnessy Asset Management, LLC174,312$1.5M0.0%+51,894
State Street Corp159,316$1.4M0.0%+99,900
Jane Street Group, LLC150,371$1.3M0.0%−17,930
Huntleigh Advisors, Inc.141,172$1.2M0.2%−89,306
Ritholtz Wealth Management132,943$1.1M0.0%+14,164
Teton Advisors, LLC130,000$1.1M0.6%No change
Bridgeway Capital Management, LLC125,386$1.1M0.0%−29,024
Northern Trust Corp121,477$1.1M0.0%+93,058
Vanguard Portfolio Management LLC112,721$975.0K0.0%New
Goldman Sachs Group Inc100,724$871.3K0.0%+59,994
Vanguard Fiduciary Trust Co92,875$803.4K0.0%+20,062
Informed Momentum Co LLC90,053$779.0K0.1%−25,740
Marshall Wace, Llp80,361$695.1K0.0%−80,930

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Ampco Pittsburgh is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARAMPCO PITTSBURGH CORP2
  • CIK0000006176
  • Employer ID (EIN)25-111771715
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company15
  • Incorporated inPennsylvania15
  • Fiscal year endsDecember 312
  • Industry code (SIC)3561 Pumps & Pumping Equipment2
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance2
  • Business address726 Bell Avenue, Suite 301, Carnegie, PA 151062
  • Phone412-456-44002
  • Shares outstanding20,658,621 as of Aug 6, 202614
  • Public float$36.0M as of Jun 30, 202515
  • AuditorBDO USA, P.C., Pittsburgh, Pennsylvania PCAOB ID 243; no auditor attestation of internal control over financial reporting15
  • On EDGAR sinceMar 15, 19942
  • Filings1,445 in all: 4 (781), 8-K (187), 10-Q (98), SC 13D/A (69), SC 13G/A (51), 4/A (32), DEF 14A (32), 10-K (29)2
    All 49 form types

    3 (29), SC 13G (22), SD (13), DEFA14A (9), UPLOAD (9), S-8 (8), CORRESP (7), 8-K/A (5), 10-K405 (4), ARS (4), SC 13D (4), 10-K/A (3), 10-Q/A (3), 3/A (3), EFFECT (3), SC TO-I/A (3), SCHEDULE 13D/A (3), 25 (2), 25-NSE (2), 424B3 (2), 5 (2), 8-A12B (2), NT 10-Q (2), PRE 14A (2), S-1 (2), S-1/A (2), SCHEDULE 13G/A (2), 15-12B (1), 425 (1), CERT (1), DEFC14A (1), FWP (1), NO ACT (1), POS AM (1), PREC14A (1), RW (1), S-3 (1), S-8 POS (1), SC TO-I (1), SCHEDULE 13D (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Mar 16, 2026
    Quarterly report (10-Q) Aug 11, 2026
    Proxy statement (DEF 14A) Mar 27, 2026
    Latest 8-K (8-K) Sep 23, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $1 par valueAPNew York Stock Exchange

From the cover page of the 10-K filed Mar 16, 2026 (Section 12(b) of the Exchange Act).15

Risk factors and legal proceedings

The risks Ampco Pittsburgh names in Item 1A of its 10-K filed Mar 16, 2026: 27 risks under these headings, as written.15

  • RISKS RELATED TO OUR BUSINESS AND INDUSTRY
  • We need to maintain adequate liquidity to meet our operating cash flow requirements, debt service costs, net asbestos payments, and other financial obligations.
  • Cyclical demand for products and economic downturns could reduce the demand for, and sales of, our products, which could adversely affect our margins and profitability.
  • Excess global capacity in the steel industry could lower prices for our products, which could adversely affect our sales, margins and profitability, as well as the collectability of our receivables and the salability of our in-process inventory.
  • We may not realize the expected benefits from any restructuring or realignment initiatives or improvement efforts that we have taken or may take in the future.
  • We may from time to time undertake internal corporate reorganizations that may adversely impact our business and results of operations.
  • We may not be able to scale our operational capacity in line with demand for our products.
  • The ultimate liability of our subsidiaries for claims alleging personal injury from exposure to asbestos-containing components historically used in certain products of our subsidiaries could have a material adverse effect on our financial condition, results of operations or liquidity in the future.
  • We could face limitations in availability of capital to fund our strategic plans. Additionally, deterioration in our credit profile or increases in interest rates could increase our costs of borrowing and further limit our access to capital markets and commercial credit.
  • A reduction in the level of our export sales, changes in foreign currency exchange rates as well as other economic factors in foreign countries could have an adverse impact on our financial results.
  • Fluctuation in the value of the U.S. dollar relative to other currencies could adversely affect our business, results of operations and financial condition.
  • The imposition of tariffs by the United States and other governments has negatively affected, and could again negatively affect, our operations, financial performance and liquidity.
The other 16 risks
  • Increases in energy and commodity prices, reductions in electricity and natural gas supply, or shortages of key production materials could adversely impact our production, which could result in lower profitability or higher losses.
  • We are a party to sale-leaseback financing transactions, which creates the risk of loss if we default. If we fail to comply with the covenants as required by our various debt agreements, including our revolving credit facility, it may adversely affect our liquidity, results of operations and financial condition.
  • Our dependence on certain equipment may cause an interruption in our production if such equipment is out of operation for an extended period of time, which could result in lower sales and profitability.
  • Pandemics and geopolitical conflicts may cause disruptions to our business and the industries in which we operate.
  • A work stoppage or other industrial action on the part of any of our unions could be disruptive to our operations.
  • A change in the existing regulatory environment could negatively affect our operations, financial performance and liquidity.
  • Certain of ALP's customers are suppliers to the U.S. government. Changes in U.S. government priorities, or delays or reductions in U.S. government spending, could have a material adverse effect on our customers' business and, therefore, on our business.
  • Failure of financial institutions or the need of liquidity from third-party sources by financial institutions may affect our access, or our customers’ access, to capital resources.
  • We periodically generate sales from individual customers approximating 10% of the net sales of the FCEP or ALP segments. The loss of, or significant reduction in, the orders of any such significant customer could have a material adverse effect on the segment's financial results.
  • Uncertainty related to environmental regulation and industry standards, as well as the physical risks of climate change, could impact our results of operations and financial position.
  • RISKS RELATED TO OWNERSHIP OF OUR SECURITIES
  • We may not be able to satisfy the continued listing requirements of the New York Stock Exchange for our common stock.
  • If we fail to maintain an effective system of internal control, we may not be able to accurately determine our financial results or prevent fraud. As a result, our shareholders could lose confidence in our financial results, which could harm the business and the value of our securities.
  • Actions of activist shareholders with respect to us or our securities could be disruptive and potentially costly and the possibility that activist shareholders may contest, or seek changes conflicting with, our strategic direction could cause uncertainty about the strategic direction of our business.
  • GENERAL RISK FACTORS
  • Changes in the global economic environment, inflation, elevated interest rates, recessions or prolonged periods of slow economic growth, global instability, and actual and threatened geopolitical conflict could have an adverse effect on our industry and business, as well as those of our customers and suppliers.
  • Potential attacks on information technology infrastructure and other cyber-based business disruptions could have a material adverse effect on our financial condition, results of operations and liquidity.
  • Our By-laws designate the state and federal courts sitting in the judicial district of the Commonwealth of Pennsylvania as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our shareholders and the federal courts as the sole and exclusive forum for claims arising under the Securities Act of 1933, as amended, which could discourage lawsuits against us and our directors and officers but may be found to be inapplicable or unenforceable.

Legal proceedings

LITIGATION

The Corporation and its subsidiaries may become involved in various claims and lawsuits incidental to their businesses. In addition, claims have been asserted alleging personal injury from exposure to asbestos-containing components historically used in some products manufactured by predecessors of Air & Liquid. Air & Liquid and, in some cases, the Corporation, are defendants (among a number of defendants, often in excess of 50) in cases filed in various state and federal courts. The Corporation believes appropriate reserves have been established. See Note 20, Litigation, to the Consolidated Financial Statements.

INSOLVENCY

As of the Filing Date (October 14, 2025), the Directors of UES-UK filed a Notice of Appointment with the Insolvency Court formally appointing FRP as administrators of UES-UK (the “Administrators”). This action was confined to UES-UK exclusively and did not affect the Corporation or any of its other subsidiaries. As of the Filing Date, UES-UK was in administration and its affairs, business and property were being managed by the Administrators. The Administrators have set out their proposals to UES-UK’s creditors, which include an orderly wind-down of UES-UK’s financial affairs and sale of its assets. See Note 2, Exit and Deconsolidation Charges, to the Consolidated Financial Statements.

The opening of Item 3, Legal Proceedings.15

Sources

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