US-based Allegheny Technologies Incorporated (ATI) announced that it is phasing out its production plan for standard stainless steel sheet materials and is investing in other more strategic areas such as aerospace and national defense.
The President and CEO of ATI mentioned that they are aiming to generate more profit by further expanding the maximum added value capabilities and reducing the low-margin product line for their business, and this has caused the production of standard stainless steel sheets to cease.
ATI will reallocate resources to put more effort into aerospace and national defense products to increase profit margins and increase profits.
ATI decided to discontinue production of standard stainless steel sheet products in mid-2021. In 2019, this product line had a margin of less than 1% of $ 445 million in revenue.
ATI plans to end production of standard stainless steel sheets in 2021
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