Ampco Pittsburgh Corp (NYSE: AP)

Ampco Pittsburgh Corp manufactures and sells highly engineered, high-performance specialty metal products and customized equipment utilized by industry throughout the world. The company operates in two primary business segments: Forged and Cast Engineered Products (FCEP) and Air and Liquid Processing (ALP). Ampco Pittsburgh Corp generates revenue through the sale of its specialized products, which are designed and engineered to meet the specific needs of its customers. The company's primary products include forged hardened steel rolls, cast rolls, forged engineered products, custom-engineered finned tube heat exchange coils, large custom-designed air handling systems, and centrifugal pumps. These products cater to a diverse range of industries, including steel, aluminum, oil and gas, power generation, marine defense, and industrial refrigeration. The company's customer base is global, with operations and sales offices located throughout the world.

• Forged and Cast Engineered Products (FCEP): This segment produces forged hardened steel rolls, cast rolls, and forged engineered products. Forged hardened steel rolls are primarily used in hot and cold rolling mills by producers of steel, aluminum, and other metals. Cast rolls, produced in various iron and steel qualities, are used mainly in hot strip mills, medium/heavy section mills, roughing mills, and plate mills. Forged engineered products are sold to customers in the steel distribution market, oil and gas industry, and the aluminum and plastic extrusion industries. The segment operates in the United States, Sweden, Slovenia, and has equity interests in two joint venture companies in China. Key entities within this segment include Union Electric Steel Corporation, Åkers Sweden AB, Åkers Valji Ravne d.o.o., Shanxi Åkers TISCO Roll Co., Ltd., and Anhui Baochang Roll Co., Ltd.

• Air and Liquid Processing (ALP): This segment includes the Aerofin, Buffalo Air Handling, and Buffalo Pumps divisions, all under the umbrella of Air & Liquid Systems Corporation. Aerofin produces custom-engineered finned tube heat exchange coils and related heat transfer products for various industries, including original equipment manufacturers and commercial, nuclear power generation, and industrial manufacturing. Buffalo Air Handling produces large custom-designed air handling systems for institutional, pharmaceutical, and general industrial building markets. Buffalo Pumps manufactures centrifugal pumps for the fossil-fueled power generation, marine defense, and industrial refrigeration industries. The segment has operations in Virginia and New York, with its headquarters in Carnegie, Pennsylvania.

Ampco Pittsburgh Corp faces considerable competition from a large number of companies in both segments. However, the company believes its subsidiaries are significant participants in each of the niche markets they serve. Competition in both segments is based on quality, service, price, and delivery. Significant barriers to entry exist in both segments, making it challenging for new competitors to enter the markets served by Ampco Pittsburgh Corp. The company's competitive advantages include its engineering expertise, custom-designed products, and global presence.

The company's customer base is diverse and global, with products delivered directly to customers via third-party carriers or customer-arranged transportation. In the FCEP segment, one customer accounted for 10% of its net sales in 2025 and 11% in 2024. In the ALP segment, one customer accounted for 12% of its net sales in 2025, but no customers exceeded 10% of its net sales for 2024. While the company believes it does not have a significant concentration of sales with any one customer consistently year-to-year, the loss of any of these more significant customers could have a material adverse effect on the respective segment.