Allegheny, Supplier To Boeing, Sees Earnings Curbed by Lower Volumes

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Allegheny Technologies Inc. has posted a loss. The “supplier of specialty metals to Boeing Co., said third-quarter earnings were curbed by lower shipments and prices” reports Bloomberg.

“Excluding its tungsten-materials business, which is being sold, Allegheny will post a loss of 27 cents to 30 cents a share for the period, the Pittsburgh-based company said today in a statement. Sales, excluding tungsten, were about $970 million, it said.”

On Friday, October 11, the day’s biggest mover was the cash price of primary Indian nickel, which saw a 2.4 percent decline. On the LME, the nickel spot price showed little movement last Friday, hovering around $13,755 per metric ton. On the LME, the nickel 3-month price remained essentially flat at $13,800 per metric ton.

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Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome held steady. The price of Chinese ferro-moly remained essentially flat.

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The price of Chinese primary nickel increased 0.2 percent. The price of Chinese 316 stainless coil was unchanged. For the fifth consecutive day, the price of Chinese 304 stainless coil held flat. For the fifth day in a row, the price of Chinese 316 stainless steel scrap remained essentially flat. The price of Chinese 304 stainless steel scrap held steady.