A combination of negative economic events has pulled down Q4 2008 profits at speciality metals producer Allegheny Technologies Incorporated by 25.5% to $110.9 million, compared with $148.9 million year-on-year.
The Pittsburgh-based company said it expects 2009 capital expenditures to be about $450 million, down from an initial announcement of $600 million. The change is due to plans to revise project schedules in light of the economy.
The company's grassroot premium titanium sponge facility in Utah is now expected to start up in late 2009, said L. Patrick Hassey, Chairman, CEO and President.
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