- Allegheny Technologies (NYSE:ATI) has discovered a defective component in the rotary crop shear (RCS) at its Hot-Rolling and Processing Facility.
- The RCS, which is used to cut the head and tail of a slab before it enters the finishing mill, is expected to be offline until at least the end of September 2015.
- "As a result of the temporary loss of the RCS, we expect the Q4 operating profit benefit related to the processing facility to fall short of earlier projections by as much as $20M, pre-tax," said CEO Rich Harshman.
- ATI -0.6% premarket