Ampco Pittsburgh Corp (AP) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Exhibit 99.1

Contact:

Michael G. McAuley

Vice President, Chief Financial Officer and Treasurer

(412) 429-2472

mmcauley@ampcopgh.com

FOR IMMEDIATE RELEASE

CARNEGIE, PA

March 14, 2018

Ampco-Pittsburgh Corporation Announces Fourth Quarter 2017 Results

Carnegie, PA, March 14, 2018 – Ampco-Pittsburgh Corporation (NYSE: AP) reported sales for the three and twelve months ended December 31, 2017, of $114.4 million and $432.4 million, respectively, compared to $92.1 million and $331.9 million, respectively, for the three and twelve months ended December 31, 2016. The current year periods include sales of $10.9 million and $47.2 million, respectively, associated with the November 2016 acquisition of ASW Steel Inc. (“ASW”), compared to $7.5 million in the prior year periods. In addition, the Corporation experienced higher sales of forged engineered products for the oil and gas industry and, to a lesser extent, higher sales of forged and cast mill rolls for both the three and twelve months ended December 31, 2017. Sales in the Air and Liquid Processing segment also rose modestly compared to the respective prior year periods.

Loss from operations for the three and twelve months ended December 31, 2017, was $1.8 million and $9.4 million, respectively, compared to loss from operations of $39.8 million and $54.5 million for the respective prior year periods. The 2016 periods included charges for impairment of $26.7 million, primarily from the impairment of goodwill in the Forged and Cast Engineered Products reporting unit (“Impairment Charge”), a $4.6 million net charge associated primarily with revaluing the estimated liabilities and insurance receivables for asbestos litigation through 2026 (“Asbestos Charge”), and a $1.5 million reserve against a receivable from a customer who filed for Chapter 11 bankruptcy protection. The full year 2016 also included significant acquisition-related expenses and integration costs. The full year 2017 includes a $1.3 million recovery associated with a customer Chapter 11 receivable.

Other expense – net for the three months ended December 31, 2017, declined compared to the prior year, primarily due to a small foreign exchange gain in the current year versus losses in the prior year quarter. For the full year, other expense – net increased against the prior year primarily as a result of higher interest expense.

The income tax (provision) benefit for the three and twelve months ended December 31, 2017, reflects an unfavorable net impact of approximately $1.6 million related to the new U.S. Tax Cuts and Jobs Act legislation.