Ampco Pittsburgh Corp (AP) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Exhibit 99.1

Contact:

Michael G. McAuley

Senior Vice President, Chief Financial Officer and Treasurer

(412) 429-2472

mmcauley@ampcopgh.com

FOR IMMEDIATE RELEASE

CARNEGIE, PA

March 14, 2019

Ampco-Pittsburgh Corporation Announces Fourth Quarter 2018 Results

and Plan to Sell Canadian Subsidiary

Carnegie, PA, March 14, 2019 – Ampco-Pittsburgh Corporation (NYSE: AP) reported sales from continuing operations for the three and twelve months ended December 31, 2018, of $95.8 million and $419.4 million, respectively, compared to $103.6 million and $385.2 million, respectively, for the three and twelve months ended December 31, 2017. This excludes sales in all periods for the Corporation’s Canadian subsidiary, ASW Steel Inc. (“ASW”), which has now been classified as a discontinued operation pursuant to a plan to sell this business approved during the fourth quarter. The change in sales from continuing operations is principally attributable to the Forged and Cast Engineered Products segment.

Segment Results

Sales from continuing operations for the Forged and Cast Engineered Products segment declined 8% for the three months ended December 31, 2018, compared to prior year, due to a lower volume of shipments of forged engineered products for the oil and gas industry, as well as lower shipments of forged rolls caused, in part, by equipment downtime issues carrying over from the third quarter. Segment sales from continuing operations for the full year 2018 increased 11% compared to 2017, led by higher shipments of forged engineered products to the oil and gas industry and both cast and forged mill rolls. Operating results from continuing operations for the three months ended December 31, 2018, declined compared to the prior year, driven primarily by the lower volume of shipments and higher operating costs, including lower cost absorption and higher equipment maintenance costs. Segment operating results from continuing operations for the full year 2018 were comparable to 2017. While operating results for the current year benefited from the higher volume of shipments and improved pricing, unabsorbed costs from lower production levels, higher operating costs, and equipment maintenance issues offset the expected contribution to operating results.

Sales for the Air and Liquid Processing segment for the three and twelve months ended December 31, 2018, were approximately comparable to prior year levels. The segment recorded an operating loss for the three and twelve months ended December 31, 2018, driven by a charge of $32.9 million, representing the estimated costs for pending and future asbestos litigation, net of additional insurance recoveries, through 2052, the anticipated date by which the Corporation expects to have resolved all asbestos-related claims (“Asbestos Charge”). Otherwise, results for the segment were generally comparable to the prior year periods.