Ampco Pittsburgh Corp (AP) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

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

August 5, 2020

Ampco-Pittsburgh Corporation Announces Second Quarter 2020 Results

Carnegie, PA, August 5, 2020 – Ampco-Pittsburgh Corporation (NYSE: AP) (the “Corporation”) reports net income for the three and six months ended June 30, 2020, of $0.7 million, or $0.05 per share, and $4.8 million, or $0.38 per share, respectively. By comparison, the Corporation incurred a net loss of $(3.9) million, or $(0.31) per share, and $(19.0) million, or $(1.52) per share, for the same periods of the prior year which respectively included a $(0.27) and $(0.45) per share loss from discontinued operations.

Sales from continuing operations were $74.8 million and $165.8 million for the three and six months ended June 30, 2020, respectively, compared to $102.5 million and $210.0 million for the three and six months ended June 30, 2019, respectively. The decrease is principally attributable to a lower volume of shipments for the Forged and Cast Engineered Products segment due to customer deferrals in response to the global pandemic in the flat-rolled steel and aluminum markets and reduced demand for other forged engineered products.

Commenting on the quarter’s results, Brett McBrayer, Ampco-Pittsburgh’s Chief Executive Officer, said, “I am proud of the way our team has responded to the pandemic while generating positive net income for Q2. We have taken extraordinary measures to maintain safe work environments and to protect our liquidity, including extended plant shutdowns and cost containment efforts in the quarter to mitigate reduced customer demand in our Forged and Cast Engineered Products segment. The restructuring of our portfolio, cost reduction measures and production efficiency improvements over the past two years have helped position us to achieve positive results and, to date, minimize the effects of the pandemic. Our Air and Liquid Processing segment also demonstrated its strength by delivering sales and income levels for the quarter about equal to the prior year, and sequentially better, with no plant downtime from the pandemic. Operating measures taken during the quarter to preserve liquidity enabled us to increase our cash position and to pay down borrowings under our revolving credit agreement significantly.”