Ampco Pittsburgh Corp (AP) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

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

November 4, 2021

Ampco-Pittsburgh Corporation (NYSE: AP) Announces Third Quarter 2021 Results

Carnegie, PA, November 4, 2021 – Ampco-Pittsburgh Corporation (NYSE: AP) (the “Corporation” or “Ampco-Pittsburgh”) reported net sales of $81.2 million and $260.4 million, respectively, for the three and nine months ended September 30, 2021, compared to $75.7 million and $241.5 million for the three and nine months ended September 30, 2020, respectively. The increase is primarily attributable to higher sales of forged engineered products to the steel distribution and energy markets and higher sales of cast rolls for hot strip mills.

Loss from operations for the three and nine months ended September 30, 2021, was $2.4 million and $1.0 million, respectively, compared to income from operations of $0.2 million and $4.4 million for the three and nine months ended September 30, 2020, respectively. The decline primarily reflects under-recovery of the inflationary effects of production costs as well as higher maintenance spending associated with extended machine outages in the Forged and Cast Engineered Products segment, which more than offset the effect of higher sales and improved absorption of manufacturing costs from higher production levels. For the nine months ended September 30, 2021, the decline additionally reflects an insurance recovery of $0.8 million received in the first quarter of the prior year.

Commenting on the quarter, Ampco-Pittsburgh’s CEO, Brett McBrayer, said, “While I am proud of how our team has been able to navigate and mitigate much of the supply chain issues that nearly all manufacturers are now facing, we have seen significant inflationary pressures impacting our business. Our sales agreements with index-based surcharges do not uniformly cover all inflationary cost elements and our pricing is under-recovering the rapid rise in operating costs in the Forged and Cast Engineered Products Segment. As a result, we are now implementing price increase actions across the business.”