AP

EX-99.1

2 ap-ex99_1.htm

EX-99.1

EX-99.1

EXHIBIT 99.1

Contact:

David Anderson

Vice President, Chief Financial Officer and

Air & Liquid Processing President

(412) 246-4010

danderson@ampcopgh.com

FOR IMMEDIATE RELEASE

CARNEGIE, PA

August 11, 2026

Ampco-Pittsburgh Corporation Announces Second Quarter 2026 Results

Second Quarter 2026 Highlights:

• Net sales of $102.9 million

o Forged and Cast Engineered Products Net sales of $67.3 million

o Air and Liquid Processing Net sales of $35.6 million

• Net income attributable to Ampco of $1.5 million; $0.07 per share

• Adjusted EBITDA increased 22% versus prior year to $9.8 million

• Adjusted EBITDA margin expanded 240 basis points versus prior year to 9.5%

• Customer orders increased 50% versus prior year to approximately $144 million

• Backlog increased $39.9 million sequentially from 1Q 2026 to $385.4 million

Carnegie, PA, August 11, 2026 —Ampco-Pittsburgh Corporation (the “Company” or “Ampco”) (NYSE: AP) announced financial results for its second quarter ended June 30, 2026 (“Second Quarter 2026”).

“Our Second Quarter 2026 results reflect continued progress across the business as customer activity improved and the benefits of actions taken over the last year continued to build,” said Brett McBrayer, CEO of Ampco-Pittsburgh. “In Forged and Cast Engineered Products, order activity improved, particularly in North America, as steel market conditions continued to recover from the lower levels experienced in 2025. At the same time, we continue to improve manufacturing efficiency and productivity as we ramp our Sweden facility and further optimize our operations. Air and Liquid Processing remains a source of strength, supported by healthy demand in key end markets and strong execution across the business.

Customer order activity increased sequentially during the quarter, resulting in backlog growth and reinforcing our confidence in the direction of the business. We remain focused on execution, improving profitability and capitalizing on opportunities across our end markets as demand continues to recover and order activity remains constructive.”

Second Quarter 2026 Results

Net sales for the Second Quarter 2026 were $102.9 million, compared to $113.1 million in the prior-year period. Higher sales in the Air and Liquid Processing segment were more than offset by lower sales in Forged and Cast Engineered Products, primarily reflecting the closure of the U.K. cast roll facility included in prior-year results.

Net income attributable to Ampco-Pittsburgh improved to $1.5 million, or $0.07 per share, compared to a net loss of $7.3 million, or $0.36 per share, in the prior-year period. The prior year period included costs to exit the U.K. operations of $6.75 million, or $0.34 per share. The remaining improvement was driven by stronger operating performance across both segments, increasing benefits from actions taken during 2025, and continued progress in Forged and Cast Engineered Products as commercial activity and operating performance improved throughout the quarter.

Adjusted EBITDA increased 22% to $9.8 million from $8.0 million in the prior-year period, while Adjusted EBITDA Margin expanded 240 basis points to 9.5%. Results benefited from improving demand trends and continued execution of initiatives to enhance manufacturing efficiency and profitability.

Backlog

Backlog at June 30, 2026, increased $39.9 million sequentially from March 31, 2026 to $385.4 million, reflecting stronger customer order activity and improving demand conditions. Second Quarter 2026 bookings were approximately $144 million, building on the $124 million of orders generated in the first quarter. Air and Liquid Processing order activity was driven by commercial pumps supporting power generation, pumps supporting U.S. Navy programs, and continued strength in air handling, including Buffalo Air Handling's largest equipment order in its history. In Forged and Cast Engineered Products, order activity improved for roll products, particularly in North America, as steel market conditions continued to recover from the lower levels experienced in 2025. Overall, backlog and order trends point to improving demand and a continued shift toward higher-value opportunities, supporting a favorable outlook through 2026 and into 2027.

Second Quarter 2026 Segment Results

Forged and Cast Engineered Products

Net Sales for the Forged and Cast Engineered Products segment were $67.3 million, a decrease of 13.6% compared to the prior-year period, primarily reflecting the closure of the U.K. plant that was included in 2025 results. Adjusted operating income was $7.8 million, an increase of 15.1% compared to the prior-year period.

Performance in the quarter reflected improving customer activity, particularly for roll products in North America, as steel market conditions continued to recover from the lower levels experienced in 2025. Results also benefited from improved operating leverage, manufact

8-K

false000000617600000061762026-07-082026-07-08

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 08, 2026

AMPCO-PITTSBURGH CORPORATION

(Exact name of Registrant as Specified in Its Charter)

Pennsylvania

1-898

25-1117717

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

726 Bell Avenue

Suite 301

Carnegie, Pennsylvania

15106

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: 412 456-4400

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $1 par value

AP

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition. On July 8, 2026, Ampco-Pittsburgh Corporation issued a press release announcing year-to-date customer order activity through June 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is hereby incorporated by reference into this Item 2.02.

The information and exhibit contained in this Item 2.02 is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d)

Exhibits

Exhibit 99.1

Press Release dated July 8, 2026

Exhibit 104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

AMPCO-PITTSBURGH CORPORATION

Date:

July 9, 2026

By:

/s/ David G. Anderson

David G. Anderson Vice President, Chief Financial Officer and Treasurer

EX-99.1

2 ap-ex99_1.htm

EX-99.1

EX-99.1

EXHIBIT 99.1

Contact:

David Anderson

Vice President, Chief Financial Officer and

Air & Liquid Processing President

(412) 246-4010

danderson@ampcopgh.com

FOR IMMEDIATE RELEASE

CARNEGIE, PA

May 12, 2026

Ampco-Pittsburgh Corporation Announces First Quarter 2026 Results

First Quarter 2026 Highlights:

• Net sales increased 3.9% to $108.3 million compared to first quarter 2025

o Forged and Cast Engineered Products Net sales decreased 2% to $70.8 million

o Air and Liquid Processing Net sales increased 17% to $37.5 million

• Net loss attributable to Ampco of $0.9 million; $0.04 per share

• Adjusted EBITDA of $8.0 million with Adjusted EBITDA Margin of 7.4%

• Q1 customer orders of $124 million, led by strong Air & Liquid demand with steel trends stabilizing

• U.S. Defined Benefit Pension Plan achieved fully funded status as of February 9, 2026

Carnegie, PA, May 12, 2026 —Ampco-Pittsburgh Corporation (the “Company” or “Ampco”) (NYSE: AP) announced financial results for its first quarter ended March 31, 2026 (“First Quarter 2026”).

“We delivered sequentially improving first‑quarter results, reflecting continued execution against our strategic priorities and strong demand and performance in our Air and Liquid Processing segment,” said Brett McBrayer, CEO of Ampco‑Pittsburgh. “In Forged and Cast Engineered Products, results reflect ongoing progress following the 2025 steel industry slowdown, with trends stabilizing as the business aligns with historical volumes and mix. We are also realizing the benefits from the actions taken to optimize our operating footprint, including the closure of the U.K. plant and the ramp up of our Sweden facility, with most of those benefits expected to be realized over the balance of 2026.

Our Air and Liquid Processing segment delivered record Adjusted operating income in the quarter, driven by record customer orders and favorable demand across naval defense and power generation markets.

Demand conditions are improving, and our team continues to drive performance through disciplined execution and operational improvement. We remain focused on advancing our growth initiatives, strengthening our operating profile, and allocating capital to the highest‑return opportunities as we position Ampco‑Pittsburgh for sustainable long‑term value creation.”

First Quarter 2026 Results

Net sales for the First Quarter 2026 increased 3.9% to $108.3 million, compared to $104.3 million for the prior‑year period. The increase was driven by strong growth in the Air and Liquid Processing segment compared to prior periods, reflecting higher shipment volumes across all product lines, which more than offset the modest year‑over‑year decline in Forged and Cast Engineered Products related to capacity realignment and product mix.

Net loss attributable to Ampco‑Pittsburgh was $0.9 million, or $0.04 per share, compared to net income of $1.1 million, or $0.06 per share, in the prior‑year period, reflecting Forged and Cast Engineered Products timing and mix headwinds, the absence of prior‑year tax benefits, and a write down of the receivable related to the 2025 U.K. facility closure, partially offset by strong performance in our Air and Liquid Processing segment.

Adjusted EBITDA for the First Quarter 2026 was $8.0 million, compared to $8.8 million in the prior‑year period, with an adjusted EBITDA margin of 7.4%, a decline of 100 basis points year over year. The year‑over‑year decline primarily reflects the steel market slowdown experienced in 2025. Sequentially, Adjusted EBITDA increased meaningfully compared to the Fourth Quarter 2025, reflecting an improved mix driven by stronger results in the Air and Liquid Processing segment and improving operating conditions in the Forged and Cast Engineered Products segment as timing and mix effects began to moderate.

Backlog

Backlog at March 31, 2026, increased $16.6 million sequentially to $345.5 million, reflecting solid order activity and modestly improving demand conditions across several end markets. First Quarter 2026 bookings of approximately $124 million support improved near-term revenue visibility. Growth was driven by a record level of orders in the Air and Liquid Processing segment, with continued demand across power generation and defense markets. In Forged and Cast Engineered Products, order trends improved sequentially, reflecting strengthening customer activity from the lower levels experienced in 2025, with current order activity and underlying steel market indicators supporting backlog levels. Overall, backlog trends point to improving demand and continued shift toward higher-value opportunities, positioning the Company to anticipate improved conversion and growth as the year progresses.

First Quarter 2026 Segment Results

Forged and Cast Engineered Products

Net Sales for the Forged and Cast Engineered Products segment were $70.8 million, a decrease of 2% compared to the prior-year period, prim

EX-99.1

2 ap-ex99_1.htm

EX-99.1

EX-99.1

EXHIBIT 99.1

Contact:

David Anderson

Vice President, Chief Financial Officer and

Air & Liquid Processing President

(412) 246-4010

danderson@ampcopgh.com

FOR IMMEDIATE RELEASE

CARNEGIE, PA

March 16, 2026

Ampco-Pittsburgh Corporation (NYSE: AP) Announces Fourth Quarter and Full Year 2025 Results

• 4Q and FY 2025 GAAP net loss of $57.7 million ($2.85 per share) and $66.1 million ($3.28 per share)

• 4Q and FY 2025 losses include non-cash after-tax expenses of $54.3 million and $63.3 million, primarily for costs related to exiting U.K. cast roll businesses and an undiscounted asbestos-related revaluation charge.

• Q4 2025 Adjusted EBITDA of $3.2 million versus $6.0 million prior year

• Full Year 2025 Adjusted EBITDA of $29.2M up 4% versus prior year

• Successfully exited UK cast roll facility in Q4 2025, which is expected to result in an annual positive EBITDA improvement of $7 million to $8 million.

Carnegie, PA, March 16, 2026 – Ampco-Pittsburgh Corporation (NYSE: AP) reported net sales of $108.8 million and $434.2 million for the three and twelve months ended December 31, 2025, compared to $100.9 million and $418.3 million for the three and twelve months ended December 31, 2024. Both segments increased, aided by higher shipment volumes in the Air and Liquid Processing segment and despite the Forged and Cast Engineered Product segment’s shutdown of the UK cast facility and the steel distribution business in Q4 2025.

The Corporation reported a net loss attributable to Ampco of $57.7 million, or $2.85 per share, for the three months ended December 31, 2025, which included $42.4 million, or $2.09 per share, net deconsolidation charge and other costs to exit the UK cast roll business and $11.9 million after tax, or $0.59 per share, for a non cash asbestos revaluation charge. The Corporation’s full year net loss attributable to Ampco was $66.1 million, or $3.28 per share, which included $52.2 million, or $2.60 per share, net deconsolidation charge and other costs to exit the UK cast roll business and a non-core steel distribution facility, as well as the non-cash asbestos revaluation charge of $11.9 million after tax, or $0.59 per share.

Adjusted EBITDA of $3.2 million for the three months ended December 31, 2025 was below prior year while Adjusted EBITDA of $29.2M for the twelve months ended December 31, 2025 was above the prior year. The adjusted EBITDA for the three months ended December 31, 2025 was lower than prior year primarily driven by lower overhead absorption which was the result of a curtailment of production days

due to lower demand caused by the tariff impact on the steel market, lower volume of rolls versus FEP products, and the ramp up of the Sweden facility. The lower absorption was partially offset by lower SG&A expenses. The higher adjusted EBITDA for the twelve months ended December 31, 2025 was due to increased revenue, and lower SG&A spending partially offset by lower overhead absorption. The chart below bridges adjusted EBITDA for both Q4 and the full year.

$'s in millions

Three Months Ended December 31

Year Ended December 31

Adjusted EBITDA - 2024

$

6.0

$

28.1

Changes attributable to the following factors:

Sales volume / pricing

0.1

6.1

Selling, general and administrative

2.3

2.8

Operating overhead absorption

(4.6

)

(7.4

)

Other

(0.6

)

(0.5

)

Adjusted EBITDA - 2025

$

3.2

$

29.2

Commenting on the performance, Ampco-Pittsburgh’s CEO, Brett McBrayer, said, “While Q4 has significant one time non cash charges due to right sizing our operating footprint, we have accomplished the significant steps needed to fundamentally change the earnings power of our portfolio. We are currently shifting about 50% of the volume from the now former UK facility into our Sweden operating plant. As we emerge from the slowdown in the steel market, we expect closing the U.K. facility will have a positive annual EBITDA impact of $7 to $8 million. Meanwhile, our Air and Liquid Processing business continues to show growth potential as full year revenue increased for the fourth consecutive year and adjusted operating income was at a new record high in 2025. Ampco’s adjusted EBITDA has risen by 54% over the last three years”

Interest expense of $2.8 million and $11.4 million for the three and twelve months ended December 31, 2025, is comparable to interest expense for the three and twelve months ended December 31, 2024.

Other income – net for the three months and year-ended December 31, 2025, declined when compared to the three months and year-ended December 30, 2024, due to lower pension income and lower gains on foreign exchange during quarter and lower pension income and higher foreign currency transaction losses for the year-ended. The lower pension income was due to a change in the target allocation of plan assets in the U.S. defined benefit pension plan resulting in a lower expected return on plan assets as the plan

EX-99.1

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EX-99.1

EX-99.1

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 12, 2025

Ampco-Pittsburgh Corporation (NYSE: AP) Announces Third Quarter 2025 Results

• 3Q 2025 GAAP operating income of $1.1 million and net loss of $2.2 million, or $0.11 per share, include non-cash expenses of $3.1 million for accelerated depreciation and other costs related to exiting U.K. cast roll and domestic steel distribution businesses

• Q3 2025 Adjusted EBITDA of $9.2 million up 35% versus prior year

• Q3 2025 Adjusted EPS of $0.04 up $0.14 versus prior year

• Company expects at least $7 to $8 million per year adjusted EBITDA improvement post-U.K. exit

Carnegie, PA, November 12, 2025 – Ampco-Pittsburgh Corporation (NYSE: AP) reported net sales of $108.0 million and $325.4 million for the three and nine months ended September 30, 2025, compared to $96.2 million and $317.4 million for the three and nine months ended September 30, 2024, with sales growth in both segments. Higher shipment volumes in the Air and Liquid Processing segment led the increase, while higher net roll pricing and higher forged engineered products shipments more than offset softer roll shipments in the Forged Engineered Products segment.

The Corporation reported income from operations of $1.1 million and net loss of $2.2 million, or $0.11 per share, for the three months ended September 30, 2025, which included $3.1 million, or $0.15 per share, in accelerated depreciation and other principally non-cash costs associated with the exit from its U.K. cast roll operations and a non-core steel distribution facility. The Corporation expects to have completed the exit from these businesses during the fourth quarter of 2025, after which its consolidated earnings are expected to rise significantly. Income from operations for the nine months ended September 30, 2025 was $1.9 million and net loss of $8.4 million, or $0.42 per share, for the nine months ended September 30, 2025, with exit-related costs of $9.8 million offsetting operational segment results.

Adjusted EBITDA of $9.2 million and $26.0 million for the three and nine months ended September 30, 2025, respectively, improved by $2.4 million and $3.9 million, respectively, compared to the three and nine months ended September 30, 2024, primarily due to higher shipment volumes and margins in the Air and Liquid Processing segment and higher net pricing in the Forged and Cast Engineered Products segment.

Adjusted Earnings Per Share of $0.04 for the three months ended September 30, 2025, exceeded the prior year quarter by $0.14 per share, and rose by $0.16 per share for the nine-months ended September 30, 2025.

Commenting on the quarter, Ampco-Pittsburgh’s CEO, Brett McBrayer, said, “Roll pricing and volume growth at higher margins in the Air and Liquid Processing segment have been key factors in our adjusted EBITDA improvement. While the steel cycle remains sluggish, forged engineered products sales have recently helped to counterbalance. The major headline is that we have taken definitive steps to right-size our operating footprint with demand. In mid-October we accelerated and completed the exit from our U.K. cast roll facility and before the end of the year we expect to complete the exit from a small steel distribution business. In doing so, we will have fundamentally changed the earnings power of our portfolio. We expect $7 to $8 million per full year Adjusted EBITDA improvement following the U.K. exit. As trade policy further clarifies for our steel customers, we are well positioned for sustainable elevated profitability prior to heading into 2026.”

Interest expense of $3.0 million and $8.6 million for the three and nine months ended September 30, 2025, is comparable to interest expense for the three and nine months ended September 30, 2024.

Other income – net for the three months ended September 30, 2025, improved when compared to the three months ended September 30, 2024, due to lower foreign exchange transaction losses, offset in part by lower pension income, but declined for the nine months ended September 30, 2025, due to lower pension income.

The income tax provision for the three and nine months ended September 30, 2025, decreased when compared to the income tax provision for the three and nine months ended September 30, 2024, driven primarily by the benefit of a reduced statutory income tax rate for one of the Corporation's foreign tax-paying entities.

Teleconference Access

Ampco-Pittsburgh Corporation (NYSE: AP) will hold a conference call on Thursday, November 13, 2025, at 10:30 a.m. Eastern Time (ET) to discuss its financial results for the third quarter ended September 30, 2025. The Corporation encourage participants to pre-register for the conference call using the following link. Callers who pre-register will be given a co

EX-99.1

4 ap-ex99_1.htm

EX-99.1

EX-99.1

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

October 15, 2025

Ampco-Pittsburgh Subsidiary Accelerates Exit from U.K. Operations

Carnegie, PA, October 15, 2025 – Ampco-Pittsburgh Corporation (the “Company”) (NYSE: AP) announced that its wholly owned subsidiary, Union Electric Steel Corporation, has exited its U.K. cast roll operations. This exit effectively eliminates the operating losses to be incurred by its U.K. subsidiary, Union Electric Steel UK Limited. (“UES-UK”), starting in the fourth quarter 2025, rather than in the spring of 2026 as previously announced, and the significant cash plant closure costs associated with the previously anticipated wind-down operational plan. The Company is also increasing the estimated cost savings resulting from the exit to result in approximately $7 to $8 million increase in adjusted EBITDA on an annualized run-rate basis.

The exit became effective October 14, 2025, when UES-UK was placed into administration through a voluntary insolvent wind-up. This action is confined to the UES-UK subsidiary exclusively and does not affect the Company or any of its other subsidiaries.

Brett McBrayer, CEO of Ampco-Pittsburgh Corporation, stated: “With the conclusion of the consultation process yielding no viable solution, and considering the high cost of a wind-down closure along with the recent tariff volatility affecting demand and order timing in our roll business, we accelerated our exit from the U.K. This action ends the significant losses we have experienced over the past several years and removes excess capacity from our portfolio and the marketplace. On a full-year basis going forward, we expect an improvement of $7 to $8 million in adjusted EBITDA on an annualized run-rate basis, while avoiding large cash closure outflows and significantly reducing risks. We have been and will continue to work with our customers to help manage their cast roll supply needs in the near term and into the future. As a result of the U.K. exit, capacity utilization at our Sweden cast roll facility will increase significantly.”

Sam Lyon, President of Union Electric Steel Corporation, said: “Our U.K. operations have faced many challenges for several years, including unpredictable and high energy costs compared to our competitors, lack of demand for our product manufactured in the U.K., and increased imports of rolls and flat rolled steel into Europe from low-cost countries.”

“These headwinds created an unsustainable loss-making position for the past three financial years, with further losses expected for 2025 and projected beyond, had we not exited. Despite actively engaging with the Department for Business and Trade and exploring the sale of the plant, we were unable to find a sustainable solution to keep the plant operating. After thorough consideration and having explored all options, we

concluded that an exit was the only viable path forward to ensure a strong future for our remaining operations.”

“We extend our deepest gratitude to all our customers who have supported our U.K. operations throughout the years. We will continue to support you with our operations in the U.S., Sweden, Slovenia, and our joint ventures in China. Finally, I would be remiss to not recognize the excellent leadership team and dedicated workforce at our U.K. operations. This was an extremely difficult decision.”

In connection with this action, the Company must fully deconsolidate the financial position and financial results of its UES-UK subsidiary from its consolidated financial statements in the fourth quarter of 2025. Based on estimated values as of September 30, 2025, the Company expects to recognize a non-cash charge of approximately $43 to $45 million in the fourth quarter of 2025 comprised of an (i) approximate $23 million charge for the write down of the Company’s investment in UES-UK to its estimated fair value and an (ii) approximate $29 million charge for the recognition of other comprehensive losses of UES-UK deferred in accumulated other comprehensive loss on the consolidated balance sheet of Ampco-Pittsburgh offset by (iii) an approximate $7 to $9 million credit for the estimated amount of funds expected to be returned over time to the lenders under the Company’s revolving credit facility from asset liquidations, thereby reducing the Company’s outstanding balance under the revolving credit facility.

About Ampco-Pittsburgh Corporation and Union Electric Steel Corporation

Ampco-Pittsburgh Corporation manufactures and sells highly engineered, high-performance specialty metal products and customized equipment utilized by industry throughout the world. Through its operating subsidiary, Union Electric Steel Corporation, it is a leading producer of forged and cast rolls for the global steel and aluminum industries. It also manuf

EX-99.1

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EX-99.1

EX-99.1

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 12, 2025

Ampco-Pittsburgh Corporation (NYSE: AP) Announces Second Quarter 2025 Results

• Recorded expenses of $6.8 million during 2Q 2025 for severance, accelerated depreciation and other costs to exit U.K. cast roll operations

• Company expects at least $5 million per year operating income improvement post-U.K. exit

• Adjusted EBITDA of $8.0 million in Q2 2025 and $16.8 million year-to-date June 2025

• Tariff volatility impacted roll demand, order intake and production in Q2

Carnegie, PA, August 12, 2025 – Ampco-Pittsburgh Corporation (NYSE: AP) reported net sales of $113.1 million and $217.4 million for the three and six months ended June 30, 2025, compared to $111.0 million and $221.2 million for the three and six months ended June 30, 2024. Higher sales of forged engineered products and favorable foreign exchange translation offset weaker mill roll sales. Air and Liquid Processing sales were in line with prior year levels.

The Corporation reported a loss from operations of $3.1 million for the three months ended June 30, 2025, which included $6.8 million in severance, accelerated depreciation and other costs to exit its U.K. cast roll operations, in anticipation of approval of the exit plan by the UES-UK subsidiary board. Income from operations for the six months ended June 30, 2025 was $0.8 million compared to $5.1 million for the six months ended June 30, 2024, with the U.K. exit costs being the primary change.

Adjusted EBITDA of $8.0 million for the three months ended June 30, 2025 declined by $2.1 million from the three months ended June 30, 2024 due to lower margins for the Forged and Cast Engineered Products (“FCEP”) segment offset by improved profitability for the Air and Liquid Processing (“ALP”) segment. Margins for the FCEP segment were adversely affected by higher manufacturing costs relative to base pricing and variable-index surcharges passed through to customers during the quarter, a weaker sales mix and lower manufacturing cost absorption. Profitability improved for the ALP segment primarily due to a better sales mix. Adjusted EBITDA of $16.8 million for the six months ended June 30, 2025 improved by $1.6 million primarily due to improved profitability for the ALP segment.

Commenting on the quarter, Ampco-Pittsburgh’s CEO, Brett McBrayer, said, “After a positive Q1, the volatility from the U.S. tariff actions began to impact our results and our order book in Q2. Backlog in the Forged and Cast Engineered Products segment at June 30, 2025 declined 9% from March 31, 2025 as roll customers began a pause of orders to await less uncertainty surrounding tariffs. In response, we reduced

roll production. The decision to exit our U.K. cast roll operations was difficult, but the plan is proceeding. Following the exit, we expect earnings to improve by at least $5 million per year. With less uncertainty on trade policy now with the recent E.U. deal, we expect an improved environment in 2026 after our U.K. exit.”

Interest expense of $2.8 million and $5.6 million for the three and six months ended June 30, 2025 is comparable to interest expense for the three and six months ended June 30, 2024.

Other (expense) income – net for the three and six months ended June 30, 2025 declined when compared to other (expense) income for the three and six months ended June 30, 2024 primarily due to unfavorable foreign exchange movement.

The income tax provision for the three and six months ended June 30, 2025 decreased when compared to the income tax provision for the three and six months ended June 30, 2024 driven by the benefit of a reduced statutory income tax rate for one of the Corporation's foreign tax-paying entities.

Net loss approximated $7.3 million, or $0.36 per share, and $6.2 million, or $0.31 per share, for the three and six months ended June 30, 2025, respectively, and includes the $6.8 million charge, or $0.34 per share, for costs associated with exiting the U.K. cast roll operations and a benefit of approximately $0.7 million, or $0.04 per share, for employee-retention credits, representing refundable employer payroll taxes from the Internal Revenue Service for certain eligible businesses affected by the COVID-19 pandemic. This compares to net income of approximately $2.0 million, or $0.10 per share, and a net loss of $0.7 million, or $0.04 per share, for the three and six months ended June 30, 2024, respectively.

Teleconference Access

Ampco-Pittsburgh Corporation (NYSE: AP) will hold a conference call on Wednesday, August 13, 2025, at 10:30 a.m. Eastern Time (ET) to discuss its financial results for the second quarter ended June 30, 2025. The Corporation encourage participants to pre-register for the conference call using the following link. Callers who pre-

EX-99.1

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EX-99.1

EX-99.1

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

May 12, 2025

Ampco-Pittsburgh Corporation (NYSE: AP) Announces First Quarter 2025 Results

• Net income attributable to Ampco-Pittsburgh of $1.1 million in Q1 2025, a $3.8 million year-over-year increase

• Earnings per common share of $0.06, up $0.20 versus prior year

• Adjusted EBITDA of $8.8 million in Q1 2025 compared to $5.1 million in Q1 2024

Carnegie, PA, May 12, 2025 – Ampco-Pittsburgh Corporation (NYSE: AP) reported net sales of $104.3 million for the three months ended March 31, 2025, compared to $110.2 million for the three months ended March 31, 2024. Both the Forged and Cast Engineered Products (“FCEP”) segment and the Air and Liquid Processing (“ALP”) segment had lower sales year-over-year.

Despite lower sales, the Corporation reported income from operations of $3.9 million for the three months ended March 31, 2025, which increased substantially compared to income from operations of $0.1 million for the three months ended March 31, 2024. Adjusted EBITDA, calculated as net income (loss) excluding interest expense, other income – net, income tax provision, depreciation and amortization, and stock based compensation expense was $8.8 million for the three months ended March 31, 2025, compared to $5.1 million for the three months ended March 31, 2024.

For the three months ended March 31, 2025, compared to the same period of the prior year, FCEP’s operating income improved as a result of higher pricing, manufacturing efficiencies and improved machine uptime and ALP’s operating income improved on favorable mix of products sold in 2025 versus prior year. Corporate costs were consistent year-over year.

Commenting on the quarter, Ampco-Pittsburgh’s CEO, Brett McBrayer, said, “We experienced a very positive start to the year as both segments contributed to significant improvement in adjusted EBITDA versus the prior year. The new equipment in our U.S. forged business continues to produce positive results. Air and Liquid’s Q1 order intake was at a record high as it continues to see market strength in the nuclear, military, and pharmaceutical markets. We believe we will experience some near-term impacts as markets and supply chains react to the recent tariffs. Our intent is to pass any impact to our customers to protect margins. In addition, we are nearing the end of our collective consultation process at our UK facility and expect a path forward that will eliminate much of the losses for this business.”

Interest expense of $2.7 million for the three months ended March 31, 2025, is comparable to interest expense for the three months ended March 31, 2024. Other income – net of $0.8 million for the three months ended March 31, 2025, declined modestly from the three months ended March 31, 2024. The income tax provision for the three months ended March 31, 2025, decreased $0.4 million compared to the three months ended March 31, 2024, driven by the benefit of a reduced income tax rate for one of the Corporation's foreign tax-paying jurisdictions.

Net income of $1.1 million, or $0.06 per share, for the three months ended March 31, 2025, compares to net loss of $(2.7) million, or $(0.14) per diluted share, for the three months ended March 31, 2024.

Teleconference Access

Ampco-Pittsburgh Corporation (NYSE: AP) will hold a conference call on Tuesday, May 13, 2025, at 10:30 a.m. Eastern Time (ET) to discuss its financial results for the first quarter ended March 31, 2025. The Corporation encourage participants to pre-register for the conference call using the following link. Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time. To pre-register, please go to https://dpregister.com/sreg/10198324/fed4567f60.

Those without internet access or unable to pre-register may dial in by calling:

• Participant Dial-in (Toll Free): 1-844-308-3408

• Participant International Dial-in: 1-412-317-5408

For those unable to listen to the live broadcast, a replay will become available on our website under the Investors menu at www.ampcopgh.com.

About Ampco-Pittsburgh Corporation

Ampco-Pittsburgh Corporation manufactures and sells highly engineered, high-performance specialty metal products and customized equipment utilized by industry throughout the world. Through its operating subsidiary, Union Electric Steel Corporation, it is a leading producer of forged and cast rolls for the global steel and aluminum industries. It also manufactures open-die forged products that are sold principally to customers in the steel distribution market, oil and gas industry, and the aluminum and plastic extrusion industries. The Corporation is

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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 12, 2025

Ampco-Pittsburgh Corporation (NYSE: AP) Announces Fourth Quarter and Full Year 2024 Results

• Reported earnings per common share of approximately $0.16 for 4Q 2024 and $0.02 for full year 2024.

• Net cash flows provided by operating activities of $7.5 million for 4Q 2024 and $18.0 million for full year 2024.

• 2024 full year income from operations of $12.2 million includes a $4.1 million non-cash asbestos-related revaluation benefit recorded in Q4 2024.

• 2024 full year non-GAAP adjusted income from operations of $8.0 million improved $3.7 million vs 2023.

• Record Air and Liquid Processing segment sales in 2024. Segment sales increased 6.5% for 4Q 2024 and 11% for 2024 full year compared to prior year periods.

• Exploring options to mitigate losses in underutilized cast roll operations.

Carnegie, PA, March 12, 2025 – Ampco-Pittsburgh Corporation (NYSE: AP) reported net sales of $100.9 million and $418.3 million for the three and twelve months ended December 31, 2024, respectively, compared to $108.1 million and $422.3 million for the three and twelve months ended December 31, 2023, respectively. The decrease for the three months ended December 31, 2024, compared to the prior year quarter is primarily attributable to lower mill roll shipment volumes due to softer end market demand. Sales for the twelve months ended December 31, 2024, declined modestly compared to full year 2023 as growth in Air and Liquid Processing and net mill roll price increases were offset by lower shipment volumes of rolls and forged engineered products.

The Corporation reported non-GAAP adjusted income from operations of $1.0 million and $8.0 million for the three and twelve months ended December 31, 2024, respectively, compared to (loss) income of ($0.7) million and $4.2 million for the three and twelve months ended December 31, 2023. Despite lower mill roll shipment volumes, improved net roll pricing, improved operational efficiencies and better manufacturing cost absorption drove the income improvement. See the attached non-GAAP reconciliation table.

Commenting on the year, Ampco-Pittsburgh’s CEO, Brett McBrayer, said, “Our 2024 non-GAAP adjusted income from operations of $8.0 million in 2024 is at the highest level we’ve experienced in years, and

improved $3.7 million over 2023. Despite lower sales revenue in 2024, the Forged and Cast Engineered Products segment delivered 38% higher operating income than a year ago due to pricing actions and manufacturing efficiency and absorption improvements. These results include only a partial year of operations with the new high-efficiency equipment installed in our U.S. forged business. The Air and Liquid segment delivered record sales in 2024 with consistently strong income. However, excess plant capacity in our cast roll system continues to weigh heavily on our operating results. As a result, we have entered into a formal collective consultation process with the represented workforce of our U.K. facility, where a depressed market and high energy costs have caused operating losses in excess of $5 million per year.”

In the three and twelve months ended December 31, 2024, the Corporation recorded a net credit of $4.2 million in connection with the revaluation of its long-term asbestos liability and related insurance receivable, including lower projected defense costs, and modest proceeds received from an insolvent insurance carrier. In contrast, in the twelve months ended December 31, 2023, the Corporation recorded a net charge for asbestos-related costs from the prior year’s revaluation of $40.7 million driven primarily by higher expected claim settlement values.

Interest expense for the three and twelve months ended December 31, 2024, increased in comparison to the same periods of the prior year primarily due to the higher equipment financing debt balance, higher average revolving credit facility borrowings and higher average interest rates. However, the Corporation’s total debt balance at December 31, 2024 remained flat with December 31, 2023.

Other income – net increased for the three months ended December 31, 2024, primarily due to favorable changes in foreign exchange, but was relatively flat for the year-ended December 31, 2024, compared to the same periods of the prior year.

The income tax provision was higher for the three and twelve months ended December 31, 2024, primarily due to the establishment of a valuation allowance on the net deferred tax assets of our U.K. operations at December 31, 2023, given its three-year cumulative loss history due to continued soft cast roll demand. As a result, the income tax provision in 2024 does not include any income tax benefit on the operating losses of the U.K. The income tax provision for th

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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 12, 2024

Ampco-Pittsburgh Corporation (NYSE: AP) Announces Third Quarter 2024 Results

• Operating income of $1.9 million in Q3 2024 and $7.0 million year-to-date.

• Improved margins in Forged and Cast Engineered Products lead operating results higher than prior year.

• Strong U.S. forged business results including impact of new equipment more than offsets cyclically weak cast roll demand.

• Higher sequential backlog in Q3 2024 vs Q2 2024 led by higher roll order intake.

Carnegie, PA, November 12, 2024 – Ampco-Pittsburgh Corporation (NYSE: AP) reported net sales of $96.2 million and $317.4 million for the three and nine months ended September 30, 2024, respectively, compared to $102.2 million and $314.2 million for the three and nine months ended September 30, 2023, respectively. The net sales decline for the three months ended September 30, 2024, compared to the prior year was attributable to lower shipment volumes and lower surcharge pass-through revenues in the Forged and Cast Engineered Products segment while the net sales increase for the nine months ended September 30, 2024, was attributable to growth in the Air and Liquid Processing segment.

The Corporation reported income from operations for the three and nine months ended September 30, 2024, of $1.9 million and $7.0 million, respectively, compared to $1.7 million and $7.0 million for the three and nine months ended September 30, 2023, respectively. For the three months ended September 30, 2024, income from operations improved slightly versus the prior year period, which included a $0.2 million recovery from an insolvent asbestos-related insurance carrier ("Asbestos-Related Credit"). The underlying improvement was primarily higher pricing net of surcharges and improved manufacturing cost absorption leading to margin expansion in the Forged and Cast Engineered Products segment which more than offset weaker shipment volumes. The nine months ended September 30, 2023, included a benefit from a $1.9 million foreign energy credit. The underlying improvement for the nine months compared to prior year was primarily margin improvement in the Forged and Cast Engineered Products segment which more than offset its weaker sales volumes.

Commenting on the quarter, Ampco-Pittsburgh’s CEO, Brett McBrayer, said, “As we expected, our third quarter earnings reflected our seasonal plant shutdowns and were therefore lower than prior quarter, but continue to benefit from pricing actions in the roll business and the margin improvement we have seen

versus prior year in the Forged and Cast Engineered segment. This has helped us offset the weaker roll demand in our cast roll business and in forged engineered products. We have seen significant improvement in our U.S forged business results with the operating efficiencies from our new equipment being a key driver. In addition, our sales order backlog improved sequentially due to roll order intake during the quarter.”

Interest expense for the three and nine months ended September 30, 2024, increased in comparison to the same periods of the prior year primarily due to the higher equipment financing debt balance, higher average revolving credit facility borrowings and higher average interest rates. Other income – net declined for the three and nine months ended September 30, 2024, compared to the same periods of the prior year, primarily due to higher losses on foreign exchange.

The income tax provision was higher for the three and nine months ended September 30, 2024, primarily due to the establishment of a valuation allowance on the net deferred tax assets of our U.K. operations at December 31, 2023, given its three-year cumulative loss history due to continued soft cast roll demand. As a result, the income tax provision in 2024 does not include any income tax benefit on the operating losses of the U.K. By comparison, the income tax provision for the three and nine months ended September 30, 2023, included income tax benefits of $0.6 million and $1.2 million, respectively, for the operating losses of the U.K. The income tax provisions are otherwise approximately comparable with slight fluctuations for income mix by jurisdictions not under valuation allowances.

Net loss for the current year periods equaled $(2.0) million, or $(0.10) per diluted share, and $(2.7) million, or $(0.13) per diluted share, for the three and nine months ended September 30, 2024, respectively. This compares to net income of $0.8 million, or $0.04 per diluted share, and $1.9 million, or $0.10 per diluted share, for the three and nine months ended September 30, 2023, respectively. Net income and earnings per share for the three months ended September 30, 2023, include an after-tax benefit of $0.2 million or $0.01 p

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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 12, 2024

Ampco-Pittsburgh Corporation (NYSE: AP) Announces Second Quarter 2024 Results

• Strong sequential earnings improvement delivered at top end of previous guidance range.

• Q2 2024 operating income up 53% over prior-year period led by Forged and Cast Engineered Products segment improvement.

• Air and Liquid Processing segment sales up 19% for both Q2 and YTD compared to prior-year periods.

Carnegie, PA, August 12, 2024 – Ampco-Pittsburgh Corporation (NYSE: AP) reported net sales of $111.0 million and $221.2 million for the three and six months ended June 30, 2024, respectively, compared to $107.2 million and $212.0 million for the three and six months ended June 30, 2023, respectively. The increase is attributable to sales growth in the Air and Liquid Processing segment.

The Corporation reported income from operations for the three and six months ended June 30, 2024, of $5.0 million and $5.1 million, respectively, compared to $3.3 million and $5.3 million for the three and six months ended June 30, 2023, respectively. The three and six months ended June 30, 2023, include a benefit from a $1.9 million foreign energy credit. The underlying improvement is primarily due to higher net roll pricing in the Forged and Cast Engineered Products segment.

Commenting on the quarter, Ampco-Pittsburgh’s CEO, Brett McBrayer, said, “Our final Q2 results came in at the high end of our previous guidance range, reflecting the strong sequential improvement we expected in both segments. With the first full quarter of all the new machinery running in our U.S. forged plants and a sequential rebound in Air and Liquid Processing segment margins during the quarter, our Q2 results reflect our current potential in a steady production environment with no unusual items coming into play. We are still experiencing losses in our European cast roll business due to excess capacity and the market for forged engineered products remains weak, but total backlog has improved sequentially due to higher order intake during the quarter.”

Interest expense for the three and six months ended June 30, 2024, increased in comparison to the same periods of the prior year primarily due to the higher equipment financing debt balance, higher average

revolving credit facility borrowings and higher average interest rates. Other income – net improved for the three and six months ended June 30, 2024, compared to the same periods of the prior year, primarily due to higher losses on foreign exchange in the prior year periods.

Net income (loss) for the current year periods equaled $2.0 million, or $0.10 per diluted share, and $(0.7) million, or $(0.04) per share, for the three and six months ended June 20, 2024, respectively. This compares to net income of $0.4 million, or $0.02 per diluted share, and $1.1 million, or $0.06 per diluted share, for the three and six months ended June 30, 2023, respectively. The foreign energy credit improved earnings per share by $0.10 for the three and six months ended June 30, 2023.

Segment Results

Forged and Cast Engineered Products

Sales for the Forged and Cast Engineered Products segment for the three and six months ended June 30, 2024, declined slightly from the same periods of the prior year primarily due to a lower volume of shipments, offset by improved pricing and favorable changes in product mix.

Operating results for the three and six months ended June 30, 2024, improved when compared to the same periods of the prior year primarily due to improved pricing and fluctuations in manufacturing costs, net of lower variable-index surcharges. The three and six months ended June 30, 2023, include a $1.9 million benefit for a foreign energy credit.

Air and Liquid Processing

Sales for the Air and Liquid Processing segment for both the three and six months ended June 30, 2024, improved 19% compared to the same periods of the prior year due primarily to an increase in shipments of air handling systems as a result of expansion of its sales distribution network and the additional manufacturing facility opened in the third quarter of 2023.

Operating results for the three months ended June 30, 2024, improved slightly compared to the prior year period but declined for the six months ended June 30, 2024. The benefit from the higher sales volume was minimized by an unfavorable product mix of heat exchangers, caused by the timing of shipments for several large orders, and centrifugal pumps, due to shipping older lower margin orders. In addition, higher commissions and employee-related costs associated with the expansion of the segment’s sales distribution network and higher lease costs associated with the additional manufacturing facility negatively impacted operating income when compared to th

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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

July 9, 2024

Ampco-Pittsburgh Subsidiaries Announce Commercial Contract Wins and Strong Growth in Sales Order Backlog

Carnegie, PA, July 9, 2024 – Ampco-Pittsburgh Corporation (NYSE: AP) today announced that its wholly-owned subsidiary, Union Electric Steel Corporation (“Union Electric Steel”), a leader in the manufacture of Forge and Cast rolls for the steel and aluminum industries, has been selected to supply the initial provisioning (mill fill) of rolls for two new rolling mill projects under construction.

The roll contracts for these new mills are:

1. A new cold mill for Ternium Mexico S.A. de C.V. – Pesqueria, a major North American steel producer, with roll deliveries expected to begin in the first half of 2025 valued at approximately $6.7 million; and

2. A new plant being built in Scandinavia by a major European OEM mill builder requiring rolls to be delivered in the first half of 2025 valued at approximately $5.0 million.

In addition, the Corporation has updated its sales order backlog and expects to report that its Air and Liquid Processing segment achieved a record level of new orders in the quarter ended June 30, 2024. Order activity surged more than 50% versus the quarter ended March 31, 2024, to achieve the highest quarterly order intake in the segment’s history.

Commenting on these developments, Brett McBrayer, Ampco-Pittsburgh’s Chief Executive Officer, said, “The roll contract wins underscore Union Electric’s commitment to providing high quality rolls to the global steel and aluminum markets, while solidifying our position as a key player in these markets. In Air and Liquid Processing, we saw strong order activity in multiple markets including both the Pharmaceutical and U.S. Military markets. The investments we have made to strengthen our sales force and increase our manufacturing capacity have allowed us to substantially increase our presence in the markets we serve.”

The Corporation expects total backlog for the quarter ended June 30, 2024, to be in the range of $360 to $365 million, which represents sequential growth of 3.2% to 4.6% compared to the quarter ended March 31, 2024.

About Ampco-Pittsburgh Corporation

Ampco-Pittsburgh Corporation manufactures and sells highly engineered, high-performance specialty metal products and customized equipment utilized by industry throughout the world. Through its operating subsidiary, Union Electric Steel Corporation, it is a leading producer of forged and cast rolls for the global steel and aluminum industries. It also manufactures open-die forged products that are sold principally to customers in the steel distribution market, oil and gas industry, and the aluminum and plastic extrusion industries. The Corporation is also a producer of air and liquid processing equipment, primarily custom-engineered finned tube heat exchange coils, large custom air handling systems and centrifugal pumps. It operates manufacturing facilities in the United States, England, Sweden, and Slovenia and participates in three operating joint ventures located in China. It has sales offices in North America, Asia, Europe, and the Middle East. Corporate headquarters is located in Carnegie, Pennsylvania.

FORWARD-LOOKING STATEMENTS

The Private Securities Litigation Reform Act of 1995 (the “Act”) provides a safe harbor for forward-looking statements made by us or on behalf of the Corporation. This press release may include, but is not limited to, statements about operating performance, trends and events that the Corporation may expect or anticipate will occur in the future, statements about sales and production levels, restructurings, the impact from pandemics and geopolitical conflicts, profitability and anticipated expenses, inflation, the global supply chain, future proceeds from the exercise of outstanding warrants, and cash outflows. All statements in this document other than statements of historical fact are statements that are, or could be, deemed “forward-looking statements” within the meaning of the Act and words such as “may,” “will,” “intend,” “believe,” “expect,” “anticipate,” “estimate,” “project,” “target,” “goal,” “forecast” and other terms of similar meaning that indicate future events and trends are also generally intended to identify forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made, are not guarantees of future performance or expectations, and involve risks and uncertainties. For the Corporation, these risks and uncertainties include, but are not limited to: economic downturns, cyclical demand for our products and insufficient demand for our products; excess global capacity in the steel industry; limitations in availability of capital to fund our strategic plan; i

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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

July 10, 2024

Ampco-Pittsburgh Corporation Provides Preliminary Results on its Second Quarter 2024 Earnings and Current Liquidity Position

• Expects strong sequential earnings improvement in Q2 2024 compared to Q1 2024

Carnegie, PA, July 10, 2024 – Ampco-Pittsburgh Corporation (NYSE: AP) (the “Corporation”) announced today preliminary estimates of net sales, income from operations and net income for the fiscal quarter ended June 30, 2024, and an update on its current liquidity position:

• Net sales for the quarter ended June 30, 2024, is expected to be in the range of $107 million to $112 million. This compares to net sales of $107.2 million in the quarter ended June 30, 2023, and $110.0 million in the quarter ended March 31, 2024.

• Income from operations for the quarter ended June 30, 2024, is expected to be in the range of $3.8 million to $4.8 million. This compares to income from operations of $3.3 million in the quarter ended June 30, 2023 (which included a $1.9 million foreign energy credit), and $0.1 million in the quarter ended March 31, 2024.

• Net income for the quarter ended June 30, 2024, is expected in the range of $1.1 to $2.1 million, or $0.05 to $0.10 per diluted share. This compares to a net income of $0.4 million, or $0.02 per diluted share for the quarter ended June 30, 2023 (which included a benefit of $1.9 million, or $0.10 per diluted share, for the foreign energy credit), and a net loss of $(2.7) million, or $(0.14) per diluted share for the quarter ended March 31, 2024.

• As of July 9, 2024, the Corporation’s liquidity position improved modestly compared to March 31, 2024, and included cash on hand of approximately $8.6 million and availability on its revolving credit facility of $27.2 million.

Remarking on this outlook, Brett McBrayer, Ampco-Pittsburgh’s Chief Executive Officer, said, “As we expected, Q2 2024 earnings should improve sequentially versus Q1 2024 with the impact of the Q1 foundry fire in our Sweden plant largely behind us, along with sequential improvement in Air & Liquid Processing segment margins. We experienced a full-quarter benefit of the new machinery in our U.S. forged operation in Q2. Although we are still experiencing excess capacity in our European cast roll business relative to

demand, this is consistent with our experience the last few quarters. We are committed to delivering returns on the recent investments we have made for improved results. At this point, outside of typical operating variations, we believe there are no new significant headwinds which would have a material adverse effect on our businesses.”

This is not a comprehensive statement of the Corporation’s financial results and is subject to change. The Corporation has provided ranges, rather than specific amounts, for the preliminary estimates of the unaudited financial data described below primarily because the Corporation’s financial closing procedures for the quarter ended June 30, 2024, are not yet complete and, as a result, the Corporation’s final results upon completion of its closing procedures may vary from the preliminary estimates. These estimates should not be viewed as a substitute for the Corporation’s quarterly and year-to-date financial statements prepared in accordance with generally accepted accounting principles in the United States. The Corporation expects to file its Quarterly Report on Form 10-Q for the second quarter (its “Quarterly Report”) on approximately August 12, 2024. Except as otherwise required by applicable law, the Corporation undertakes no responsibility to update this outlook prior to the release of its Quarterly Report.

About Ampco-Pittsburgh Corporation

Ampco-Pittsburgh Corporation manufactures and sells highly engineered, high-performance specialty metal products and customized equipment utilized by industry throughout the world. Through its operating subsidiary, Union Electric Steel Corporation, it is a leading producer of forged and cast rolls for the global steel and aluminum industries. It also manufactures open-die forged products that are sold principally to customers in the steel distribution market, oil and gas industry, and the aluminum and plastic extrusion industries. The Corporation is also a producer of air and liquid processing equipment, primarily custom-engineered finned tube heat exchange coils, large custom air handling systems and centrifugal pumps. It operates manufacturing facilities in the United States, England, Sweden, and Slovenia and participates in three operating joint ventures located in China. It has sales offices in North America, Asia, Europe, and the Middle East. The Corporation’s corporate headquarters is located in Carnegie, Pennsylvania.

FORWARD-LOOKING STATEMENTS

The Private Securities L

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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

May 14, 2024

Ampco-Pittsburgh Corporation (NYSE: AP) Announces First Quarter 2024 Results

Carnegie, PA, May 14, 2024 – Ampco-Pittsburgh Corporation (NYSE: AP) reported net sales of $110.2 million for the three months ended March 31, 2024, compared to $104.8 million for the three months ended March 31, 2023. The increase is attributable to sales growth in the Air and Liquid Processing segment.

The Corporation reported income from operations of $0.1 million for the three months ended March 31, 2024, which declined compared to income from operations of $2.0 million for the three months ended March 31, 2023. A major driver of the change was higher repair expense and the impact of plant downtime caused by fire damage at a foreign cast roll facility. In addition, the Air and Liquid Processing segment was impacted by unfavorable product mix, higher production costs and higher selling and administrative costs associated with the expansion of the segment’s sales distribution network.

Commenting on the quarter, Ampco-Pittsburgh’s CEO, Brett McBrayer, said, “While there were no injuries from the foundry fire, safety remains our top priority and the affected equipment is back up and running in early second quarter. The sales mix issue that impacted Air and Liquid margins in the first quarter is also expected to be behind us as we move into the second quarter, and the expansionary costs in Air and Liquid will be better absorbed as more of the segment’s prior order book growth converts to sales. A low order book in Europe continues to impact our cast plant utilization negatively, but our customers indicate the destocking cycle appears complete and orders are improving. Our forged roll business performed well, and the Corporation has better overall momentum heading into the second quarter.”

Interest expense of $2.8 million for the three months ended March 31, 2024, increased by $0.7 million from the three months ended March 31, 2023, primarily due to higher average revolving credit facility borrowings, higher equipment financing debt balance and higher interest rates. Other income – net of $0.9 million for the three months ended March 31, 2024, declined $0.5 million from the three months ended March 31, 2023, principally due to foreign exchange transaction losses in the current year quarter versus gains in the prior year quarter. The income tax provision for the three months ended March 31, 2024, grew slightly compared to the three months ended March 31, 2023, given higher income of the Corporation’s profitable entities which have no valuation allowances recorded against their respective deferred tax assets.

Net loss of $(2.7) million, or $(0.14) per share, for the three months ended March 31, 2024, compares to net income of $0.7 million, or $0.03 per diluted share, for the three months ended March 31, 2023.

Teleconference Access

Ampco-Pittsburgh Corporation will hold a conference call on Tuesday May 14, 2024, at 10:30 a.m. Eastern Time (ET) to discuss its financial results for the first quarter ended March 31, 2024. The Corporation encourages participants to pre-register at any time, including up to and after the call start time via this link: https://dpregister.com/sreg/10188757/fc6d48eec8. Those without internet access or unable to pre-register should dial in at least five minutes before the start time using:

• Participant Dial-in (Toll Free): 1-844-308-3408

• Participant International Dial-in: 1-412-317-5408

For those unable to listen to the live broadcast, a replay will be available one hour after the event concludes on the Corporation’s website under the Investors menu at www.ampcopgh.com.

About Ampco-Pittsburgh Corporation

Ampco-Pittsburgh Corporation manufactures and sells highly engineered, high-performance specialty metal products and customized equipment utilized by industry throughout the world. Through its operating subsidiary, Union Electric Steel Corporation, it is a leading producer of forged and cast rolls for the global steel and aluminum industries. It also manufactures open-die forged products that are sold principally to customers in the steel distribution market, oil and gas industry, and the aluminum and plastic extrusion industries. The Corporation is also a producer of air and liquid processing equipment, primarily custom-engineered finned tube heat exchange coils, large custom air handling systems and centrifugal pumps. It operates manufacturing facilities in the United States, England, Sweden, and Slovenia and participates in three operating joint ventures located in China. It has sales offices in North America, Asia, Europe, and the Middle East. Corporate headquarters is located in Carnegie, Pennsylvania.

FORWARD-LOOKING STATEMENTS

The Private Securitie

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Contact:

Michael G. McAuley

Senior Vice President, Chief Financial Officer and Treasurer

(412) 429-2472

mmcauley@ampcopgh.com

FOR IMMEDIATE RELEASE

CARNEGIE, PA

March 25, 2024

Ampco-Pittsburgh Corporation (NYSE: AP) Announces Fourth Quarter and Full Year 2023 Results

• Q4 2023 sales up 16% over Q4 2022; full year 2023 sales up 8% over full year 2022.

• Air and Liquid Processing segment sales increased 35% for Q4 2023 and 31% for 2023 YTD compared to prior year periods.

• 2023 full year loss from operations of $34.6 million includes a $40.9 million non-cash, undiscounted asbestos-related revaluation charge recorded in Q4 2023.

• 2023 full year non-GAAP adjusted income from operations improved $4.5 million vs 2022.

• Conclusion of U.S. forged business equipment modernization program in Q1 2024.

Carnegie, PA, March 25, 2024 – Ampco-Pittsburgh Corporation (NYSE: AP)reported net sales of $108.1 million and $422.3 million for the three and twelve months ended December 31, 2023, compared to $93.5 million and $390.2 million for the three and twelve months ended December 31, 2022, respectively. The increase for both the three and twelve months ended December 31, 2023, over the prior year periods was primarily driven by record Air and Liquid segment sales, higher forged roll shipment volumes, and higher net roll pricing, offset in part by lower shipments of forged engineered products.

The Corporation reported a loss from operations for the three and twelve months ended December 31, 2023, of $41.6 million and $34.6 million, respectively, compared to income from operations for the three and twelve months ended December 31, 2022, of $0.9 million and $2.8 million, respectively. The three- and twelve-month periods ended December 31, 2023, include an asbestos-related charge resulting from the net effect of the revaluation of asbestos liabilities and the related insurance receivables (the “Asbestos-Related Charge”) of $40.9 million. This revaluation reflects more recent claims experience, indicating primarily a trend toward higher expected settlement values for pending and future asbestos claims. By comparison, the three- and twelve-month periods ended December 31, 2022, include an asbestos-related benefit of $2.2 million resulting from a reduction in the estimated long-term defense cost portion of the Corporation’s asbestos liability (the “Asbestos-Related Credit”). Both the Asbestos-Related Charge and the Asbestos-Related Credit are recorded in the Air and Liquid Processing segment’s operating results for the applicable periods.

CEO Brett McBrayer commented, “Our non-GAAP adjusted operating income improved by $4.5 million in 2023 over 2022, each of which exclude the impact of the non-cash and undiscounted Asbestos-Related

Charge (Credit) and other unusual items. Record sales in Air and Liquid Processing, and the positive impacts of higher forged roll volumes and higher net pricing in our roll business collectively overcame a significant market decline in FEP product demand and softer demand for cast rolls. Although our U.S. forged roll business performed well, excess plant capacity for current demand levels coupled with high energy costs in our European cast roll business continued to weigh heavily on our results in 2023. With the conclusion of the equipment revitalization effort in our U.S. forged business in Q1 2024 and some relief with lower energy prices in Europe, we are better positioned to selectively capture market opportunities.”

Interest expense for the three and twelve months ended December 31, 2023, increased due to a rise in total debt and interest rates for the current year periods when compared to the same periods of the prior year. “Other – net” improved for the three months ended December 31, 2023, when compared to the prior year period primarily due to lower foreign exchange losses, partly offset by lower pension income; however, “Other – net” declined for the full year primarily due to fluctuations in foreign exchange and lower pension income, partly offset by unrealized gains in Rabbi Trust investments compared to prior year unrealized losses.

The income tax provision for the three and twelve months ended December 31, 2023, includes a $1.3 million income tax benefit related to the Asbestos-Related Charge. The income tax provision for the three and twelve months ended December 31, 2023, also includes the recognition of a $0.3 million valuation allowance against the net deferred income tax assets of the Corporation’s U.K. operations, which entered into a three-year cumulative loss position during the quarter, given the higher energy costs it experienced in the wake of the Russia-Ukraine conflict and the resulting shift in the majority of its production load to another facility.

Net loss attributable to Ampco-Pittsburgh for the three and twelve months ended December 31, 2023, was $41.8 million, or $2.12 per share, and $39.9 mill

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EX-99.1

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 13, 2023

Ampco-Pittsburgh Corporation (NYSE: AP) Announces Third Quarter 2023 Results

• EPS of $0.04 for Q3 2023 and $0.10 for 2023 YTD.

• Operating income of $1.7 million for Q3 2023 and $7.0 million 2023 YTD, up significantly from prior year.

• Air and Liquid Processing segment sales increased 18% for Q3 2023 and 29% 2023 YTD compared to prior year periods with record sales 2023 YTD and another record backlog at Q3 2023.

• U.S. forged business equipment modernization project on track for completion in Q4 2023.

Carnegie, PA, November 13, 2023 – Ampco-Pittsburgh Corporation (NYSE: AP) reported net sales of $102.2 million and $314.2 million, respectively, for the three and nine months ended September 30, 2023, compared to $99.6 million and $296.7 million for the three and nine months ended September 30, 2022, respectively. The increase is attributable to higher shipments for the Air and Liquid Processing segment.

Commenting on the quarter, Ampco-Pittsburgh’s CEO, Brett McBrayer, said, “Despite scheduled downtime taken in Q3 for plant maintenance to align with customer downtime in the Forged and Cast Engineered Products segment, the Corporation produced another profitable quarter. Although forged engineered products sales into the steel distribution and oil and gas markets remained sluggish, and cost absorption was lower given the plant downtime taken, stronger roll pricing coupled with a decline in commodity prices and growth in the Air and Liquid segment delivered the year-over-year improvement for the quarter, expanding our operating income improvement year-to-date.”

Income from operations for the three and nine months ended September 30, 2023, was $1.7 million and $7.0 million, respectively, compared to $0.2 million and $1.8 million for the three and nine months ended September 30, 2022, respectively. The improvement was driven primarily by higher pricing, net of lower surcharges, in the Forged and Cast Engineered Products segment and a higher volume of sales in the Air and Liquid Processing segment.

In addition, operating income for the nine months ended September 30, 2023, includes a credit of approximately $1.9 million for the reimbursement of past energy costs at one of the Corporation's foreign operations by its local government (the “Foreign Energy Credit”). Included in operating income for the nine

months ended September 30, 2022, is a charge of approximately $0.6 million for excess COVID-19 subsidies received in 2020 and returned in 2022 (the “Refund of Excess COVID-19 Subsidies”), and a benefit of approximately $1.4 million resulting from a change in how certain employees earn certain benefits (the “Change in Employee Benefit Policy”).

Investment-related income for the three and nine months ended September 30, 2023 and 2022 was primarily comprised of dividends declared by one of the Corporation’s Chinese joint ventures totaling $0.1 million and $0.5 million, respectively. Interest expense for the three and nine months ended September 30, 2023, increased in comparison to the same periods of the prior year due to rising interest rates and higher borrowings, in part, due to ongoing expenditures associated with the capital investment modernization program for the domestic forged business. Other – net for the three and nine months ended September 30, 2023, decreased in comparison to the prior year periods primarily due to lower foreign exchange transaction gains in the current year periods.

Net income was $0.8 million, or $0.04 per common share, and $1.9 million, or $0.10 per common share, for the three and nine months ended September 30, 2023, respectively. This compares to net income of $1.1 million, or $0.06 per common share, and $3.9 million, or $0.20 per common share, for the three and nine months ended September 30, 2022, respectively. Net income and earnings per common share for the three months ended September 30, 2023, include an after-tax benefit of $0.2 million or $0.01 per share for a cash recovery received from an insolvent asbestos-related insurance carrier (the “Asbestos-Related Credit”). Net income and common earnings per share for the nine months ended September 30, 2023, include after-tax benefits of $2.1 million or $0.11 per share associated with the Asbestos-Related Credit and the Foreign Energy Credit.

Segment Results

Forged and Cast Engineered Products

Sales for the Forged and Cast Engineered Products segment for the three and nine months ended September 30, 2023, declined slightly when compared to the same periods in the prior year primarily due to lower volume of FEP shipments as a result of reduced demand from the steel distribution and oil and gas markets. Stronger forged roll shipments more than offset weaker cast roll shipments.

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EX-99.1

EX-99.1

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 9, 2023

Ampco-Pittsburgh Corporation (NYSE: AP) Announces Second Quarter 2023 Results

• Air and Liquid Processing segment sales increased 29% for Q2 and 35% YTD compared to prior year periods

• June YTD operating income more than triple prior year

• EPS of $0.02 for Q2 2023 and $0.06 for 2023 YTD

Carnegie, PA, August 9, 2023 – Ampco-Pittsburgh Corporation (NYSE: AP) reported net sales of $107.2 million and $212.0 million for the three and six months ended June 30, 2023, respectively, compared to $102.6 million and $197.0 million for the three and six months ended June 30, 2022, respectively. The increase is primarily attributable to higher sales in the Air and Liquid Processing segment driven by improved volumes.

Commenting on the quarter, Ampco-Pittsburgh’s CEO, Brett McBrayer, said, “The Air and Liquid segment led the way in sales growth for both the quarter and year-to-date, and its order intake continues to set new records in Air and Liquid segment backlog, which increased 43% compared to a year ago and 14% sequentially. Despite some higher operating costs in the Forged and Cast Engineered Products segment and lower demand in the oil and gas and steel distribution markets for forged products, roll demand on balance has remained solid and pricing has kept pace with material and energy costs. Year-to-date consolidated operating income is more than three times last year’s level. The new equipment in our US forged business is now in various stages of installation and this spending program remains on track for full completion by the end of this year, setting the stage for improved efficiencies in 2024.”

Income from operations for the three and six months ended June 30, 2023, was $3.3 million and $5.3 million, respectively, compared to $2.1 million and $1.6 million for the three and six months ended June 30, 2022, respectively. The three and six months ended June 30, 2023, include a benefit from a $1.9 million government energy credit received by one of the Corporation’s wholly owned foreign subsidiaries whereas the prior year-to-date period includes a $1.4 million benefit resulting from a change in an employee benefit policy.

Interest expense for the three and six months ended June 30, 2023, increased in comparison to the same periods of the prior year due to increasing interest rates and higher borrowings, in part, due to ongoing expenditures associated with the strategic capital investment program for the domestic roll operations.

Other – net declined for the three and six months ended June 30, 2023, compared to the same periods of the prior year, primarily due to losses on foreign exchange versus gains for the prior year periods.

Net income for the current year periods was significantly impacted by the higher interest costs and changes in foreign exchange gains and losses and equaled $0.4 million, or $0.02 per diluted share, and $1.1 million, or $0.06 per diluted share, for the three and six months ended June 20, 2023, respectively. This compares to net income of $2.8 million, or $0.14 per diluted share, and $2.8 million, or $0.14 per diluted share, for the three and six months ended June 30, 2022, respectively. The government energy credit improved earnings per share by $0.10 for the three and six months ended June 30, 2023, whereas the benefit resulting from a change in an employee benefit policy improved earnings per share by $0.07 for the six months ended June 30, 2022.

Segment Results

Forged and Cast Engineered Products

While comparable on a year-to-date basis, sales for the Forged and Cast Engineered Products segment for the three months ended June 30, 2023, declined slightly from the same period of the prior year primarily due to lower demand from the steel distribution and oil and gas markets partially offset by a higher volume of mill roll shipments. Operating results for the three and six months ended June 30, 2023, improved when compared to the same periods of the prior year primarily due to improved pricing, net of lower variable-index surcharges. Although operating results for the three and six months ended June 30, 2023, include the $1.9 benefit for the foreign energy credit, this was partly offset by the lower volume of shipments to the steel distribution and oil and gas markets.

Air and Liquid Processing

Sales for the Air and Liquid Processing segment for the three and six months ended June 30, 2023, improved 29% and 35%, respectively, compared to the same periods of the prior year due to a higher volume of shipments for each division. Operating results for the three and six months ended June 30, 2023, improved 15% and 13%, respectively, compared to the same periods of the prior year on the higher volumes but were adversely affected by product mix

EX-99.1

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EX-99.1

EX-99.1

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

May 15, 2023

Ampco-Pittsburgh Corporation (NYSE: AP) Announces First Quarter 2023 Results

• Q1 2023 net income of $0.7 million, or $0.03/share

• Q1 2023 sales growth of 11% vs prior year and 12% vs prior quarter

• Backlog up 16% vs prior year and up 3% vs prior quarter

• Equipment modernization in U.S. forged business on track

Carnegie, PA, May 15, 2023 – Ampco-Pittsburgh Corporation (NYSE: AP) reported net income of $0.7 million, or $0.03 per diluted share, for the three months ended March 31, 2023, which improved when compared to approximately breakeven results for the three months ended March 31, 2022.

The Corporation reported net sales of $104.8 million for the three months ended March 31, 2023, compared to $94.4 million for the three months ended March 31, 2022. The increase is primarily attributable to growth in the Air and Liquid Processing segment for heat exchange coils and custom air handlers. Higher roll pricing and shipment volumes in the Forged and Cast Engineered Products segments was largely offset by a decline in shipments of other forged engineered products and an unfavorable foreign exchange translation effect.

Operating income of $2.0 million for the three months ended March 31, 2023, improved compared to an operating loss of $0.5 million for the three months ended March 31, 2022, as both higher pricing and overall shipment volumes more than offset increases in operating costs, lower manufacturing overhead cost absorption due to higher current year plant downtime in the Forged and Cast Engineered Products segment, and the prior year benefit of a change in an employee benefit policy.

Commenting on the quarter, Ampco-Pittsburgh’s CEO, Brett McBrayer, said, “This quarter was back on track with positive profitability, demonstrating the successful penetration of our pricing actions in Forged and Cast Engineered Products and our growth strategy in Air and Liquid. Backlog grew further this quarter in both segments and the equipment modernization program in our US forged operations remains on track for completion this year.”

Other expense of $0.7 million for the three months ended March 31, 2023, compared to other income of $0.4 million for the three months ended March 31, 2022, primarily due to higher interest expense on higher debt and higher interest rates. The income tax provision for the three months ended March 31, 2023, rose due to higher income in the Corporation’s profitable entities for which no valuation allowance exists.

Teleconference Access

Ampco-Pittsburgh Corporation will hold a conference call on Tuesday May 16, 2023, at 10:30 a.m. Eastern Time (ET) to discuss its financial results for the first quarter ended March 31, 2023. The Corporation encourages participants to pre-register at any time, including up to and after the call start time via this link: https://dpregister.com/sreg/10178472/f944dd7358. Those without internet access or unable to pre-register should dial in at least five minutes before the start time using:

• Participant Dial-in (Toll Free): 1-844-308-3408

• Participant International Dial-in: 1-412-317-5408

For those unable to listen to the live broadcast, a replay will be available one hour after the event concludes on the Corporation’s website under the Investors menu at www.ampcopgh.com.

About Ampco-Pittsburgh Corporation

Ampco-Pittsburgh Corporation manufactures and sells highly engineered, high-performance specialty metal products and customized equipment utilized by industry throughout the world. Through its operating subsidiary, Union Electric Steel Corporation, it is a leading producer of forged and cast rolls for the global steel and aluminum industries. It also manufactures open-die forged products that are sold principally to customers in the steel distribution market, oil and gas industry, and the aluminum and plastic extrusion industries. The Corporation is also a producer of air and liquid processing equipment, primarily custom-engineered finned tube heat exchange coils, large custom air handling systems and centrifugal pumps. It operates manufacturing facilities in the United States, England, Sweden, and Slovenia and participates in three operating joint ventures located in China. It has sales offices in North America, Asia, Europe, and the Middle East. Corporate headquarters is located in Carnegie, Pennsylvania.

Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 (the “Act”) provides a safe harbor for forward-looking statements made by us or on behalf of the Corporation. This press release may include, but is not limited to, statements about operating performance, trends and events that the Corporation expects or anticipates will occur in the future, statements abou

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EX-99

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 20, 2023

Ampco-Pittsburgh Corporation (NYSE: AP) Announces Fourth Quarter and Full Year 2022 Results

• Full-year EPS of $0.18 per diluted share

• Q4 2022 sales up 11% over Q4 2021; full year 2022 sales up 13% over full year 2021

• Non-cash asbestos-related benefit of $2.2 million pre-tax

• Backlog at 12/31/22 up 26% vs prior year and up 11% vs prior quarter

Carnegie, PA, March 20, 2023 – Ampco-Pittsburgh Corporation (NYSE: AP)reported net sales of $93.5 million and $390.2 million for the three and twelve months ended December 31, 2022, compared to $84.5 million and $344.9 million for the three and twelve months ended December 31, 2021, respectively. The increase for both the three and twelve months ended December 31, 2022, over the prior year periods is principally due to improved pricing, including higher variable-index surcharges, and increased demand for mill rolls, as well as higher shipment volumes of custom air handlers and heat exchange coils.

CEO Brett McBrayer commented, “Our pricing actions in the Forged and Cast Engineered products segment during the year largely kept pace with the inflationary pressures experienced, though with a lagged effect. We announced new price increases in February 2023 for all new roll orders, with material and energy surcharges remaining in effect. Backlog in the Forged and Cast Engineered Products segment rebounded in Q4 from Q3. We have installed our first new lathe and the remainder of our strategic capital equipment is scheduled for delivery and installation over the next few quarters of this year. In addition, our growth agenda in Air & Liquid Processing is proceeding with another record quarter in its backlog, which grew 69% versus prior year.”

The Corporation reported income from operations for the three and twelve months ended December 31, 2022, of $0.9 million and $2.8 million, respectively, compared to loss from operations for the three and twelve months ended December 31, 2021, of $(7.7) million and $(4.8) million, respectively. The three- and twelve-month periods ended December 31, 2022, include an asbestos-related benefit of $2.2 million resulting from a reduction in the estimated long-term defense cost portion of the Corporation’s asbestos liability (the “Asbestos Credit”). By comparison, the three- and twelve-month periods ended December 31, 2021, include a $6.7 million asbestos-related charge resulting from the revaluation of the asbestos liabilities

and the related insurance receivables (the “Asbestos Charge”). Both the Asbestos Credit and the Asbestos Charge are recorded in the Air and Liquid Processing segment’s operating results. Excluding the Asbestos Credit and the Asbestos Charge, the improved profitability of the Air and Liquid Processing segment was approximately offset by the higher costs of raw material, energy and other operating costs, net of improved pricing, in the Forged and Cast Engineered Products segment.

Interest expense for the three and twelve months ended December 31, 2022, increased due to a rise in total debt and interest rates for the current year periods when compared to the same periods of the prior year. “Other – net” declined for the three months ended December 31, 2022, when compared to the prior year period, primarily due to larger foreign exchange losses; however, “Other – net” improved year over year primarily due to favorable foreign exchange fluctuations, partly offset by unrealized losses on Rabbi trust investments in the current year versus a gain for full year 2021.

Net (loss) income for the three and twelve months ended December 31, 2022, was $(0.5) million, or $(0.02) per diluted share, and $3.4 million, or $0.18 per diluted share, respectively. This compares to net loss for the three and twelve months ended December 31, 2021, of $(7.4) million, or $(0.39) per diluted share, and $(3.9) million, or $(0.20) per diluted share, respectively.

Change in method of accounting for inventory valuation

Effective December 31, 2022, the Corporation changed its method of accounting for the cost of its domestic inventories from the LIFO method to the FIFO method. At December 31, 2021, approximately 35% of the Corporation's inventories were accounted for using the LIFO method and, at December 31, 2022, approximately 42% of the Corporation's inventories would have been accounted for using the LIFO method had the Corporation not changed. The Corporation believes the change to the FIFO method of inventory valuation is preferable as it provides a better matching of costs with the physical flow of goods, standardizes the Corporation’s inventory valuation methodology among the locations, and improves comparability with industry peers. A change from the LIFO method to the FIFO method is considered a c

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EX-99.1

EX-99.1

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 14, 2022

Ampco-Pittsburgh Corporation (NYSE: AP) Announces Third Quarter 2022 Results

•

Q3 2022 EPS of $0.04 per share

•

Record high Air and Liquid Processing segment backlog

•

U.S. equipment modernization project on-track with arrival of first

machine tool expected in Q4 2022

•

Improved liquidity from execution of sale and leaseback financing and equipment financing agreements

Carnegie, PA, November 14, 2022 – Ampco-Pittsburgh Corporation (NYSE: AP) (the “Corporation” or “Ampco-Pittsburgh”) reported net sales of $99.6 million and $296.7 million, respectively, for the three and nine months ended September 30, 2022, compared to $81.2 million and $260.4 million for the three and nine months ended September 30, 2021, respectively. The increase is primarily attributable to higher selling prices and variable-index surcharges in the Forged and Cast Engineered products and a higher level of shipments in both segments, offset in part by unfavorable foreign exchange translation.

Net income was $0.8 million, or $0.04 per diluted share, and $2.9 million, or $0.15 per diluted share, for the three and nine months ended September 30, 2022, respectively. This compares to a net loss of $1.6 million, or $0.08 per diluted share, and $0.4 million, or $0.02 per diluted share, for the three and nine months ended September 30, 2021, respectively.

Commenting on the quarter, Ampco-Pittsburgh’s CEO, Brett McBrayer, said, “Despite the negative operating environment in Europe and planned maintenance downtime taken during the quarter in our Forged and Cast Engineered Products segment, Ampco-Pittsburgh reported positive net income in Q3. While energy prices in Europe increased further during the quarter, certain commodity prices have fallen from their peaks, helping our product surcharges to keep pace. Sales growth included higher roll shipments and I am especially pleased with the growth we are experiencing in the Air & Liquid segment, with another record-setting quarter for its order book. In addition, the Corporation improved its liquidity position during the quarter by successfully executing sale and leaseback and equipment financing transactions.”

(Loss) income from operations for the three and nine months ended September 30, 2022, was $(0.1) million and $0.8 million, respectively, compared to (loss) from operations of $(2.4) million and $(1.0) million for the three and nine months ended September 30, 2021, respectively. The change primarily reflects inflationary increases in operating costs being approximately offset by higher pricing and variable-index surcharges, the benefit of a higher volume of shipments, and, for the year-to-date period, the favorable impact of an employee benefit change.

Investment-related income for the three months ended September 30, 2022, improved

compared to the prior year due to the timing of dividend income received in the quarter from one of the Corporation’s Chinese joint ventures, but declined in amount for the nine months ended September 30, 2022 compared to the prior year. Interest expense for the three and nine months ended September 30, 2022, increased in comparison to the prior year based on higher bank debt and higher interest rates. Other – net for the three and nine months ended September 30, 2022, increased in comparison to the prior year due primarily to higher gains on foreign exchange transactions, offset in part by Rabbi Trust mark-to-market losses in the current year periods.

The income tax provision for the three and nine months ended September 30, 2022, included expense of $0.3 million, or $0.02 per common share, for the revaluation of certain deferred tax assets associated with the Pennsylvania tax rate change. The income tax provision for the nine months ended September 30, 2021, included expenses totaling $0.5 million, or $0.03 per common share, for the revaluation of certain deferred income tax liabilities for a future tax rate change enacted in the U.K. and for the restructuring of a foreign sales office.

Segment Results

Forged and Cast Engineered Products

Sales for the Forged and Cast Engineered Products segment for the three and nine months ended September 30, 2022, improved from the prior year period due to higher selling prices and variable-index surcharges passed through to customers as a result of higher raw material, energy and transportation costs, a higher volume of mill roll shipments, and for the year-to-date period, a higher volume of forged engineered products to the steel distribution and oil and gas markets. Unfavorable foreign exchange translation was a partly offsetting factor.

Operating results for the three and nine months ended September 30, 2022, improved compared to the prior year periods primarily due t