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Allegheny (ATI) Employees Ratify New Labor Agreement With USW
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Allegheny Technologies Incorporated (ATI - Free Report) declared that its employees have ratified a new four-year labor deal with United Steelworkers (“USW”), ending the strike that started on Mar 30, 2021.
The employees will commence their return to active employment in the week of Jul 19, 2021, with production accelerating in the future weeks. The new agreement provides a competitive wage and benefit package to roughly 1,300 represented employees, covering term from Mar 1, 2021 to Feb 28, 2025.
This contract rewards the employees for the important contributions they make to Allegheny's overall success, with higher wage as well as continued excellent and affordable health care. It also secures the controls Allegheny requires to reduce exposure to health care cost inflation, which is important for the long-term viability of its Specialty Rolled Products business, the company noted.
Shares of Allegheny have surged 108.6% in the past year compared with 79.4% rise of the industry.
Image Source: Zacks Investment Research
Allegheny, in its last earnings call, stated that it expects second-quarter results to benefit from modest recovery in demand for its jet engine products, backed by increasing domestic air travel rates in the United States and other parts of the world. Also, the company’s jet engine forging share gains are beginning to pay dividends with increase in industry production volumes.
The company expects continued margin improvement in the HPMC segment in 2021, accelerating in the second half, driven by aggressive cost-cutting measures undertaken in 2020.
This year, the company is focused on undertaking strategic business transformation efforts within the Advanced Alloys & Solutions segment to exit production of low-margin standard stainless sheet products as well as increasing revenues of profitable specialty products over time.
Allegheny Technologies Incorporated Price and Consensus
Allegheny currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Nucor Corporation (NUE - Free Report) , Olin Corporation (OLN - Free Report) and Cabot Corporation (CBT - Free Report) .
Nucor has a projected earnings growth rate of around 381.7% for the current year. The company’s shares have surged 127.7% in a year. It currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Olin has an expected earnings growth rate of around 506.7% for the current year. The company’s shares have skyrocketed 258% in the past year. It currently sports a Zacks Rank #1.
Cabot has an expected earnings growth rate of around 137.5% for the current fiscal. The company’s shares have surged 48.2% in the past year. It currently flaunts a Zacks Rank #1.
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Allegheny (ATI) Employees Ratify New Labor Agreement With USW
Allegheny Technologies Incorporated (ATI - Free Report) declared that its employees have ratified a new four-year labor deal with United Steelworkers (“USW”), ending the strike that started on Mar 30, 2021.
The employees will commence their return to active employment in the week of Jul 19, 2021, with production accelerating in the future weeks. The new agreement provides a competitive wage and benefit package to roughly 1,300 represented employees, covering term from Mar 1, 2021 to Feb 28, 2025.
This contract rewards the employees for the important contributions they make to Allegheny's overall success, with higher wage as well as continued excellent and affordable health care. It also secures the controls Allegheny requires to reduce exposure to health care cost inflation, which is important for the long-term viability of its Specialty Rolled Products business, the company noted.
Shares of Allegheny have surged 108.6% in the past year compared with 79.4% rise of the industry.
Image Source: Zacks Investment Research
Allegheny, in its last earnings call, stated that it expects second-quarter results to benefit from modest recovery in demand for its jet engine products, backed by increasing domestic air travel rates in the United States and other parts of the world. Also, the company’s jet engine forging share gains are beginning to pay dividends with increase in industry production volumes.
The company expects continued margin improvement in the HPMC segment in 2021, accelerating in the second half, driven by aggressive cost-cutting measures undertaken in 2020.
This year, the company is focused on undertaking strategic business transformation efforts within the Advanced Alloys & Solutions segment to exit production of low-margin standard stainless sheet products as well as increasing revenues of profitable specialty products over time.
Allegheny Technologies Incorporated Price and Consensus
Allegheny Technologies Incorporated price-consensus-chart | Allegheny Technologies Incorporated Quote
Zacks Rank & Key Picks
Allegheny currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Nucor Corporation (NUE - Free Report) , Olin Corporation (OLN - Free Report) and Cabot Corporation (CBT - Free Report) .
Nucor has a projected earnings growth rate of around 381.7% for the current year. The company’s shares have surged 127.7% in a year. It currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Olin has an expected earnings growth rate of around 506.7% for the current year. The company’s shares have skyrocketed 258% in the past year. It currently sports a Zacks Rank #1.
Cabot has an expected earnings growth rate of around 137.5% for the current fiscal. The company’s shares have surged 48.2% in the past year. It currently flaunts a Zacks Rank #1.