Ampco-Pittsburgh (AP) presented its growth strategy and operational updates at the Small-Cap Virtual Conference on September 23, 2026. The company outlined its financial targets and operational shifts, highlighting the impact of tariffs and market dynamics.
Ampco-Pittsburgh aims to achieve $430 million in revenue for 2025, with an adjusted EBITDA margin of 6.7%, representing about $30 million in absolute EBITDA. The company's backlog stands at $385 million, with a market capitalization of approximately $180 million. The company is targeting a net debt to EBITDA ratio of 3.0 times or below, and an adjusted EBITDA margin of 10% or above.
The company's operational structure consists of two main segments: Forged and Cast Engineered Products (Union Electric Steel) and Air and Liquid Processing Systems (Air & Liquid Systems Corporation). Forged and Cast Engineered Products accounts for about two-thirds of revenue, while Air and Liquid Processing Systems accounts for about one-third. The company expects Air and Liquid Processing Systems to grow 10% to 12% per year on average.
Ampco-Pittsburgh has been impacted by Section 232 tariffs, which have driven steel and aluminum production growth in North America. The company has also been affected by European Union protections, which have raised European mill utilization from ~65% to above 80% over roughly a year. The company has implemented local safeguards in Canada and Mexico to protect its industry.
David Anderson, CFO and Segment President for Air and Liquid Systems, stated that the company is working on increasing its capacity and throughput to meet demand. Brett McBrayer, CEO, noted that the company is an undervalued option in the marketplace and has positive momentum going in its direction.
