Allegheny Technologies ups 2007 spending |
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Fri, 23 Feb 2007 17:05
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PITTSBURGH (AP) - Specialty metals producer Allegheny Technologies Inc. said Friday it will increase its capital spending in 2007 to between $450 million and $500 million, to meet greater demand for titanium sponge.The company previously planned capital investments this year of between $400 million and $450 million.Allegheny Technologies said it would spend about $38 million of the additional money to add 4 million pounds of titanium sponge capacity to its facility in Albany, Ore. The investment would bring the facility's annual production capacity to 20 million pounds.Allegheny Technologies also said it would now spend between $425 million and $450 million on its new titanium sponge facility planned for Rowley, Utah. The company originally earmarked $325 million for the facility. The addition investment would increase capacity at the plant beyond the 24 million pounds it previously set.Allegheny Technologies still expects Rowley to begin production in late 2008.Taken together, the two projects will increase the company's overall internal titanium sponge capacity to at least 44 million pounds by the end of 2009.The increases in capacity are meant to meet growing demand from the aerospace and defense, chemical process, and oil and gas markets, the company said.Shares of Allegheny Technologies rose $2.99, or 2.8 percent, to $109.46 on the New York Stock Exchange, after earlier climbing to a new 52-week high of $110, eclipsing its prior peak of $108.25.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Allegheny Technologies to add capacity 