Ampco-Pittsburgh Stock (NYSE:AP), Trade Ideas

Ampco-Pittsburgh

Ampco-Pittsburgh Corp is a U.S.-based company manufacturing and selling engineered, specialty metal products and customized equipment. It operates in two business segments namely the Forged and Cast Engineered Products segment and the Air and Liquid Processing segment. The Forged and Cast Engineered Products segment produces forged hardened steel rolls, cast rolls, and open-die forged products. Forged hardened steel rolls are used in cold rolling mills by producers of steel, aluminum, and other metals whereas, the Air and Liquid Processing segment includes Aerofin, Buffalo Air Handling, and Buffalo Pumps. The company generates a majority of its revenue from the Forged and Cast Engineered Products segment. It has a business presence in the United States and other countries.

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Top Stories for March 26, 2024: TMC reported Q4 and FY 2023 financial results, Ampco-Pittsburgh Corporation saw increase in sales, Vale to negotiate funding for iron ore facility, Atlas Lithium appointed new COO Brian Talbot in Brazil&#39;s Lithium Valley.

TMC, Ampco Report Financial Results; Vale To Negotiate DOE Funding And More: Tuesday&#39;s Top Mining Stories

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The Dow Jones closed higher by more than 100 points on Friday. When insiders purchase or sell shares, it indicates their confidence or concern around the company&#39;s prospects. Investors and traders interested in penny stocks can consider this a factor in their overall investment or trading decision.

Around $3M Bet On This Basic Materials Stock? Check Out These 4 Penny Stocks Insiders Are Buying

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Top Stories for March 26, 2024:
1. TMC The Metals Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMC#NASDAQ">TMC</a>) reported Q4 and FY <a href="https://www.benzinga.com/insights/earnings/24/03/37922973/tmc-metals-q4-earnings-insights">2023 financial results</a>. 
The company saw Q4 operational cash usage of $15.2 million and a quarterly net loss of $33.5 million (11 cents per share).
For 2023, TMC reported an annual loss of $73.8 million (26 cents per share), improving from 2022&#8217;s $171 million loss.&nbsp;
As of Dec. 31 2023, the company had $6.8 million in cash, with total liquidity of about $61 million, including upcoming proceeds and credit facilities. 
CEO Gerard Barron highlighted TMC's progress in marine research, with encouraging findings on the impact of nodule collection on the seafloor ecosystem, and noted positive developments in U.S. policies and international interest in deep-sea mining.
2. Ampco-Pittsburgh Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AP#NYSE">AP</a>) also reported Q4 and FY 2023 results.
The company saw a 16% increase in Q4 sales and an 8% increase in annual sales, with the Air and Liquid Processing segment jumping 35% in Q4 and 31% annually.&nbsp;
Ampco saw record sales in the Air and Liquid segment, increased forged roll shipments and higher pricing, despite a decrease in certain product shipments.
Despite a $34.6 million operational loss in 2023 due to a $40.9 million asbestos-related charge, non-GAAP adjusted income from operations improved by $4.5 million from 2022.&nbsp;
The company also completed its U.S. forged business equipment modernization program in early 2024.
Also Read:<a href="https://www.benzinga.com/topic/mining"> </a><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37868388/3-top-stock-picks-in-metals-mining-sector-to-consider-right-now">3 Top Stock Picks In Metals, Mining Sector To Consider Right Now</a>
3. Vale's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VALE#NYSE">VALE</a>) U.S. subsidiary is set to <a href="https://www.benzinga.com/news/24/03/37934431/vales-partnership-with-doe-signals-domestic-shift-toward-sustainable-steel-production">negotiate funding</a> with the Department of Energy for an innovative iron ore briquette facility in the U.S., leveraging a unique cold-agglomeration process. 
This initiative is aimed at reducing emissions in hard-to-abate sectors and marks a significant step in commercializing technology developed over 20 years at Vale's Brazilian tech center.&nbsp;
The project, aligning with Vale's decarbonization goals for the steel industry, could receive up to $282.9 million in funding.&nbsp;
Vale plans to expand its production of agglomerates globally, targeting 100 metric tons per year by 2030+, contributing to its commitment to reduce emissions in line with the Paris Agreement.
4. Atlas Lithium (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ATLX#NASDAQ">ATLX</a>), a company aiming to capitalize on lithium reserves in Brazil's Lithium Valley, which is estimated to hold 85% of the country's reserves, announced a new chief operating officer. 
The company appointed industry veteran Brian Talbot as COO and Board member, starting April 1, 2024. 
Talbot brings over 30 years of experience in mining, including DMS plant development and operations at other lithium companies.
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