1. The 'Intel Inside' for steel mills and power plants.

2. A highly specialized General Electric or Siemens, focused on industrial components and custom equipment for heavy manufacturing.

• Forged Rolls: Manufactures high-quality forged rolls used primarily in hot and cold strip mills for steel and aluminum production.
• Cast Rolls: Produces cast iron and steel rolls for various rolling mill applications, including plate, section, and strip mills.
• Open-Die Forged Products: Provides custom-engineered, large open-die forgings for critical applications in industries like defense, aerospace, and power generation.
• Centrifugal Pumps: Designs and manufactures industrial centrifugal pumps for a wide range of fluid handling applications.
• Cooling Towers: Produces industrial cooling towers for heat dissipation in power generation, chemical processing, and HVAC systems.
• Fin-Fan Heat Exchangers: Supplies fin-fan heat exchangers used for cooling gases and liquids in industrial processes, including oil & gas and petrochemicals.

Ampco-Pittsburgh (Symbol: AP) - Major Customers

• Steel and Aluminum Producers: This category includes large integrated steel producers, mini-mills, and aluminum producers globally, who utilize Ampco-Pittsburgh's forged and cast rolls in their rolling mill operations.
• Heavy Industrial and Manufacturing Companies: This diverse group includes companies involved in sectors such as mining, marine, petrochemical, power generation, and general industrial applications, which rely on Ampco-Pittsburgh's specialized steel and bronze components for highly engineered equipment.
• Oil and Gas Industry: Customers within the oil and gas sector utilize Ampco-Pittsburgh's custom-engineered products, often for critical components in their specialized machinery and infrastructure.

J. Brett McBrayer, Chief Executive Officer

J. Brett McBrayer was elected Chief Executive Officer (CEO) and Director of Ampco-Pittsburgh Corporation effective July 1, 2018. He brings over 27 years of international business and manufacturing leadership experience. Prior to joining Ampco-Pittsburgh, McBrayer served as President and CEO at Airtex Products and ASC Industries, a global manufacturer and distributor of automotive aftermarket and OEM fuel and water pumps. Before Airtex/ASC, he was Vice President and General Manager of the Alcan Cable business at Rio Tinto Alcan. He also held the role of Vice President and General Manager of the Specialty Metals Division at Precision Castparts Corporation. McBrayer spent 20 years with Alcoa, Inc., holding positions of increasing responsibility and leadership. He holds a Master of Arts in Applied Behavioral Science from Bastyr University and a Bachelor of Science in Industrial Engineering from the University of Tennessee.

Michael G. McAuley, Chief Financial Officer, Senior Vice President and Treasurer

Michael G. McAuley was appointed Chief Financial Officer and Treasurer of Ampco-Pittsburgh Corporation effective April 25, 2016, and has served as Senior Vice President, Chief Financial Officer and Treasurer since March 2018. He brings over 27 years of extensive financial experience and leadership to his role. Most recently, he served as Senior Vice President and CFO at RTI International Metals, a manufacturer of titanium products. Before RTI, McAuley held positions of increasing responsibility in corporate and divisional financial management at Goodrich Corporation, an aerospace and defense company, and Air Products and Chemicals, Inc., a global supplier of industrial gases and chemicals. He earned a Master of Science in Management from Purdue University, Krannert Graduate School of Management, and a Bachelor's degree in Economics from Allegheny College. He is also a Certified Management Accountant (CMA).

Samuel C. Lyon, President, Union Electric Steel Corporation

Samuel C. Lyon was appointed President of Union Electric Steel Corporation, a wholly-owned subsidiary of Ampco-Pittsburgh, effective February 4, 2019. He brings over 27 years of experience in lean manufacturing, operations, and process improvement leadership. Prior to this role, he served as Vice President and Group President of Performance Engineered Products for Carpenter Technology Corporation, a developer, manufacturer, and distributor of stainless steels and corrosion-resistant alloys. In this position, Lyon had overall leadership responsibility for Dynamet Incorporate, Carpenter Powder Products, Amega West Services, and Distribution businesses. He was also Vice President and General Manager for Dynamet. Lyon has held executive roles in operations management, including Chief Operating Officer for UCI-Fram Pumps Business, Vice President of North East Manufacturing Operations for AFGlobal Corporation, and Vice President of Operations and Director of Lean Manufacturing for Precision Castparts Corporation. He also held various leadership roles during his 17 years with Alcoa Forged Products. Lyon holds a Bachelor's degree in Metallurgical Engineering from the University of Pittsburgh.

David G. Anderson, President, Air & Liquid Systems Corporation

David G. Anderson was appointed President of Air & Liquid Systems Corporation, a wholly-owned subsidiary of Ampco-Pittsburgh, effective January 1, 2022. Mr. Anderson brings over 32 years of experience in finance and operations leadership to his role. Most recently, he served as Vice President of Finance for Union Electric Steel Corporation, another wholly-owned subsidiary of Ampco-Pittsburgh. Before that, he was Vice President of Air & Liquid Systems, having joined the company in 2010 and serving in roles of increasing responsibility.

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Ampco-Pittsburgh (AP) Addressable Markets:

• Forged and Cast Rolls:
  • Global Cast Rolls Market: Approximately $1.164 billion in 2024, projected to grow to approximately $1.638 billion by 2031, with a Compound Annual Growth Rate (CAGR) ranging from 4.7% to 5.1% during the forecast period.
  • Global Forging Market (broader category, includes forged rolls and open-die forged products): Approximately $94.38 billion in 2024, projected to reach $145.46 billion by 2030, with a CAGR of 7.4% from 2025 to 2030. Another estimate places the global forging market at $90.72 billion in 2024, reaching $188.9 billion by 2035 at a CAGR of 6.90% between 2025 and 2035.
  • North America Forging Market (broader category, includes forged rolls and open-die forged products): Approximately $45.76 billion in 2024, anticipated to grow to $81.13 billion by 2033, with a CAGR of 6.57% from 2025 to 2033. Another source estimates the North America metal forging market at $18 billion in 2024, expected to reach $40.2 billion by 2035, with a CAGR of 7.57%.
• Finned Tube Heat Exchange Coils:
  • Global Heat Exchanger Coil Market: A plausible market size in 2025 is estimated at $5 billion, assuming a CAGR of 7%.
  • Global Finned Tube Air Heat Exchanger Market: Approximately $2.5 billion in 2023, projected to reach approximately $4.8 billion by 2032, with a CAGR of 7.2%.
  • Global Heat Exchanger Market (broader category, includes finned tube heat exchange coils): Approximately $19.95 billion in 2025, projected to reach $32.10 billion by 2034, growing at a CAGR of 5.43%.
• Large Custom Air Handling Systems:

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• Centrifugal Pumps:

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1. Continued Growth in the Air & Liquid Processing (ALP) Segment: The ALP segment has demonstrated strong performance, with record order intake in the first quarter of 2025 and the highest year-to-date adjusted EBITDA in the second quarter of 2025. This growth is particularly fueled by increasing demand from the nuclear, military, and pharmaceutical markets.
2. Expansion of Forged and Cast Engineered Products (FCEP) into New Product and Market Areas: Ampco-Pittsburgh anticipates revenue growth from the expansion of its FCEP segment into new product lines, including tool steel, distribution bar, and block products, driven by new steel tariffs. Additionally, the company is pursuing emerging opportunities to supply the U.S. Navy and the burgeoning nuclear power sector, specifically with small modular reactor projects.
3. Improved Demand and Market Conditions for Forged Engineered Products: Following a period of uncertainty due to tariff volatility, the company expects improved volumes from major customers in 2025. Furthermore, a more stable trade policy environment, particularly after the exit of its U.K. operations in 2026, is projected to create a more favorable market for its forged engineered products. Reduced tariffs on U.S.-produced rolls to China could also enhance competitiveness and drive sales volume in this segment.

Share Issuance

• Ampco-Pittsburgh raised approximately $19.3 million in gross proceeds from a rights offering that expired on September 18, 2020.
• The rights offering involved subscriptions totaling approximately 12.3 million units.
• The offering was approximately 97% subscribed.

Outbound Investments

• Ampco-Pittsburgh accelerated its exit from U.K. cast roll operations, with its subsidiary Union Electric Steel UK Limited placed into administration effective October 14, 2025.
• This exit is anticipated to eliminate U.K. operating losses starting in Q4 2025 and is expected to increase adjusted EBITDA by approximately $7–8 million on an annualized run-rate.
• The company expects to recognize a non-cash charge of approximately $43 to $45 million in Q4 2025, which includes an approximate $23 million charge for the write-down of its investment in UES-UK and an approximate $29 million charge for deferred accumulated other comprehensive losses, offset by an estimated $7 to $9 million credit from asset liquidations.