Ampco-Pittsburgh Corp. plans to sell Canadian subsidiary ASW Steel Inc. as part of a restructuring plan which kicked off in late 2018 with the sale of the company's Vertical Seal division.
The development comes after the company booked a net loss of US$59.7 million for the fourth quarter of 2018, comprising US$41.0 million related to continuing operations and US$18.7 million related to discontinued operations.
For the full year, the company booked a net loss of US$67.5 million, with US$43.6 million attributed to continuing operations and US$23.9 million related to discontinued operations.
The full-year figure includes an impairment charge of US$15.0 million, or US$1.21 per share, on ASW Steel, which was classified as a discontinued operation in the company's 2018 financial results released March 14.
Ampco-Pittsburgh expects to consolidate more assets this year.