CARNEGIE, Pa.--(BUSINESS WIRE)--Ampco-Pittsburgh Corporation (NYSE: AP) announced today that it is postponing a proposed rights offering to its shareholders due to an improvement in the financial condition of the Corporation and due to current market conditions.

Remarking on this decision, Brett McBrayer, Ampco-Pittsburgh’s Chief Executive Officer said, “The proposed rights offering remains an option we’re considering; however, the current share price makes this option less compelling. We may elect to move forward with the offering if market conditions improve. Considering the proceeds from our recently announced real estate financing transaction and the divestiture of one of our non-core divisions, the Corporation’s liquidity position has significantly improved. Our current restructuring activities will further strengthen our financial position. Although the first round of these initiatives will continue throughout 2019, we expect positive benefits as each action concludes.”

A registration statement relating to the securities to be issued in the rights offering has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. The information in the registration statement is not complete and may be changed. These securities may not be sold nor may offers be accepted prior to the time the registration statement becomes effective. This announcement is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

About Ampco-Pittsburgh Corporation

Ampco-Pittsburgh Corporation, through its operating subsidiary, Union Electric Steel Corporation, is a leading producer of forged and cast rolls for the worldwide steel and aluminum industries, as well as ingot and open die forged products for the oil and gas, aluminum, and plastic extrusion industries. Ampco-Pittsburgh is also a producer of air and liquid processing equipment, primarily custom-engineered finned tube heat exchange coils, large custom air handling systems, and centrifugal pumps. The Corporation operates manufacturing facilities in the United States, Canada, United Kingdom, Sweden, Slovenia, and China. Sales offices are located in North and South America, Asia, Europe, and the Middle East. Corporate headquarters is located in Carnegie, Pennsylvania.