AMPCO PITTSBURGH CORP

Previous wording

On October 14, 2025, (the “Filing Date”), the Directors of UES-UK filed a Notice of Appointment with the High Court of Justice, Business and Property Courts at Leeds formally appointing FRP as Administrators of UES-UK. This action was confined to UES-UK exclusively and did not affect the Corporation or any of its other subsidiaries. As of the Filing Date, UES-UK was in administration and its affairs, business and property were being managed by the Administrators (the “Structured Insolvency”).

Current wording

On October 14, 2025, (the “Filing Date”), the Directors of UES-UK filed a Notice of Appointment with the Insolvency Court formally appointing FRP as Administrators of UES-UK. This action was confined to UES-UK exclusively and did not affect the Corporation or any of its other subsidiaries. As of the Filing Date, UES-UK was in administration and its affairs, business and property were being managed by the Administrators (the “Structured Insolvency”).

Previous wording

Through October 13, 2025, the date immediately prior to the Filing Date, the operating results of UES-UK are included in the condensed consolidated operating results of the Corporation. Effective as of the Filing Date, the Corporation no longer consolidates the operating results of UES-UK, as the Corporation no longer has decision-making control over UES-UK. As of the Filing Date, the Corporation (i) wrote down its investment in UES-UK to its estimated fair value; (ii) recognized the other comprehensive losses of UES-UK deferred in accumulated other comprehensive loss; and (iii) established an estimated recovery for the amount of funds expected to be returned to the lenders under the Corporation's Second Amended and Restated Revolving Credit, Term Loan and Security Agreement (the “Credit Agreement”) after the costs and expenses of the Structured Insolvency, if any, since the accounts receivables, inventories, and equipment of UES-UK were held as collateral under the Credit Agreement (the “Estimated Recovery”).

Current wording

Through October 13, 2025, the date immediately prior to the Filing Date, the operating results of UES-UK are included in the condensed consolidated operating results of the Corporation. Effective as of the Filing Date, the Corporation no longer consolidates the operating results of UES-UK, as the Corporation no longer has decision-making control over UES-UK. As of the Filing Date, the Corporation (i) wrote down its investment in UES-UK to its estimated fair value; (ii) recognized the other comprehensive losses of UES-UK deferred in accumulated other comprehensive loss; and (iii) established an estimated recovery for the amount of funds expected to be returned to the lenders under the Corporation's Second Amended and Restated Revolving Credit, Term Loan and Security Agreement (the “Credit Agreement”) after the costs and expenses of the Structured Insolvency (the “Estimated Recovery”), if any, since the accounts receivables, inventories, and equipment of UES-UK were held as collateral under the Credit Agreement.

Previous wording

The Estimated Recovery recorded and outstanding as of December 31, 2025 equaled $7,500, which was based on the Corporation's assessment of the expected recovery from the insolvency proceedings, including consideration of information provided by the Administrators such as the value and the priority of the claims by various creditors. In January 2026, the Administrators distributed $1,255 to the Corporation, which was returned to the lenders under the Credit Agreement reducing the Corporation's balance outstanding under the Credit Agreement. Based on updated information received from the Administrators, including lower funds expected to be available for future distributions, the Corporation subsequently wrote down the Estimated Recovery by $875 which is recognized as a Deconsolidation Charge in the accompanying condensed consolidated statements of operations for the six months ended June 30, 2026.

Current wording

The Estimated Recovery recorded and outstanding as of December 31, 2025 equaled $7,500, which was based on the Corporation's assessment of the expected recovery from the insolvency proceedings, including consideration of information provided by the Administrators such as the value and the priority of the claims by various creditors. In January 2026, the Administrators distributed $1,255 to the Corporation, which was returned to the lenders under the Credit Agreement reducing the Corporation's balance outstanding under the Credit Agreement. Based on updated information received from the Administrators, including lower funds expected to be available for future distributions, the Corporation subsequently wrote down the Estimated Recovery by $875 which is recognized as a Deconsolidation Charge in the accompanying condensed consolidated statements of operations for the nine months ended September 30, 2026.

Previous wording

For the FCEP segment, global steel manufacturing capacity continues to exceed global steel product consumption. Steel demand has been improving over the last few quarters for the segment's largest market. In the third quarter of 2025, the U.S. government announced new tariffs on coated steel imports and, effective April 2026, tariffs were increased to 50% on most flat-rolled steel imported into the United States. These additional tariff protections cover more products for our North American customers and have meaningfully reduced imports, thereby supporting pricing, improving U.S. steel mill utilization and, in turn, increasing the number of rolling mill rolls being consumed, a positive for the segment.

Current wording

For the FCEP segment, global steel manufacturing capacity continues to exceed global steel product consumption. Steel demand has been improving over the last few quarters, which has positively impacted the segment's largest market. In the third quarter of 2025, the U.S. government announced new tariffs on coated steel imports and, effective April 2026, tariffs were increased to 50% on most flat-rolled steel imported into the United States. These additional tariff protections cover more products for our North American customers and continue to meaningfully reduce imports, thereby supporting pricing, improving U.S. steel mill utilization and, in turn, increasing the number of rolling mill rolls being consumed, a positive for the segment.

Previous wording

Tariffs are now applied to steel forged and cast rolls shipped from the segment's European facilities to the United States and to U.S. forged and cast rolls shipped to China. Steel is an important distinction as the highest volume of cast rolls imported into the United States is subject only to a country-specific tariff of 10% instead of the higher rates on steel forged roll imports. As the U.S. market is underserved for cast rolls, these tariffs have had little effect on our business. Tariffs remain in place for products that compete with our FEP products, resulting in increases in orders and higher margins.

Current wording

Tariffs are now applied to steel forged and cast rolls shipped from the segment's European facilities to the United States. Steel is an important distinction as the highest volume of cast rolls imported into the United States is subject only to a country-specific tariff instead of the higher rates on steel forged roll imports. As the U.S. market is underserved as a result of capacity limitations by domestic cast roll suppliers, these tariffs have had little effect on our business. Tariffs remain in place for products that compete with our FEP products, resulting in increases in orders and higher margins.

Previous wording

For the ALP segment, businesses are benefiting from higher demand in the power generation, primarily due to growth in the data center market, and defense sectors, primarily due to higher defense spending by U.S. Navy shipbuilders. By prioritizing customer relationships and delivering highly engineered solutions, the Corporation believes the segment has successfully increased its market share and is actively investing in increased capacity to support this growth. Though it continues to face rising production costs due to inflation, the segment has mitigated these effects through strategic price increases. With rising market demand and increasing backlog, the focus for this segment is to add to its manufacturing capacity with the timely commissioning of new equipment expected in the second half of 2026, increase its headcount, and improve its manufacturing efficiencies.

Current wording

For the ALP segment, businesses are benefiting from higher demand by the power generation market compared to the prior year period, primarily due to growth for data centers and by the defense sector, principally as a result of higher defense spending by U.S. Navy shipbuilders. By prioritizing customer relationships and delivering highly engineered solutions, the Corporation believes the segment has successfully increased its market share and is actively increasing capacity to support this growth. Though it continues to face rising production costs due to inflation, the segment has mitigated these effects through strategic price increases. With rising market demand, the focus for this segment is to add to its manufacturing capacity with the commissioning of new equipment expected by the end of 2026, increase its headcount, and improve its manufacturing efficiencies.

Previous wording

Net sales approximated $102,918 and $113,104 for the three months ended June 30, 2026 and 2025, respectively, a decrease of $10,186, and $211,245 and $217,369 for the six months ended June 30, 2026 and 2025, respectively, a decrease of $6,124. A discussion of net sales for the Corporation’s two segments is included below.

Current wording

Net sales approximated $111,699 and $108,009 for the three months ended September 30, 2026 and 2025, respectively, an increase of $3,690, and $322,944 and $325,378 for the nine months ended September 30, 2026 and 2025, respectively, a decrease of $2,434. A discussion of net sales for the Corporation’s two segments is included below.

Previous wording

Income (loss) from operations approximated $5,072 and $(3,078) for the three months ended June 30, 2026 and 2025, respectively, an improvement of $8,150, and $7,634 and $772 for the six months ended June 30, 2026 and 2025, respectively, an increase of $6,862. Income from operations for the six months ended June 30, 2026 includes the Deconsolidation Charge of $875 associated with the write-down of the Estimated Recovery.

Current wording

Income from operations approximated $4,616 and $1,123 for the three months ended September 30, 2026 and 2025, respectively, an improvement of $3,493, and $12,250 and $1,895 for the nine months ended September 30, 2026 and 2025, respectively, an increase of $10,355.

Previous wording

A charge approximating $6,750 primarily for employee-related costs payable to the 168 employees of UES-UK under existing benefit plans and accelerated depreciation from reducing the estimated remaining useful lives and revising the estimated salvage value of the property, plant and equipment of UES-UK (the “U.K. Exit Charge”) and

Current wording

Income from operations for the nine months ended September 30, 2026 includes the Deconsolidation Charge of $875 associated with the write-down of the Estimated Recovery. Income from operations for the three and nine months ended September 30, 2025 includes charges approximating $3,069 and $9,819, respectively, primarily for employee-related costs payable to the 168 employees of UES-UK and the 15 employees of AUP under existing benefit plans and accelerated depreciation from reducing the estimated remaining useful lives and revising the estimated residual values of the property, plant and equipment of UES-UK and AUP (collectively, the “Exit Charges”). In addition, income from operations for the nine months ended September 30, 2025 includes employee-retention credits, which were refundable employer payroll taxes for certain eligible businesses affected by the COVID-19 pandemic, of $735 received from the Internal Revenue Service during the second quarter of 2025 (the “Employee-Retention Credits”) for the FCEP ($456) and ALP ($279) segments.

Previous wording

A discussion of income (loss) from operations for the Corporation’s two segments is included below.

Current wording

A discussion of income from operations for the Corporation’s two segments is included below.

Previous wording

Backlog equaled $385,378 as of June 30, 2026 versus $328,937 as of December 31, 2025. Backlog represents the accumulation of firm orders on hand which (i) are supported by evidence of a contractual arrangement, (ii) include a fixed and determinable sales price, (iii) have reasonably assured collectability, and (iv) generally are expected to ship within two years from the backlog reporting date. Backlog at a certain date may not be a direct measure of future revenue for a particular order because price increases, negotiated subsequently to the original order, are not included in backlog until the updated contract is received from the customer, certain surcharges are not determinable until the order is complete and ready for shipment to the customer, and certain orders are denominated in currency other than the functional (local) currency of the subsidiary and are not hedged. Approximately 44% of the backlog is expected to be released after 2026. A discussion of backlog by segment is included below.

Current wording

Backlog equaled $379,533 as of September 30, 2026 versus $328,937 as of December 31, 2025. Backlog represents the accumulation of firm orders on hand which (i) are supported by evidence of a contractual arrangement, (ii) include a fixed and determinable sales price, (iii) have reasonably assured collectability, and (iv) generally are expected to ship within two years from the backlog reporting date. Backlog at a certain date may not be a direct measure of future revenue for a particular order because price increases, negotiated subsequently to the original order, are not included in backlog until the updated contract is received from the customer, certain surcharges are not determinable until the order is complete and ready for shipment to the customer, and certain orders are denominated in currency other than the functional (local) currency of the subsidiary and are not hedged. Approximately 73% of the backlog is expected to be released after 2026. A discussion of backlog by segment is included below.

Previous wording

Costs of products sold, excluding depreciation and amortization, as a percentage of net sales, approximated 78.4% and 81.3%, for the three months ended June 30, 2026 and 2025, respectively, and 79.3% and 80.1%, for the six months ended June 30, 2026 and 2025, respectively, with the improvement being attributable to the ALP segment. Included in costs of products sold, excluding depreciation and amortization, for the three and six months ended June 30, 2025 is the benefit from the Employee-Retention Credits. See further discussion in the below commentary for the Corporation’s two segments.

Current wording

Costs of products sold, excluding depreciation and amortization, as a percentage of net sales for the three and nine months ended September 30, 2026 approximated 80.0% and 79.5%, respectively. Costs of products sold, excluding depreciation and amortization, as a percentage of net sales for the three and nine months ended September 30, 2025 approximated 80.2% and 80.1%, respectively, and included a portion of the Exit Charges and the benefit from the Employee-Retention Credits. Costs of products sold, excluding depreciation and amortization, as a percentage of net sales for the three months ended September 30, 2026 and 2025 were comparable.

Previous wording

Selling and administrative expenses approximated $12,917 and $12,968 for the three months ended June 30, 2026 and 2025, respectively, a decrease of $51, and $26,801 and $26,627 for the six months ended June 30, 2026 and 2025, respectively, an increase of $174. Selling and administrative expenses remained relatively comparable for each of the periods. While the closure of UES-UK and AUP in the fourth quarter of 2025 eliminated approximately $1,100 and $2,100 of selling and administrative costs for the three and six months ended June 30, 2026 when compared to the three and six months ended June 30, 2025, respectively, higher employee-related costs, higher commissions for the ALP segment, and general inflationary increases offset the expected reduction in selling and administrative expenses.

Current wording

Selling and administrative expenses approximated $13,535 and $12,738 for the three months ended September 30, 2026 and 2025, respectively, an increase of $797, and $40,336 and $39,365 for the nine months ended September 30, 2026 and 2025, respectively, an increase of $971. While the closure of UES-UK and AUP in the fourth quarter of 2025 eliminated approximately $1,300 and $3,400 of selling and administrative costs for the three and nine months ended September 30, 2026 when compared to the three and nine months ended September 30, 2025, respectively, higher employee-related costs, higher commissions for the ALP segment, changes in exchange rates used to translate selling and administrative expenses of the Corporation's foreign subsidiaries into the U.S. dollar, and general inflationary increases offset the expected reduction in selling and administrative expenses for the current year periods.

Previous wording

Depreciation and amortization approximated $4,226 and $5,368 for the three months ended June 30, 2026 and 2025, respectively, a decrease of $1,142, and $8,484 and $10,004 for the six months ended June 30, 2026 and 2025, respectively, a decrease of $1,520 principally attributable to the absence of depreciation for UES-UK and AUP. Depreciation and amortization for UES-UK and AUP approximated $1,000 and $1,400 for the three and six months ended June 30, 2025, respectively.

Current wording

Depreciation and amortization approximated $4,130 and $7,091 for the three months ended September 30, 2026 and 2025, respectively, a decrease of $2,961, and $12,614 and $17,095 for the nine months ended September 30, 2026 and 2025, respectively, a decrease of $4,481 principally attributable to the absence of depreciation for UES-UK and AUP. Depreciation and amortization for UES-UK and AUP, including accelerated depreciation, approximated $2,800 and $4,100 for the three and nine months ended September 30, 2025, respectively.

Previous wording

Deconsolidation Charge of $875 for the six months ended June 30, 2026 represents the write-down of the Estimated Recovery from the Structured Insolvency based on updated information received from the Administrators including lower funds expected to be available for future distribution.

Current wording

Deconsolidation Charge of $875 for the nine months ended September 30, 2026 represents the write-down of the Estimated Recovery from the Structured Insolvency based on updated information received from the Administrators including lower funds expected to be available for future distribution.

Previous wording

Severance charge of $5,854 recognized for the three and six months ended June 30, 2025 represents primarily statutory severance and other benefits payable to the 168 employees of UES-UK under existing benefit plans. As a result of the Structured Insolvency, no outstanding accrued severance remained as of December 31, 2025.

Current wording

Severance charge of $165 recognized for the three months ended September 30, 2025 represents primarily statutory severance and other benefits payable to the 15 employees of AUP under existing benefit plans. Severance charge of $6,019 for the nine months ended September 30, 2025 represents primarily statutory severance and other benefits payable to the 168 employees of UES-UK and the 15 employees of AUP under existing benefit plans.

Previous wording

Interest expense decreased approximately $34 and $37 for the three and six months ended June 30, 2026 and 2025, respectively, when compared to the same periods of the prior year, primarily due to:

Current wording

Interest expense decreased approximately $235 and $272 for the three and nine months ended September 30, 2026, respectively, when compared to the same periods of the prior year, primarily due to:

Previous wording

Other income (expense) – net is comprised of the following:

Current wording

Other (expense) income – net is comprised of the following:

Previous wording

Other income (expense) – net fluctuated for the three and six month periods June 30, 2026 when compared to the same periods of the prior year primarily due to:

Current wording

Other (expense) income – net fluctuated for the three and nine months ended September 30, 2026 when compared to the same periods of the prior year primarily due to:

Previous wording

Lower losses on foreign exchange transactions; offset by

Current wording

Changes in losses on foreign exchange transactions;

Previous wording

Lower net pension and other postretirement income, which is principally attributable to the U.S. defined benefit pension plan reaching a fully funded status in early 2026 resulting in a change in its investment strategies to a more conservative portfolio; and

Current wording

Lower net pension and other postretirement income, which is principally attributable to the U.S. defined benefit pension plan reaching a fully funded status in early 2026 resulting in a change in its investment strategies to a more conservative portfolio;

Previous wording

Lower investment income with the prior year periods benefiting from (i) interest received on refundable employer payroll taxes from the Internal Revenue Service for certain eligible businesses affected by the COVID-19 pandemic and (ii) a dividend from one of the Corporation's Chinese joint ventures.

Current wording

Lower investment income for the nine months ended September 30, 2026 versus the nine months ended September 30, 2025, with the prior year period benefiting from (i) interest received on refundable employer payroll taxes from the Internal Revenue Service for certain eligible businesses affected by the COVID-19 pandemic and (ii) a dividend from one of the Corporation's Chinese joint ventures.

Previous wording

The income tax provision for the six months ended June 30, 2025 includes a one-time income tax benefit of approximately $500 resulting from the Corporation's majority-owned Chinese joint venture initially qualifying as a high-tech enterprise (“HTE”). As a HTE, the earnings of the Chinese joint venture through the end of 2026 will be taxed at a rate of 15% (versus 25%). The HTE status is renewable, subject to certain criteria being met, for which the Chinese joint venture expects to renew.

Current wording

The income tax provision for the nine months ended September 30, 2025 includes a one-time income tax benefit of approximately $500 resulting from the Corporation's majority-owned Chinese joint venture initially qualifying as a high-tech enterprise (“HTE”). As an HTE, the earnings of the Chinese joint venture through the end of 2026 will be taxed at a rate of 15% (versus 25%). The HTE status is renewable, subject to certain criteria being met, for which the Chinese joint venture expects to renew.

Previous wording

Valuation allowances are recorded against the majority of the Corporation’s deferred income tax assets. The Corporation will maintain the valuation allowances until there is sufficient evidence to support the reversal of all or some portion of the allowances. Given the Corporation’s current earnings and anticipated future earnings in Sweden and the United States, the Corporation believes there is a reasonable possibility within the next 12 months that sufficient positive evidence may become available to allow the Corporation to conclude some portion of the valuation allowance will no longer be needed. Release of any portion of the valuation allowance would result in the recognition of deferred income tax assets on the Corporation’s condensed consolidated balance sheets and a decrease to the Corporation’s income tax expense in the period the release is recorded. The exact timing and the amount of the valuation allowance released are subject to, among many items, the level of profitability achieved. Once the valuation allowance is completely reversed, a tax provision would be recognized on future earnings.

Current wording

Valuation allowances are recorded against the majority of the Corporation’s deferred income tax assets. The Corporation will maintain the valuation allowances until there is sufficient evidence to support the reversal of all or some portion of the allowances. Given the Corporation’s current earnings and anticipated future earnings in Sweden and the United States, the Corporation believes there is a reasonable possibility within the next 12-24 months that sufficient positive evidence may become available to allow the Corporation to conclude some portion of the valuation allowance will no longer be needed. Release of any portion of the valuation allowance would result in the recognition of deferred income tax assets on the Corporation’s condensed consolidated balance sheet and a decrease to the Corporation’s income tax expense in the period the release is recorded. The exact timing and the amount of the valuation allowance released are subject to, among many items, the level of profitability achieved. Once the valuation allowance is completely reversed, a tax provision would be recognized on future earnings.

Previous wording

Net income attributable to Ampco-Pittsburgh and net income per common share attributable to Ampco-Pittsburgh equaled $1,489, or $0.07 per common share, and $622, or $0.03 per common share, for the three and six months ended June 30, 2026, respectively. Net income attributable to Ampco-Pittsburgh for the six months ended June 30, 2026 includes the Deconsolidation Charge, which decreased net income attributable to Ampco-Pittsburgh and net income per common share attributable to Ampco-Pittsburgh by $875 and $0.04 per common share for the six months ended June 30, 2026.

Current wording

Net income attributable to Ampco-Pittsburgh and net income per common share attributable to Ampco-Pittsburgh equaled $458, or $0.02 per common share, and $1,080, or $0.05 per common share, for the three and nine months ended September 30, 2026, respectively. Net income attributable to Ampco-Pittsburgh for the nine months ended September 30, 2026 includes the Deconsolidation Charge, which decreased net income attributable to Ampco-Pittsburgh and net income per common share attributable to Ampco-Pittsburgh by $875 and $0.04 per common share for the nine months ended September 30, 2026.

Previous wording

Net loss attributable to Ampco-Pittsburgh and net loss per common share attributable to Ampco-Pittsburgh equaled $(7,335), or $(0.36) per common share, and $(6,193), or $(0.31) per common share, for the three and six months ended June 30, 2025, respectively, including the U.K. Exit Charge and the Employee-Retention Credits. The U.K. Exit Charge and the Employee-Retention Credits impacted net loss attributable to Ampco-Pittsburgh and net loss per common share attributable to Ampco-Pittsburgh by $6,006, or $0.30 per common share, for each of the three and six months ended June 30, 2025. The income tax benefit resulting from the Corporation's majority-owned Chinese joint venture qualifying as an HTE of approximately $500 reduced the net loss attributable to Ampco-Pittsburgh and net loss per common share attributable to Ampco-Pittsburgh by approximately $299, or $0.01 per common share, for the six months ended June 30, 2025.

Current wording

Net loss attributable to Ampco-Pittsburgh and net loss per common share attributable to Ampco-Pittsburgh equaled $2,211, or $0.11 per common share, and $8,404, or $0.42 per common share, for the three and nine months ended September 30, 2025, respectively, including the Exit Charges and the Employee-Retention Credits. No income tax benefit was able to be recognized for the Exit Charges since the underlying operations were in a three-year cumulative loss position as of September 30, 2025. The Exit Charges increased net loss attributable to Ampco-Pittsburgh and net loss per common share attributable to Ampco-Pittsburgh by $3,069, or $0.15 per common share, for the three months ended September 30, 2025. The Exit Charges and the Employee-Retention Credits increased net loss attributable to Ampco-Pittsburgh and net loss per common share attributable to Ampco-Pittsburgh by $9,077, or $0.45 per common share, for the nine months ended September 30, 2025. The income tax benefit resulting from the Corporation's majority-owned Chinese joint venture qualifying as an HTE of approximately $500 reduced the net loss attributable to Ampco-Pittsburgh and net loss per common share attributable to Ampco-Pittsburgh by approximately $299, or $0.01 per common share, for the nine months ended September 30, 2025.

Previous wording

The change in net sales for the three and six months ended June 30, 2026, when compared to the same periods of the prior year, is primarily due to the following:

Current wording

The change in net sales for the three and nine months ended September 30, 2026, when compared to the same periods of the prior year, is primarily due to the following:

Previous wording

Lower volume of roll shipments primarily due to the Structured Insolvency of UES-UK and lower sales of large rolls, which decreased net sales by approximately $9,300 and $13,900, respectively;

Current wording

Lower volume of roll shipments primarily due to the Structured Insolvency and lower sales of large rolls, which decreased net sales by approximately $4,000 and $17,900, respectively; and

Previous wording

Lower pricing due to changes in product mix, partly offset by higher variable-index surcharges passed through to customers as a result of fluctuations in the price of raw materials, energy and transportation costs, which decreased net sales by approximately $2,500 and $2,300, respectively;

Current wording

Lower pricing due to changes in product mix, partly offset by higher variable-index surcharges passed through to customers as a result of fluctuations in the price of raw materials, energy and transportation costs, which decreased net sales by approximately $300 and $2,600, respectively; offset by

Previous wording

Changes in exchange rates used to translate the net sales of the segment’s foreign subsidiaries into the U.S. dollar, which increased net sales by approximately $1,200 and $4,800, respectively.

Current wording

Changes in exchange rates used to translate the net sales of the segment’s foreign subsidiaries into the U.S. dollar, which increased net sales by approximately $200 and $5,000, respectively.

Previous wording

In addition, the change in income (loss) from operations for the three and six months ended June 30, 2026, when compared to the three and six months ended June 30, 2025, includes:

Current wording

In addition, the change in income (loss) from operations for the three and nine months ended September 30, 2026, when compared to the three and nine months ended September 30, 2025, includes:

Previous wording

Lower manufacturing costs including higher variable-index surcharges, which increased operating results by approximately $4,300 and $5,200;

Current wording

Lower overall manufacturing costs including benefits from the Structured Insolvency and higher variable-index surcharges, which increased operating results by approximately $4,800 and $10,000, respectively;

Previous wording

Lower selling and administrative costs principally due to the closures of UES-UK and AUP offset by higher employee-related costs and general inflation, which increased operating income by approximately $1,200 and $1,675; and

Current wording

Lower selling and administrative costs resulting from the closures of UES-UK and AUP offset by higher employee-related costs and general inflation, which had a net benefit to operating income of approximately $1,000 and $2,650, respectively; and

Previous wording

Changes in exchange rates used to translate the operating results of the segment’s foreign subsidiaries into the U.S. dollar, which improved operating results by approximately $100 and $500; offset by

Current wording

Changes in exchange rates used to translate the operating results of the segment’s foreign subsidiaries into the U.S. dollar, which were negligible for the three months ended September 30, 2026 but improved operating results by approximately $500 for the nine months ended September 30, 2026; offset by

Previous wording

Lower volume of roll and FEP shipments and unfavorable product mix, which decreased operating results by approximately $2,600 and $4,100; and

Current wording

Lower net volume of shipments (lower roll, higher FEP) and unfavorable product mix, which decreased operating income by approximately $2,800 and $6,900, respectively; and

Previous wording

Unfavorable manufacturing absorption, which adversely impacted operating results by approximately $1,400 and $3,800.

Current wording

Unfavorable manufacturing absorption, which adversely impacted operating results by approximately $1,700 and $5,500, respectively, in part due to the extended outage of a 5000-ton forging press at the U.S. operations during the third quarter of 2026.

Previous wording

Backlog increased at June 30, 2026 from December 31, 2025 by $9,635 primarily due to receipt of additional customer orders due, in part, to timing and also a direct result of the aforementioned tariffs. Changes in exchange rates used to translate the backlog of the Corporation’s foreign subsidiaries into the U.S. dollar decreased backlog at June 30, 2026, when compared to backlog at December 31, 2025, by approximately $4,100. At June 30, 2026, approximately 36% of the segment's backlog is expected to ship after 2026.

Current wording

Backlog increased at September 30, 2026 from December 31, 2025 by $15,300 primarily attributable to the receipt of additional customer orders due, in part, to timing and tariffs on competing forged roll imports into the United States. Changes in exchange rates used to translate the backlog of the Corporation’s foreign subsidiaries into the U.S. dollar decreased backlog at September 30, 2026, when compared to backlog at December 31, 2025, by approximately $6,200. At September 30, 2026, approximately 69% of the segment's backlog is expected to ship after 2026.

Previous wording

The increase in net sales for the three and six months ended June 30, 2026, when compared to the same periods of the prior year, is primarily due to:

Current wording

The increase in net sales for the three and nine months ended September 30, 2026, when compared to the same periods of the prior year, is primarily due to:

Previous wording

Higher volume of shipments of commercial product, which increased net sales by approximately $400 and $2,500, respectively;

Current wording

Higher volume of shipments of commercial product, which increased net sales by approximately $1,300 and $3,800, respectively;

Previous wording

Lower volume of shipments to industrial customers, which reduced net sales by approximately $100 and $1,400.

Current wording

Lower volume of shipments to industrial customers, which reduced net sales by approximately $100 and $1,500, respectively.