SOURCE: AMG Advanced Metallurgical Group N.V.

November 10, 2010 01:37 ET

AMG reports third quarter 2010 results

AMSTERDAM, NETHERLANDS--(Marketwire - November 10, 2010) -


Key Highlights

* Revenue increased 17% to $240.4 million in Q3 2010 from $205.4 million in Q3 2009; YTD 2010 revenue was $719.8 million up 13% from the same period in 2009

* EBITDA[1] increased 1% to $18.8 million in Q3 2010 from $18.6 million in Q3 2009; YTD 2010 EBITDA was $64.7 million up 14% from the same period in 2009

* EPS on a fully diluted basis improved to ($0.41) in Q3 2010 compared to Q3 2009 EPS of ($0.76); excluding Timminco, EPS improved to $0.11 in Q3 2010, up from ($0.50) in Q3 2009. YTD fully diluted EPS improved to ($0.37) from ($1.69) in the same period in 2009

* The Advanced Materials Division generated revenue of $154.9 million and EBITDA of $9.4 million in Q3 2010; YTD revenue and EBITDA was $447.4 million and $32.1 million, respectively

* The Engineering Systems Division generated revenue of $53.2 million and EBITDA of $7.4 million in Q3 2010; YTD revenue and EBITDA was $178.0 million and $27.5 million, respectively

* Graphit Kropfmühl generated revenue of $32.4 million and EBITDA of $2.0 million in Q3 2010; YTD revenue and EBITDA was $94.4 million and $5.1 million, respectively

* As of September 30, 2010 cash on hand was $90.2 million, net debt was $144.6 million; Q3 2010 free cash flow[2] was $5.4 million


[1] EBITDA is defined as earnings before interest, tax, depreciation and amortization and excludes nonrecurring items

[2] Free cash flow is defined as EBITDA less change in working capital and maintenance capital expenditures


Amsterdam, 10 November 2010 (Regulated Information) --- AMG Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") reported third quarter 2010 revenue increased 17% to 240.4 million from $205.4 million in the third quarter 2009.

Net income attributable to shareholders for the third quarter 2010, excluding Timminco, was $3.0 million, or $0.11 per fully diluted share, compared to net loss of ($13.3) million, or ($0.50) per fully diluted share for the third quarter 2009. EBITDA increased 1% to $18.8 million in the third quarter 2010 from $18.6 million in the third quarter 2009.

In commenting on results, Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, "Market conditions remained uncertain during the third quarter. Despite this, AMG generated growth in revenues and stable earnings in the third quarter. The Advanced Materials division's revenue and earnings increased even though it encountered higher input prices and a less favorable product mix. The Engineering Systems' order intake improved slightly during the quarter compared the second quarter 2010; however, it was up over 50% from the same period in 2009. Due to a low level of Engineering Systems' order backlog at the beginning of the quarter, revenue and earnings remained low. Graphit Kropfmühl delivered modest performance during the third quarter as demand and prices remained strong for natural graphite."


Key Figures

In 000's US Dollar

                                              Q3'10      Q3'09   Change



 Revenue                                   $240,427   $205,406      17%
------------------------------------------------------------------------
 Gross profit                                42,102     39,949       5%

 Gross margin                                 17.5%      19.5%


------------------------------------------------------------------------
 Operating income                            10,433      (110)      N/A

 Operating margin                              4.3%     (0.0%)



 Net Income attributable to shareholders
                                           (11,170)   (20,302)      45%
------------------------------------------------------------------------


 EPS - fully diluted                         (0.41)     (0.76)      46%

 Adjusted EPS - fully diluted[1]               0.11     (0.50)      N/A



 EBITDA[2]                                   18,756     18,602       1%

 EBITDA margin                                 7.8%       9.1%
------------------------------------------------------------------------

Notes:
[1] Adjusted to exclude all Timminco results including equity losses which
accounted for ($0.52) in EPS in Q3 2010
[2] EBITDA is defined as earnings before interest, tax, depreciation and
amortization and excludes nonrecurring items


Operational Review

Advanced Materials Division
                           Q3'10      Q3'09   Change
-----------------------------------------------------
 Revenue                $154,888   $110,143      41%

 Gross profit             21,999     15,736      40%
 Operating income          4,491    (8,444)      N/A

 EBITDA                    9,424      5,012      88%

 Capital expenditures      5,595      1,907     193%

The Advanced Materials division's third quarter 2010 financial results were driven by a rebound in alloys and coatings for the aerospace and energy industries. Revenue increased by $44.7 million or 41% to $154.9 million. The increase in revenue was driven by ferrovanadium and ferronickel-molybdenum, with reference prices increasing by 18% and 20%, respectively. In addition, aluminium master alloys and antimony products were also positively impacted by increasing end market prices. While prices improved across most products, volume growth was uneven, with ferrovanadium and vanadium aluminium master alloys increasing by 32% and 165%, respectively; however volumes for antimony and ferronickel-molybdenum decreased by 5% and 44%, respectively during the third quarter 2010 compared to the third quarter 2009.

The third quarter 2010 gross margin percentage of 14% remained consistent with the 14% gross margin percentage in the third quarter 2009 as an increase in economies of scale was offset by unfavourable changes in product mix and higher input costs.

Third quarter 2010 EBITDA increased by $4.4 million, due to the increase in revenue and gross profit, which was slightly offset by a 7% increase in SG&A.

Capital expenditures were $5.6 million for the quarter, 193% more than the comparable period in 2009. The primary growth capital investments made in the third quarter involved the expansion of the ferrovanadium logistics facility and the MIBRA mine in Brazil.


Engineering Systems Division
                          Q3'10     Q3'09   Change
---------------------------------------------------
 Revenue                $53,155   $61,598    (14%)

 Gross profit            16,927    20,637    (18%)
 Operating income         5,128     7,132    (28%)

 EBITDA                   7,362    11,036    (33%)
 Capital expenditures       819     1,219    (33%)

While order intake increased compared to the same period in the prior year, the Engineering Systems division's current revenue continues to be impacted by the global economic slowdown. The order backlog was $147.1 million as of September 30, 2010, up 22% from $121.0 million on June 30, 2010. The division generated order intake of $66.9 million in the third quarter 2010, a 1.26x book to bill ratio and a 51% increase compared to the same period in 2009. Order intake for the solar industry improved and demand for advanced heat treatment systems for the transportation and aerospace markets remained strong compared to the same period in the prior year. The backlog consists of a diversified mix of remelting systems and induction casting systems for the titanium and specialty steel industries, solar crystallisation systems and vacuum heat treatment furnaces.

Third quarter 2010 revenue decreased by $8.4 million or 14% compared to the same quarter in 2009. The revenue decrease was primarily due to the lower order backlog level at the beginning of the quarter compared to the same period in 2009. Sales of solar silicon DSS furnaces for the photovoltaic industry decreased 44% in the third quarter 2010 compared to the same period in 2009. During the third quarter 2010, 26% of revenue was generated from sales of solar silicon and induction melting furnaces, down from 41% in the same period 2009. Revenue from remelting systems, primarily for the aerospace and specialty steel industries, decreased by 32% in the third quarter 2010 while the own and operate business increased revenue by 31%.

Gross margin was 32% of revenue in the third quarter 2010, down slightly from 34% of revenue in the same period in the prior year. The decrease in the gross margin was due to changes in product mix and lower capacity utilization.

Third quarter 2010 EBITDA was $7.4 million, a 33% decrease over the same period in 2009. The EBITDA margin decreased to 14% in the third quarter 2010 compared to 18% for the same period in 2009. The EBITDA margin decrease was primarily attributable to the lower revenue and gross margin, slightly offset by a 12% decrease in SG&A.

In the quarter ended September 30, 2010, capital expenditures were $0.8 million, 33% less than the third quarter of 2009. The decrease was a result of the focus on minimizing capital investment offset by completion of the U.S. Own and Operate facility earlier in 2010.


Graphit Kropfmühl
                          Q3'10     Q3'09   Change
---------------------------------------------------
 Revenue                $32,384   $33,665     (4%)

 Gross profit             3,176     3,576    (11%)
 Operating income           814     1,202    (32%)

 EBITDA                   1,970     2,554    (23%)

 Capital expenditures       687       385      78%

The third quarter for Graphit Kropfmühl ("GK") was characterized by substantially rising revenue and performance for natural graphite while the silicon metal business was adversely impacted by rising input prices and operational issues. The 25% increase in natural graphite revenue was more than offset by the 17% decrease in silicon metal revenue to result in a 4% decrease in third quarter 2010 revenue.

Gross margin declined to 10% of revenue in the third quarter 2010 from 11% in the same period in the prior year. The third quarter 2010 gross profit was adversely impacted by higher silicon metal production costs.

Third quarter 2010 EBITDA was $2.0 million, a 23% decrease compared to the third quarter 2009. The EBITDA margin decreased to 6% during the third quarter 2010 compared to 8% in the same period 2009. The overall EBITDA margin decrease was attributable to lower contract prices and volumes in silicon metal and a 7% increase in SG&A expenses, slightly offset by increased gross margin in natural graphite.

Capital expenditures increased to $0.7 million for the third quarter 2010, 78% more than the same period 2010. The increase in capital expenditures was due to expansion of the high purity natural graphite production facility to meet increased market demand.

Timminco

AMG's ownership in Timminco was 42.5% as of September 30, 2010. AMG accounts for its investment in Timminco via the equity accounting method. Timminco's net loss for the third quarter 2010 is included in share of loss from associates on AMG's income statement and the carrying value of AMG's investment in Timminco of $7.7 million is listed as an asset on AMG's balance sheet. Subsequent to the end of the third quarter, Timminco sold 49% of its silicon metal operation to Dow Corning for $40.3 million in cash and up to an additional $10.0 million based upon hitting incentive targets. Timminco used the proceeds of this transaction to repay all of its senior bank debt. Additional information on Timminco and its third quarter 2010 financial statements can be found at www.Timminco.com.

Financial Review

Tax

AMG recorded a tax expense of $0.3 million in the quarter ended September 30, 2010 as compared to a tax expense of $5.7 million in the quarter ended September 30, 2009. For the nine months ended September 30, 2010, AMG has approximately $27.0 million of losses in associates. Since these companies are not consolidated, AMG cannot recognize the tax benefit for these losses. Excluding the losses from associates, the effective tax rate would be a normalized 40% for the nine months ended September 30. The Company is beginning to realize the benefits of the tax restructuring which it started to implement in 2010, with year-to-date savings of approximately $3 million.


Liquidity

                           September 30, 2010   December 31, 2009   Change
---------------------------------------------------------------------------
 Total debt                           234,794             203,796      15%

 Cash & cash equivalents               90,213             117,016    (23%)
---------------------------------------------------------------------------
 Net debt                             144,581              86,780      67%

AMG had a net debt position of $144.6 million as of September 30, 2010. AMG's net debt position increased $57.8 million since December 31, 2009 due to $29.2 million of cash tax payments, $9.7 million investment in Timminco, $19.1 million in capital investments, a $17.3 million investment in the antimony mine in Turkey and a $38.4 million increase in working capital and provisions, reduced by EBITDA of $64.7 million.



Cash Flow

                                                     Nine Months Ended
---------------------------------------------------------------------------
                                                September '10 September '09
---------------------------------------------------------------------------


Operating cash flows (used in) from continuing
operations                                           (13,903)        12,221

Operating cash flows used in discontinued operations        -      (18,254)
---------------------------------------------------------------------------
Net cash flows used in operations                    (13,903)       (6,033)
---------------------------------------------------------------------------
Capital expenditures                                 (19,054)      (20,755)

Acquisitions, net of cash                            (17,287)             -

Investment in associates                             (10,755)      (23,832)

Cash flows used in discontinued operations                  -      (33,208)

Cash flows from other investing                         1,420         1,244
---------------------------------------------------------------------------
Net cash flows used in investing activities          (45,676)      (76,551)
---------------------------------------------------------------------------
Financing cash flows from continuing operations        36,812        11,523

Financing cash flows from discontinued operations           -        47,724
---------------------------------------------------------------------------
Cash flows generated from financing activities         36,812        59,247
---------------------------------------------------------------------------


Cash flows used in operations were $13.9 million for the first nine months of 2010 as compared to $6.0 million used in the same period in 2009. The cash flows used in operations for nine months ended September 30, 2010 are a result of $29.2 million in cash tax payments as well as a $38.4 million increase in working capital and provisions, offset by $64.7 million in EBITDA.

Cash used in investing activities was $45.7 million during the nine months ended September 30, 2010. This decrease of $30.9 million from 2009 primarily relates to the $1.7 million decrease in capital investments, a $13.1 million decrease in investments in associates and a $33.2 million decrease in cash flows used by Timminco, which is classified as a discontinued operation in 2009. The Company invested $17.3 million to acquire a Turkish antimony mine during the quarter.

Cash generated from financing activities for the nine months ended September 30, 2010 was $36.8 million, a $22.4 million decrease from the same period in 2009. This decrease was primarily attributable to cash flows from discontinued operations recognized in 2009 that are not applicable in 2010, offset by $25.6 million in draws on the revolving lines of credit, which were primarily used to fund the acquisition of the Turkish antimony mine.

Shareholder Matters

Safeguard International Fund, L.P. and affiliates, ('Safeguard") owner of 7.8 million of AMG's common shares outstanding, has completed an orderly transition process regarding Safeguard's shareholding in AMG. Safeguard distributed 4.7 million shares of AMG common stock to certain of its Limited Partners. The remaining Safeguard Limited Partners received the net proceeds of Safeguard's private placement of 3.1 million shares of AMG common stock.

Outlook

The global economy continues its improvement from the recession of 2008- 2009, but it will remain volatile in the near term. Due to a number of changes that we have made in our business units and the gradually recovering Aerospace, Energy, Infrastructure and Specialty Metals and Chemicals markets, we expect that AMG will produce marked improvements in 2011 financial results compared to 2010. Specifically, the acquisition of the antimony mine and smelter, cost reductions made in the aerospace master alloys and coatings products and rising prices and demand for tantalum should yield considerably better results for Advanced Materials in 2011. The recent improvement in order intake in Engineering Systems is also encouraging. We expect this trend to continue into 2011, with both order intake and revenue improving in the new year. Increases in natural graphite demand and rising silicon metal prices should also benefit Graphit Kropfmühl in 2011. The effect of the Dow transaction on AMG's investment in Timminco and the implementation of the new tax strategies should result in a corresponding increase in the income attributable to shareholders.



AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated income statement

For the three  months ended September 30

In thousands of US Dollars                                   2010      2009

                                                        Unaudited Unaudited

Continuing operations

Revenue                                                   240,427   205,406

Cost of sales                                             198,325   165,457

Gross profit                                               42,102    39,949



Selling, general and administrative expenses               31,682    31,876

Restructuring expense                                           -     5,302

Environmental expense                                         257     4,075

Other income, net                                           (270)   (1,194)

Operating profit (loss)                                    10,433     (110)



Finance expense                                             4,840     6,109

Finance income                                            (1,341)     (617)

Foreign exchange (gain)                                     (578)      (27)

Net finance costs                                           2,921     5,465



Share of loss of associates                              (17,554)   (1,285)

Loss before income tax                                   (10,042)   (6,860)



Income tax expense                                            325     5,694

Loss for the period from continuing operations           (10,367)  (12,554)



Loss after tax for the period from discontinued operations      -  (14,240)

Loss for the period                                      (10,367)  (26,794)



Attributable to:

  Shareholders of the Company                            (11,170)  (20,302)

  Minority interests                                          803   (6,492)

Loss for the period                                      (10,367)  (26,794)



Earnings (loss) per share

Basic earnings (loss) per share                            (0.41)    (0.76)

Diluted earnings (loss) per share                          (0.41)    (0.76)



Earnings (loss) per share for continuing operations

Basic earnings (loss) per share from continuing operations (0.41)    (0.50)

Diluted earnings (loss) per share from continuing
operations                                                 (0.41)    (0.50)




AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated income statement
For the nine months ended September 30

In thousands of US Dollars                                   2010      2009

                                                        Unaudited Unaudited

Continuing operations

Revenue                                                   719,764   636,059

Cost of sales                                             590,588   516,825

Gross profit                                              129,176   119,234



Selling, general and administrative expenses               92,169    94,932

Restructuring expense                                           6     5,696

Environmental expense                                         763     4,162

Other income, net                                           (698)   (4,277)

Operating profit                                           36,936    18,721



Finance expense                                            15,761    15,880

Finance income                                            (2,970)   (2,617)

Foreign exchange (gain)                                  (4,334)     (176)

Net finance costs                                           8,457    13,087



Share of loss of associates                              (26,974)   (2,685)

Profit before income tax                                    1,505     2,949



Income tax expense                                         11,317    17,642

Loss for the period from continuing operations            (9,812)  (14,693)



Loss after tax for the period from discontinued operations         (54,580)

Loss for the period                                       (9,812)  (69,273)



Attributable to:

  Shareholders of the Company                            (10,067)  (45,415)

  Minority interests                                          255  (23,858)

Loss for the period                                       (9,812)  (69,273)



Earnings (loss) per share

Basic earnings (loss) per share                            (0.37)    (1.69)

Diluted earnings (loss) per share                          (0.37)    (1.69)



Earnings (loss) per share for continuing operations

Basic earnings (loss) per share from continuing operations (0.37)    (0.65)

Diluted earnings (loss) per share from continuing
operations                                                 (0.37)    (0.65)




AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated statements of financial position

 In thousands of US Dollars            September 30, 2010 December 31, 2009

                                                Unaudited           Audited

Assets

  Property, plant and
  equipment                                       212,440           211,022

  Intangible assets                                38,924            28,253

  Investments in associates                        17,775            34,794

  Derivative financial
  instruments                                         283             1,718

  Deferred tax assets                               9,480            10,912

  Restricted cash                                  12,703            13,263

  Notes receivable                                    252             5,542

  Other assets                                     14,355            11,980

Total non-current assets                          306,212           317,484

  Inventories                                     202,318           193,378

  Trade and other receivables                     177,586           147,787

  Derivative financial
  instruments                                       6,383             4,954

  Other assets                                     42,520            30,359

  Cash and cash equivalents                        90,213           117,016

Total current assets                              519,020           493,494

Total assets                                      825,232           810,978



Equity

  Issued capital                                      725               725

  Share premium                                   379,518           379,518

  Other reserves                                   33,374            31,284

  Retained earnings (deficit)                   (208,967)         (198,897)

Equity attributable to shareholders of the
Company                                           204,650           212,630

Minority interests                                 14,777            15,793

Total equity                                      219,427           228,423

Liabilities

  Loans and borrowings                            184,499           168,319

  Employee benefits                                88,500            91,358

  Provisions                                       15,272            14,862

  Government grants                                   515               669

  Other liabilities                                 5,659             7,984

  Derivative financial
  instruments                                         921             1,339

  Deferred tax liabilities                         12,529            26,395

Total non-current liabilities                     307,895           310,926

  Loans and borrowings                              4,361             3,464

  Short term bank debt                             45,934            32,013

  Government grants                                   175               234

  Other liabilities                                48,061            46,179

  Trade and other payables                         84,450            69,791

  Derivative financial
  instruments                                       4,486             6,048

  Advance payments                                 44,556            54,764

  Current taxes payable                            38,803            36,050

  Provisions                                       27,084            23,086

Total current liabilities                         297,910           271,629

Total liabilities                                 605,805           582,555

Total equity and liabilities                      825,232           810,978



 AMG Advanced Metallurgical Group N.V.
 Condensed interim consolidated statement of cash flows
For the nine months ended September 30

In thousands of US Dollars                                   2010      2009

                                                        Unaudited Unaudited

Cash flows used in operating activities

Loss for the period from continuing operations            (9,812)  (14,693)

Loss for the period from discontinued operations                -  (54,580)

Loss for the period                                       (9,812)  (69,273)

Adjustments to reconcile loss to net cash flows:

Non-cash:

   Depreciation and amortization                           17,755    17,491

   Restructuring expense                                        6     5,696

   Environmental expense                                      763     4,162

   Net finance costs                                        8,457    13,087

   Share of loss of associates                             26,974     2,685

   Equity-settled share-based payment transactions          4,911    10,451

   Cash-settled share-based payment transactions              187         -

   Income tax expense                                      11,317    17,642

Change in working capital and provisions                 (38,425)  (35,117)

Other                                                       2,312     4,420

Finance costs paid, net                                   (9,191)   (7,502)

Income tax paid, net                                     (29,157)   (6,101)

Cash flows from discontinued operations                         -    36,326

Net cash flows used in operating activities              (13,903)   (6,033)



Cash flows used in investing activities

Proceeds from sale of property, plant and equipment         1,046         -

Acquisition, net of cash                                 (17,287)         -

Acquisition of property, plant and equipment and
intangibles                                              (19,054)  (20,755)

Investments in associates                                (10,755)  (23,832)

Change in restricted cash                                     427     1,228

Other                                                        (53)        16

Cash flows used in discontinued operations                      -  (33,208)

Net cash flows used in investing activities              (45,676)  (76,551)



Cash flows from financing activities

Net proceeds from issuance of debt                         36,636    11,084

Other                                                         176       439

Cash flows from discontinued operations                         -    47,724

Net cash flows from financing activities                   36,812    59,247



Net decrease in cash and cash equivalents                (22,767)  (23,337)

Cash and cash equivalents at January 1                    117,016   143,473

Effect of exchange rate fluctuations and consolidation
changes on cash                                           (4,036)     4,255

Cash and cash equivalents at September 30                  90,213   124,391

About AMG

AMG creates and applies innovative metallurgical solutions to support the global trend of sustainable development of natural resources and CO(2) reduction. AMG produces highly engineered specialty metal products and advanced vacuum furnace systems for the Energy, Aerospace, Infrastructure and Specialty Metals and Chemicals end markets. AMG consists of two operating divisions, Advanced Materials and Engineering Systems, and owns interests in publicly-listed companies Graphit Kropfmühl AG (Deutsche Börse: GKR.DE) and Timminco Limited (TSX: "TIM").

The Advanced Materials Division develops and produces specialty metals, alloys and high performance materials. AMG is a significant producer of specialty metals, such as ferrovanadium, ferronickel-molybdenum, aluminum master alloys and additives, chromium metal and ferrotitanium, for Energy, Aerospace, Infrastructure and Specialty Metal and Chemicals applications. Other key products include specialty alloys for titanium and superalloys, coating materials, tantalum and niobium oxides, vanadium chemicals and antimony trioxide.

The Engineering Systems Division designs, engineers and produces advanced vacuum furnace systems and operates vacuum heat treatment facilities, primarily for the Aerospace and Energy (including solar and nuclear) industries. Furnace systems produced by AMG include vacuum remelting, solar silicon melting and crystallization, vacuum induction melting, vacuum heat treatment and high pressure gas quenching, turbine blade coating and sintering. AMG also provides vacuum case-hardening heat treatment services on a tolling basis.

Graphit Kropfmühl AG is a majority controlled, publicly listed subsidiary of AMG. Based on its secure raw material sources in Africa, China and Europe, Graphit Kropfmühl is a specialist in the production of silicon metal and the extraction, processing and refining of natural crystalline graphite for a wide range of energy saving industrial applications.

Timminco Limited is a publicly listed affiliate of AMG. Timminco produces silicon metal for the chemical, aluminum, electronic and solar industries. Timminco also produces solar grade silicon, using its proprietary technology for purifying silicon metal, for the solar energy industry.

With over 2,300 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, Czech Republic, the United States, Canada, Mexico, Brazil, and Sri Lanka and also has sales and customer service offices in Belgium, Russia, China and Japan (www.amg-nv.com).

Disclaimer

Certain statements in this press release are not historical facts and are "forward looking". Forward looking statements include statements concerning AMG's plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenue or performance, capital expenditures, financing needs, plans and intentions relating to acquisitions, AMG's competitive strengths and weaknesses, plans or goals relating to forecasted production, reserves, financial position and future operations and development, AMG's business strategy and the trends AMG anticipates in the industries and the political and legal environment in which it operates and other information that is not historical information. When used in this press release, the words "expects," "believes," "anticipates," "plans," "may," "will," "should," and similar expressions, and the negatives thereof, are intended to identify forward looking statements. By their very nature, forward looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward looking statements will not be achieved. These forward looking statements speak only as of the date of this press release. AMG expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward looking statement contained herein to reflect any change in AMG's expectations with regard thereto or any change in events, conditions or circumstances on which any forward looking statement is based. Finally, statements of fact contained herein reflect the facts as of the date of this press release.

The full press release including tables can be downloaded from the following link:

AMG reports third quarter 2010 results: http://hugin.info/138060/R/1460777/399865.pdf


[HUG#1460777]


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Source: AMG Advanced Metallurgical Group N.V. via Thomson Reuters ONE

Contact Information

  • For further information please contact:

    AMG Advanced Metallurgical Group N.V.
    +1 610 975 4901
    Jonathan Costello
    Vice President of Corporate Communications
    Email Contact