Haynes posts $63M loss, plans restructuring

Haynes International Inc., the Kokomo, Ind.,-based high-performance alloys producer, said it hopes to strengthen its balance sheet through a restructuring that is required because sufficient doubts have emerged as to its ability to remain in operation.

"A timely, orderly restructuring will allow us to respond more effectively to changing market conditions and preserve and enhance our financial foundation," said Francis Petro, Haynes' chief executive officer. "Our industry has been hit hard by a combination of negative market conditions, including pricing pressures from foreign competitors, rising raw materials and energy costs and declining commercial aerospace and land-based gas turbine business."

Haynes develops, manufactures...


December 30, 2003

21:00 GMT