Stainless steel producer Carpenter Technology plans to focus on its end-use market and strengthen its core business portfolio by including electrification and additive manufacturing to support the company’s growth.
In FY2021 (ending June 30, 2021) the company’s total sales volume including specialty alloys, engineering products, and intersegment was 169mn lbs (77,000 mt) compared to 231mn lbs in the same period in FY2020. In Q4 FY2021 the company sold 47.9mn lbs compared to 48mn lbs in the same three-month period in FY2020.
The Philadelphia-based steel marker’s net sales in FY2021 were $1.4bn compared to $2.1bn in FY2020. Its net sales in the fourth quarter of FY2021 were $421.6mn compared to $437.3mn in Q4 FY2020.
The firm’s total net income in FY2021 saw a $229.6mn loss compared to $1.5mn profit in FY2020. In Q4 FY2021, the net income witnessed a $57.1mn loss compared to $118.4mn in Q4 FY2020.