ATI - Demand Isn't The Problem For Carpenter Technology; Execution Is
Although demand for specialty alloys has been strong almost across the board, progress remains shaky at best for Carpenter Technology (CRS), as the company’s earnings and cash flow are not reflecting what is actually a pretty healthy demand environment. To the extent it makes anybody feel better, Carpenter isn’t the only alloy company to take a beating in the market, as Carpenter, Universal Stainless (USAP), Haynes (HAYN), and Allegheny (ATI) have all been weak over the past six months as investors have been spooked by the 30%