A producer of forged and cast rolling mill rolls for the worldwide steel and aluminum industries. The Company is also a producer of air and liquid processing equipment.
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This company makes rollers for steel and aluminum rolling mills. These are huge and huge but precisely machined steel rollers. The two subsidiaries that manufacture rollers, one in the US and one in the UK, have done nothing else for decades. The facilities and expertise to manufacture these rollers creates a wide moat. There are less than half a dozen companies in the world that do this.
The rollers need to be replaced on a regular basis because they are subjected to tremendous heat and mechanical stresses. The condition of the rollers is critical to the quality of steel and aluminum products. As the demand for aluminum and steel picks up, so will demand for these rollers as they need to be replaced more often. In addition, Ampco has 49% of a joint venture in China to produce even larger rollers. That plant is expected to come online in 2010.