# EDGAR Filing Document

**Accession Number:** 0000006176
**File Stem:** 0001193125-25-240315
**Filing Date:** 2025-10
**Character Count:** 83968
**Document Hash:** b93b0147769ab52da674aef67f190506
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-240315.hdr.sgml**: 20251015

**ACCESSION NUMBER**: 0001193125-25-240315

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251010

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Material Impairments

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251015

**DATE AS OF CHANGE**: 20251015

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMPCO PITTSBURGH CORP
- **CENTRAL INDEX KEY:** 0000006176
- **STANDARD INDUSTRIAL CLASSIFICATION:** PUMPS & PUMPING EQUIPMENT [3561]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 251117717
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-00898
- **FILM NUMBER:** 251395192

**BUSINESS ADDRESS:**
- **STREET 1:** 726 BELL AVENUE
- **STREET 2:** SUITE 301
- **CITY:** CARNEGIE
- **STATE:** PA
- **ZIP:** 15106
- **BUSINESS PHONE:** 412-456-4400

**MAIL ADDRESS:**
- **STREET 1:** 726 BELL AVENUE
- **STREET 2:** SUITE 301
- **CITY:** CARNEGIE
- **STATE:** PA
- **ZIP:** 15106

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SCREW & BOLT CORP OF AMERICA
- **DATE OF NAME CHANGE:** 19710518

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## FORM 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** October 10, 2025<br>

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AMPCO-PITTSBURGH CORPORATION

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Pennsylvania | 1-898 | 25-1117717 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 726 Bell Avenue<br>Suite 301 |  |  |
| Carnegie**,** Pennsylvania |  | 15106 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

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**Registrant's Telephone Number, Including Area Code:** 412 456-4400<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Stock, $1 par value | AP | New York Stock Exchange |
| Series A Warrants to purchase shares of Common Stock<br> \* | AP WS | NYSE American LLC |

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\* On August 1, 2025, the NYSE American LLC filed a Form 25 with the U.S. Securities and Exchange Commission to delist the Series A Warrants in connection with its expiration as of the same date.

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 1.01 Entry into a Material Definitive Agreement.**

*<u>Trigger Period Modification Consent</u>*

On October 10, 2025, in anticipation of the Structured Insolvency (as defined in Item 2.06 of this Current Report on Form 8-K) of Union Electric Steel UK Limited ("UES-UK"), the lenders under the Second Amended and Restated Revolving Credit, Term Loan and Security Agreement, dated as of June 25, 2025 (the "Credit Agreement"), among certain subsidiaries of Ampco-Pittsburgh Corporation ("Ampco-Pittsburgh"), the guarantors party thereto and the lender parties thereto, consented to temporarily modify the definition of the Trigger Period for the 45 consecutive day period beginning on the effective date of the Structured Insolvency. As modified, the Trigger Period will commence on any day in which the Undrawn Availability is less than the greater of 12.50% (previously 15%) of the Maximum Revolving Advance Amount or $12.5 million (previously $15 million) and will terminate on any day in which the Undrawn Availability is more than the greater of 12.50% (previously 15%) of the Maximum Revolving Advance Amount or $12.5 million (previously $15 million) for 30 consecutive days (collectively, the "Trigger Period Modification Consent"). Immediately upon expiration of the 45 consecutive day period, the definition of Trigger Period will revert to the definition in effect immediately prior to the Trigger Period Modification Consent. The foregoing description of the Trigger Period Modification Consent is qualified in its entirety by reference to the full text of the Trigger Period Modification Consent, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

*<u>Indemnification Agreements</u>*

On October 13, 2025, Ampco-Pittsburgh and its wholly owned subsidiaries, Union Electric Steel Corporation ("UES") and Air & Liquid Systems Corporation ("ALS"), entered into indemnification agreements (the "Indemnification Agreements") with certain officers of Ampco-Pittsburgh, UES and ALS with certain of these officers also being indemnified in their capacities as directors of UES and ALS (each, an "Indemnitee"). The Indemnification Agreements provide that Ampco-Pittsburgh, UES and ALS will (i) indemnify each of their respective Indemnitees to the fullest extent permitted by Pennsylvania law, (ii) advance certain expenses to each of their respective Indemnitees to the maximum extent permitted by Pennsylvania law, and (iii) provide for insurance coverage of each Indemnitee under Ampco-Pittsburgh's directors and officers insurance policies to the extent permitted under the insurance policies. The foregoing description of the Indemnification Agreements is qualified in its entirety by reference to the full text of the form of the Indemnification Agreements, a copy of which is filed as Exhibit 10.2 to this Current Report on Form 8-K and is incorporated herein by reference.

**Item 2.02 Results of Operations and Financial Condition.**

The information disclosed in the last paragraph under Item 2.06 Material Impairments of this Current Report on Form 8-K is incorporated herein by reference. The information and exhibit contained in this Item 2.02 is being furnished and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, as amended (the "Securities Act"), except as shall be expressly set forth by specific reference in such a filing.

## Item 2.06 Material Impairments.
On October 13, 2025, the Directors of UES-UK voluntarily filed a Notice of Intention to appoint certain insolvency practitioners of FRP Advisory Trading Limited ("FRP") as administrators of UES-UK (collectively, the "Administrators") pursuant to the requirements of the Insolvency Act 1986 of England and Wales in the High Court of Justice, Business and Property Courts at Leeds (the "Insolvency Court"). On October 14, 2025, (the "Filing Date"), the Directors of UES-UK filed a Notice of Appointment with the Insolvency Court formally appointing the Administrators as administrators of UES-UK. This action is confined to UES-UK exclusively and does not affect Ampco-Pittsburgh or any of its other subsidiaries.

As of the Filing Date, UES-UK is in administration, and its affairs, business and property are being managed by the Administrators (the "Structured Insolvency"). The Administrators will set out its proposals to UES-UK's creditors which will likely include an orderly wind-down of UES-UK's financial affairs and sale of its assets.

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Any funds remaining after the costs and expenses associated with the Structured Insolvency will be distributed in the order of priority set forth in the Insolvency Act 1986.

As of October 13, 2025, the date immediately prior to the Filing Date, the operating results of UES-UK are included in the consolidated operating results of Ampco-Pittsburgh. Effective as of the Filing Date, Ampco-Pittsburgh will no longer consolidate the operating results of UES-UK. In addition, Ampco-Pittsburgh will (i) write down its investment in UES-UK to its estimated fair value, (ii) recognize the other comprehensive losses of UES-UK deferred in accumulated other comprehensive loss on the consolidated balance sheet of Ampco-Pittsburgh, and (iii) establish a receivable for the estimated amount of funds expected to be returned to the lenders under the Credit Agreement, if any, after the costs and expenses of the Structured Insolvency.

As of September 30, 2025, (i) Ampco-Pittsburgh's carrying value of its investment in UES-UK approximated $23 million and, since the fair value of UES-UK's liabilities exceeded the fair value of its assets, the estimated fair value of UES-UK approximated $0, (ii) the amount of other comprehensive losses of UES-UK deferred in accumulated other comprehensive loss on the consolidated balance sheet of Ampco-Pittsburgh approximated $29 million, and (iii) the amount of funds expected to be returned to the lenders under the Credit Agreement approximated $7 to $9 million. Accordingly, Ampco-Pittsburgh would expect to recognize a non-cash impairment charge in the fourth quarter of 2025 ranging between $43 to $45 million, based on estimates as of September 30, 2025. As of the Filing Date, Ampco-Pittsburgh expects its cash expenditures associated with the Structured Insolvency to be insignificant.

**Item 7.01 Regulation FD Disclosure.**

On October 15, 2025, Ampco-Pittsburgh issued a press release announcing the insolvency proceedings for UES-UK and related matters. A copy of the press release is furnished herewith as Exhibit 99.1.

The information in this Item 7.01, including the information in Exhibit 99.1 hereto, is being furnished and shall not be deemed "filed" for any purpose, including for the purpose of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section. The information in this Item 7.01 shall not be incorporated by reference into any registration statement or any other filing under the Securities Act or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filing, except to the extent set forth by specific reference in such a filing.

***Forward-Looking Statements***

The Private Securities Litigation Reform Act of 1995 (the "Act") provides a safe harbor for forward-looking statements made by us or on behalf of Ampco-Pittsburgh Corporation and its subsidiaries (collectively, "we," "us," "our," or the "Corporation"). This Current Report on Form 8-K may include, but is not limited to, statements about operating performance, trends and events we expect or anticipate will occur in the future, including without limitation certain charges and expenses to be recognized in connection with the insolvency proceedings of UES-UK. All statements in this document other than statements of historical fact are statements that are, or could be, deemed "forward-looking statements" within the meaning of the Act and words such as "may," "will," "intend," "believe," "expect," "anticipate," "estimate, "project," "target," "goal," "forecast" and other terms of similar meaning that indicate future events and trends are also generally intended to identify forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made, are not guarantees of future performance or expectations, and involve risks and uncertainties. For us, these risks and uncertainties include, but are not limited to: inability to maintain adequate liquidity to meet our operating cash flow requirements, repay maturing debt and meet other financial obligations including severance costs associated with our anticipated exit from our operations in the U.K.; economic downturns, cyclical demand for our products and insufficient demand for our products; excess global capacity in the steel industry; inability to successfully restructure our operations, exit our U.K. operations, and/or invest in operations that will yield the best long-term value to our shareholders; liability of our subsidiaries for claims alleging personal injury from exposure to asbestos-containing components historically used in certain products of our subsidiaries; inability to obtain necessary capital or financing on satisfactory terms to acquire capital expenditures that may be necessary to support our growth strategy; inoperability of certain equipment on which we rely; increases in commodity prices or insufficient hedging against increases in commodity prices, reductions in electricity and natural gas supply or shortages of key production materials for us or our customers;

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inability to satisfy the continued listing requirements of the New York Stock Exchange; potential attacks on information technology infrastructure and other cyber-based business disruptions; fluctuations in the value of the U.S. dollar relative to other currencies; changes in the existing regulatory environment; consequences of pandemics and geopolitical conflicts; work stoppage or another industrial action on the part of any of our unions; failure to maintain an effective system of internal control; changes in the global economic environment, inflation, the ongoing impact of tariffs, elevated interest rates, recessions or prolonged periods of slow economic growth, and global instability and actual and threatened geopolitical conflict; and those discussed more fully elsewhere in Item 1A, Risk Factors, in Part I of the Corporation's latest Annual Report on Form 10-K and Part II of the latest Quarterly Report on Form 10-Q. Additionally as it relates to the insolvency proceedings related to UES-UK, any forward-looking statements are subject to risks and uncertainties related to such proceedings, including but not limited to: the actions of the Administrators and Insolvency Court, the interpretation and application of U.K. insolvency law, potential claims by creditors or other stakeholders, the ability to recover assets, and the broader impact on the Corporation's consolidated financial condition, results of operations, and strategic plans.

We cannot guarantee any future results, levels of activity, performance or achievements. In addition, there may be events in the future that we are not able to predict accurately or control which may cause actual results to differ materially from expectations expressed or implied by forward-looking statements. Except as required by applicable law, we assume no obligation, and disclaim any obligation, to update forward-looking statements whether as a result of new information, events or otherwise.

**Item 9.01 Financial Statements and Exhibits.**

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| | | |
|:---|:---|:---|
| **(d)** | **Exhibit**s |  |
|  | Exhibit 10.1 | [<u>Trigger Period Modification Consent</u>](ap-ex10_1.htm) |
|  | Exhibit 10.2 | [<u>Form of Indemnification Agreement</u>](ap-ex10_2.htm) |
|  | Exhibit 99.1 | [<u>Press Release dated October 15, 2025</u>](ap-ex99_1.htm) |
|  | Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | AMPCO-PITTSBURGH CORPORATION |
| Date: | October 15, 2025 | By:  | /s/ Michael G. McAuley |
|  |  |  | Michael G. McAuley<br>Senior Vice President, Chief Financial Officer<br> and Treasurer |

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## Exhibit 10.1

**EXHIBIT 10.1**

October 10, 2025

Ampco-Pittsburgh Corporation,

as Borrowing Agent

726 Bell Avenue, Suite 301

Box 427

Carnegie, PA 15106

Attention: Chief Financial Officer

Re: Credit facility provided to AIR & LIQUID SYSTEMS CORPORATION, a Pennsylvania corporation ("<u>ALS</u>"), UNION ELECTRIC STEEL CORPORATION, a Pennsylvania corporation ("<u>UES</u>"), ALLOYS UNLIMITED AND PROCESSING, LLC, a Pennsylvania limited liability company ("<u>Alloys</u>"), AKERS NATIONAL ROLL COMPANY, a Delaware corporation ("<u>National Roll</u>"), AKERS SWEDEN AB, a company duly incorporated and organized under the laws of Sweden with registration number 556031-8080 ("<u>Akers Sweden</u>"), AKERS AB, a company duly incorporated and organized under the laws of Sweden with registration number 556153-4792 ("<u>Akers AB</u>") (Akers Sweden and Akers AB are, each a "<u>Swedish Borrower</u>" and collectively, the "<u>Swedish Borrowers</u>"), and UNION ELECTRIC STEEL UK LIMITED, a limited liability company organized under the laws of England and Wales with registered company number 00162966 (the "<u>UK Borrower</u>")(ALS, UES, Alloys, National Roll, the Swedish Borrowers, the UK Borrower and each Person (as defined in the Credit Agreement (as hereinafter defined)) joined thereto as a borrower from time to time, are collectively, the "<u>Borrowers</u>", and each a "<u>Borrower</u>"), the Guarantors (as defined in the Credit Agreement) party thereto, the Lenders (as defined in the Credit Agreement) party thereto, and PNC BANK, NATIONAL ASSOCIATION, in its capacity as agent for the Lenders (hereinafter referred to in such capacity as the "<u>Agent</u>")

Dear Sir/Madame:

Reference is made to that certain Second Amended and Restated Revolving Credit, Term Loan and Security Agreement, dated as of June 25, 2025, by and among the Borrowers, the Guarantors, the Lenders and the Agent (as further amended, modified, supplemented, extended, renewed or restated from time to time, the "<u>Credit Agreement</u>"). Capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in the Credit Agreement.

Further reference is made to that certain consent letter agreement, dated October 10, 2025, made by the Lenders and the Agent for the benefit of the Borrowers with respect to, among other things, the UK Borrower Structured Insolvency (as defined therein) (as such consent letter agreement may be amended, modified, supplemented or restated from time to time, the "<u>UK Borrower Structured Insolvency Consent Letter</u>").

"Trigger Period" is currently defined in the Credit Agreement to mean, in each case, the period (a) commencing upon (i) the occurrence of an Event of Default or Default or (ii) any day on which Undrawn Availability shall be less than the greater of (y) fifteen percent (15%) of the Maximum Revolving Advance Amount or (z) Fifteen Million and 00/100 Dollars ($15,000,000.00), and (b) terminating when both (i) Undrawn Availability shall have been greater than the greater of (y) fifteen percent (15%) of the Maximum Revolving Advance Amount or (z) Fifteen Million and 00/100 Dollars ($15,000,000.00) for thirty (30) consecutive days and (ii) no Event of Default or Default is continuing (including as a result of the waiver or cure thereof).

The Loan Parties have requested that the Agent and the Required Lenders, upon both (i) the effectiveness of the UK Borrower Structured Insolvency Consent Letter and (ii) the commencement of the UK

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Borrower Structured Insolvency having occurred (each as evidenced in form and substance satisfactory to the Agent) (the "<u>UK Effective Date</u>") hereby consent to modify the definition of Trigger Period for the forty-five (45) consecutive day period commencing on the UK Effective Date (the "<u>Trigger Period Modification Period</u>"). Please be advised that, subject to the satisfaction of the Conditions (as defined below), the Agent and the Required Lenders hereby consent and agree that, immediately upon the UK Effective Date, at all times during the Trigger Period Modification Period, the definition of "Trigger Period" shall be amended to mean as follows:

"Trigger Period" shall mean, in each case, the period (a) commencing upon (i) the occurrence of an Event of Default or Default or (ii) any day on which Undrawn Availability shall be less than the greater of (y) twelve and one-half of one percent (12.50%) of the Maximum Revolving Advance Amount or (z) Twelve Million Five Hundred Thousand and 00/100 Dollars ($12,500,000.00), and (b) terminating when both (i) Undrawn Availability shall have been greater than the greater of (y) twelve and one-half of one percent (12.50%) of the Maximum Revolving Advance Amount or (z) Twelve Million Five Hundred Thousand and 00/100 Dollars ($12,500,000.00) for thirty (30) consecutive days and (ii) no Event of Default or Default is continuing (including as a result of the waiver or cure thereof).

It being agreed and acknowledged by the Loan Parties that, immediately upon the expiration of the Trigger Period Modification Period and without any notice, demand or further action by the Agent or any Lender, the definition of "Trigger Period" shall revert to the definition in effect immediately prior to the commencement of the Trigger Period Modification Period.

As used herein, "<u>Conditions</u>" shall mean the performance and/or delivery, in form and substance reasonably satisfactory to the Agent, of the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) this letter, duly executed by the Loan Parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) on or before the date of this letter agreement, payment of a consent fee in the amount set forth in that certain consent fee letter, dated of even date herewith, by and between Ampco-Pittsburgh Corporation (on behalf of itself and the other Loan Parties) and the Agent, has been received by the Agent.

The consents and agreements contained herein shall be limited to the specific consents and agreements made herein. Except as set forth herein, the Agent and the Lenders hereby expressly reserve all rights, remedies, powers and privileges they have or may have under the Credit Agreement, any of the Other Documents, and applicable law or equity.

This letter constitutes an accommodation to the Loan Parties and the agreements contained herein shall be limited to the specific agreements made herein. Except as otherwise modified herein, all other terms and conditions of the Credit Agreement and the Other Documents continue in full force and effect and are unmodified by this letter.

[INTENTIONALLY LEFT BLANK]

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If the foregoing terms and conditions are acceptable to you, please indicate your acceptance by signing in the spaces indicated below. This letter agreement shall constitute a rider to and form a part of the Credit Agreement, as the same may be amended, modified or supplemented from time to time.

PNC Bank, National Association, as Agent and as a Lender

By: <u>/s/ David B. Keith</u>

Name: David B. Keith

Title: Senior Vice President, PNC Bank

First National Bank of Pennsylvania, as a Lender

By: <u>/s/ Angèle Stoebener</u>

Name: Angèle Stoebener

Title: Senior Vice President, First National Bank of Pennsylvania

S&T Bank, as a Lender

By: <u>/s/ Mark Hanak</u>

Name: Mark Hanak

Title: Senior Vice President, S&T Bank

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Acknowledged and accepted this

<u>10th</u> day of October, 2025.

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| | |
|:---|:---|
|  | &nbsp;&nbsp;**BORROWERS:** |
| &nbsp;&nbsp;WITNESS/ATTEST:<br>By: <u>/s/ Keith Zatawski</u><br>Name: Keith Zatawski<br>Title: Chief Risk Officer, Director of Benefits<br>| &nbsp;&nbsp;AIR & LIQUID SYSTEMS CORPORATION, a Pennsylvania corporation<br>By: <u>/s/ Michael G. McAuley</u><br>Name: Michael G. McAuley<br>Title: Vice President and Treasurer<br>|
| &nbsp;&nbsp;WITNESS/ATTEST:<br>By: <u>/s/ Keith Zatawski</u><br>Name: Keith Zatawski<br>Title: Chief Risk Officer, Director of Benefits<br>| &nbsp;&nbsp;UNION ELECTRIC STEEL CORPORATION, a Pennsylvania corporation<br>By: <u>/s/ Michael G. McAuley</u><br>Name: Michael G. McAuley<br>Title: Vice President and Treasurer<br>|
| &nbsp;&nbsp;WITNESS/ATTEST:<br>By: <u>/s/ Keith Zatawski</u><br>Name: Keith Zatawski<br>Title: Chief Risk Officer, Director of Benefits<br>| &nbsp;&nbsp;ALLOYS UNLIMITED AND PROCESSING, LLC, a Pennsylvania limited liability company<br>By: <u>/s/ Michael G. McAuley</u><br>Name: Michael G. McAuley<br>Title: Vice President and Treasurer<br>|
| &nbsp;&nbsp;WITNESS/ATTEST:<br>By: <u>/s/ Keith Zatawski</u><br>Name: Keith Zatawski<br>Title: Chief Risk Officer, Director of Benefits<br>| &nbsp;&nbsp;AKERS NATIONAL ROLL COMPANY, a Delaware corporation<br>By: <u>/s/ Michael G. McAuley</u><br>Name: Michael G. McAuley<br>Title: Vice President and Treasurer<br>|
| &nbsp;&nbsp;WITNESS/ATTEST:<br>By: <u>/s/ Monica Önnestig</u><br>Name: Monica Önnestig<br>Title: Finance Manager | &nbsp;&nbsp;AKERS SWEDEN AB, a company duly incorporated and organized under the laws of Sweden<br>By: <u>/s/ Jörgen Hedström</u><br>Name: Jörgen Hedström<br>Title: Managing Director<br>|

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| | |
|:---|:---|
|  | &nbsp;&nbsp; <br>**BORROWERS (continued):** |
| &nbsp;&nbsp;WITNESS/ATTEST:<br>By: <u>/s/ Monica Önnestig</u><br>Name: Monica Önnestig<br>Title: Finance Manager<br>| &nbsp;&nbsp;AKERS AB, a company duly incorporated and organized under the laws of Sweden<br>By: <u>/s/ Jörgen Hedström</u><br>Name: Jörgen Hedström<br>Title: Managing Director<br>|
| &nbsp;&nbsp;WITNESS/ATTEST:<br>By: <u>/s/ Keith Zatawski</u><br>Name: Keith Zatawski<br>Title: Chief Risk Officer, Director of Benefits | &nbsp;&nbsp;UNION electric steel uk limited, a limited liability company organized under the laws of England and Wales<br>By: <u>/s/ J. Brett McBrayer</u><br>Name: J. Brett McBrayer<br>Title: Director<br>|
|  | &nbsp;&nbsp;**GUARANTORS:** |
| &nbsp;&nbsp;WITNESS/ATTEST:<br>By: <u>/s/ Keith Zatawski</u><br>Name: Keith Zatawski<br>Title: Chief Risk Officer, Director of Benefits | &nbsp;&nbsp;ampco-pittsburgh corporation, a Pennsylvania corporation<br>By: <u>/s/ Michael G. McAuley</u><br>Name: Michael G. McAuley<br>Title: Senior Vice President, Chief Financial Officer and Treasurer<br>|
| &nbsp;&nbsp;WITNESS/ATTEST:<br>By: <u>/s/ Keith Zatawski</u><br>Name: Keith Zatawski<br>Title: Chief Risk Officer, Director of Benefits<br>| &nbsp;&nbsp;ampco-pittsburgh securities v llc, a Delaware limited liability company<br>By: <u>/s/ Michael G. McAuley</u><br>Name: Michael G. McAuley<br>Title: Chief Financial Officer and Treasurer<br>|
| &nbsp;&nbsp;WITNESS/ATTEST:<br>By: <u>/s/ Keith Zatawski</u><br>Name: Keith Zatawski<br>Title: Chief Risk Officer, Director of Benefits | &nbsp;&nbsp;ampco-pittsburgh securities v investment corporation, a Delaware corporation<br>By: <u>/s/ Michael G. McAuley</u><br>Name: Michael G. McAuley<br>Title: Vice President and Treasurer<br>|

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| | |
|:---|:---|
|  | &nbsp;&nbsp;**GUARANTORS (continued):** |
| &nbsp;&nbsp;WITNESS/ATTEST:<br>By: <u>/s/ Keith Zatawski</u><br>Name: Keith Zatawski<br>Title: Chief Risk Officer, Director of Benefits<br>| &nbsp;&nbsp;ampco ues sub, inc., a Delaware corporation<br>By: <u>/s/ Michael G. McAuley</u><br>Name: Michael G. McAuley<br>Title: Vice President and Treasurer  |
| &nbsp;&nbsp;WITNESS/ATTEST:<br>By: <u>/s/ Keith Zatawski</u><br>Name: Keith Zatawski<br>Title: Chief Risk Officer, Director of Benefits | &nbsp;&nbsp;the davy roll company limited, a limited liability company organized under the laws of England and Wales<br>By: <u>/s/ J. Brett McBrayer</u><br>Name: J. Brett McBrayer<br>Title: Director |
| &nbsp;&nbsp;WITNESS/ATTEST:<br>By: <u>/s/ Keith Zatawski</u><br>Name: Keith Zatawski<br>Title: Chief Risk Officer, Director of Benefits | &nbsp;&nbsp;ROLLS TECHNOLOGY INC., a Delaware corporation<br>By: <u>/s/ Michael G. McAuley</u><br>Name: Michael G. McAuley<br>Title: Vice President and Treasurer |

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## Exhibit 10.2

**EXHIBIT 10.2**

**INDEMNIFICATION AGREEMENT** 

THIS INDEMNIFICATION AGREEMENT ("<u>Agreement</u>") is made as of this 13<sup>th</sup>day of October, 2025, by and between **[**[Ampco-Pittsburgh Corporation][Air & Liquid Systems Corporation][Union Electric Steel Corporation]**]**, a Pennsylvania corporation (the "<u>Corporation</u>"), and [●] ("<u>Indemnitee</u>").

**BACKGROUND** 

The Corporation and Indemnitee recognize that highly competent persons have become more reluctant to serve corporations and their subsidiaries, and any entity of which the Corporation is a subsidiary, as directors, officers or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the Corporation or its subsidiaries, or any entity of which the Corporation is a subsidiary, including without limitation the prevalent risk of corporate shareholder litigation.

The Corporation's Board of Directors has determined that, in order to attract and retain qualified individuals, the Corporation has historically and will attempt in the future to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Corporation and its subsidiaries, and any entity of which the Corporation is a subsidiary, from certain liabilities. Although the furnishing of such insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the Corporation believes that, given current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against a corporation or business enterprise itself. Subject to the terms thereof, the Corporation's **[**Amended and Restated**]** Articles of Incorporation (as amended, the "<u>Articles of Incorporation</u>") and By-laws (as amended, the "<u>Bylaws</u>"), as applicable, require indemnification of the directors and officers of the Corporation who was or is made a party to or a witness in, or is threatened to be made a party to or a witness in, any threatened, pending or completed Proceeding (as defined below), whether civil, criminal, administrative or investigative and whether external or internal to the Corporation, by reason of the fact that the indemnitee is or was an authorized representative (as defined in the Bylaws), against all Expenses (as defined below), judgments, penalties, fines (including excise taxes and penalties) and amounts paid in settlement actually and reasonably incurred or suffered by the indemnitee in connection with such proceeding. Indemnitee may also be entitled to indemnification pursuant to the Pennsylvania Business Corporation Law of 1988 (as amended from time to time, the "<u>PBCL</u>"). The Bylaws and Articles of Incorporation, as applicable, and the PBCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Corporation and members of the Board of Directors, officers and other persons with respect to indemnification.

Given the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons, it is reasonable, prudent and necessary for the Corporation contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law, the Articles of Incorporation and the Bylaws so that they will serve or continue to serve the Corporation and its subsidiaries free from undue concern that they will not be so indemnified.

This Agreement is a supplement to and in furtherance of the Bylaws and Articles of Incorporation and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

Indemnitee does not regard the protection available under the Articles of Incorporation, the Bylaws and insurance as adequate in the present circumstances, and may not be willing to serve as an officer or director without adequate protection, and the Corporation desires Indemnitee to serve in such capacity. Indemnitee is

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willing to serve, continue to serve and to take on additional service for or on behalf of the Corporation on the condition that he be so indemnified.

NOW, THEREFORE, in consideration of Indemnitee's agreement to serve as a director or officer of the Corporation or its subsidiaries, or any entity of which the Corporation is a subsidiary, from and after the date hereof, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Third Party and Derivative Proceedings</u>. The Corporation shall indemnify Indemnitee if Indemnitee is or was a party or is threatened to be made a party to any threatened, pending or completed action, or proceeding, including without limitation, any suit, arbitration, alternate dispute resolution mechanism, claim, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding (each a "<u>Proceeding</u>"), whether civil, criminal, administrative or investigative (other than an action by or in the right of the Corporation or any affiliate of the Corporation) in which Indemnitee was, is or will be involved as a party or otherwise, by reason of the fact that Indemnitee is or was a director, officer, partner, manager, trustee, fiduciary, employee or agent (each a "<u>Representative</u>") of the Corporation, or is or was serving at the request of the corporation as a Representative of another domestic or foreign corporation for profit or not-for-profit, partnership, joint venture, trust or other enterprise (such status, the Indemnitee's "<u>Corporate Status</u>"), in each case whether or not Indemnitee is acting or serving in any such capacity at the time any liability or Expense (as defined below) is incurred for which indemnification can be provided under this Agreement, against expenses (including reasonable attorneys' fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, participating, or being or preparing to be a witness in a Proceeding, or responding to, or objecting to, a request to provide discovery in any Proceeding) ("<u>Expenses</u>"), and all liabilities and loss, including, judgments, penalties, fines (including excise taxes and penalties) and amounts paid in settlement (if such settlement is approved pursuant to <u>Section 2(f)</u>) actually and reasonably incurred by Indemnitee in connection with such Proceeding so long as the Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Corporation and, with respect to any criminal proceeding, had no reasonable cause to believe Indemnitee's conduct was unlawful. The termination of any action or proceeding by judgment, order, settlement or conviction or upon a plea of nolo contendere or its equivalent shall not of itself create a presumption that Indemnitee did not act in good faith and in a manner that he reasonably believed to be in, or not opposed to, the best interests of the Corporation and, with respect to any criminal proceeding, had reasonable cause to believe that Indemnitee's conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Proceedings by or in the Right of the Company</u>. To the greatest extent permitted by Section 1742 of the PBCL as then amended or any successor statute, the Corporation shall indemnify Indemnitee if Indemnitee was or is a party, or is threatened to be made a party, to any threatened, pending or completed Proceeding by or in the right of the Corporation to procure a judgment in its favor by reason of the fact that Indemnitee is or was a Representative of the Corporation or is or was serving at the request of the Corporation as a Representative of another domestic or foreign corporation for profit or not-for-profit, partnership, joint venture, trust or other enterprise, against Expenses actually and reasonably incurred by him in connection with the defense or settlement of the Proceeding if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Corporation. Indemnification shall not be made under this <u>Section 1(b)</u> in respect of any claim, issue or matter as to which Indemnitee has been adjudged to be liable to the Corporation unless and only to the extent that the Court of Common Pleas of the judicial district of the Commonwealth of Pennsylvania embracing the county in which the registered office of the Corporation is located or another court of applicable jurisdiction in which the action was brought determines upon application that, despite the adjudication of liability but in view of all the circumstances of the case, the

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person is fairly and reasonably entitled to indemnity for the expenses that the court of common pleas or other court of applicable jurisdiction deems proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Mandatory Indemnification</u>. To the extent that Indemnitee has been successful on the merits or otherwise in defense of any Proceeding referred to in <u>Section 1(a)</u> or <u>Section 1(b)</u>, or in defense of any claim, issue or matter therein, Indemnitee shall be indemnified against Expenses actually and reasonably incurred by Indemnitee in connection therewith. For purposes of this <u>Section 1(c)</u>, the term "<u>successful on the merits or otherwise</u>" shall include (i) any termination, withdrawal, or dismissal (with or without prejudice) of any Proceeding against Indemnitee without any express finding of liability or guilt against him, or (ii) the expiration of a reasonable period of time after the making of any claim or threat of a Proceeding without the institution of the same and without any promise or payment made to induce a settlement. The Corporation acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any Proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such Proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise in such Proceeding. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Indemnification for Expenses of a Witness</u>. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a witness, or is made (or asked) to respond to discovery requests, in any Proceeding to which Indemnitee is not a party, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Limitation on Indemnification</u>. Notwithstanding any provision of this <u>Section 1</u> to the contrary, the Corporation shall not indemnify the Indemnitee in any case where the act or failure to act giving rise to the claim for indemnification is determined by a court to have constituted willful misconduct or recklessness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Expenses and Indemnification Procedure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Advancement of Expenses</u>. To the greatest extent permitted by Section 1745 of the PBCL as then amended or any successor statute and notwithstanding any provision of this Agreement to the contrary, but subject to <u>Section 2(b)</u>, the Corporation shall advance all reasonable out-of-pocket Expenses incurred by Indemnitee in connection with the investigation, defense, settlement or appeal of any Proceeding referenced in <u>Section 1(a)</u> or <u>Section 1(b)</u> within ten (10) days after the receipt by the Corporation of a statement or statements requesting such advances from time to time, whether prior to or after final disposition of any Proceeding. Advances shall include any and all reasonable Expenses incurred pursuing a Proceeding to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Corporation to support the advances claimed. This <u>Section 2(a)</u> shall not apply to any claim made by Indemnitee for which indemnity is excluded pursuant to <u>Section 9</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Undertaking to Repay Expenses</u>. In the event that it shall ultimately be determined that Indemnitee is not entitled to be indemnified for the Expenses paid by the Corporation pursuant to <u>Section 2(a)</u> or otherwise or was not entitled to be fully indemnified, Indemnitee shall repay to the Corporation such amount of the advanced Expenses or the appropriate portion thereof. Any advances and undertakings to repay pursuant to this <u>Section 2(b)</u> shall be unsecured and interest free.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Notice/Cooperation by Indemnitee</u>. Indemnitee shall, as a condition precedent to Indemnitee's right to be indemnified under this Agreement, give the Corporation notice in writing as soon as practicable of any claim made against Indemnitee for which indemnification will or could be sought under this Agreement. Notice to the Corporation shall be directed to the Corporation at the following address (or such other address as the Corporation may from time to time designate in writing to Indemnitee). Notwithstanding the foregoing, any failure of Indemnitee to provide such a request to the Corporation, or to provide such a request in a timely

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fashion, shall not relieve the Corporation of any liability that it may have to Indemnitee unless, and to the extent that, such failure actually and materially prejudices the interests of the Corporation.

Ampco-Pittsburgh Corporation

726 Bell Avenue, Suite 301

P.O. Box 457

Carnegie, PA 15106

Attn: Corporate Secretary

E-mail: kknox@ampcopgh.com

With a copy to (which copy shall not constitute notice):

Cozen O'Connor

One Oxford Centre

301 Grant Street, 41<sup>st</sup>Floor

Pittsburgh, PA 15219

Attn: Jeremiah G. Garvey and Seth H. Popick

E-mail: jgarvey@cozen.com and spopick@cozen.com

Notice shall be deemed received on the third business day after the date postmarked if sent by domestic certified or registered mail, properly addressed; otherwise, notice shall be deemed received when such notice shall actually be received by the Corporation. In addition, Indemnitee shall give the Corporation such information and cooperation as it may reasonably require and as shall be within Indemnitee's power.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Procedure</u>. Any indemnification provided for in <u>Section 1</u> and this <u>Section 2</u> shall be made as promptly as practicable, but in no event later than 45 days after receipt of the written request of Indemnitee, coupled with appropriate documentation to support the requested payment. If a claim under this Agreement, under any statute, or under any provision of the Articles of Incorporation or Bylaws providing for indemnification is not paid in full by the Corporation within 45 days after receipt of a fully documented written request for payment thereof has first been received by the Corporation, Indemnitee may, but need not, at any time thereafter bring an action against the Corporation to recover the unpaid amount of the claim and, subject to <u>Section 13</u>, Indemnitee shall also be entitled to be paid for the Expenses of bringing such action. The Corporation shall not oppose Indemnitee's right to seek any such action. It shall be a defense to any such action (other than an action brought to enforce a claim for Expenses incurred in connection with any Proceeding in advance of its final disposition) that Indemnitee has not met the standards of conduct which make it permissible under applicable law for the Corporation to indemnify Indemnitee for the amount claimed, but the burden of proving such defense shall be on the Corporation, and Indemnitee shall be entitled to receive interim payments of Expenses pursuant to <u>Section 2(a)</u>, and the Corporation shall promptly make such interim payments of Expenses, unless and until such defense may be finally adjudicated by court order or judgment from which no further right of appeal exists. Each of the parties hereto intend that if the Corporation contests Indemnitee's right to indemnification, the question of Indemnitee's right to indemnification shall be for the court to decide, and neither the failure of the Corporation (including, at the election of the Board of Directors, its Board of Directors, any committee or subgroup of the Board of Directors, independent legal counsel, or its shareholders) to have made a determination that indemnification of Indemnitee is proper in the circumstances because Indemnitee has met the applicable standard of conduct required by applicable law, nor an actual determination by the Corporation (including, at the election of the Board of Directors, its Board of Directors, any committee or subgroup of the Board of Directors, independent legal counsel, or its shareholders) that Indemnitee has not met such applicable standard of conduct, shall create a presumption that Indemnitee has or has not, as the case may be, met the applicable standard of conduct. The Corporation shall be precluded from asserting in any judicial proceeding commenced pursuant to this <u>Section 2</u>that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Corporation is bound by all the provisions of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Notice to Insurers</u>. If, at the time of the receipt of a notice of claim pursuant to <u>Section 2(c)</u>, the Corporation has directors' and officers' liability insurance in effect, the Corporation shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Corporation shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.<u>Selection of Counsel</u>. If the Corporation shall be obligated under <u>Section 1</u> or <u>Section 2</u> to pay the Expenses of any Proceeding against Indemnitee, the Corporation shall be entitled to assume the defense of such Proceeding (other than a Proceeding involving criminal proceedings, in which case the Indemnitee shall be entitled to assume the defense of such Proceeding and the Corporation shall have the right to employ separate counsel at the Corporation's expense), with counsel consented to by Indemnitee, such consent not being unreasonably withheld, upon the delivery to Indemnitee of written notice within five (5) business days following receipt of notice from Indemnitee pursuant to <u>Section 2(c)</u>; *provided* that (x) the Corporation shall have acknowledged in writing to the Indemnitee its unqualified obligation to indemnify the Indemnitee as provided hereunder, (y) the Corporation must conduct such defense actively and diligently thereafter to preserve its rights in this regard. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Corporation, the Corporation will not be liable to Indemnitee under this Agreement for any fees of any other counsel subsequently incurred by Indemnitee with respect to the same Proceeding; *provided* that (i) Indemnitee shall have the right to employ separate counsel in any such Proceeding at Indemnitee's expense; and (ii) if (A) the employment of counsel by Indemnitee has been previously authorized by the Corporation, (B) Indemnitee shall, based on the written opinion of counsel to Indemnitee, have reasonably concluded that there is a conflict of interest between the Corporation and Indemnitee in the conduct of any such defense, or (C) the Corporation shall not, in fact, have employed counsel to assume the defense of such proceeding, then the reasonable fees and expenses of Indemnitee's counsel shall be at the expense of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.<u>Settlements</u>. The Corporation shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any action or claim effected without its written consent. The Corporation shall not settle any action or claim in any manner which would impose any penalty or limitation on Indemnitee, or which does not provide for a full, unqualified and final release of all claims asserted against Indemnitee, without Indemnitee's written consent. Neither the Corporation nor the Indemnitee will unreasonably withhold consent to any proposed settlement so long as such proposed settlement provides for a full, unqualified and final release of all claims asserted against Indemnitee and does not impose any penalty or limitation on Indemnitee. If the Corporation settles a claim that is made jointly against the Corporation and any directors or officers, the Corporation shall use commercially reasonable efforts to settle the entire claim on behalf of all parties named in the complaint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.<u>Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.If, at any time subsequent to the date of this Agreement, there is a Change in Control, then upon the request of Indemnitee, the Corporation shall cause the determination of indemnification and advances required by <u>Sections</u> <u>1</u> and <u>2</u> to be made by a third party (mutually agreed upon by the parties or failing such agreement, as determined by the Chief Judge of the Federal District Court for the Western District of Pennsylvania). The fees and expenses incurred by the third party in making the determination of indemnification and advances shall be borne solely by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.For purposes of this Agreement, a "<u>Change in Control</u>" shall have the same meaning as set forth in any employment agreement, offer letter, change in control agreement or similar agreement between the Corporation (and/or any of its Subsidiaries) and Indemnitee, or if no such agreement definition exists, shall mean (i) a merger or consolidation of the Corporation with any other entity, or an acquisition by any third party of securities of the Corporation representing more than 50% of the combined

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voting power of the Corporation's then outstanding voting securities, other than a merger or consolidation which would result in the voting securities of the Corporation outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the Board or other governing body of such surviving entity, or (ii) the approval by the shareholders of the Corporation of a complete liquidation of the Corporation or an agreement for the sale or disposition by the Corporation of all or substantially all of the Corporation's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Additional Indemnification Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Scope</u>. Notwithstanding any other provision of this Agreement, the Corporation shall indemnify Indemnitee to the fullest extent permitted by law, notwithstanding that such indemnification is not specifically authorized by the other provisions of this Agreement, the Articles of Incorporation, the Bylaws or by statute. In the event of any change, after the date of this Agreement, in any applicable law, statute, or rule which expands the right of a Pennsylvania corporation to indemnify a member of its board of directors and/or its officers, such changes shall be, *ipso facto*, within the purview of Indemnitee's rights and Corporation's obligations under this Agreement. In the event of any change in any applicable law, statute or rule which narrows the right of a Pennsylvania corporation to indemnify a member of its board of directors and/or its officers, such changes (to the extent not otherwise required by such law, statute or rule to be applied to this Agreement) shall have no effect on this Agreement or the parties' rights and obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Non-exclusivity</u>. The indemnification provided by this Agreement shall not be deemed exclusive of any rights to which an Indemnitee may be entitled under the Articles of Incorporation, Bylaws, any agreement, any vote of shareholders or disinterested directors, the PBCL, or otherwise, both as to action in Indemnitee's official capacity and as to action in another capacity while holding such office, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in Indemnitee's Corporate Status prior to such amendment, alteration or repeal. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Continuation of Indemnity</u>. All agreements and obligations of the Corporation contained herein shall continue during the period Indemnitee is a director, officer, employee or agent of the Corporation (or is or was serving at the request of the Corporation as a director, officer, employee or agent of any other enterprise) and shall continue thereafter, so long as Indemnitee shall be subject to any possible claim or threatened, pending or completed action, suit or proceeding, whether civil, criminal or investigative, by reason of the fact that Indemnitee was a director, officer, employee or agent of the Corporation or serving in any other capacity referred to herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Partial Indemnification</u>. Subject to any limitations set forth in the PBCL, if Indemnitee is entitled under any provision of this Agreement to indemnification by the Corporation for some or a portion of the Expenses, judgments, fines (including excise taxes and penalties) or penalties actually or reasonably incurred by him in the investigation, defense, appeal or settlement of any Proceeding, but not for the total amount thereof, the Corporation shall nevertheless indemnify Indemnitee for the portion of such Expenses, judgments, fines (including excise taxes and penalties) or penalties to which Indemnitee is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Mutual Acknowledgment</u>. Each of the Corporation and Indemnitee acknowledges that, in certain instances, federal law or public policy may override applicable state law and prohibit the Corporation from indemnifying its directors under this Agreement or otherwise. For example, each of the Corporation and Indemnitee acknowledges that the Securities and Exchange Commission (the "<u>SEC</u>") has taken the position that

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indemnification is not permissible for liabilities arising under certain federal securities laws, and federal legislation prohibits indemnification for certain ERISA violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Officer and Director Liability Insurance</u>. The Corporation shall, from time to time, make the good faith determination whether or not it is practicable for the Corporation to obtain and maintain a policy or policies of insurance with reputable insurance companies providing the directors of the Corporation with coverage for losses from wrongful acts, or to ensure the Corporation's performance of its indemnification obligations under this Agreement. Among other considerations, the Corporation will weigh the costs of obtaining such insurance coverage against the protection afforded by such coverage. In all policies of directors' and officers' liability insurance, Indemnitee shall be insured in such a manner as to provide Indemnitee the same rights and benefits as are accorded to the most favorably insured of the Corporation's directors. Notwithstanding the foregoing, the Corporation shall have no obligation to obtain or maintain such insurance if the Corporation determines in good faith that such insurance is not reasonably available, if the premium costs for such insurance are disproportionate to the amount of coverage provided, if the coverage provided by such insurance is limited by exclusions so as to provide an insufficient benefit, or if Indemnitee is covered by similar insurance maintained by an affiliate of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Severability</u>. Nothing in this Agreement is intended to require or shall be construed as requiring the Corporation to do or fail to do any act in violation of applicable law. The Corporation's inability, pursuant to court order, to perform its obligations under this Agreement shall not constitute a breach of this Agreement. The provisions of this Agreement shall be severable as provided in this <u>Section 8</u>. If this Agreement or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the Corporation shall nevertheless indemnify Indemnitee to the full extent permitted by any applicable portion of this Agreement that shall not have been invalidated, and the balance of this Agreement not so invalidated shall be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Exceptions</u>. Any other provision herein to the contrary notwithstanding, the Corporation shall not be obligated pursuant to the terms of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Claims Initiated by Indemnitee</u>. To indemnify or advance Expenses to Indemnitee with respect to proceedings or claims initiated or brought voluntarily by Indemnitee and not by way of defense (such as by counterclaim, cross-claim or third-party claim), except with respect to proceedings brought to establish or enforce a right to indemnification under this Agreement or any other statute or law or otherwise as required under the PBCL, but such indemnification or advancement of Expenses may be provided by the Corporation in specific cases if the Board of Directors, at its sole discretion, finds it to be appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Lack of Good Faith</u>. To indemnify Indemnitee for any Expenses incurred by Indemnitee with respect to any Proceeding instituted by Indemnitee to enforce or interpret this Agreement, if a court of competent jurisdiction determines that each of the material assertions made by Indemnitee in such proceeding was made in bad faith or was frivolous;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Insured Claims</u>. To indemnify Indemnitee for Expenses or liabilities of any type whatsoever (including judgments, fines (including excise taxes and penalties), ERISA excise taxes or penalties, and amounts paid in settlement) which have been paid directly to Indemnitee by an insurance carrier under a policy of officers' and directors' liability insurance maintained by the Corporation and/or its subsidiaries except with respect to any excess beyond the amount paid under any insurance policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Claims Under Section 16(b)</u>. To indemnify Indemnitee for expenses or the payment of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 16(b) of the Securities Exchange Act of 1934, as amended, or any similar successor statute; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Illegal Activity</u>. To indemnify Indemnitee if a court of competent jurisdiction finally adjudges that such indemnification is illegal, including by virtue of such indemnification being in violation of public policy or any provision of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Interpretation; Construction of Certain Phrases</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The headings of particular provisions of this Agreement are inserted for convenience only and will not be construed as a part of this Agreement or serve as a limitation or expansion on the scope of any term or provision of this Agreement. The words "<u>include</u>," "<u>includes</u>" or "<u>including</u>" shall be deemed to be followed by the words "<u>without limitation</u>." The words "<u>hereof</u>," "<u>herein</u>" and "<u>herewith</u>" and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.For purposes of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.references to the "<u>Corporation</u>" shall include, in addition to the resulting or surviving corporation, any constituent entity (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, and employees or agents, so that if Indemnitee is or was a director, officer, employee or agent of such constituent entity, or is or was serving at the request of such constituent entity as a director, officer, employee or agent of any other enterprise, Indemnitee shall stand in the same position under the provisions of this Agreement with respect to the resulting or surviving corporation as Indemnitee would have with respect to such constituent entity if its separate existence had continued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.references to any "<u>other enterprise</u>" shall include any corporation, trust, partnership, joint venture, or other entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.references to "<u>fines</u>" shall include any excise taxes or penalties assessed on Indemnitee with respect to an employee benefit plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.references to "<u>serving at the request of the Corporation</u>" shall include, without limitation, any service as a director, officer, employee or agent of the Corporation which imposes duties on, or involves services by, Indemnitee with respect to an employee benefit plan, its participants, or beneficiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.references to "<u>affiliates</u>" shall mean any entity which, directly or indirectly, is in the control of, is controlled by, or is under common control with, the Corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.references to "<u>Sections</u>" or "<u>clauses</u>" shall be to Sections or clauses of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Counterparts</u>. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, *e.g.*, www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Successors and Assigns</u>. This Agreement shall be binding upon and inure to the benefit of the Corporation and its successors and assigns, and Indemnitee and Indemnitee's estate, heirs, legal representatives and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Attorneys' Fees</u>. If any action is instituted by Indemnitee under this Agreement to enforce or interpret any of the terms hereof, Indemnitee shall be entitled to be paid all court costs and expenses, including reasonable attorneys' fees, incurred by Indemnitee with respect to such action, unless as a part of such action,

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the court of competent jurisdiction determines that each of the material assertions made by Indemnitee as a basis for such action was made in bad faith or was frivolous. In the event of an action instituted by or in the name of the Corporation under this Agreement or to enforce or interpret any of the terms of this Agreement, Indemnitee shall be entitled to be paid all court costs and expenses, including attorneys' fees, incurred by Indemnitee in defense of such action (including with respect to Indemnitee's counterclaims and cross-claims made in such action), unless as a part of such action the court determines that each of Indemnitee's material defenses to such action was made in bad faith or was frivolous.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Notice</u>. All notices, requests, demands, consents and other communications hereunder shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, or by facsimile with receipt confirmed (followed by delivery of an original via overnight courier service). The address for notice to the Corporation shall be as set forth in <u>Section 2(c)</u>, and the address for notice to Indemnitee shall be as set forth on the signature page of this Agreement, or as subsequently modified in a notice given in accordance with this <u>Section 14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>Consent to Jurisdiction</u>. The Corporation and Indemnitee each hereby irrevocably consent to the jurisdiction of the courts of the Commonwealth of Pennsylvania for all purposes in connection with any action or proceeding which arises out of or relates to this Agreement. Any action or proceeding instituted under or to enforce this Agreement shall be brought only in the state courts of the Commonwealth of Pennsylvania.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>Subrogation</u>. In the event of payment under this Agreement, the Corporation shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee (other than the Fund Indemnitors), who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Corporation effectively to bring suit to enforce such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.<u>Choice of Law and Submission to Jurisdiction</u>. This Agreement shall be governed by and its provisions construed in accordance with the laws of the Commonwealth of Pennsylvania, as applied to contracts between Pennsylvania residents entered into and to be performed within Pennsylvania. Any legal suit, action, or proceeding arising out of or relating to this Agreement, or the matters contemplated hereby or shall be instituted in any United States federal court or state court located in the Commonwealth of Pennsylvania in the City of Pittsburgh and County of Allegheny, and each party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action, or proceeding. Service of process, summons, notice, or other document by mail in accordance with Section 2(c) to such party's address set forth herein shall be effective service of process for any suit, action, or other proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action, or proceeding in such courts and irrevocably waive and agree not to plead or claim in any such court that any such suit, action, or proceeding brought in any such court has been brought in an inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.<u>Enforcement</u>. The Corporation expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it hereby in order to induce Indemnitee to serve as an officer or director of the Corporation, and the Corporation acknowledges that Indemnitee is relying upon this Agreement in serving as an officer or director of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.<u>Modification and Waiver</u>. No supplement, modification, termination or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.<u>Prior Agreement</u>. Notwithstanding any contrary provision contained herein, this Agreement supersedes and replaces any and all prior written indemnification agreements between the Indemnitee and the Corporation.

**[*Signature page follows*]** 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

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|:---|
| [●] |
| By: |
| Name: |
| Title: |
| INDEMNITEE |
| Address for Notice: |

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## Exhibit 99.1

**Exhibit 99.1**

![img132806102_0.jpg](img132806102_0.jpg)

Contact:

Michael G. McAuley

Senior Vice President, Chief Financial Officer and Treasurer

(412) 429-2472

<u>mmcauley@ampcopgh.com</u>

FOR IMMEDIATE RELEASE

CARNEGIE, PA

October 15, 2025

**<u>Ampco-Pittsburgh Subsidiary Accelerates Exit from U.K. Operations</u>**

Carnegie, PA, October 15, 2025 – Ampco-Pittsburgh Corporation (the "Company") (NYSE: AP) announced that its wholly owned subsidiary, Union Electric Steel Corporation, has exited its U.K. cast roll operations. This exit effectively eliminates the operating losses to be incurred by its U.K. subsidiary, Union Electric Steel UK Limited. ("UES-UK"), starting in the fourth quarter 2025, rather than in the spring of 2026 as previously announced, and the significant cash plant closure costs associated with the previously anticipated wind-down operational plan. The Company is also increasing the estimated cost savings resulting from the exit to result in approximately $7 to $8 million increase in adjusted EBITDA on an annualized run-rate basis.

The exit became effective October 14, 2025, when UES-UK was placed into administration through a voluntary insolvent wind-up. This action is confined to the UES-UK subsidiary exclusively and does not affect the Company or any of its other subsidiaries.

Brett McBrayer, CEO of Ampco-Pittsburgh Corporation, stated: "With the conclusion of the consultation process yielding no viable solution, and considering the high cost of a wind-down closure along with the recent tariff volatility affecting demand and order timing in our roll business, we accelerated our exit from the U.K. This action ends the significant losses we have experienced over the past several years and removes excess capacity from our portfolio and the marketplace. On a full-year basis going forward, we expect an improvement of $7 to $8 million in adjusted EBITDA on an annualized run-rate basis, while avoiding large cash closure outflows and significantly reducing risks. We have been and will continue to work with our customers to help manage their cast roll supply needs in the near term and into the future. As a result of the U.K. exit, capacity utilization at our Sweden cast roll facility will increase significantly."

Sam Lyon, President of Union Electric Steel Corporation, said: "Our U.K. operations have faced many challenges for several years, including unpredictable and high energy costs compared to our competitors, lack of demand for our product manufactured in the U.K., and increased imports of rolls and flat rolled steel into Europe from low-cost countries."

"These headwinds created an unsustainable loss-making position for the past three financial years, with further losses expected for 2025 and projected beyond, had we not exited. Despite actively engaging with the Department for Business and Trade and exploring the sale of the plant, we were unable to find a sustainable solution to keep the plant operating. After thorough consideration and having explored all options, we

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concluded that an exit was the only viable path forward to ensure a strong future for our remaining operations."

"We extend our deepest gratitude to all our customers who have supported our U.K. operations throughout the years. We will continue to support you with our operations in the U.S., Sweden, Slovenia, and our joint ventures in China. Finally, I would be remiss to not recognize the excellent leadership team and dedicated workforce at our U.K. operations. This was an extremely difficult decision."

In connection with this action, the Company must fully deconsolidate the financial position and financial results of its UES-UK subsidiary from its consolidated financial statements in the fourth quarter of 2025. Based on estimated values as of September 30, 2025, the Company expects to recognize a non-cash charge of approximately $43 to $45 million in the fourth quarter of 2025 comprised of an (i) approximate $23 million charge for the write down of the Company's investment in UES-UK to its estimated fair value and an (ii) approximate $29 million charge for the recognition of other comprehensive losses of UES-UK deferred in accumulated other comprehensive loss on the consolidated balance sheet of Ampco-Pittsburgh offset by (iii) an approximate $7 to $9 million credit for the estimated amount of funds expected to be returned over time to the lenders under the Company's revolving credit facility from asset liquidations, thereby reducing the Company's outstanding balance under the revolving credit facility.

***About Ampco-Pittsburgh Corporation and Union Electric Steel Corporation***

*Ampco-Pittsburgh Corporation manufactures and sells highly engineered, high-performance specialty metal products and customized equipment utilized by industry throughout the world. Through its operating subsidiary, Union Electric Steel Corporation, it is a leading producer of forged and cast rolls for the global steel and aluminum industries. It also manufactures open-die forged products that are sold principally to customers in the steel distribution market, oil and gas industry, and the aluminum and plastic extrusion industries. The Corporation is also a producer of air and liquid processing equipment, primarily custom-engineered finned tube heat exchange coils, large custom air handling systems and centrifugal pumps. It operates manufacturing facilities in the United States, Sweden, and Slovenia and participates in three operating joint ventures located in China. It has sales offices in North America, Asia, Europe, and the Middle East. Corporate headquarters is located in Carnegie, Pennsylvania.*

**FORWARD-LOOKING STATEMENTS** 

The Private Securities Litigation Reform Act of 1995 (the "Act") provides a safe harbor for forward-looking statements made by us or on behalf of Ampco-Pittsburgh Corporation and its subsidiaries (collectively, "we," "us," "our," or the "Corporation"). This press release may include, but is not limited to, statements about operating performance, trends and events we expect or anticipate will occur in the future, statements about sales and production levels, timing of orders for our products, restructurings, the impact from pandemics and geopolitical conflicts, profitability and anticipated expenses, inflation, the global supply chain, tariffs and global trade, future proceeds from the exercise of outstanding warrants, and cash outflows. All statements in this document other than statements of historical fact are statements that are, or could be, deemed "forward-looking statements" within the meaning of the Act and words such as "may," "will," "intend," "believe," "expect," "anticipate," "estimate, "project," "target," "goal," "forecast" and other terms of similar meaning that indicate future events and trends are also generally intended to identify forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made, are not guarantees of future performance or expectations, and involve risks and uncertainties. For us, these risks and uncertainties include, but are not limited to: inability to maintain adequate liquidity to meet our operating cash flow requirements, repay maturing debt and meet other financial obligations; economic downturns,

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cyclical demand for our products and insufficient demand for our products; excess global capacity in the steel industry; inability to successfully restructure our operations and/or invest in operations that will yield the best long-term value to our shareholders; liability of our subsidiaries for claims alleging personal injury from exposure to asbestos-containing components historically used in certain products of our subsidiaries; inability to obtain necessary capital or financing on satisfactory terms to acquire capital expenditures that may be necessary to support our growth strategy; inoperability of certain equipment on which we rely; increases in commodity prices or insufficient hedging against increases in commodity prices, reductions in electricity and natural gas supply or shortages of key production materials for us or our customers; inability to satisfy the continued listing requirements of the New York Stock Exchange or the NYSE American Exchange; potential attacks on information technology infrastructure and other cyber-based business disruptions; fluctuations in the value of the U.S. dollar relative to other currencies; changes in the existing regulatory environment; consequences of pandemics and geopolitical conflicts; work stoppage or another industrial action on the part of any of our unions; failure to maintain an effective system of internal control; changes in the global economic environment, inflation, elevated interest rates, recessions or prolonged periods of slow economic growth, and global instability and actual and threatened geopolitical conflict; and those discussed more fully elsewhere in Item 1A, Risk Factors, in Part I of the Corporation's latest Annual Report on Form 10-K and Part II of the latest Quarterly Report on Form 10-Q. We cannot guarantee any future results, levels of activity, performance or achievements. In addition, there may be events in the future that we are not able to predict accurately or control which may cause actual results to differ materially from expectations expressed or implied by forward-looking statements. Except as required by applicable law, we assume no obligation, and disclaim any obligation, to update forward-looking statements whether as a result of new information, events or otherwise.

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