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Joint Ventures
3 Months Ended
Mar. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Joint Ventures Joint Ventures
The financial results of majority-owned joint ventures are consolidated into the Company’s operating results and financial position, with the minority ownership interest recognized in the consolidated statements of operations as net income attributable to noncontrolling interests, and as equity attributable to the noncontrolling interests within total stockholders’ equity. Investments in which the Company exercises significant influence, but which it does not control (generally a 20% to 50% ownership interest), are accounted for under the equity method of accounting.

Majority-Owned Joint Ventures

STAL:
The Company has a 60% interest in the Chinese joint venture known as STAL. The remaining 40% interest in STAL is owned by China Baowu Steel Group Corporation Limited, a state authorized investment company whose equity securities are publicly traded in the People’s Republic of China. STAL is part of ATI’s AA&S segment and manufactures Precision Rolled Strip (PRS) stainless products mainly for the electronics and automotive markets located in Asia. Cash and cash equivalents held by STAL as of March 30, 2025 were $71.3 million.

Next Gen Alloys LLC:
The Company has a 51% interest in Next Gen Alloys LLC, a joint venture with GE Aviation for the development of a new meltless titanium alloy powder manufacturing technology; however, there is no active development at this time. Next Gen Alloys LLC funds its development activities through the sale of shares to the two joint venture partners. Cash and cash equivalents held by this joint venture as of March 30, 2025 were $1.0 million.

Equity Method Joint Ventures

A&T Stainless:
The Company has a 50% interest in A&T Stainless, a joint venture with an affiliate company of Tsingshan Group (Tsingshan) to produce 60-inch wide stainless sheet products for sale in North America. ATI accounts for the A&T Stainless joint venture under the equity method of accounting; however, as the net investment balance in the joint venture was zero as of December 29, 2024, ATI did not record the loss for the Company’s share of results of A&T Stainless for the quarter ended March 30, 2025. ATI’s share of A&T Stainless results were losses of $0.4 million for the quarter ended March 31, 2024, which is included within other income/expense, net, on the consolidated statements of operations and in the AA&S segment’s operating results.
As of March 30, 2025 and December 29, 2024, ATI had net receivables for working capital advances and administrative services from A&T Stainless of $0.5 million and $0.6 million, respectively.