Sales for 2011 of $344,816,000 compares with $326,886,000 for 2010. Income from operations for 2011 equaled $36,474,000. Income from operations for 2010 equaled $24,727,000 and includes a pre-tax charge of $19,980,000 for additional net asbestos litigation costs through 2020. Net income for 2011 was $21,309,000 or $2.07 per common share. Net income for 2010 was $15,456,000 or $1.51 per common share and includes an after-tax charge of $12,931,000 or $1.26 per common share for additional net asbestos litigation costs through 2020.

For the Forged and Cast Rolls segment, sales for the quarter and year improved from a year ago primarily as a result of a higher volume of shipments. The expected contribution to operating income was offset by higher direct material and fixed costs and depressed pricing. Operating results for the Air and Liquid Processing segment for the quarter and year improved against 2010 which included the previously-mentioned charge for net asbestos litigation costs through 2020. Additionally, sales and operating income for the year benefited from a higher volume of shipments for each division in the segment.

The matters discussed herein may contain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from expectations. Some of these risks are set forth in the Corporation's Annual Report on Form 10-K as well as the Corporation's other reports filed with the Securities and Exchange Commission.

AMPCO-PITTSBURGH CORPORATION

FINANCIAL SUMMARY

Year Ended December 31