CARNEGIE, Pa.--(BUSINESS WIRE)--Ampco-Pittsburgh Corporation (NYSE: AP) announced today that it issued an open letter to its shareholders to thank those who participated in the recent equity rights offering and to clarify the terms of the Series A Warrants. The full text of the letter follows:

Dear Investor,

On behalf of the entire Corporation, I want to thank you for participating in our recent equity rights offering. As a result of your actions, we raised $19.3 million in gross proceeds, which adds immediate value to Ampco-Pittsburgh by strengthening our balance sheet, reducing our debts, and supporting capital expenditures that will make a difference to our long-term cost structure and profitability.

By selecting a rights offering process, we chose to prioritize you, our current shareholders, with the opportunity to maintain or increase ownership in the Corporation while providing us the capital to continue to improve and grow our business. We thank you for your very tangible support.

With the exercise of your rights, you received shares of AP common stock as well as Series A warrants to purchase new shares of AP common stock in the future. You may exercise each warrant for 0.4464 shares of AP common stock at an exercise price of $2.5668 per warrant, which equates to a value of ($2.5668/0.4464 =) $5.75 per whole common share.

Since warrants can be complex, we have prepared a Frequently Asked Questions (FAQ) document to address common questions on interpreting and exercising your Series A warrants. This FAQ is available on the Investor Relations section of our website at http://ampcopgh.com/investors/.

Again, we are very grateful for your continued support, and we are here to help with any issues the FAQ document does not address.

Sincerely yours,

J. Brett McBrayer
Chief Executive Officer
Ampco-Pittsburgh Corporation

About Ampco-Pittsburgh 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 industry. It also manufactures open-die forged products that principally are sold 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, England, Sweden, Slovenia, and participates in three operating joint ventures located in China. It has sales offices in North and South America, Asia, Europe, and the Middle East. Corporate headquarters is located in Carnegie, Pennsylvania.