Mining Profits...Investing In Industrial Metals

Allegheny Technologies Inc. _ a maker of steel and titanium products for the aerospace, defense and chemicals industries _ on Wednesday said third-quarter profit surged 83 percent on sharply higher sales.

Net income increased to $161.9 million, or $1.58 per share, from $88.3 million, or 87 cents per share, in the year-ago quarter.

Sales grew to $1.29 billion from $861.7 million _ a 50 percent jump year over year. By segment, sales jumped 40 percent in high performance metals, 66 percent in the flat-rolled products business and 7 percent in engineered products.

Analysts surveyed by Thomson Financial forecast earnings of $1.36 per share and sales of $1.19 billion.

"Most of our major markets remained strong and total operating margins continued to expand," said Patrick Hassey, chairman, president and chief executive.

Allegheny said its key growth markets included aerospace and defense, the chemical process industry, oil and gas, electrical energy and medical.