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    Dennis Scannell • Rutabaga Capital

    Dennis J. Scannell, Jr. is the Lead Partner, Portfolio Manager, and Analyst at Rutabaga Capital Management, specializing in institutional investment management with a focus on small- and mid-cap equities. Since joining Rutabaga in April 2000, he has covered a diverse set of public companies, leveraging a quantitative and value-oriented approach that has contributed to the firm’s long-term outperformance relative to relevant benchmarks. Scannell began his finance career as an analyst at The First Boston Corporation and has held senior roles at Greenwich Associates and David L. Babson & Co., most recently as Senior Vice President and Equity Analyst. He holds a BA from the University of Southern California, an MPPM from Yale University, and is a Chartered Financial Analyst (CFA) charterholder.

    Dennis Scannell's questions to Ampco-Pittsburgh Corp (AP) leadership

    Dennis Scannell's questions to Ampco-Pittsburgh Corp (AP) leadership • Q2 2025

    Question

    Dennis Scannell of Rutabaga Capital Management asked for more details on the roll market, including potential pent-up demand, the second-half outlook, customer inventory levels, and the timing of the UK facility closure.

    Answer

    Sam Lyon, President of Union Electric Steel Corporation, explained that the second half will be lighter due to lead times and holidays. He noted that tariff uncertainty caused a pause in Q2, but with clarity on the new 15% tariff, a slight uptick in orders has begun. Lyon also stated the UK plant closure should be completed between Q4 2025 and Q1 2026, with casting operations ceasing in Q4 2025.

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    Dennis Scannell's questions to Ampco-Pittsburgh Corp (AP) leadership • Q2 2025

    Question

    The analyst asked for details on the roll market, including demand trends for the second half of the year, the impact of tariffs, and customer inventory levels. He also inquired about the specific timing of the UK facility closure, the expected $5 million operating income improvement, and potential proceeds from selling the plant.

    Answer

    The company expects a lighter second half for roll shipments due to a pause in orders caused by tariff uncertainty, which has now been resolved. A slight uptick in orders has been observed. The UK facility closure is targeted for completion between Q4 2025 and Q1 2026, with casting operations ceasing first. The company owns the plant, but potential proceeds from a sale are uncertain as redevelopment costs are being evaluated.

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    Dennis Scannell's questions to Ampco-Pittsburgh Corp (AP) leadership • Q4 2024

    Question

    Inquired about the specifics of the U.K. plant, including the type of rolls made, whether the capacity can be absorbed elsewhere, and customer communications. Also asked about the reasons for high costs in the U.K. versus Sweden, the geographic breakdown of North American roll shipments, and the CapEx plan for 2025.

    Answer

    The U.K. plant makes cast rolls; some capacity (spun cast) can be absorbed by the Sweden facility, but most static cast capacity would be lost. The primary cost issue in the U.K. is energy, which is double that of Sweden. The company is communicating with customers about the situation. Details on shipments to Canada and Mexico were provided. The 2025 CapEx plan is expected to be flat with 2024, aided by grant funding.

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    Dennis Scannell's questions to Ampco-Pittsburgh Corp (AP) leadership • Q4 2024

    Question

    Dennis Scannell asked for details on the U.K. plant, including the types of rolls produced, the ability to replace its capacity with other facilities, and customer reactions to a potential shutdown. He also inquired about the specific cost disadvantages versus the Sweden plant, the geographic sales mix in North America, and the planned CapEx for 2025.

    Answer

    Sam Lyon, President of Union Electric Steel, detailed that the U.K. facility produces cast rolls and that while some capacity could be absorbed by the Sweden plant, a significant portion would be lost. He noted that energy costs in the U.K. are double those in Sweden, which is the primary disadvantage. He also provided a breakdown of sales to Canada and Mexico. CFO Michael McAuley stated that 2025 CapEx is expected to be 'flattish' compared to 2024, with government grants helping to offset the gross spend.

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    Dennis Scannell's questions to Crown Crafts Inc (CRWS) leadership

    Dennis Scannell's questions to Crown Crafts Inc (CRWS) leadership • Q2 2025

    Question

    Dennis Scannell of Rutabaga Capital questioned the drivers of the 13% decline in core legacy sales, asking for the specific impact of the lost bib program versus broader weakness. He also inquired about the company's sourcing strategy, its heavy reliance on China, and its preparedness for potential future tariffs, including whether competitors source from different regions like the U.S. or Mexico.

    Answer

    Executive Olivia Elliott specified that the lost bib program accounted for approximately $600,000 of the sales decline. She attributed the remaining weakness to soft point-of-sale data across the board, affecting most retailers and product lines, with one major retailer being particularly weak. Regarding sourcing, Elliott acknowledged that almost everything comes from China due to superior costing and infrastructure. While the company continues to evaluate other countries like Mexico as a contingency for potential high tariffs, China remains the most viable option. She noted that competitors also have very little, if any, manufacturing in the U.S. and face similar sourcing dynamics.

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