Specialty steelmaker ATI climbs back on Fortune 500 list
Welcome back, Allegheny Technologies.
The titanium and specialty steelmaker based Downtown returned to the Fortune 500 list of the largest U.S. companies by revenue this year, after falling short of the list in 2010 and 2011, according to the magazine’s annual listing released on Monday.
The addition of Allegheny Technologies brought to nine the number of corporations headquartered in the Pittsburgh area — one more than the previous two years. The same eight companies made the list last year as did in 2010.
“It’s good to get back on the Fortune 500 list,” said Allegheny Technologies spokesman Dan Greenfield, citing the companies “revenue recovery.” Revenue rose to about $5.2 billion last year from $4.05 billion in 2010.
“That indicates our markets are getting better and the strategic actions we’ve taken over the last couple of years have better positioned ATI to grow in our key growth markets,” he said.
The Pittsburgh region’s highest-ranked company on the list was U.S. Steel, for a second year. The company’s $19.9 billion in 2011 revenue put it at 140th on the list.
Next among local companies was PNC Financial Services, which ranked 165th, on $15.8 billion in revenue.
The fact that the Pittsburgh region added a company to the well-known roster “demonstrates that we have major companies here that are thriving and growing,” said Jim Futrell, vice president of research for the Allegheny Conference on Community Development and affiliate Pittsburgh Regional Alliance, which promotes the region.
“It always helps to be ranked on the Fortune 500 from a visibility standpoint,” Futrell said. “Larger companies tend to be more involved in the community, and communities tend to look at those companies as leaders.”
The largest corporations on the magazine’s list dwarf those based in Western Pennsylvania. Top-ranked ExxonMobil posted $453 billion in revenue last year. The oil giant displaced last year’s biggest, Wal-Mart Stores, which ranked second this year with $447 billion in 2011 revenue.
Pennsylvania is home to 23 corporations on the list, ranking the state seventh for the number of companies headquartered within its borders.
California ranked first, with 53 company headquarters. Texas was second, with 52. New York was third, with 50.
In addition to the nine corporations based in the Pittsburgh region, 10 companies are on the Fortune 500 list that have a significant presence here. For instance, Bank of New York Mellon ranks 166th, with $15.8 billion in 2011 revenue. While headquartered in New York, the bank employs about 7,500 in the Pittsburgh area.