On June 2, 2023, the Board of Directors of Ascent Industries Co. (the “Company”) made the decision to permanently cease operations at the Company's welded pipe and tube facility located in Munhall, Pennsylvania (the “Facility”) effective on or around August 31, 2023 (the “Munhall Closure”). It is anticipated that the complete exit and disposal of all assets at the Facility will be completed within one year.

The strategic decision to cease manufacturing operations at the Facility is part of the Company's ongoing efforts to consolidate manufacturing to drive an increased focus on its core operations and to improve profitability while driving operational efficiencies.