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Ampco-Pittsburgh (NYSE:AP) stock is taking off on Wednesday after the company announced new contracts and sales order backlog growth.

That includes subsidiary Union Electric Steel securing contracts to provide initial provisioning of rolls for two mill projects under construction.

The first is with Ternium Mexico S.A. de C.V. and it is worth $6.7 million. It is set to start in the first half of 2025. The second is with a major European OEM mill builder and is worth $5 million. It will start in the first half of 2025 as well.

On top of this, Ampco-Pittsburgh updated its sales backlog to show growth in Air and Liquid Processing orders. That includes 50% growth over its previous quarter. That’s a new record in orders for the company.

AP Stock Movement on Wednesday

With all of this news comes increased investor interest and heavy trading of AP stock. That has more than 6.6 million shares changing hands as of this writing. This is well above its daily average trading volume of about 121,000 shares.

AP stock is up 49% as of Wednesday morning. However, the shares were down 72% year-t0-date when markets closed on Tuesday.

Investors will want to stick around for more of the most recent stock market news today!

We have all of the latest stock market stories available on Wednesday! That includes the biggest pre-market stock movers this morning and other market happenings. All of that info is ready at the links below!

More Wednesday Stock Market News

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.