BUSINESS DIGEST ||


October 26, 2016 at 12:00a.m.

Gas prices drop

YOUNGSTOWN

Northeast Ohio gas prices dropped by 10 cents this week, decreasing to $2.072 a gallon, according to AAA East Central’s Fuel Gauge report.

Youngstown’s average gas price is $2.084 per gallon. The national average is $2.223.

Ribbon-cutting set

NILES

The Youngstown/Warren Regional Chamber will have a celebratory ribbon-cutting ceremony for Hampton Inn and Suites, 5581 Youngstown-Warren Road, at 10 a.m. Thursday. The hotel offers 101 rooms.

The Hampton Inn and Suites is owned and operated by TMI Hospitality, a nationwide developer and management company with nearly 200 properties across 26 states.

For information, contact Christa Blasko at christa.blasko@tmihospitality.com.

Cortland Bancorp: Net income rises

CORTLAND

Cortland Bancorp, the holding company for Cortland Savings and Banking Co., on Tuesday reported that for the first nine months of 2016, net income grew 13 percent to $3.7 million, compared with $3.3 million for the first nine months of 2015.

Net income was $1.19 million, compared with $1.22 million reported in the third quarter of 2015.

Cortland Bancorp announced that its board of directors declared a quarterly cash dividend of $0.07 per share. The dividend will be payable Dec. 1, 2016, to shareholders of record as of the close of business Nov. 10.

Allegheny Technologies won’t reopen 2 plants

pittsburgh

Allegheny Technologies Inc. won’t reopen two western Pennsylvania plants that were idled earlier this year, the specialty steelmaker announced Tuesday.

The Pittsburgh-based company confirmed the permanent closures while also reporting that it lost $530.8 million in its third quarter.

Earlier this year, Allegheny Technologies left open the possibility that the plants in Midland, Beaver County, and Gilpin Township, Armstrong County, might reopen.

About 360 people worked at the Bagdad works in Gilpin, 30 miles northeast of Pittsburgh, making electrical steel. Some 250 workers made stainless steel at the Midland plant, about 35 miles northwest of Pittsburgh.

Staff/wire reports