Stocks in the Pittsburgh region easily outdistanced broader market indexes in the first half, a performance aided by robust returns by the Steel City's metals producers.

The PG/Bloomberg Index, composed of 68 regional stocks, advanced 11.3 percent in the first six months of the year, vs. an 1.8 percent advance for the Standard & Poor's 500 and a 4 percent climb for the Dow Jones industrials. Winners outnumbered losers 48 to 18, with two stocks unchanged.

Last year, the PG/Bloomberg index fell 4.9 percent in the first half before finishing up 4.1 percent for the year. The S&P 500 advanced 3 percent in 2005 while the Dow ended the year in the red, down 0.6 percent.

The biggest winner in the first half was Rust Belt stalwart Ampco-Pittsburgh [Ticker: AP]. Ampco-Pittsburgh shares advanced 97.5 percent, fueled by nearly a fourfold increase in first- quarter net income.

But the regional index's strong showing was paced by four steel producers: No. 2 Universal Stainless & Alloy Products [USAP], up 95.1 percent; No. 3 Allegheny Technologies [ATI], up 91.9 percent; No. 4 AK Steel [AKS], up 74 percent; and No. 10 U.S. Steel [X], up 45.9 percent.

They all benefitted from strong demand and rising prices. Conjecture about takeovers, including Mittal Steel's pending merger with No. 2 Arcelor, also spurred steel stocks. Their returns were tempered by a late swoon on concerns that Federal Reserve Board interest rate increases could derail the economy.

Also in the top five was L.B. Foster [FSTR], up 63.2 percent. The Green Tree company makes and distributes construction, rail and tubular profits. Foster had the second-highest percentage increase in profits among local companies last year. Profits from continuing operations doubled in the first quarter, thanks to demand for piling, massive steel walls used to hold back water, and concrete rail ties.

Chart: Mid-year report card for local stocks

• No. 6 Wesco International [WCC], up 61.5 percent. The electrical products distributor finished ninth among regional stocks last year and first in 2004.

• No. 7 C-Cor [CCBL], up 58.9 percent. The State College-based broadband network equipment and software provider, which has slumped in recent years, reported a narrower loss for its fiscal third quarter and is nearing the end of a restructuring plan that will eliminate more than 200 jobs.

• No. 8 American Eagle Outfitters [AEOS], up 48.1 percent. The trendy teen retailer's performance was abetted by solid first quarter results and its decision to raise its dividend 50 percent for the second consecutive year.

• No. 9 North Pittsburgh Systems [NPSI], up 46.1 percent. The regional telecommunications company reported a 19 percent increase in first quarter profits on the heels of a 22 percent increase in earnings last year.

Black Box [BBOX] was the worst performer, tumbling 19.1 percent in the first half. The performance included a drop of 18 percent after the Washington County computer networking equipment firm missed Wall Street earnings estimates when it reported fourth-quarter results June 1.

Sky Financial [SKYF] finished second from the bottom of the heap, depreciating 15.1 percent over the first half.

Michael Baker [BKR] finished a close third, also down 15.1. The Moon engineering and energy services firm has had a cloud over it since August when Baker disclosed accounting discrepancies that will force it to restate earnings going back to 2001. At last count, the restatement will reduce earnings over that period by an estimated $14 million to $15 million, double the previous estimate.

Baker shares are 10 percent lower than they were before the accounting issues were disclosed.

The fourth-worst performer was Federated Investors [FII], off 15 percent. Shares of the Downtown money manager were perking along early in the year, topping the $40 mark. But its fortunes faded with the stock market slide that began in May. Federated closed Friday at $31.50.

Disappointing earnings were also the culprit at Nova Chemicals [NCX], the region's fifth worst performer with a skid of 13.8 percent. A plant shutdown, tornadoes and high energy prices contributed to a $104 million loss last year, problems compounded this year when the company said an unexpected shutdown at an Ontario plant will reduce earnings by $8 million in the second quarter and $3 million in the fourth.

Rounding out the bottom 10 were Tollgrade Communications [TLGD], down 11.3 percent; MTR Gaming Group [MNTG], off 9.9 percent; S&T Bancorp [STBA], down 9.8 percent; FNB Corp. [FNB], off 9.2 percent; and Equitable Resources [EQT], down 8.7 percent.