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<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20090316
<ITEMS>7.01
<ITEMS>9.01
<FILING-DATE>20090316
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<CONFORMED-NAME>ALLEGHENY TECHNOLOGIES INC
<CIK>0001018963
<ASSIGNED-SIC>3317
<IRS-NUMBER>251792394
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
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<FILE-NUMBER>001-12001
<FILM-NUMBER>09684795
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<BUSINESS-ADDRESS>
<STREET1>1000 SIX PPG PLACE
<CITY>PITTSBURGH
<STATE>PA
<ZIP>15222
<PHONE>4123942800
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>100 SIX PPG PLACE
<CITY>PITTSBURGH
<STATE>PA
<ZIP>15222
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>ALLEGHENY TELEDYNE INC
<DATE-CHANGED>19960716
</FORMER-COMPANY>
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<TYPE>8-K
<SEQUENCE>1
<FILENAME>l35855ae8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>FORM 8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>






<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, DC 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 OR 15(d) of the Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported): <U>March&nbsp;16, 2009</U></B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Allegheny Technologies Incorporated<BR>
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1-12001
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">25-1792394</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction <BR>
of incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission<BR>
File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">1000 Six PPG Place, Pittsburgh, Pennsylvania
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">15222-5479</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code <U>(412)&nbsp;394-2800</U></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">N/A<BR>
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">(Former name or former address, if changed since last report).</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7.01. Regulation&nbsp;FD Disclosure</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A copy of the Message from the Chairman, President and Chief Executive Officer, which will be
included in the 2008 Annual Report of Allegheny Technologies Incorporated, is attached as Exhibit
99.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Message from the Chairman, President and Chief Executive Officer contains forward-looking
statements. These statements are based on management&#146;s current expectations and are subject to
uncertainty and changes in circumstances. Actual results may differ materially from those projected
in the forward-looking statements. Additional information concerning factors that could cause
actual results to differ materially from those projected in the forward-looking statements is
contained in Allegheny Technologies&#146; filings with the Securities and Exchange Commission.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Exhibits
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Exhibit&nbsp;99.1 Message from the Chairman, President and Chief Executive Officer dated March
2009.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>SIGNATURE</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">ALLEGHENY TECHNOLOGIES INCORPORATED<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left"><I>/s/ Jon D. Walton</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Jon D. Walton&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Executive Vice President, Human Resources,<BR>
Chief Legal and Compliance Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dated: March&nbsp;16, 2009

</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>EXHIBIT INDEX</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="92%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Message from the Chairman, President and Chief Executive Officer dated March&nbsp;2009.</TD>
</TR>
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</TABLE>
</DIV>


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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>l35855aexv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.1</B>
</DIV>


<DIV align="left" style="font-size: 12pt; margin-top: 12pt">MESSAGE FROM THE CHAIRMAN, PRESIDENT
AND CHIEF EXECUTIVE OFFICER
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Solid Performance in 2008; Strong Balance Sheet
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ATI earned $5.67 per share with revenues totaling $5.3&nbsp;billion in 2008. It was the second best year
for revenues and earnings per share in the Company&#146;s history. This was accomplished with global
economic conditions turning down sharply in the fourth quarter 2008, resulting in deteriorating
demand in some key market segments for ATI.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although ATI is not immune to the global downturn, our financial position remains strong. ATI has a
solid balance sheet, a strong cash position, good liquidity, and we expect to continue to generate
significant cash flow, even with reduced earnings in 2009. In 2008, we strengthened our position in
key global markets and launched new production facilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the end of 2008, we had nearly $2&nbsp;billion in stockholders&#146; equity, $470&nbsp;million of cash on hand,
no significant debt maturing, no borrowings under our $400&nbsp;million domestic credit facility, and
net debt to total capitalization of 2%. ATI has an investment grade rating from the credit rating
agencies with a stable outlook. Return on stockholders&#146; equity at the end of 2008 was a respectable
27% and return on capital employed was nearly 22%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Primarily as a result of the historic negative returns in the equity and fixed income markets in
2008, we expect 2009 pre-tax retirement benefit expense of approximately $140&nbsp;million. The 2009
retirement benefit expense is primarily non-cash.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Seeing Through the Fog of Uncertainty
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As I write this letter in March&nbsp;2009, global economic conditions resulting from the credit crisis
have led to near-term uncertainty and lack of forward visibility for many of our customers. We
intend to use these challenging times to positively differentiate ATI as a uniquely positioned,
diversified, technology-driven, global specialty metals producer. It requires our best to see
through the fog of uncertainty and risk, and to deploy and execute our plans to effectively
compete, operate in, and navigate within the global recession for as long as it lasts.
Simultaneously, we are looking to continue to position ATI for long-term success where
opportunities may arise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are adjusting our operating schedules to market conditions, and we have prepared contingency
plans that can be implemented if current conditions either decline or improve.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a result of the transformation we began in 2004, ATI is better positioned for this downturn than
ever before. We have significantly improved our competitive position in key products and global
markets. We have long-term agreements for our core markets and products, such as jet engine,
airframe, grain-oriented electrical steel for modernizing power distribution, and medical, and
other requirement contracts for project work in markets such as oil and gas, chemical process
industry, and nuclear energy.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have taken over $600&nbsp;million in real costs, before the effects of inflation, out of our
businesses since 2004 and have a gross cost reduction plan of at least $150&nbsp;million for 2009, which
means taking on average $420,000 of costs out each day. We are also focused on
improving inventory turns to generate additional cash from managed working capital as well as to help reduce our exposure to volatile raw materials costs. Since 2004, we have enhanced and
modernized our business to have unsurpassed manufacturing capabilities, so we have better and more
modern equipment compared to the last business downturn. We are entering new markets and market
segments through our recently commissioned Market Sector Teams.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We continue to manage for solid earnings and strong cash flow. Our goal is to come out of the
recession an even stronger and better company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Diversified Products and Markets
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ATI is a diversified specialty metals company. No other specialty metals company offers the breadth
of products and product forms of ATI. Key to our recent and future success is bringing all the
assets and products that we produce into a unified global marketing strategy. A change in the
philosophy and the transformation of the Company is emphasizing that we are a unique global
specialty metals company. In 2008, we derived 28% of our sales dollars, or $1.5&nbsp;billion, from
direct international sales.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ATI&#146;s performance is being driven by the global aerospace and defense, oil and gas, chemical
process industry, electrical energy, and medical markets which totaled over 70% of sales in 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We like these markets today. We like these markets for the future. In 2008, we implemented our
Market Sector Team concept for further growth in these key markets. Market Sector Teams focus ATI&#146;s
full range of diversified products, technologies, and manufacturing capabilities to a targeted
market or market segment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">By technologies, we mean using our extensive research and development assets to apply existing
alloys to new applications or develop new alloys and products to meet customers&#146; needs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our current Market Sector Teams &#151; ATI Aerospace, ATI Defense, ATI Oil &#038; Gas, and ATI Nuclear
Energy &#151; give us opportunities to penetrate the airframe segment, develop new business in defense,
and seek growth opportunities in the global oil and gas and nuclear energy markets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are in the process of analyzing the results of the many economic stimulus packages that have
been announced by the U.S. government and by the governments of other countries. How fast these
packages are implemented and how much is focused on our major markets are the questions we are
eager to have answered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nearly anything in these stimulus packages involving energy infrastructure would be good for ATI.
We like power generation, both traditional and renewable energy, such as nuclear, wind, solar, and
geothermal. We like power distribution, including the modernization of the existing distribution
grid or building a new grid. We also like the weatherization of homes and buildings. Any programs
focused on clean water and mass transit would also be good for the consumption of ATI&#146;s specialty
metals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our 2006 annual report, I wrote to you, &#147;The specialty metals we make are necessary for the
infrastructure projects that must be built in developing countries as well as for the rebuilding of
the infrastructure in developed countries like the U.S. and throughout Europe.&#148; In 2007, I wrote,
&#147;The U.S. energy infrastructure is aging and must become more efficient. It needs to be fixed and
upgraded. In my view, ignoring our nation&#146;s energy infrastructure could lead to a catastrophic
event.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We welcome that the U.S. government and many other governments of the world are now focused on
building or rebuilding infrastructure.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Direction and Vision, Which Remain Intact
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unsurpassed Manufacturing Capabilities</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Most Advanced Specialty Metals Technology</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Flexibility</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Target Markets and Market Segments</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Global Reach</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are investing in our U.S. operations because we believe that a U.S. manufacturer can compete in
a global economy. To compete globally, ATI must have unsurpassed manufacturing capabilities, the
most advanced specialty metals technology, flexibility, and global reach. We believe our customers
value ATI as a technology leader that provides a geopolitically secure source of diversified
specialty metals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have self-funded $1.3&nbsp;billion in capital expenditures and asset acquisitions from 2005 to 2008.
We currently expect self-funded capital expenditures of $450&nbsp;million in 2009. This is lower than
our previous expectation for 2009 of up to $600&nbsp;million as we are adjusting the timing of the
projects in light of the challenging market environment expected this year. ATI is conservative in
our cash management practices and we plan to continue to self-fund our strategic investments in
line with our cash flow. We expect to generate high returns on these investments similar to the
returns we are generating today.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our strategy is to invest in the best equipment in the world. It requires our specialty metals
technology and proprietary knowledge to run this equipment effectively to produce the high quality
products demanded by our customers. We continue to invest in our titanium and titanium alloys
capabilities and we now are integrated from titanium sponge to the most advanced melting operations
to hot working and finishing. We have expanded our nickel-based alloy and superalloy production
capabilities. We have the latest technology in our titanium and specialty plate production
facility. We have upgraded our cold-rolling operations. We are adding zirconium sponge capacity to
prepare our integrated zirconium operation for what we see as the upcoming renaissance in the
nuclear electrical energy market. Our Precision Rolled Strip<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> joint venture expansion in
China is ramping up this year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In September&nbsp;2008, we announced a $1.16&nbsp;billion project for our Flat-Rolled Products segment to
consolidate two of our melt shops into one and build the world&#146;s most advanced and powerful
hot-rolling and processing facility for specialty metals. The grain-oriented electrical steel and
specialty steel melt shop consolidation is expected to provide significant cost reductions and
improved yields beginning in 2010. We are currently working on the engineering, permitting, and
land and site preparation for the hot-rolling and processing facility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The advanced hot-rolling and processing facility is a four-year project that is expected to
redefine our flat-rolled products business and further transform that business into a great
company. We expect to be able to go wider, thinner, flatter, and faster across the range of our
high-value and standard flat-rolled products.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">When the project is completed in late 2012, we will be able to better use our existing finishing
assets to provide faster flow times to improve customer service, reduce costs, reduce our exposure
to volatile raw materials costs, and reduce the amount of cash needed for managed working capital.
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each of these capital projects advances ATI&#146;s technology and manufacturing leadership in these
difficult-to-produce specialty metals. They also provide the necessary capabilities to manufacture
specialty metals for advanced components needed for next generation and future generation aircraft
airframes and jet engines, electrical power plants, alternative energy applications, energy saving
products, and other global infrastructure projects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Couple this new equipment with our ATI Business System (ATIBS)&nbsp;business processes and the
flexibility and talent of our people and we are well on our way to becoming a great company. A
great company must have the best assets and the most advanced technology. Great companies need
smart people, the latest equipment, and the most advanced technology to provide customers the best
solutions and unparalleled service.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To be successful in a rapidly changing world, a great company must demonstrate flexibility from the
shop floor to sales and marketing. Because of our diversified products and markets, and our
flexibility and global reach, ATI has the capability to move our periscope to target markets and
market segments. We can quickly adapt to changing market conditions and seek opportunities for our
specialty metals from around the world.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A good example of being flexible is our move into the global industrial titanium market. As we
became integrated in titanium, we had the titanium sponge, electron beam melt, and finishing
capacity to grow in the markets for industrial titanium. In just two years, ATI along with our
Uniti titanium joint venture has grown from a minor source of industrial titanium products to one
of the leading suppliers in the world.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are looking for opportunities that better position ATI going forward. We are keeping our
strategies and vision for ATI in place. We are maintaining our self-funded capital strategies
while adjusting for expected cash flow.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We believe that effective management, unsurpassed manufacturing capabilities, the best technology,
and flexibility will be the winning combination.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Positioned to Capitalize on What We Do Well
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are positioned to capitalize on what we do well. Our future is being invented by the people of
ATI, and our technology depth and product diversification, both in terms of alloys and product
forms. ATI has long been a leader in specialty metals technology and our capital investments are
aimed at maintaining and enhancing our mission-critical role.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our future is being driven by the demands of the world&#146;s citizens &#151; for mobility, manufactured
goods, clean air and water, and a modern infrastructure &#151; and by our customers who make the
products to meet these demands. ATI and our customers together are focused on developing the
technology and products that enable social progress and industrial development.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have a defined view of the future and we have the financial means and people to continue to move
ATI forward.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Value-Based Leadership
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each year, I remind you how we define the guiding principles of <I>Building the World&#146;s Best Specialty
Metals Company </I><SUP style="font-size: 85%; vertical-align: text-top"><I><SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP></I></SUP>. These principles drive our strategy. It starts with Value-Based
Leadership. Value-Based Leaders are the true difference in companies that move people to new levels
of achievement and success. I look for the leaders within ATI to move this company forward by
demonstrating these key attributes as individuals:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Integrity as the Cornerstone of Leadership</I>...being honest and
forthright in everything. Empowering people to trust, communicate,
and take action within established boundaries.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Accountability </I>for outcomes that ensure the long-term
success of ATI.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Safety and Health and Environmental Compliance </I>are the
prerequisites to all operations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Product Quality and Excellence </I>is demonstrated in
everything we do.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Technology, Creativity, Learning, and Freedom of people to
reach their individual potential </I>is the culture of the company.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In <I>Building the World&#146;s Best Specialty Metals Company</I>, we focus on markets whose prospects are
largely tied to long-cycle industries that are in what we see as the early stages of long-term
growth.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In <I>Building the World&#146;s Best Specialty Metals Company</I>, we aim to do more, make our products better,
and implement and execute faster through ATIBS. ATIBS drives our lean manufacturing initiatives,
improves safety, quality and yields, further reduces overhead cost structures and delivers
excellent customer reliability and service.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I want to personally thank our stockholders, our Board of Directors, our employees, and the
communities in which we operate our businesses for their continued support of ATI.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Pat Hassey<BR>
Chairman,<BR>
President and<BR>
Chief Executive Officer

</DIV>


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