<SUBMISSION>
<ACCESSION-NUMBER>0000950152-09-003988
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20090422
<ITEMS>2.02
<ITEMS>7.01
<ITEMS>9.01
<FILING-DATE>20090422
<DATE-OF-FILING-DATE-CHANGE>20090422
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>ALLEGHENY TECHNOLOGIES INC
<CIK>0001018963
<ASSIGNED-SIC>3317
<IRS-NUMBER>251792394
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-12001
<FILM-NUMBER>09763562
</FILING-VALUES>
<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>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>l36186ae8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>FORM 8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<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) </B><U><B>April&nbsp;22, 2009</B></U></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Allegheny Technologies Incorporated</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
(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>
<!-- End Table Head -->
<!-- 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="6%">&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> (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>





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

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






<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
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	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD></TD><TD colspan="8"><A HREF="#000">Item&nbsp;2.02. Results of Operations and Financial Condition.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;7.01. Regulation&nbsp;FD.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;9.01. Financial Statements and Exhibits</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003"><U>SIGNATURE</U></A></TD></TR>
<TR><TD colspan="9"><A HREF="#004"><U>EXHIBIT INDEX</U></A></TD></TR>
<TR><TD colspan="9"><A HREF="l36186aexv99w1.htm">EX-99.1</A></TD></TR>
</TABLE>
</CENTER>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link2 "Item&nbsp;2.02. Results of Operations and Financial Condition." -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;2.02. Results of Operations and Financial Condition.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;22, 2009, Allegheny Technologies Incorporated held its first quarter 2009 earnings
conference call, broadcast live by webcast. The conference call script is attached as Exhibit&nbsp;99.1
and is being furnished, not filed, under Item&nbsp;2.02 of this Current Report on Form 8-K.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain statements in the script contain &#147;forward-looking statements&#148; within the meaning of
the Private Securities Litigation Reform Act of 1995. Certain statements in the script relate to
future events and expectations and, as such, constitute forward-looking statements.
Forward-looking statements include those containing such words as &#147;anticipates,&#148; &#147;believes,&#148;
&#147;estimates,&#148; &#147;expects,&#148; &#147;would,&#148; &#147;should,&#148; &#147;will,&#148; &#147;will likely result,&#148; &#147;forecast,&#148; &#147;outlook,&#148;
&#147;projects,&#148; and similar expressions. Forward-looking statements are based on management&#146;s current
expectations and include known and unknown risks, uncertainties and other factors, many of which we
are unable to predict or control, that may cause our actual results, performance or achievements to
materially differ from those expressed or implied in the forward-looking statements. Important
factors that could cause actual results to differ materially from those in the forward-looking
statements include: (a)&nbsp;material adverse changes in economic or industry conditions generally,
including credit market conditions and related issues, and global supply and demand conditions and
prices for our specialty metals; (b)&nbsp;material adverse changes in the markets we serve, including
the aerospace and defense, construction and mining, automotive, electrical energy, chemical process
industry, oil and gas, medical and other markets; (c)&nbsp;our inability to achieve the level of cost
savings, productivity improvements, synergies, growth or other benefits anticipated by management,
including those anticipated from strategic investments and the integration of acquired businesses,
whether due to significant increases in energy, raw materials or employee benefits costs, the
possibility of project cost overruns or unanticipated costs and expenses, or other factors; (d)
volatility of prices and availability of supply of the raw materials that are critical to the
manufacture of our products; (e)&nbsp;declines in the value of our defined benefit pension plan assets
or unfavorable changes in laws or regulations that govern pension plan funding; (f)&nbsp;significant
legal proceedings or investigations adverse to us; (g)&nbsp;other risk factors summarized in our Annual
Report on Form 10-K for the year ended December&nbsp;31, 2008, and in other reports filed with the
Securities and Exchange Commission. We assume no duty to update our forward-looking statements.
</DIV>
<!-- link2 "Item&nbsp;7.01. Regulation&nbsp;FD." -->
<DIV align="left"><A NAME="001"></A></DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The disclosure furnished above under Item&nbsp;2.02 is hereby incorporated by reference into and
furnished under this Item&nbsp;7.01.
</DIV>
<!-- link2 "Item&nbsp;9.01. Financial Statements and Exhibits" -->
<DIV align="left"><A NAME="002"></A></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 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="7%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">Exhibit&nbsp;99.1</TD>
    <TD width="3%">&nbsp;</TD>
    <TD> Script for Allegheny Technologies Incorporated first quarter 2009 earnings
conference call.</TD>
</TR>

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

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

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


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



</TABLE>
</DIV>
<!-- link1 "<U>SIGNATURE</U>" -->
<DIV align="left"><A NAME="003"></A></DIV>

<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: 12pt">Dated: April&nbsp;22, 2009
</DIV>


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

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



<!-- link1 "<U>EXHIBIT INDEX</U>" -->
<DIV align="left"><A NAME="004"></A></DIV>

<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%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR><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">Script for Allegheny Technologies Incorporated first quarter 2009 earnings conference
call.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>l36186aexv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<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="center" style="font-size: 10pt; margin-top: 10pt">Q1 2009 Conference Call Script
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">April&nbsp;22, 2009 1 p.m.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dan Greenfield:<BR>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you. Good afternoon and welcome to the Allegheny Technologies earnings conference call for
the first quarter 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This
conference call is being broadcast on our website at
<U>www.alleghenytechnologies.com</U>. Members
of the media have been invited to listen to this call.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participating in the call today are Pat Hassey, Chairman, President, and Chief Executive Officer
and Rich Harshman, Executive Vice President, Finance and Chief Financial Officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All references to net income and earnings in this conference call mean net income and earnings
&#147;attributable to ATI common stockholders.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">After some initial comments, we will ask for questions. During the question and answer session,
please limit yourself to two questions to be considerate of others on the line.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please note that all forward-looking statements this afternoon are subject to various assumptions
and caveats as noted in the earnings release. Actual results may differ materially.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Here is Pat Hassey.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thanks, Dan. And thank you to everyone listening on today&#146;s call.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I would like to discuss 3 things this afternoon:
</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">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The challenging economic conditions and markets we are facing.</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">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The actions we are taking to successfully navigate through this very tough
economy.</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">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>And the long-term vision, milestones, and strategic destination for ATI.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The first quarter 2009 presented the most challenging economic conditions we have ever seen. However, we
were able to navigate through this economy and:
</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Generate $169&nbsp;million of cash flow from 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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Deploy $108&nbsp;million of this cash in our self-funded strategic capital
investments, and maintain our quarterly dividend, which is $0.18 per share. We
view our dividend policy as an important component of total shareholder return.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We ended the first quarter with $506&nbsp;million of cash on hand &#151; which is more than our total debt.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We have no borrowings under our $400&nbsp;million domestic credit facility. And,
we have no significant debt maturities until the end of 2011.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">


<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>So, our balance sheet remains solid and our financial flexibility remains
intact.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In January we said that we expected the first quarter 2009 earnings to be at or near break even.
We did better than break even, earning $5.9&nbsp;million, or $0.06 per share, on sales of $832&nbsp;million
in the first quarter 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consider our cash flow generation and earnings to be good results given the difficult
environment and the significant negative impact from out-of-phase raw materials surcharges and
indices that we absorbed in the quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While we are not satisfied with being marginally profitable, our ability to generate these
positive results demonstrates our globally competitive position.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ATI is uniquely positioned, globally-focused, and diversified in products and markets which have
a global reach. Because of this, ATI is now one of the few metals manufacturers in the world
that can be profitable in the current global economic environment.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have been able to navigate this business environment by:
</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">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Focusing on the high-value diversified products and markets that have been
driving the performance 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">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Using our manufacturing flexibility and lowered cost structure to adjust our
operating schedules and production rates to market conditions.</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">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Remaining focused on ever improving our cost structure. Gross cost reductions in
the first quarter 2009 were nearly $35&nbsp;million. Our 2009 cost reduction goal is
targeted for at least a $150&nbsp;million improvement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sales of our high-value products were 83% of first quarter 2009 sales compared to 73% for the
full-year 2008. Our exotic alloys, grain-oriented electrical steel, titanium and titanium
alloys, and nickel-based and specialty alloys held up relatively well, when compared to standard
stainless and other commodity related products and most of our Engineered Products.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our differentiated product strategy is working.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The long-term agreements that we have put into place over the last several years are providing a
measure of stability during this steep downturn. We have long-term agreements with customers in
our airframe, aeroengine, electrical distribution and generation, oil and gas, tooling, and
medical markets.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As an example, total shipments of our titanium mill products were 10.3&nbsp;million pounds in the
first quarter 2009. This is both high performance and flat-rolled
products. In answering a question in our January conference call, I said that I would
be personally disappointed if our full-year titanium mill product shipments were not at least 40
million pounds. We are on that annualized rate at the end of the first quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">However, first quarter shipments of nearly all of our products were down compared both to the
first and fourth quarters 2008. We have been adjusting and continue to adjust our production
schedules as needed. We have reduced manufacturing and administrative headcount across ATI.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ATI&#146;s performance continues to be driven by the global aerospace and defense, oil and gas,
chemical process industry, electrical energy, and medical markets. These markets represented 79%
of our total sales in the first quarter 2009 as compared to 70% of ATI sales for the full year
2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We believe these core markets for ATI are very attractive in the longer term and can still outperform most consumer and durable goods markets in the shorter term:
</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>Aerospace and defense accounted for 34% of first quarter 2009 sales, up from 29%
for the full year 2008.</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>Electrical energy grew to 20% of first quarter 2009 sales from 16% of full year
2008 sales.</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 chemical process industry and oil and gas markets accounted for 21% of first
quarter 2009 sales, which is essentially flat with the full year 2008.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">By contrast:
</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>Automotive was down to 5% of ATI sales in the first quarter 2009 from 8% for the
full year 2008.</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>Food equipment and appliances were down to 4% of first quarter 2009 sales from 6%
for the full year 2008.</TD>
</TR>

</TABLE>
</DIV>
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</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our
strategy to become more global is certainly working. Direct international sales were nearly 30% of
sales in the first quarter 2009. For comparison, direct international sales were 28% of total
sales for the full year 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are deploying our cash for the long-term in state-of-the-art equipment and facilities, and we
continue to make significant progress in putting in place unsurpassed global manufacturing
capabilities.
</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>Our Rowley, Utah premium-grade titanium sponge facility and our Bakers, North
Carolina titanium and superalloy forging facility are both scheduled to begin production
in the third quarter 2009. These strategic investments enhance our capabilities to
serve our core long-term growth markets.</TD>
</TR>

</TABLE>
</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">o</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We plan to ramp our Rowley facility in phases. We will first
qualify the process of using Rowley sponge to make premium titanium products.
We will then bring on the sponge capacity in phases based upon market demand.</TD>
</TR>

</TABLE>
</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>The melt shop consolidation at our Brackenridge, Pennsylvania specialty melt shop is
progressing. We expect considerable cost savings and production efficiencies from this
project when it is completed.</TD>
</TR>

</TABLE>
</DIV>
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<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>Engineering, permitting, and site preparation continues on our state-of-the-art
Brackenridge, Pennsylvania hot rolling and processing center. As we have discussed,
this is a four plus years project designed to produce all of our flat-rolled products,
not just stainless sheet. Our plan is to self fund this project in line with our
ability to generate adequate cash flow as we continue to operate the current facilities
without disruption.</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>We now expect 2009 self-funded capital investments to be in the range of $425 to $450
million.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Turning to our segments:<BR><BR style="font-size: 6pt">
Operating margins in our <B>High Performance Metals segment </B>were 14%, a level that we&#146;re not used to
or satisfied with, and which was negatively affected by over $18&nbsp;million of metal mis-matches not
offset in the quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The segment&#146;s largest market, commercial aerospace, was impacted by schedule pushouts and
uncertainties as the supply chain adjusted to revised commercial airplane build schedules as well
as reduced demand from the aeroengine aftermarket.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The aerospace supply chain likely needs to further adjust to recently announced commercial
aircraft production schedules.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We remain confident in the long-term growth potential of our core aerospace market. Last week,
GE said that their aeroengine orders during the first quarter for both equipment and spares were
good. Today, Boeing reaffirmed the current 787 schedule and Boeing&#146;s significant backlog of
orders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The aerospace backlogs are still there. The build rate is moving out, not being canceled.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our exotic alloys business is solid and growing. We think that this business is positioned to do
well in 2009 and beyond. The business has a good backlog for large global chemical process
industry projects. In addition, demand is very good and growing from the nuclear energy market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We believe we are seeing the beginning of a strong nuclear electrical energy up cycle. This
first stage is being driven by higher utilization of existing facilities, which results in
quicker replacement of nuclear fuel components, which use our zirconium and hafnium alloys.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The second growth driver is the restart of idled nuclear electrical energy capacity. The third
stage will be construction of new nuclear reactors. So we see the nuclear energy market as a
growth driver over the next several years, and long term for ATI.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The <U><B>Flat-Rolled Products segment</B></U> was marginally profitable in the first quarter 2009.
This was accomplished with a $48&nbsp;million negative impact from out-of-phase raw materials
surcharges. Keep in mind, this segment lost a lot of money during the last downturn when volume
and base prices for stainless were actually better. We are seeing the benefits of the transformation of
our Flat-Rolled Products segment that began in 2004. This is a much different business than it
was during the previous downturn. The product mix is much more diversified, our focus is more
global, our cost structure is much lower, and our manufacturing
capabilities are much better, from
melt through finishing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">First quarter 2009 shipments of grain-oriented electrical steel and industrial titanium were at
reasonably good levels relative to economic conditions. Shipments of standard grade stainless
were very low at just over 100&nbsp;million pounds, or 50,000 tons, in the first quarter. Base prices
were also very low. While it is too early to be optimistic about a stainless recovery, there are
signs that the market may be near a bottom:
</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>Industry data for March indicates that stainless steel inventories remained low and
shipments in March were essentially flat with January and February.</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>Last week, we announced a price increase for production orders of stainless sheet,
strip, and coiled plate. Other North American producers also publicly announced price
increases. We believe this indicates a pricing bottom even at these extremely low
levels of production.</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Demand for
almost all products in our <B>Engineered Products segment </B>was weak in the first quarter
2009, and we lost money in this segment due to the very low operating
rates that we experienced.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Looking ahead, we see some other signs of stabilization and opportunity for ATI in certain
markets. Here are some examples:
</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>The U.S. Department of Defense 2009 supplemental budget and comments by Secretary
Gates point out the need for and recommend funding for more and better ground combat and
support vehicles. This sector of the defense market is a target for new business for
our ATI Defense market sector team. Product development work continues as we build a
suite of titanium and specialty steel alloy products to service this market.</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 U.S. stimulus package provides opportunities for ATI products used in
transportation, energy efficiency, electrical energy distribution, renewable energy, and
clean water.</TD>
</TR>

</TABLE>
</DIV>
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<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>Recent economic reports out of China indicate that fundamentals there are improving.
Both GDP growth and industrial production growth in March were much better than expected.
Importantly, increased bank lending and government spending appears to be stimulating
that economy.</TD>
</TR>

</TABLE>
</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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We are seeing real evidence of this in our China Precision Rolled Strip&#174; joint
venture. Shipments grew steadily through the first quarter 2009 from a low level in
January.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our ATI Asia sales and marketing team reports that they are seeing some
encouraging signs. Demand from the chemical process industry facilities remains good.
Letters of credit from banks are opening up and thermal power plant inquiries have
picked up. So, overall, encouraging signs from China.</TD>
</TR>

</TABLE>
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</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Looking
forward to the second quarter, we still remain cautious. We are not immune from an extended
downturn in the global economy. While we see some signs of stabilization in some markets, demand
for many of our products remain at very low levels, the pricing environment remains challenging,
and visibility is limited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a result of the conditions discussed, we expect second quarter earnings to be modestly better
than the first quarter 2009. In addition, we expect to end the second quarter 2009 with a
significant amount of cash on hand while continuing to self fund our capital investments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our focus and actions are intended to keep ATI profitable through what appears to be a
challenging year. We expect to generate sufficient cash flow to self fund our capital
investments, maintain our dividend policy, and preserve our financial flexibility and solid
balance sheet.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We remain confident in the long-term growth potential of our core aerospace and infrastructure
markets that have been driving ATI&#146;s performance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These are the right markets for ATI. Therefore, our strategic direction and vision remain
intact.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Operator, may we have the first question, please.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Q&#038;A Portion of the Conference Call</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Pat Hassey:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you for joining us today, and thank you for your continuing interest in ATI.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Dan
Greenfield:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you, Pat. Thanks to all of the listeners for joining us today. That concludes our
conference call.
</DIV>


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