<SUBMISSION>
<ACCESSION-NUMBER>0000950123-09-024251
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20090722
<ITEMS>2.02
<ITEMS>7.01
<ITEMS>9.01
<FILING-DATE>20090722
<DATE-OF-FILING-DATE-CHANGE>20090722
<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>09956794
</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>l37065e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</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>July&nbsp;22, 2009</u></B></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="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>(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">




<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 July&nbsp;22, 2009, Allegheny Technologies Incorporated held its second 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 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,
electrical energy, chemical process industry, oil and gas, medical, automotive, construction and
mining, 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, 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)&nbsp;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>

<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>

<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="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Exhibit&nbsp;99.1</TD>
    <TD>&nbsp;</TD>
    <TD>Script for Allegheny Technologies Incorporated second quarter 2009 earnings
conference call.</TD>
</TR>
</TABLE>
</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">




<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,
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: July&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">




<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="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&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"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&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 second 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>l37065exv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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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="center" style="font-size: 10pt; margin-top: 18pt">Q2 2009 Conference Call Script<BR>
July&nbsp;22, 2009 1:00 p.m.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dan Greenfield:
</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 second quarter 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This conference call is being broadcast on our website at www.alleghenytechnologies.com. 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.<BR>
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>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Here is Pat Hassey.
</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: 12pt">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">Before we get into the details of the quarter, I would like to summarize ATI&#146;s current thinking
about how the company is now positioned, and further positioning itself, in this difficult
market:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">First of all, we recognize that:
</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>These are challenging times, and while we are seeing signs of stability in some
markets like commodity stainless steel, and gains in others like our exotic alloys
business, we are realistic in saying that we are not, yet, seeing signs of significant
recovery in our overall business volumes and revenues.</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>Our financial position is strong. Our cost structure has improved considerably
since the last down cycle; so we have remained profitable with strong cash generation.</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>This has allowed us to improve our competitive capability, and to continue to
invest for the future.</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">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our product mix has improved; and we are focused on key global markets for growth
and profitability.</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">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>While we are managing through this downturn, we are not standing still. We are
entering new market segments, increasing share in some segments, and preparing ATI to be
better positioned to grow when the economy recovers.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Lastly, and most importantly,</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">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We remain confident in the intermediate and long-term growth potential for our
core global markets. We believe that this is the time for ATI to further differentiate
itself as a global specialty metals company :</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>uniquely positioned,</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>diversified,</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>technology-driven, with</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>unsurpassed manufacturing capabilities.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Now, moving to some details of the quarter, the markets, and further opportunities for ATI...
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Success in this environment begins with a strong financial position, and the ability to generate
cash. We have both.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Excluding special non-recurring charges from our recent capital market transactions, ATI was
profitable in the second quarter. Before special charges, we earned $0.03 per share... not
great, but with $54&nbsp;million of operating profit. We ended the quarter with a significant amount
of cash on hand, and an improved balance sheet giving us financial flexibility.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /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">During the first half of the year, ATI was able to:
</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>Generate cash flow of $323&nbsp;million, excluding the net effect of a voluntary
pension contribution.</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>Deploy $212&nbsp;million of this cash in our self-funded strategic capital
investments.</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>End the first half with $850&nbsp;million of cash on hand.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In June, we completed several capital market transactions. The offerings were well-received by
the investment community. As a result of these proactive liability management actions, we were
able to return our U.S. defined benefit pension plan to a well-funded position and retire $183
million of ATI notes due in 2011.
</DIV>

<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 global 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>By 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>And by remaining focused on continuing to improve our cost structure. Gross cost
reductions in the first half 2009 were $74&nbsp;million. We expect to exceed our 2009 cost
reduction target of $150&nbsp;million as we continue to improve efficiency.</TD>
</TR>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sales of our high-value products were 81% of first half 2009 sales compared to 73% for the
full-year 2008. Digging deeper, sales of our key high-value products &#151; titanium, grain-oriented
electrical steel, nickel-based alloys and specialty alloys, and exotic alloys &#151; represented 65%
of first half sales as compared to 52% of sales in the first half 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have been able to move our titanium mill products to diversified global markets. For example,
total titanium shipments were nearly 10&nbsp;million pounds during the second quarter 2009, and over
20&nbsp;million pounds in the first half 2009, even in this severe economic downturn, and even with
the aerospace slowdown.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For perspective, ATI shipped 20.8&nbsp;million pounds of titanium for the full-year 2003, which was
our trough in the previous cycle. So, this is a different, larger, more efficient, and more
global company than the last time around.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Titanium shipments in our Flat-Rolled Products segment, including conversion for our Uniti
titanium joint venture, were 7.3&nbsp;million pounds during the first half 2009. Titanium shipments
in this segment were up by over 100,000 pounds compared to the first half 2008, when market
conditions were much better.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Again for perspective, titanium flat-rolled product shipments for the full-year 2003, the last
cyclical trough, were 2.4&nbsp;million pounds. That&#146;s 7.3&nbsp;million in the first half 2009 compared to
2.4&nbsp;million for the full year 2003. It&#146;s truly a different company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Stainless steel demand appears to be in an early stage of recovery. ATI Allegheny Ludlum
successfully implemented two base-price increases:
</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>Effective May 4<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>, we increased prices by 6 to 9%, and</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>Effective June&nbsp;29<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> we increased prices by another 6%.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Base prices remain low, but we are seeing improvement from this historic bottom of the first half
of 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Industry data released last week indicates that service center inventories of stainless products
remained near historically low levels in June at a seasonally adjusted rate of 2.5&nbsp;months. Many
of our service center customers tell us that they continue to keep their inventories at lower
levels in order to avoid raw material risk and to conserve cash.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Turning to ATI markets, we remain confident in the intermediate and long-term growth potential of
these core global markets:
</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>Aerospace and defense accounted for 34% of first half 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="6%" 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 half 2009 sales from 16% of full year 2008
sales.</TD>
</TR>

</TABLE>
</DIV>
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<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>The chemical process industry and oil and gas markets accounted for 19% of first
half 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">Our strategy to become more global is working. Direct international sales were nearly 33% of
sales in the second 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 were well represented at the Paris Air Show in June. We had important meetings with the
highest level of management at many key aerospace customers. All meetings were productive and
representative of ATI&#146;s position as an important specialty metals supplier.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The message from our customers was clear; they want to be aligned with suppliers who will be
able to respond when the aerospace cycle improves. They particularly like ATI because we plan to
have the next generation of capabilities &#151; new and improved alloys and unsurpassed manufacturing
equipment with new capabilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">They also like ATI because of our financial strength and our global reach. We are working on
several agreements intended to develop or expand strategic relationships with these key global
customers.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The aerospace supply chain is responding to reduced 2009 build rates, possibly lower 2010 build
rates due to available financing, and current reduced demand for aftermarket spare parts
reflective of the global recession.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">So, this resulted in demand for our jet engine metals being lower than expected in the second
quarter. There still remains uncertainty in aerospace supply chain, because the jet engine
forecast appears very conservative as compared to the OEM airframe build forecast.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Customers seem to be hesitant to make purchases to inventory due to their own economic
conditions. They also see a perceived or potential negative impact on the future build schedule,
due to the potential of reduced builds caused by the lack of available financing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With historical precedent as a guide, the aerospace supply chain may very well overcorrect. If
so, it would then need to quickly adjust to confirmed build schedules, or increasing lead-times,
or both, which would include the ramp of Boeing&#146;s 787.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The defense non-aeroengine market is a new focus for ATI. It is a market where our sales grew in
the first half 2009 compared to the first half 2008. For us, this new market includes
applications in:
</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="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Defense hardware, such as armored vehicles</TD>
</TR>

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the second quarter, ATI continued to gain supplier and product qualification with a
variety of global customers. These defense contractors work on an array of defense platforms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We like the large growth opportunities for our products in the defense market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the electrical energy market:
</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>North American demand for grain-oriented electrical steel declined during the
first half 2009 driven by reduced demand from the housing market. Our GOES
shipments held up nicely in this difficult market by way of our strategic long-term
agreements.</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>Global demand from the nuclear energy market for our exotic alloys and other
specialty metals is growing in spite of the economic slowdown. The nuclear
electrical energy market is in the early stage of a renewed growth cycle as it
emerges from 30&#043; years of maintenance and limited growth.</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>In contrast, shipments of our castings into the wind energy market were near zero
in the second quarter as most of our casting capacity remains idle. This has
negatively impacted Engineered Products.</TD>
</TR>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the oil and gas market, overall activity remained sluggish during the second quarter. The
drill rig count was low, but recovered somewhat late in the quarter. The deepwater market has
held up well due to the long-term nature of these projects. Several large pipeline jobs remain
on track.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ATI received certification and qualification from Achilles JQS in Norway. This means ATI is a
fully qualified supplier on North Sea and Norwegian projects with major oil and gas companies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have and will continue to increase our focus on the global oil and gas market and believe this
is another market that provides growth potential for ATI, particularly in deepwater applications.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Here are some other insights on ATI infrastructure markets. We ended 2008 with a considerable
backlog of orders from large chemical process, oil and gas, and electrical energy projects from
several areas of the world.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">When the global financial melt down occurred in the fourth quarter 2008, our backlog
remained steady, but new orders then stalled as projects were pushed out due in great part to
financing issues. Our backlog for these projects was drawn down during the first half 2009 as
new orders were not replacing shipments one for one.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">However, we are recently encouraged by reports from customers, mainly fabricators in Asia who
have exposure to the oil and gas and power generation markets, that their order entry rates have
begun to improve. We understand that several stalled projects have financing in place and are
beginning to move forward.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Turning to capital expenditures, we continue deploying our cash for the long-term position of ATI
in unsurpassed equipment and facilities:
</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>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>

<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>The melt shop consolidation at our Brackenridge, Pennsylvania specialty melt shop is
progressing. We reduce a footprint, and we expect considerable cost savings and
production efficiencies from this project when it is completed.</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>Engineering, permitting, and site preparation continues on our Brackenridge,
Pennsylvania advanced hot rolling and processing center. The next step in site
preparation is demolition and abatement, which we plan to begin in early August.</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>We continue to expect 2009 self-funded capital investments to be in the range of $425
to $450&nbsp;million.</TD>
</TR>

</TABLE>
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We anticipate that business conditions in the third quarter will remain challenging. While
we see some signs of stabilization in a few markets, particularly in stainless sheet, demand for
many of our products remains at very low levels, the pricing environment remains challenging, and
visibility is limited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To be very clear, recovering volume and the resulting revenue are the necessary keys to
significantly improved financial results.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We do not see the market fundamentals for this to happen in the third quarter of 2009, and
therefore we expect ATI&#146;s third quarter performance to be at or near break even. We expect to
end the third quarter with a significant amount of cash while continuing to self fund our
strategic capital projects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have prepared ATI for this downturn. Our financial position is strong and our cost structure
is the best in the company&#146;s history. We have the capability to
invest in the future and are doing so. Our
product mix has improved; and we are focused on key global markets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">So, we are not standing still during this economic downturn, but are gaining ground for the
future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are managing through the downturn and preparing ATI to be better positioned to grow when the
economy and our markets recover.
</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 and infrastructure
markets. 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>

<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: 6pt">Dan Greenfield:
</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
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">conference call.
</DIV>


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