<SEC-DOCUMENT>0001157523-16-006592.txt : 20160824
<SEC-HEADER>0001157523-16-006592.hdr.sgml : 20160824
<ACCEPTANCE-DATETIME>20160824171312
ACCESSION NUMBER:		0001157523-16-006592
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160824
ITEM INFORMATION:		Cost Associated with Exit or Disposal Activities
ITEM INFORMATION:		Material Impairments
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160824
DATE AS OF CHANGE:		20160824

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALLEGHENY TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0001018963
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL PIPE & TUBES [3317]
		IRS NUMBER:				251792394
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12001
		FILM NUMBER:		161849906

	BUSINESS ADDRESS:	
		STREET 1:		1000 SIX PPG PLACE
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15222
		BUSINESS PHONE:		4123942800

	MAIL ADDRESS:	
		STREET 1:		100 SIX PPG PLACE
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15222

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALLEGHENY TELEDYNE INC
		DATE OF NAME CHANGE:	19960716
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a51407652.htm
<DESCRIPTION>ALLEGHENY TECHNOLOGIES INCORPORATED 8-K
<TEXT>
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      <font style="font-family: Times New Roman; font-size: 11pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 11pt"><br style="font-size: 11pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 11pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-family: Times New Roman; font-size: 11pt"><b>Washington,
      DC 20549</b></font><br><br><font style="font-family: Times New Roman; font-size: 14pt"><b>FORM
      8-K</b></font><br><br><font style="font-family: Times New Roman; font-size: 13pt"><b>CURRENT
      REPORT</b></font><br><font style="font-family: Times New Roman; font-size: 11pt"><b>
      Pursuant to Section 13 or 15(d) of the</b></font><br><font style="font-family: Times New Roman; font-size: 11pt"><b>Securities
      Exchange Act of 1934</b></font><br><br><br>
    </p>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">Date
            of Report (Date of earliest event reported):</font>
          </p>
        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; width: 30%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">August
            24, 2016</font>
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; width: 30%">
          &#160;
        </td>
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    </div>
    <p style="text-align: center">
      <br>

    </p>
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    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            Allegheny Technologies Incorporated
          </p>
        </td>
      </tr>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Exact
            name of registrant as specified in its charter)</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>

    </p>
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    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
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          <p style="margin-top: 0px; margin-bottom: 0px">
            Delaware
          </p>
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; width: 34%; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            1-12001
          </p>
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; width: 33%; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            25-1792394
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or other jurisdiction
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            of incorporation)
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            File Number)
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (IRS Employer
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; width: 75%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            1000 Six PPG Place, Pittsburgh, Pennsylvania
          </p>
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; width: 25%; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            15222-5479
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 75%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Address
            of principal executive offices)</font>
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 25%">
          <font style="font-size: 10pt; font-family: Times New Roman">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>

    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">Registrant&#8217;s
            telephone number, including area code</font>
          </p>
        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt; width: 55%; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (412) 394-2800
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>

    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
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          <p style="margin-top: 0px; margin-bottom: 0px">
            N/A
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        </td>
      </tr>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Former
            name or former address, if changed since last report).</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>

    </p>
    <p>
      <!--end_optional_former-->
      <font style="font-size: 10pt; font-family: Times New Roman">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:</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      &#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      &#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      &#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      &#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <p>

    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 10%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Item 2.05.</b>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 90%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Costs Associated with Exit or Disposal Activities.</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-indent: 30.0px; font-size: 10pt; font-family: Times New Roman">
      The disclosure set forth below under Item 2.06 is hereby incorporated by
      reference into this Item 2.05.
    </p>
    <p>

    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 10%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Item 2.06.</b>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 90%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Material Impairments.</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-indent: 30.0px; text-align: justify">
      On August 24, 2016 Allegheny Technologies Incorporated (&#8220;ATI&#8221;) issued a
      press release announcing the indefinite idling of the Rowley, Utah
      titanium sponge production facility and the consolidation of certain
      titanium manufacturing operations in Albany, Oregon.&#160;&#160;These actions are
      expected to improve ATI&#8217;s annual operating income by approximately $50
      million beginning in 2017 and generate approximately $50 million of cash
      flow from lower managed working capital as titanium sponge inventory is
      reduced over the next several quarters.
    </p>
    <p style="text-align: justify">
      As a result of these actions, ATI expects to record total pre-tax,
      non-cash impairment charges of approximately $470 million and pre-tax
      shutdown and idling costs of approximately $34 million, which includes
      approximately $23 million of future cash expenditures related to
      contractual obligations, shut-down costs, labor-related obligations and
      other costs incidental to these actions. ATI will also record
      approximately $183 million in non-cash income tax valuation allowances
      related to U.S. Federal tax benefits.
    </p>
    <p style="text-align: justify">
      ATI has entered into long-term, cost competitive supply agreements with
      several leading global producers of premium-grade and standard-grade
      titanium sponge.&#160;&#160;The lower cost titanium sponge purchased under these
      supply agreements will replace the titanium sponge produced at ATI&#8217;s
      Rowley facility.
    </p>
    <p style="text-align: justify">
      Attached to this Current Report on Form 8-K as Exhibit 99.1 is a copy of
      the Company&#8217;s related press release dated August 24, 2016, which is
      incorporated by reference herein.
    </p>
    <p>

    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 10%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Item 9.01.</b>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 90%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Financial Statements and Exhibits.</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
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    <table style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 10%">
          (d)
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 15%">
          Exhibit 99.1
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 75%">
          Press release dated August 24, 2016
        </td>
      </tr>
    </table>
    </div>
    <p style="white-space: nowrap; text-align: justify">

    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <u><font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURE</b></font></u><br><br>
    </p>
    <p style="text-indent: 30.0px; text-align: justify">
      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.
    </p>
    <p style="text-indent: 30.0px">

    </p>
    <p style="text-indent: 30.0px">
      <br>

    </p>
    <div style="text-align:center">
    <table style="font-size: 10pt; font-family: Times New Roman; margin-left:auto;margin-right:auto; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 39%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            ALLEGHENY TECHNOLOGIES INCORPORATED
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 39%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 39%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px; width: 6%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px; width: 39%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px; width: 4%">
          By:
        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt; width: 51%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>/s/ Elliot S. Davis</i>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 39%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 51%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Elliot S. Davis
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 39%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 51%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Senior Vice President, General Counsel,
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 39%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 51%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Chief Compliance Officer and Corporate Secretary
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 39%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 51%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 6%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Dated:
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 39%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            August 24, 2016
          </p>
        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 51%">

        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: left">

    </p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51407652_ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2016 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Allegheny
      Technologies Announces Actions to Improve Future Financial Performance</b></font>
    </p>
    <p>
      PITTSBURGH--(BUSINESS WIRE)--August 24, 2016--Allegheny Technologies
      Incorporated (NYSE:ATI) today announced several actions to improve the
      Company&#8217;s future financial performance, which include the indefinite
      idling of the Rowley, UT titanium sponge production facility and
      consolidating certain titanium manufacturing operations in Albany, OR.
    </p>
    <p>
      These actions are expected to improve ATI&#8217;s annual operating income by
      approximately $50 million beginning in 2017. In addition, these actions
      are expected to generate approximately $50 million of cash flow from
      lower managed working capital as titanium sponge inventory is reduced
      over the next several quarters.
    </p>
    <p>
      As a result of these actions, ATI expects to record total pre-tax,
      non-cash impairment charges of approximately $470 million for idled
      facilities ($317 million after tax, or $2.96 per share), and pre-tax
      shutdown and idling costs of approximately $34 million ($23 million
      after tax, or $0.22 per share). As a result of these charges, in
      accordance with accounting requirements, ATI will also record
      approximately $183 million, or $1.71 per share, in non-cash income tax
      valuation allowances related to U.S. federal tax benefits. The total
      charges, including the tax valuation allowance, are expected to be $4.89
      per share, of which $4.83 per share is expected to be recognized in the
      third quarter 2016 and the remainder in the fourth quarter 2016.
    </p>
    <p>
      &#8220;We are focused and committed to return ATI to sustainable profitable
      growth and improve cash flow&#8221;, said Rich Harshman, ATI&#8217;s Chairman,
      President and Chief Executive Officer. &#8220;Using a disciplined process, we
      continually review all of our operations and facilities from both a
      strategic and cost competitiveness viewpoint. These reviews take into
      account current and expected future market conditions, including
      forecasted growth in demand for our products from all end markets and
      assessments of global supply and demand dynamics. This disciplined
      process is a key part of our commitment to make the tough decisions that
      are required to strengthen and enhance ATI&#8217;s ability to deliver
      sustainable profitable growth, and create value for our customers and
      our shareholders over the long-term.&#8221;
    </p>
    <p>
      As a result of this ongoing process, ATI is taking several actions to
      improve the profitability and enhance the competitiveness of ATI&#8217;s High
      Performance Materials &amp; Components segment:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Over the last several years significant global capacity has been added
        to produce titanium sponge, which is a key raw material used to
        produce ATI&#8217;s titanium products. In addition, demand for
        industrial-grade titanium products from global markets continues to be
        weak. As a result of these factors, titanium sponge, including
        aerospace quality sponge, can now be purchased from qualified global
        producers under long-term supply agreements at prices lower than the
        production costs at ATI&#8217;s titanium sponge facility in Rowley, UT.<br><br>In
        support of ATI&#8217;s growing titanium products business and to ensure a
        reliable supply of high quality and cost effective titanium sponge,
        ATI has entered into long-term, cost competitive supply agreements
        with several leading global producers of premium-grade and
        standard-grade titanium sponge. The lower cost titanium sponge
        purchased under these supply agreements will replace the titanium
        sponge produced at ATI&#8217;s Rowley facility.<br><br>As a result,
        ATI&#8217;s Rowley, UT titanium sponge facility will be idled by the end of
        2016 resulting in impairment, shutdown and idling charges that will be
        included in ATI&#8217;s third quarter 2016 and fourth quarter 2016 results.
        The Rowley facility will be idled in a manner that allows the facility
        to be restarted in the future if supported by market conditions.
      </li>
    </ul>
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        <div style="text-align: right">

        </div>
      </div>
    </div>
    <ul>
      <li style="margin-bottom: 10.0px">
        To improve manufacturing efficiencies and asset utilization, ATI is
        consolidating certain higher cost titanium hot-working operations in
        Albany, OR. These actions are expected to reduce costs and improve
        ATI&#8217;s financial performance beginning in 2017.
      </li>
    </ul>
    <p>
      &#8220;Our High Performance Materials &amp; Components (HPMC) business is very
      well-positioned for profitable growth, especially in the next-generation
      jet engine platforms,&#8221; Harshman continued. &#8220;Our financial performance
      over the first six months of 2016 supports this view and we expect to
      see continued profitable growth in HPMC over the next several years. The
      actions announced today are expected to improve ATI&#8217;s operating earnings
      by approximately $50 million beginning in 2017.&#8221;
    </p>
    <p>
      <i><b>Creating Value Thru Relentless Innovation&#8482;</b></i>
    </p>
    <p>
      Allegheny Technologies Incorporated is one of the largest and most
      diversified specialty materials and components producers in the world
      with revenues of approximately $3.1 billion for the twelve month period
      ending June 30, 2016. ATI employees use innovative technologies to offer
      global markets a wide range of specialty materials solutions. Our major
      markets are aerospace and defense, oil &amp; gas/chemical and hydrocarbon
      process industry, electrical energy, medical, automotive, food equipment
      and appliance, and construction and mining. The ATI website is <u>www.ATImetals.com</u>.
    </p>
    <p>

    </p>
    <p>
      CONTACT:<br>Allegheny Technologies<br>Dan Greenfield<br>412-394-3004
    </p>
    <p>

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