UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (Date of earliest event reported):
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August
14, 2015
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Allegheny Technologies Incorporated
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(Exact
name of registrant as specified in its charter)
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Delaware
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1-12001
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25-1792394
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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1000 Six PPG Place, Pittsburgh, Pennsylvania
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15222-5479
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code
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(412) 394-2800
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N/A
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(Former
name or former address, if changed since last report).
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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:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
On August 14, 2015, Allegheny Technologies Incorporated (“ATI”) issued a
press release announcing that ATI has issued a lockout notice to the
United Steelworkers due to lack of progress in negotiations for a new
labor contract. A copy of the press release is attached hereto as
Exhibit 99.1.
Item 9.01
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Financial Statements and Exhibits.
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(d)
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Exhibits.
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Exhibit 99.1 Press release dated August
14, 2015.
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SIGNATURE
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.
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ALLEGHENY TECHNOLOGIES INCORPORATED
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By:
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/s/ Elliot S. Davis
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Elliot S. Davis
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Senior Vice President, General Counsel,
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Chief Compliance Officer and Corporate Secretary
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Dated:
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August 14, 2015
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Exhibit 99.1
ATI
Issues Lockout Notice to USW
Lack of
Progress in Negotiations Pushes Company into Temporary Solution
PITTSBURGH--(BUSINESS WIRE)--August 14, 2015--Faced with a lack of
progress in ongoing contract negotiations, Allegheny Technologies
Incorporated (NYSE:ATI) issued today a lockout notice involving more
than 2,000 workers at various facilities. The lockout takes effect
Saturday, August 15, 2015. ATI will continue to operate the affected
facilities and continue serving customer needs with ATI salaried and
non-union employees and temporary professional staffing until a new
contract can be finalized with the USW.
ATI began formal negotiations with the USW in May for contracts that
expired June 30, 2015. No extensions are in place. The company presented
its last, best and final offer to the USW on August 4 with a request
that the union accept it by August 10. The USW negotiating committee has
not accepted the company’s offer or allowed the ATI employees to vote on
it. The company proposal includes $4,500 in lump-sum payments over the
four-year agreement and continued incentive programs for ATI Flat Rolled
Products employees, who averaged $94,000 in earnings in 2014. The
proposal also included affordable solutions for continued family
healthcare, at about half of the cost that the average American worker
pays.
“While progress has been made during contract negotiations on some
issues, significant differences remain in critical areas including:
healthcare benefits for current employees, the structure of benefits for
employees hired after June 30, 2015, and updates to subcontracting and
scheduling rules,” said Bob Wetherbee, ATI Flat Rolled Products
Executive Vice President.
“These differences have remained since formal negotiations began more
than three months ago. ATI has made substantial good faith moves
throughout the negotiations, with little movement on these issues by the
USW.
“It is disappointing that the company has been placed in this position,
but this step allows us to continue to meet customer demands while we
continue our efforts to finalize a new contract with the USW. It is a
temporary, but necessary, step to ensure that we continue to support our
customers and help secure our future.
“Our last, best and final proposal puts a workable solution on the
table, and the Union committee has taken no concrete or decisive action
on this proposal, despite our request that they accept it by Monday,
August 10, and take it to the membership for a vote. The union has given
no specific time frame for a response to the company, nor have they
committed to accept the offer, recommend it to their membership, or
schedule a vote. In the meantime, our challenges continue to grow, and
our operations become more unstable.
“We look forward to finalizing a fair, more competitive and responsible
agreement with the USW and getting our employees back to work as soon as
possible,” Bob Wetherbee continued.
ATI approved a $1.2 billion investment in new state-of-the-art
facilities in Brackenridge, PA in 2008. Since then, foreign and domestic
competitors have been flooding the global market with standard stainless
steel. Chinese mills have doubled their output in recent years and now
produce half of the world’s supply of standard stainless steel, one of
ATI Flat Rolled Products’ main products. As a result, market prices have
fallen more than 30 percent in recent years.
At the same time, ATI Flat Rolled Products’ wage and benefit costs
continued to escalate. Employees under the recently expired contract
average almost $70 per hour in total compensation, including base wages,
incentive pay, paid time off, overtime, pension, healthcare, and other
benefits. ATI’s last, best and final offer maintains current employee
compensation levels and pension benefits for current employees and
existing retirees and surviving spouses, while seeking reasonable
solutions to better position the business for the future.
This news release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements are based on management’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. Additional information
concerning factors that could cause actual results to differ materially
from those projected in the forward-looking statements is contained in
our filings with the Securities and Exchange Commission. We assume no
duty to update our forward-looking statements.
Creating Value Thru Relentless Innovation®
Allegheny
Technologies Incorporated is one of the largest and most diversified
specialty materials and components producers in the world with revenues
of approximately $4.3 billion for the twelve months ended June 30, 2015.
ATI has approximately 9,600 full-time employees world-wide who use
innovative technologies to offer global markets a wide range of
specialty materials solutions. Our major markets are aerospace and
defense, oil and gas/chemical process industry, electrical energy,
medical, automotive, food equipment and appliance, and construction and
mining. The ATI website is www.ATImetals.com.
CONTACT:
Allegheny Technologies Incorporated
Dan L. Greenfield,
412-394-3004
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