Current Report Filing (8-k)
May 28 2015 - 4:42PM
Edgar (US Regulatory)
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):
|
May
28, 2015
|
Allegheny Technologies Incorporated
|
(Exact
name of registrant as specified in its charter)
|
Delaware
|
1-12001
|
25-1792394
|
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(IRS Employer
Identification No.)
|
1000 Six PPG Place, Pittsburgh, Pennsylvania
|
15222-5479
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Registrant’s
telephone number, including area code
|
(412) 394-2800
|
N/A
|
(Former
name or former address, if changed since last report).
|
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))
Item 8.01. Other Events.
On May 28, 2015, Allegheny Technologies Incorporated announced that it
discovered a defective rotary crop shear component at its Hot-Rolling
and Processing Facility. A copy of the press release is attached hereto
as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
99.1 Press release dated May 28, 2015.
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.
|
|
ALLEGHENY TECHNOLOGIES INCORPORATED
|
|
|
|
|
|
|
|
|
By:
|
/s/ Elliot S. Davis
|
|
|
|
Elliot S. Davis
|
|
|
|
Senior Vice President, General Counsel,
|
|
|
|
Chief Compliance Officer and Corporate Secretary
|
|
|
|
|
Dated:
|
May 28, 2015
|
|
|
Exhibit 99.1
ATI
Discovers Defective Rotary Crop Shear Component at its Hot-Rolling and
Processing Facility
PITTSBURGH--(BUSINESS WIRE)--May 28, 2015--Allegheny Technologies
Incorporated (NYSE: ATI) said today that, during routine maintenance, it
discovered a defective component in the rotary crop shear (RCS) at its
Hot-Rolling and Processing Facility (HRPF). As a result, the RCS is
expected to be offline until at least the end of September 2015. The RCS
is used in the production process to cut the head and tail of the slab
before it enters the HRPF’s seven-stand finishing mill. The HRPF will
continue to operate without the RCS. This outage will not impact any
dimensional capability of ATI’s flat-rolled products.
“We expect to continue to produce the vast majority of our flat-rolled
products on the HRPF while the RCS is off-line and we don’t expect this
issue to have an impact on our customers,” said Rich Harshman, Chairman,
President and Chief Executive Officer. “For Grain-Oriented Electrical
Steel, we will use alternative, less efficient production processes,
including the legacy hot strip mill which was warm-idled earlier this
year.
“Prior to detecting the defective RCS component, the HRPF’s performance
was outstanding and the realization of expected cost reductions and new
product sales were on schedule. We expect to build upon this momentum
when the RCS component is replaced and the RCS returns online.
“As a result of the temporary loss of the RCS, we expect the fourth
quarter 2015 operating profit benefit related to the HRPF to fall short
of earlier projections by as much as $20 million, pre-tax. This is
primarily due to our inability to realize the full benefit of expected
HRPF cost reductions, plus the additional costs and limitations
associated with the alternative production processes. We remain
confident that the expected HRPF annualized operating profit benefit to
ATI Flat Rolled Products of $150 to $250 million from cost reductions
and new product sales will be fully realized. However, the expected
benefit of this projected improvement has likely moved from the fourth
quarter of 2015 to the first half of 2016 due to the temporary loss of
use of the RCS.”
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 $4.4 billion for the twelve months ended
March 31, 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
ATI (NYSE:ATI)
Historical Stock Chart
From Mar 2024 to Apr 2024
ATI (NYSE:ATI)
Historical Stock Chart
From Apr 2023 to Apr 2024