Current Report Filing (8-k)
July 14 2015 - 4:45PM
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):
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July
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))
Item 8.01. Other Events.
On July 14, 2015, Allegheny Technologies Incorporated (“ATI”) issued a
press release commenting on second quarter 2015 business conditions and
expected financial results. A copy of the press release is attached
hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d)
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Exhibits.
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Exhibit 99.1
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Press release dated July 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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July 14, 2015
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Exhibit 99.1
ATI
Comments on Second Quarter
PITTSBURGH--(BUSINESS WIRE)--July 14, 2015--Allegheny Technologies
Incorporated (NYSE: ATI) today commented that, due primarily to
challenging business conditions in its Flat Rolled Products business and
further weakening in demand from the oil and gas market, it expects to
report a net loss attributable to ATI of $16 to $18 million, or $(0.15)
to $(0.17) per share, for the second quarter 2015.
ATI said its second quarter performance continued to be pressured by the
ATI Flat Rolled Products segment, which recorded its sixth quarterly
operating loss over the last eight quarters. Base-selling prices for
standard stainless steel sheet products fell throughout the second
quarter due primarily to a record surge of low-priced imports, primarily
from China, and aggressive inventory reductions by distribution
customers. In addition, product margins were pressured as raw material
surcharges fell throughout the second quarter primarily due to lower
prices for nickel units. Shipments of standard stainless products fell
significantly, compared to the first quarter 2015, as many customers
reduced inventories throughout the quarter as base-selling prices and
raw materials surcharges fell.
In the High Performance Materials and Components segment, demand for
ATI’s specialty materials in the second quarter from the oil and gas
market was much lower than expected. Demand for ATI’s specialty
materials used in exploration applications and for forged products used
in drilling and flow equipment applications was much weaker than during
the first quarter 2015. In addition, second quarter shipments of
titanium mill products to the airframe market had a less favorable
product mix.
Hot-Rolling and Processing Facility (HRPF) start-up costs in the second
quarter were largely in line with previous estimates, even with the
issues related to the previously announced defective rotary crop shear
(RCS) component. The RCS component replacement remains on schedule.
On June 15, 2015, ATI announced that it had achieved qualification for
its premium-titanium products used in jet engine rotating parts made
using ATI’s premium-quality (PQ) titanium sponge. With this approval,
ATI is now integrated for titanium alloys from PQ sponge through melting
processes, to mill products, and to parts and components, such as our
fully machined forgings and investment castings, used in next-generation
and legacy jet engines and airframes.
ATI will provide live Internet listening access to its conference call
with investors and analysts scheduled for Tuesday, July 21, 2015 at 8:30
a.m. ET. The conference call will be conducted after the Company’s
planned release of second quarter 2015 results. The conference call will
be broadcast, and accompanying presentation slides will be available, at www.ATImetals.com.
To access the broadcast, go to the home page and select “Conference
Call”. Replay of the conference call will be available on the ATI
website.
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
Dan L. Greenfield, 412-394-3004
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