Allegheny Technologies (ATI) to Close Iron Castings Business

On April 15, 2014, Allegheny Technologies Incorporated (NYSE: ATI) determined that it would close its iron castings business, which was held for sale as part of discontinued operations. The planned divestiture of this business through a sale process, which was announced in October 2013, was not able to be completed on commercially acceptable terms. The orderly wind-down of operations is expected to be completed by the end of June 2014. The closure of the iron castings business will result in approximately $3 million of cash exit costs in 2014, including approximately $2 million of charges that will be recognized in the Company’s second quarter ending June 30, 2014, primarily related to severance benefits, as part of the results of discontinued operations.

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