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Form 8-K ALLEGHENY TECHNOLOGIES For: Oct 01

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October 1, 2015 4:28 PM EDT

 

 

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): October 1, 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 October 1, 2015, Allegheny Technologies Incorporated issued a press release announcing the successful completion of repairs to the rotary crop shear of the Hot-Rolling and Processing Facility (HRPF) and providing an ATI Flat Rolled Products operations update. 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 October 1, 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: October 1, 2015      

Exhibit 99.1

 

LOGO      NEWS RELEASE
Allegheny Technologies Incorporated      Contact:
Corporate Headquarters      Dan L. Greenfield
1000 Six PPG Place      412-394-3004

Pittsburgh, PA 15222-5479 U.S.A.

www.ATImetals.com

     

ATI Announces Successful Completion of Repairs

to Hot-Rolling and Processing Facility Rotary Crop Shear

Pittsburgh, PA – October 1, 2015 – Allegheny Technologies Incorporated (NYSE: ATI) today announced that ATI Flat Rolled Products has successfully rolled coils of stainless steel across its Hot-Rolling and Processing Facility (HRPF) utilizing the repaired Rotary Crop Shear (RCS). The repair and installation of the RCS was completed on schedule. First coils were successfully rolled on September 29, 2015.

On May 28, 2015, ATI announced that during routine maintenance a defective component was discovered in the RCS. While the RCS was offline, most flat-rolled products were produced without the RCS. However, projected operating profit benefits from the HRPF were not fully realized. While the RCS was offline, new product qualification and new product development continued at a rapid pace. All planned stainless, nickel-based alloys and specialty alloy, titanium and titanium alloy, and zirconium product qualifications are now complete.

ATI’s new HRPF is a key enabler to position ATI Flat Rolled Products as a leader in flat-rolled specialty materials. It is the most advanced and most powerful hot-rolling and processing facility in the industry.

ATI Flat Rolled Products Operations Update

On August 14, 2015, ATI announced that faced with a lack of progress in ongoing contract negotiations with the USW, the Company issued a lockout notice, effective on August 15, involving more than 2,000 employees at various facilities. The labor agreements covering these employees expired on June 30, 2015. ATI remains committed to reaching a fair and more competitive labor agreement with the USW, and looks forward to our USW-represented employees returning to work. Until this objective is achieved, ATI continues to operate the affected facilities and continues to safely produce high quality flat-rolled products to meet the needs of our customers with ATI salaried and non-union employees and temporary staffing.

Presently, ATI Flat Rolled Products (FRP) operations, production levels, and safety engagements are meeting and in many cases exceeding expectations. ATI FRP facilities are operating – most at pre-work stoppage production levels. Some examples:

 

  •   The Brackenridge, PA specialty melt shop is now producing at a rate of more than 80% of normal output, which is in line with the current soft demand.

 

  •   Most coil finishing operations are running 24-hour operations.

 

  •   The Washington, PA specialty plate facility has produced its entire range of specialty alloy grades.

While asset utilization continues to improve, stainless steel demand remains soft mainly due to unusually high domestic inventory levels as a result of the first-half 2015 surge of low-priced imports, primarily from China, and generally weak demand. Also, demand from the oil & gas market has continued to deteriorate.

“We did not want a work stoppage – and did everything possible to avoid it – but it is enabling us to identify new ways to safely optimize operations, increase our hands-on knowledge of the equipment and processes, and improve our productivity and efficiency,” said Bob Wetherbee, Executive Vice President, ATI Flat Rolled Products Group. “We are discovering best practices that will be shared across all FRP facilities to improve our operations and strengthen our competitive position.”

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.


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