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): |
April 27, 2011 |
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 2.02. Results of Operations and Financial Condition.
On April 27, 2011, Allegheny Technologies Incorporated issued a press release with respect to its first quarter 2011 financial results. A copy of the press release is attached as Exhibit 99.1 and is being furnished, not filed, under Item 2.02 of this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d) | Exhibits. |
Exhibit 99.1 Press release dated April 27, 2011. |
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 |
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By: |
/s/ Jon D. Walton |
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Jon D. Walton |
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Executive Vice President, Human Resources, |
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Chief Legal and Compliance Officer |
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and Corporate Secretary |
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Dated: |
April 27, 2011 |
EXHIBIT INDEX
Exhibit No. |
Description |
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Exhibit 99.1 |
Press release dated April 27, 2011. |
Exhibit 99.1
Allegheny Technologies Announces First Quarter 2011 Results
First Quarter 2011 Results
PITTSBURGH--(BUSINESS WIRE)--April 27, 2011--Allegheny Technologies Incorporated (NYSE: ATI) reported net income for the first quarter 2011 of $56.3 million, or $0.54 per share. Results included a special charge of $3.1 million, net of tax, related to the accelerated recognition of equity-based compensation expense due to previously announced executive retirements. In addition, first quarter 2011 results included a discrete tax charge of $2.7 million primarily related to foreign income taxes. Excluding these charges, net income was $62.1 million, or $0.59 per share, on sales of $1.23 billion.
In the first quarter 2010, ATI reported net income of $18.2 million, or $0.18 per share, on sales of $899.4 million. Results for 2010 included a non-recurring tax charge of $5.3 million related to the Patient Protection and Affordable Care Act. Excluding this non-recurring tax charge, net income was $23.5 million, or $0.24 per share.
“We continue to see 2011 marking the resumption of strong secular growth in our key global markets. We are off to a good start,” said L. Patrick Hassey, Chairman and Chief Executive Officer. “In the first quarter 2011, sales increased 36% compared to the same period in 2010 and shipments for most of our products increased significantly.”
“During the first quarter 2011, our key global markets, namely aerospace and defense, oil and gas/chemical process industry, electrical energy, and medical, represented 70% of ATI sales. Direct international sales were nearly 32% of sales,” Mr. Hassey said.
“We continued to improve our cost structure with over $26 million in gross cost reductions in the first quarter. Our gross cost reduction goal for 2011 is $100 million. Our balance sheet remains strong.
“First quarter 2011 segment operating profit increased nearly 85% to $162 million, or 13.2% of ATI sales. Operating profit improved across all three business segments. Results were impacted by idle facility and start-up costs of $9.8 million associated with our titanium sponge operations, which was $4 million higher than expected. Segment operating profit was also impacted by LIFO charges of $3.9 million, primarily due to higher titanium and tungsten raw material costs. The start-up costs relate mostly to our Rowley, UT premium-titanium sponge facility. The facility is now producing sponge at improved volume and yield, so we expect reduced start-up costs in the second quarter. We expect the Rowley facility to be at a 20 million pound annualized production rate during the second half 2011.
“Our key global markets remain strong. High Performance Metals segment backlog at the end of the first quarter 2011 was over $742 million, and is approaching levels reached in early 2007 and 2008. In addition, several large project wins in the oil and gas/chemical process industry provide a solid backlog for 2011 in our Flat-Rolled Products segment.
“Orders from the aerospace market continue to strengthen. We believe we are at the beginning of a significant aerospace up cycle. Major OEMs are telling their supply chains to get ready for production increases to unprecedented build rates by 2013 for both legacy and next-generation aircraft. With our expanded capacity and capabilities, ATI is ready to meet the expected ramp up of demand from the airframe and jet engine supply chains.
“The oil and gas/chemical process industry market remains strong. At 23% of ATI sales, our sales to this market grew by 51% compared to the same period last year. ATI is seeing a step up in demand and has won supply agreements for major projects including CP titanium for the largest desalination plant ever built, nickel-based alloy plate for the largest sour gas pipeline ever built, and specialty sheet for a large subsea oil pipeline being built in Brazil.
“We are closely watching the impact on the electrical energy market as Japan recovers and rebuilds. We expect global demand for grain-oriented electrical steel may begin to improve as the electrical distribution grid in the affected area is rebuilt. We believe Japan will rely more on natural gas power generation in the short-term, which could positively impact ATI’s sales to the gas turbine market and to the markets for exploration, processing, and transportation of LNG (Liquefied Natural Gas). In addition, while the Fukushima Daiichi power plant incident has put licensing and construction of new nuclear power plants on hold until safety can be evaluated, we expect continued good demand from refueling and maintenance, and we believe the Generation III+ reactor design will receive more consideration. The incident also highlighted the need for countries to reevaluate their policies on spent nuclear fuel storage and processing. Many designs for spent fuel casks and transportation canisters use significant amounts of the specialty metals made by ATI.
“At 6% of first quarter 2011 sales, medical was again our fastest growing market. Sales to the medical market doubled compared to the first quarter 2010. Growth was driven by demand for titanium products used in biomedical applications, and demand for our products used in next-generation MRI devices and for expanded MRI sales into developing countries.
“We expect to see higher base prices for most of our products going forward. In our Flat-Rolled Products segment two base-price increases have been announced for our nickel-based alloy and specialty alloy products and a base-price increase was announced for our standard stainless products. Base prices have also been improving for our High Performance Metals segment titanium alloy and nickel-based alloy and specialty alloys. In addition, base-prices are improving in our Engineered Products segment, particularly for our tungsten products and for our carbon steel alloy forgings.
“We continue to expect 2011 revenue growth of 15% to 20% compared to 2010, and continue to expect segment operating profit to be approximately 15% of sales for the year. Strength in our key markets, improving shipments and improving base prices for most products, and our ongoing focus on cost reduction and operating execution gives us confidence that these goals can be achieved.
“Our outlook does not include any impact from our pending acquisition of Ladish Co., Inc. The meeting of Ladish shareholders to consider the acquisition is scheduled for May 6, 2011. Assuming shareholder approval, the acquisition is expected to close shortly after the meeting. ATI expects to recognize non-recurring transaction costs of approximately $8 million, pretax, during the second quarter 2011. In addition, due to acquisition accounting we presently do not expect significant additional operating profit in the second quarter from sales attributable to Ladish.”
Three Months Ended | ||||||||||||
March 31 | ||||||||||||
2011 | 2010 | |||||||||||
In Millions | ||||||||||||
Sales | $ | 1,227.4 | $ | 899.4 | ||||||||
Net income attributable to ATI before special charges | 62.1 | 23.5 | ||||||||||
Special charges* | (5.8 | ) | (5.3 | ) | ||||||||
Net income attributable to ATI | $ | 56.3 | $ | 18.2 | ||||||||
Per Diluted Share | ||||||||||||
Net income attributable to ATI before special charges | $ | 0.59 | $ | 0.24 | ||||||||
Special charges* | (0.05 | ) | (0.06 | ) | ||||||||
Net income attributable to ATI | $ | 0.54 | $ | 0.18 | ||||||||
* Special charges include the 2011 accelerated recognition of equity-based compensation expense due to previously announced executive retirements and a discrete tax charge of $2.7 million primarily related to foreign income taxes, and the 2010 impact of tax law changes.
First Quarter 2011 Financial Results
High Performance Metals Segment
Market Conditions
First quarter 2011 compared to first quarter 2010
Flat-Rolled Products Segment
Market Conditions
First quarter 2011 compared to first quarter 2010
Engineered Products Segment
Market Conditions
First quarter 2011 compared to first quarter 2010
Other Expenses
Retirement Benefit Expense
Income Taxes
Cash Flow, Working Capital and Debt
Pending Acquisition of Ladish
Allegheny Technologies will conduct a conference call with investors and analysts on April 27, 2011, at 1:00 p.m. ET to discuss the financial results. The conference call will be broadcast live on www.ATImetals.com. To access the broadcast, click on “Conference Call.” Replay of the conference call will be available on the Allegheny Technologies website.
This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Certain statements in this news release relate to future events and expectations and, as such, constitute forward-looking statements. Forward-looking statements include those containing such words as “anticipates,” “believes,” “estimates,” “expects,” “would,” “should,” “will,” “will likely result,” “forecast,” “outlook,” “projects,” and similar expressions. 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. Important factors that could cause actual results to differ materially from those in the forward-looking statements include: (a) material adverse changes in economic or industry conditions generally, and global supply and demand conditions and prices for our specialty metals; (b) material adverse changes in the markets we serve, including the aerospace and defense, electrical energy, chemical process industry, oil and gas, medical, automotive, construction and mining, and other markets; (c) our inability to achieve the level of cost savings, productivity improvements, synergies, growth or other benefits anticipated by management, including those anticipated from our proposed Ladish acquisition and other strategic investments and the integration of acquired businesses, whether due to significant increases in energy, raw materials or employee benefits costs, the possibility of project cost overruns or unanticipated costs and expenses, or other factors; (d) volatility of prices and availability of supply of the raw materials that are critical to the manufacture of our products; (e) declines in the value of our defined benefit pension plan assets or unfavorable changes in laws or regulations that govern pension plan funding; (f) significant legal proceedings or investigations adverse to us; and (g) other risk factors summarized in our Annual Report on Form 10-K for the year ended December 31, 2010, and in other reports filed with the Securities and Exchange Commission. We assume no duty to update our forward-looking statements.
Building the World’s Best Specialty Metals Company®
Allegheny
Technologies Incorporated is one of the largest and most diversified
specialty metals producers in the world with revenues of $4.0 billion
during 2010. ATI has approximately 9,300 full-time employees world-wide
who use innovative technologies to offer global markets a wide range of
specialty metals solutions. Our major markets are aerospace and defense,
chemical process industry/oil and gas, electrical energy, medical,
automotive, food equipment and appliance, machine and cutting tools, and
construction and mining. Our products include titanium and titanium
alloys, nickel-based alloys and superalloys, grain-oriented electrical
steel, stainless and specialty steels, zirconium, hafnium, and niobium,
tungsten materials, and forgings and castings. The Allegheny
Technologies website is www.ATImetals.com.
Allegheny Technologies Incorporated and Subsidiaries | ||||||||||||
Consolidated Statements of Income | ||||||||||||
(Unaudited, dollars in millions, except per share amounts) | ||||||||||||
Three Months Ended | ||||||||||||
March 31 | ||||||||||||
2011 | 2010 | |||||||||||
Sales | $ | 1,227.4 | $ | 899.4 | ||||||||
Costs and expenses: | ||||||||||||
Cost of sales | 1,022.0 | 778.0 | ||||||||||
Selling and administrative expenses | 88.7 | 74.2 | ||||||||||
Income before interest, other income | ||||||||||||
and income taxes | 116.7 | 47.2 | ||||||||||
Interest expense, net | (23.0 | ) | (14.6 | ) | ||||||||
Other income, net | 0.1 | 0.4 | ||||||||||
Income before income tax provision | 93.8 | 33.0 | ||||||||||
Income tax provision | 35.1 | 13.2 | ||||||||||
Net income | 58.7 | 19.8 | ||||||||||
Less: Net income attributable to | ||||||||||||
noncontrolling interests | 2.4 | 1.6 | ||||||||||
Net income attributable to ATI | $ | 56.3 | $ | 18.2 | ||||||||
Basic net income attributable to | ||||||||||||
ATI per common share | $ | 0.58 | $ | 0.19 | ||||||||
Diluted net income attributable to | ||||||||||||
ATI per common share | $ | 0.54 | $ | 0.18 | ||||||||
Weighted average common shares | ||||||||||||
outstanding -- basic (millions) | 97.6 | 97.4 | ||||||||||
Weighted average common shares | ||||||||||||
outstanding -- diluted (millions) | 109.0 | 98.7 | ||||||||||
Actual common shares outstanding-- | ||||||||||||
end of period (millions) | 98.9 | 98.6 | ||||||||||
Allegheny Technologies Incorporated and Subsidiaries | ||||||||||||
Sales and Operating Profit by Business Segment | ||||||||||||
(Unaudited - Dollars in millions) | ||||||||||||
Three Months Ended | ||||||||||||
March 31 | ||||||||||||
2011 | 2010 | |||||||||||
Sales: | ||||||||||||
High Performance Metals | $ | 399.4 | $ | 302.3 | ||||||||
Flat-Rolled Products | 710.6 | 516.6 | ||||||||||
Engineered Products | 117.4 | 80.5 | ||||||||||
Total External Sales | $ | 1,227.4 | $ | 899.4 | ||||||||
Operating Profit: | ||||||||||||
High Performance Metals | $ | 85.6 | $ | 55.0 | ||||||||
% of Sales | 21.4 | % | 18.2 | % | ||||||||
Flat-Rolled Products | 63.4 | 31.4 | ||||||||||
% of Sales | 8.9 | % | 6.1 | % | ||||||||
Engineered Products | 13.4 | 1.8 | ||||||||||
% of Sales | 11.4 | % | 2.2 | % | ||||||||
Operating Profit | 162.4 | 88.2 | ||||||||||
% of Sales | 13.2 | % | 9.8 | % | ||||||||
Corporate expenses | (25.8 | ) | (12.3 | ) | ||||||||
Interest expense, net | (23.0 | ) | (14.6 | ) | ||||||||
Other expense, net of | ||||||||||||
gains on asset sales | (0.5 | ) | (5.8 | ) | ||||||||
Retirement benefit expense | (19.3 | ) | (22.5 | ) | ||||||||
Income before | ||||||||||||
income taxes | $ | 93.8 | $ | 33.0 | ||||||||
Allegheny Technologies Incorporated and Subsidiaries | ||||||||||
Consolidated Balance Sheets | ||||||||||
(Current period unaudited--Dollars in millions) | ||||||||||
March 31, | December 31, | |||||||||
2011 | 2010 | |||||||||
ASSETS | ||||||||||
Current Assets: | ||||||||||
Cash and cash equivalents | $ | 816.3 | $ | 432.3 | ||||||
Accounts receivable, net of allowances for | ||||||||||
doubtful accounts of $5.6 at both | ||||||||||
March 31, 2011 and December 31, 2010 | 694.0 | 545.4 | ||||||||
Inventories, net | 1,231.9 | 1,024.5 | ||||||||
Deferred income taxes | 2.2 | - | ||||||||
Prepaid expenses and | ||||||||||
other current assets | 42.7 | 112.9 | ||||||||
Total Current Assets | 2,787.1 | 2,115.1 | ||||||||
Property, plant and equipment, net | 1,999.2 | 1,989.3 | ||||||||
Cost in excess of net assets acquired | 209.1 | 206.8 | ||||||||
Other assets | 197.1 | 182.4 | ||||||||
Total Assets | $ | 5,192.5 | $ | 4,493.6 | ||||||
LIABILITIES AND EQUITY | ||||||||||
Current Liabilities: | ||||||||||
Accounts payable | $ | 505.2 | $ | 394.1 | ||||||
Accrued liabilities | 270.8 | 249.9 | ||||||||
Deferred income taxes | - | 5.6 | ||||||||
Short term debt and current | ||||||||||
portion of long-term debt | 139.4 | 141.4 | ||||||||
Total Current Liabilities | 915.4 | 791.0 | ||||||||
Long-term debt | 1,422.5 | 921.9 | ||||||||
Accrued postretirement benefits | 417.6 | 423.8 | ||||||||
Pension liabilities | 58.4 | 58.3 | ||||||||
Deferred income taxes | 75.0 | 68.6 | ||||||||
Other long-term liabilities | 100.5 | 100.6 | ||||||||
Total Liabilities | 2,989.4 | 2,364.2 | ||||||||
Total ATI stockholders' equity | 2,110.5 | 2,040.8 | ||||||||
Noncontrolling interests | 92.6 | 88.6 | ||||||||
Total Equity | 2,203.1 | 2,129.4 | ||||||||
Total Liabilities and Equity | $ | 5,192.5 | $ | 4,493.6 | ||||||
Allegheny Technologies Incorporated and Subsidiaries | ||||||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||||
(Unaudited - Dollars in millions) | ||||||||||||
Three Months Ended | ||||||||||||
March 31 | ||||||||||||
2011 | 2010 | |||||||||||
Operating Activities: | ||||||||||||
Net income | $ | 58.7 | $ | 19.8 | ||||||||
Depreciation and amortization | 37.4 | 34.6 | ||||||||||
Change in managed working capital | (245.9 | ) | (130.2 | ) | ||||||||
Change in retirement benefits | 3.8 | 5.6 | ||||||||||
Accrued liabilities and other | 95.7 | (1.8 | ) | |||||||||
Cash used in operating activities | (50.3 | ) | (72.0 | ) | ||||||||
Investing Activities: | ||||||||||||
Purchases of property, plant and equipment | (42.2 | ) | (51.2 | ) | ||||||||
Asset disposals and other | 0.5 | 0.6 | ||||||||||
Cash used in investing activities | (41.7 | ) | (50.6 | ) | ||||||||
Financing Activities: | ||||||||||||
Borrowings on long-term debt | 500.0 | - | ||||||||||
Payments on long-term debt and capital leases | (5.2 | ) | (5.2 | ) | ||||||||
Net borrowings (repayments) under credit facilities | 3.2 | (1.0 | ) | |||||||||
Debt issuance costs | (5.0 | ) | - | |||||||||
Dividends paid | (17.6 | ) | (17.7 | ) | ||||||||
Exercises of stock options | 0.4 | 0.8 | ||||||||||
Taxes on share-based compensation | 0.2 | 0.4 | ||||||||||
Cash provide by (used in) financing activities | 476.0 | (22.7 | ) | |||||||||
Increase (decrease) in cash and cash equivalents | 384.0 | (145.3 | ) | |||||||||
Cash and cash equivalents at beginning of period | 432.3 | 708.8 | ||||||||||
Cash and cash equivalents at end of period | $ | 816.3 | $ | 563.5 | ||||||||
Allegheny Technologies Incorporated and Subsidiaries | ||||||||||
Selected Financial Data | ||||||||||
(Unaudited) | ||||||||||
Three Months Ended | ||||||||||
March 31 | ||||||||||
2011 | 2010 | |||||||||
Volume: | ||||||||||
High Performance Metals (000's lbs.) | ||||||||||
Titanium mill products | 6,753 | 6,098 | ||||||||
Nickel-based and specialty alloys | 11,824 | 8,444 | ||||||||
Exotic alloys | 1,079 | 981 | ||||||||
Flat-Rolled Products (000's lbs.) | ||||||||||
High value | 122,027 | 110,495 | ||||||||
Standard | 170,328 | 156,851 | ||||||||
Flat-Rolled Products total | 292,355 | 267,346 | ||||||||
Average Prices: | ||||||||||
High Performance Metals (per lb.) | ||||||||||
Titanium mill products | $ | 21.25 | $ | 18.82 | ||||||
Nickel-based and specialty alloys | $ | 14.86 | $ | 13.53 | ||||||
Exotic alloys | $ | 61.18 | $ | 60.81 | ||||||
Flat-Rolled Products (per lb.) | ||||||||||
High value | $ | 3.19 | $ | 2.59 | ||||||
Standard | $ | 1.87 | $ | 1.44 | ||||||
Flat-Rolled Products combined average | $ | 2.42 | $ | 1.92 | ||||||
Allegheny Technologies Incorporated and Subsidiaries | ||||||||||
Computation of Basic and Diluted Earnings Per Share | ||||||||||
(Unaudited, dollars in millions, except per share amounts) | ||||||||||
Three Months Ended | ||||||||||
March 31 | ||||||||||
2011 | 2010 | |||||||||
Numerator for Basic net income per common share - | ||||||||||
Net income attributable to ATI | $ | 56.3 | $ | 18.2 | ||||||
Effect of dilutive securities: | ||||||||||
4.25% Convertible Notes due 2014 |
2.5 |
- | ||||||||
Numerator for Dilutive net income per common share - | ||||||||||
Net income attributable to ATI after assumed | ||||||||||
conversions | $ |
58.8 |
$ | 18.2 | ||||||
Denominator for Basic net income per common share - | ||||||||||
Weighted average shares outstanding | 97.6 | 97.4 | ||||||||
Effect of dilutive securities: | ||||||||||
Share-based compensation | 1.8 | 1.3 | ||||||||
4.25% Convertible Notes due 2014 | 9.6 | - | ||||||||
Denominator for Diluted net income per common share - | ||||||||||
Adjusted weighted average assuming conversions | 109.0 | 98.7 | ||||||||
Basic net income attributable to ATI per common share | $ | 0.58 | $ | 0.19 | ||||||
Diluted net income attributable to ATI per common share | $ | 0.54 | $ | 0.18 | ||||||
Allegheny Technologies Incorporated and Subsidiaries | |||||||||||
Other Financial Information | |||||||||||
Managed Working Capital | |||||||||||
(Unaudited - Dollars in millions) | |||||||||||
March 31, | December 31, | ||||||||||
2011 | 2010 | ||||||||||
Accounts receivable | $ | 694.0 | $ | 545.4 | |||||||
Inventory | 1,231.9 | 1,024.5 | |||||||||
Accounts payable | (505.2 | ) | (394.1 | ) | |||||||
Subtotal | 1,420.7 | 1,175.8 | |||||||||
Allowance for doubtful accounts | 5.6 | 5.6 | |||||||||
LIFO reserve | 166.9 | 163.0 | |||||||||
Corporate and other | 32.4 | 35.3 | |||||||||
Managed working capital | $ | 1,625.6 | $ | 1,379.7 | |||||||
Annualized prior 2 months | |||||||||||
sales | $ | 5,070.0 | $ | 4,007.7 | |||||||
Managed working capital as a | |||||||||||
% of annualized sales | 32.1 | % | 34.4 | % | |||||||
March 31, 2011 change in managed | |||||||||||
working capital | $ | 245.9 | |||||||||
As part of managing the liquidity in our business, we focus on controlling managed working | |||||||||||
capital, which is defined as gross accounts receivable and gross inventories, less | |||||||||||
accounts payable. In measuring performance in controlling this managed working | |||||||||||
capital, we exclude the effects of LIFO inventory valuation reserves, excess and obsolete | |||||||||||
inventory reserves, and reserves for uncollectible accounts receivable which, due to their | |||||||||||
nature, are managed separately. | |||||||||||
Allegheny Technologies Incorporated and Subsidiaries | |||||||||||
Other Financial Information | |||||||||||
Debt to Capital | |||||||||||
(Unaudited - Dollars in millions) | |||||||||||
March 31, | December 31, | ||||||||||
2011 | 2010 | ||||||||||
Total debt | $ | 1,561.9 | $ | 1,063.3 | |||||||
Less: Cash | (816.3 | ) | (432.3 | ) | |||||||
Net debt | $ | 745.6 | $ | 631.0 | |||||||
Net debt | $ | 745.6 | $ | 631.0 | |||||||
Total ATI stockholders' equity | 2,110.5 | 2,040.8 | |||||||||
Net ATI capital | $ | 2,856.1 | $ | 2,671.8 | |||||||
Net debt to ATI capital | 26.1 | % | 23.6 | % | |||||||
Total debt | $ | 1,561.9 | $ | 1,063.3 | |||||||
Total ATI stockholders' equity | 2,110.5 | 2,040.8 | |||||||||
Total ATI capital | $ | 3,672.4 | $ | 3,104.1 | |||||||
Total debt to total ATI capital | 42.5 | % | 34.3 | % | |||||||
In managing the overall capital structure of the Company, some of the measures that we | |||||||||||
focus on are net debt to net capitalization, which is the percentage of debt, net of cash | |||||||||||
that may be available to reduce borrowings, to the total invested and borrowed capital |
|||||||||||
of ATI (excluding noncontrolling interest), and total debt to total ATI capitalization, | |||||||||||
which excludes cash balances. | |||||||||||
CONTACT:
Allegheny Technologies Incorporated
Dan L. Greenfield,
412-394-3004