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
Delaware 1-12001 25-1792394
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1000 Six PPG Place, Pittsburgh, Pennsylvania 15222-5479
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (412) 394-2800
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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 March 5, 2007, Allegheny Technologies Incorporated (the "Company") announced that the United Steelworkers (USW) represented employees at the Company's ATI Allegheny Ludlum and ATI Albany, OR titanium operations ratified new four-year labor agreements. The new agreements expire on June 30, 2011 and succeed existing contracts that run through June 30, 2007. A copy of the press release is attached as Exhibit 99.1 to this Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit 99.1 Press release dated March 5, 2007.
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/ Jon D. Walton
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Jon D. Walton
Executive Vice President, Human Resources,
Chief Legal and Compliance Officer
Dated: March 5, 2007
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Exhibit No. Description ----------- --------------------------------------------------------------- Exhibit 99.1 Press release dated March 5, 2007. |
Exhibit 99.1
Allegheny Technologies Employees at Certain Operations Ratify New Labor Agreements
PITTSBURGH--(BUSINESS WIRE)--March 5, 2007--Allegheny Technologies Incorporated (NYSE:ATI) announced today that the United Steelworkers (USW) represented employees at the Company's ATI Allegheny Ludlum and ATI Albany, OR titanium operations ratified new four-year labor agreements. The new agreements expire on June 30, 2011, and succeed existing contracts that run through June 30, 2007.
"We are pleased with the outcome of the ratification vote," said Patrick Hassey, Chairman, President and Chief Executive Officer of Allegheny Technologies. "The agreements are fair and balanced for both the Company and the affected employees. Ratification of new agreements months before the old agreements were due to expire allows ATI to continue a reliable supply of specialty metals to our customers from our Allegheny Ludlum and Albany, OR operations during very good market conditions.
"Importantly, these labor agreements maintain the new work environment that began at Allegheny Ludlum with the implementation of our progressive labor agreement in 2004. Allegheny Ludlum's cost structure continues to be competitive and employees receive a good compensation package."
Highlights of the agreements include:
-- Wage and benefit increases that are in line with anticipated inflation.
-- The Allegheny Ludlum contract provides for profit sharing above a specified minimum pre-tax profit at the Allegheny Ludlum operations, and is capped to provide for no more than $20 million of profit sharing payments over the 4-year life of the contract. Any profit sharing payments made under this provision are contributed to an independently administered VEBA (Voluntary Employee Benefit Arrangement) trust.
-- The cap on post-retirement benefits (OPEB) negotiated as part of the previous contracts remains in effect.
As a result of the new agreements, ATI expects to record a non-recurring after-tax special charge of approximately $4 million, or $0.04 per share, in the first quarter 2007.
This news release contains forward-looking statements, including those related to the ratification of tentative collective bargaining agreements. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those projected 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 Allegheny Technologies' filings with the Securities and Exchange Commission. We assume no duty to update our forward-looking statements.
Building the World's Best Specialty Metals Company(TM)
Allegheny Technologies Incorporated is one of the largest and most diversified specialty metals producers in the world with revenues of $4.9 billion during 2006. ATI has approximately 9,500 full-time employees world-wide who use innovative technologies to offer growing 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, stainless and specialty steels, zirconium, hafnium, and niobium, tungsten materials, grain-oriented silicon electrical steel and tool steels, and forgings and castings. The Allegheny Technologies website is www.alleghenytechnologies.com.
CONTACT: Allegheny Technologies Incorporated Dan L. Greenfield, 412-394-3004