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
-------------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) 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
---------------------------
|
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 17, 2006, Allegheny Technologies Incorporated announced the Phase II expansion of its titanium production capabilities. A copy of the press release is attached as Exhibit 99.1 to this Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits
(c) Exhibits
Exhibit 99.1 Press release dated March 17, 2006
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
---------------------------------------
Jon D. Walton
Executive Vice President,
Human Resources,
Chief Legal and Compliance Officer
Dated: March 17, 2006
|
Exhibit 99.1 Press release dated March 17, 2006
Exhibit 99.1
Allegheny Technologies Announces Phase II Expansion of its Titanium Capabilities
PITTSBURGH--(BUSINESS WIRE)--March 17, 2006--Allegheny
Technologies Incorporated (NYSE:ATI) announced today the Phase II
expansion of its titanium production capabilities. These investments,
which total approximately $25 million, are aimed at increasing ATI's
capacity to produce titanium and titanium alloys for aerospace
applications and other robust global markets.
The Phase II expansion includes:
-- Additional titanium sponge capacity. ATI expects to add 3.75 million pounds of titanium sponge to its annual production capabilities beginning in the first half 2007. In combination with the Phase I sponge investment, this brings ATI's total annual sponge capacity to approximately 11.25 million pounds. Titanium sponge is a critical raw material used to produce titanium mill products.
-- Additional vacuum arc remelt (VAR) capacity. ATI expects this new furnace to be in production by the end of the first quarter 2007. Titanium sponge, combined with titanium scrap and master alloy, is melted in a VAR to produce a titanium alloy ingot.
"We expect an additional $100 million of annual revenue growth
with attractive after-tax returns from the Phase II expansion of our
titanium production capabilities when fully implemented in the second
quarter 2007," said Patrick Hassey, Chairman, President and Chief
Executive Officer of Allegheny Technologies. "These titanium
investments are a continuation of ATI's strategy to grow our
high-value products capabilities.
"We believe ATI's long-term growth prospects for titanium mill
products remain very attractive. We continue to evaluate further
options for additional organic growth of ATI's titanium sponge and
melting capabilities. ATI has an unparalleled combination of assets
for finishing titanium products, and we believe we are uniquely
positioned to grow fast in the global titanium market."
Phase I expansion of ATI's titanium production capabilities was
announced on July 15, 2005, and is expected to generate more than $200
million in new revenue when fully implemented in 2007. The Phase I
expansion represents a $100 million strategic capital investment that
includes: upgrading and restarting ATI's titanium sponge facility,
constructing a third plasma arc melt cold-hearth furnace, expanding
high-value plate products capacity by 25%, and continued upgrading of
ATI's cold-rolling assets used in producing titanium sheet and strip
products.
ATI now targets a total of $225 - $250 million of capital
investments in 2006 in a self-funded growth strategy.
This news release contains forward-looking statements. 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.
Allegheny Technologies Incorporated is one of the largest and most
diversified specialty metals producers in the world with revenues of
over $3.5 billion in 2005. ATI has approximately 9,300 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, 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 nickel-based alloys and superalloys, titanium and titanium
alloys, 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