Exhibit 99.1

Allegheny Technologies Announces First Quarter 2008 Results

• Sales were $1.34 billion
• Net income was $142.0 million, or $1.40 per share
• Segment operating profit was $238.3 million, or 17.7% of sales
• Year-to-date gross cost reductions of $32.3 million
• Return on capital employed of 27.4%
• Return on stockholders ’ equity of 34.8%
• Net debt to total capitalization was 2.4%
• Total debt to total capitalization improved to 18.7%
• Cash on hand was $468 million

PITTSBURGH--(BUSINESS WIRE)--Allegheny Technologies Incorporated (NYSE: ATI) reported net income for the first quarter 2008 of $142.0 million, or $1.40 per share, on sales of $1.34 billion.

In the first quarter 2007, ATI reported net income of $197.8 million, or $1.92 per share, on sales of $1.37 billion.

“Our key growth markets were solid in the first quarter. Demand from the global aerospace and defense, chemical process industry, oil and gas, electrical energy, and medical markets accounted for nearly 70% of sales,” said L. Patrick Hassey, Chairman, President and Chief Executive Officer.

“We derived 28% of our sales dollars in the first quarter from direct international sales. We believe that more than 50% of our sales are driven by demand from non-U.S. markets. ATI is benefitting from global infrastructure growth, our diverse product mix, the value of the dollar, and the strategy of several key customers to purchase more products with U.S. dollars.

“ATI titanium product shipments reached 12.2 million pounds in the first quarter 2008, a 26% increase over the same period last year. Shipments of our exotic alloys and grain-oriented electrical steel grew by 38% and 15%, respectively. Shipments of our High Performance Metals segment nickel-based and specialty alloys decreased 8% compared to last year’s first quarter due primarily to inventory management actions at some distributor customers.

“First quarter 2008 earnings were similar to those achieved in the fourth quarter 2007. As previously stated, we had expected the first quarter to be negatively impacted by certain raw material costs being higher than the raw material indices/surcharges included in our selling prices for certain products. While this mismatch was largely offset by a LIFO reserve benefit of approximately $74 million in the fourth quarter 2007, there was no such offset in the first quarter 2008.

“Cash flow from operations was $66 million in the first quarter and included an investment of $149 million in managed working capital to support the higher business volumes, primarily in our Flat Rolled Products segment. Cash on hand at the end of the quarter was $468 million after the managed working capital investment, $112 million in capital investments, and $62 million of share repurchases.

“The last reduction furnace at our Albany, OR titanium sponge facility went into operation at the end of the first quarter, which is ahead of schedule. That facility is now producing at an annualized rate of 22 million pounds. Construction of our new greenfield premium grade titanium sponge facility in Rowley, UT is on schedule, and we expect to begin initial production in the fourth quarter 2008. In addition, our new casting facility in Alpena, MI is coming on line. We began producing wind energy components there in early April, and we are now in the quality approval process with our major customers.

“Our business continues to be driven by long-term growth in the global aerospace, defense, and infrastructure markets. Overall demand from these markets remains at a high level. For example, first quarter orders from our Asian markets significantly exceeded last year’s rate, which was a record year. Our airframe and jet engine customers report record backlogs and good order rates so far in 2008, resulting in improving build rates for existing models. Boeing’s recently revised schedule for its 787 Dreamliner brings near-term uncertainty to the supply chain. Boeing has told us that they intend to honor our supply agreement, and as production increases so will our supply to this breakthrough aircraft. In the meantime, we intend to continue to navigate through this period and focus our mill products capabilities on the diversified global markets that we serve.

“ATI is positioned to continue to benefit from the current and long-term global growth opportunities of our major end markets. We continue our investments to give us unsurpassed manufacturing capabilities, which enable profitable growth. We are not only focused on product diversification but also on global market diversification. We are committed to maintaining a strong balance sheet. Although the condition of the U.S. economy, the impact of Boeing’s 787 schedule delay, and continuing raw material cost volatility create near-term impacts, we believe the first quarter 2008 earnings represent the bottom. Generally, base selling prices are flat to higher; volumes continue to improve; and raw material indices/surcharges are in better balance. As a result, we expect second quarter earnings to be somewhat higher than first quarter results.”

First Quarter 2008 Financial Highlights

• Sales were $1.34 billion, 2.1% lower than the first quarter 2007. Direct international sales increased 11% to $370.6 million and represented 28% of total sales. Compared to the first quarter 2007, sales increased 1% in the High Performance Metals segment and 4% in the Engineered Products segment, but declined 5% in the Flat-Rolled Products segment.
• Segment operating profit was $238.3 million, or 17.7% percent of sales, compared to $340.3 million, or 24.8% of sales, for the first quarter 2007. First quarter 2008 results included a LIFO inventory valuation reserve charge of $1.3 million while the first quarter 2007 included a LIFO inventory valuation reserve charge of $20.9 million.
• Net income was $142 million, or $1.40 per share, compared to $197.8 million, or $1.92 per share, in the first quarter 2007.
• Cash flow from operations for the 2008 first quarter was $66 million as operating earnings more than offset a further investment of $148.9 million in managed working capital.
• Cash on hand was $468 million at the end of the first quarter 2008.
• Gross cost reductions , before the effects of inflation, totaled $32.3 million for the first three months of 2008.

High Performance Metals Segment

Market Conditions

• Demand for our titanium alloys was at a high level from the aerospace and defense market. Demand for our nickel-based alloys was good from our OEM customers but was lower from some of our distributor customers as they rebalanced their inventory. Demand for our exotic alloys was strong from the chemical process industry and is growing from the nuclear energy market.

First quarter 2008 compared to first quarter 2007

• Sales increased 1% to $481 million. Shipments increased 24% for titanium and titanium alloys primarily due to higher aerospace airframe volume. Shipments declined 8% for nickel-based and specialty alloys. Shipments for exotic alloys increased 38% due primarily to strong demand for zirconium from the global chemical process industry. Average selling prices decreased 22% for titanium and titanium alloys but increased 4% for nickel-based and specialty alloys and 3% for exotic alloys. The decrease in average titanium selling prices is primarily the result of lower raw material product pricing indices due to lower titanium scrap costs.
• Segment operating profit decreased to $131.4 million, or 27.3% of sales, a $36.1 million decrease compared to the first quarter 2007. The decrease in operating profit primarily resulted from lower titanium selling prices and the negative impact of raw material costs, primarily titanium scrap, being higher than the raw material indices included in our titanium products selling prices due to long manufacturing cycle times. These negative impacts were partially offset by increased shipments of titanium and zirconium products and the benefits of gross cost reductions. Raw material cost inflation in our exotic alloys business resulted in a LIFO inventory valuation reserve charge of $1.3 million in the first quarter 2008. This compares to a total LIFO inventory valuation charge of $6.6 million in the first quarter 2007 in this segment.

• Results benefited from $14.3 million of gross cost reductions.

Flat-Rolled Products Segment

Market Conditions

• Demand was strong for our CP titanium sheet and grain-oriented electrical steel products from the chemical process industry, oil and gas, and electrical energy markets. Demand for standard stainless products improved primarily due to better inventory balance at our U.S. service center customers and improved international shipments. Demand was lower for nickel-based and specialty alloys due primarily to the timing of shipments associated with project business. Demand was lower from consumer durables markets for engineered strip and Precision Rolled Strip ^® products.

First quarter 2008 compared to first quarter 2007

• Sales were $746.9 million, 5% lower than the first quarter 2007, due primarily to lower average base selling prices for standard stainless products. Shipments of standard stainless products increased 6% while total high-value products shipments declined 6%. Within high-value products, shipments of CP titanium sheet and grain-oriented electrical steel continued to improve, significantly exceeding year-ago levels, offsetting lower shipments of nickel-based and specialty alloys, engineered strip, and Precision Rolled Strip ^® products. Average transaction prices for all products, which include surcharges, were 6% lower.
• Segment operating profit decreased to $101.2 million, or 13.5% of sales, primarily as a result of lower average base selling prices for standard stainless products, a less favorable mix of high-value products, and the negative impact of raw material costs, primarily nickel and nickel-based scrap, being higher than the raw material surcharges included in our selling prices due to longer manufacturing cycle times for some of our high-value products. These negative impacts were partially offset by increased shipments and higher selling prices for our grain-oriented electrical steel, increased shipments of our flat-rolled titanium products, and the benefits of gross cost reductions. There was no change in our LIFO inventory valuation reserve in the first quarter 2008. First quarter 2007 results included a LIFO inventory valuation reserve charge of $14.0 million.
• Results benefited from $16.2 million in gross cost reductions.

Engineered Products Segment

Market Conditions

• Demand for our tungsten and tungsten carbide products improved from the aerospace and defense and mining markets, and was stable from the oil and gas market. Demand was stable for our forged products from the construction and mining, and oil and gas markets. Demand for our cast products was strong from the electrical energy market, particularly for wind and gas turbine components. Demand from the aerospace market remained very strong for our titanium precision metal processing conversion services.

First quarter 2008 compared to first quarter 2007

• Sales of $115.5 million were 4% higher than the first quarter 2007.

• Segment operating profit was $5.7 million, or 4.9% of sales, compared to $12.6 million, or 11.3% of sales, for the comparable 2007 period. The decline in operating profit was primarily due to higher raw material costs, operational execution issues, and start-up expenses associated with our Alpena, MI casting operation. There was no change in our LIFO inventory valuation reserve in the first quarter 2008. The first quarter 2007 results included a LIFO inventory valuation reserve charge of $0.3 million.
• Results benefited from $1.8 million of gross cost reductions.

Retirement Benefit Expense

• Retirement benefit expense decreased to zero in the first quarter 2008, compared to $7.6 million in the first quarter 2007, primarily as a result of higher than expected returns on plan assets in 2007 and the positive benefits of the voluntary pension contributions made over the last several years. In April 2008, we entered into a new five-year labor agreement with USW represented employees at our ATI Wah Chang operation. As a result, we now expect retirement benefit expense will be approximately $8 million for the full year 2008 due to the establishment of a VEBA for certain post-retirement benefits. This expense will be recorded ratably over the last three quarters of 2008.
• For the first quarter 2008, retirement benefit income included in cost of sales was $0.3 million and retirement benefit expense included in selling and administrative expenses was $0.3 million. For the first quarter 2007, the amount of retirement benefit expense included in cost of sales was $5.0 million, and the amount included in selling and administrative expenses was $2.6 million.

Other Expenses

• Selling and administrative expenses as a percentage of sales declined to 5.2% in the 2008 first quarter from 5.7% in the same period of 2007.
• Corporate expenses for the first quarter 2008 were $17.7 million, compared to $21.0 million in the year-ago period. This decrease was due to lower expenses associated with annual performance-based cash incentive compensation programs and long-term performance-based equity and cash incentive compensation programs.
• First quarter 2008 interest income, net of interest expense, was $0.2 million compared to net interest expense of $4.3 million in the year-ago period. The decline in net interest expense was primarily due to capitalization of interest costs on strategic capital projects.

Income Taxes

First quarter 2008 results include an income tax provision of $77.9 million, or 35.4% of income before tax, compared to an income tax provision of $106.8 million, or 35.1% of income before tax, for the comparable 2007 quarter. The 2008 first quarter included a one-time $2.6 million benefit related to foreign taxes. The 2007 first quarter benefited from a lower income tax provision due to a $4.2 million non-recurring reduction in the valuation allowances associated with state deferred tax assets as a result of the increased profitability of the Flat-Rolled Products segment.

Cash Flow, Working Capital and Debt

• Cash on hand was $468.0 million at the end of the first quarter 2008 compared to $623.3 million at year end 2007.
• Cash flow from operations in the first quarter 2008 was $66.0 million as operating earnings were partially offset by a further investment of $148.9 million in managed working capital, primarily as a result of higher operating volumes in our Flat-Rolled Products segment.
• The investment in managed working capital resulted from a $63.9 million increase in accounts receivable, which reflects the timing of sales in the first quarter 2008 compared to the fourth quarter 2007 and a $164.6 million increase in inventory, mostly as a result of increased business activity in the Flat-Rolled Products segment, partially offset by a $79.6 million increase in accounts payable.
• At March 31, 2008, managed working capital was 31.1% of annualized sales, compared to 32.2% of annualized sales at year-end 2007. We define managed working capital as accounts receivable plus gross inventories less accounts payable.
• Cash used in investing activities was $111.7 million in the first quarter 2008 and consisted of capital expenditures.
• Cash used in financing activities was $109.6 million in the 2008 first three months primarily due to repurchases of 887,200 shares of the Company’s common stock at a cost of $62.3 million, dividend payments of $18.2 million, $24.6 million for taxes on share-based compensation, and a reduction in borrowings of $5.6 million. These items were partially offset by $1.1 million of proceeds received from the exercise of stock options.
• Net debt as a percentage of total capitalization was 2.4% at the end of the first quarter 2008, compared to a negative 4.5% at the end of 2007 as cash on hand exceeded total debt at the end of the year. Total debt to total capital improved to 18.7% at March 31, 2008, compared to 19.2% at the end of 2007.
• There were no borrowings outstanding under ATI’s $400 million unsecured domestic borrowing facility, although a portion of the letters of credit capacity was utilized.

Allegheny Technologies will conduct a conference call with investors and analysts on April 23, 2008, at 1 p.m. ET to discuss the financial results. The conference call will be broadcast live on www.alleghenytechnologies.com . To access the broadcast, click on “Conference Call”. In addition, the conference call will be available through the CCBN website, located at www.ccbn.com .

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, including 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, construction and mining, automotive, electrical energy, chemical process industry, oil and gas, medical 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 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, 2007, 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 $5.5 billion during 2007. ATI has approximately 9,700 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, grain-oriented electrical steel, stainless and specialty steels, zirconium, hafnium, and niobium, tungsten materials, and forgings and castings. The Allegheny Technologies website is www.alleghenytechnologies.com .