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 June 22, 2006, Allegheny Technologies Incorporated announced the Phase III 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 June 22, 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
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Jon D. Walton
Executive Vice President, Human Resources,
Chief Legal and Compliance Officer
Dated: June 22, 2006
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Exhibit 99.1 Press release dated June 22, 2006
Exhibit 99.1
Allegheny Technologies Announces Phase III Expansion of its Titanium Capabilities
PITTSBURGH--(BUSINESS WIRE)--June 22, 2006--Allegheny Technologies Incorporated (NYSE:ATI) announced today a further expansion of its titanium sponge facility and melt capabilities in Albany, OR. This investment is aimed at increasing ATI's capacity to produce titanium and titanium alloys for aerospace and defense applications and for other robust global markets, such as medical, oil and gas, desalination, electrical energy, and marine transportation.
The $25 million Phase III expansion includes:
-- Additional titanium sponge capacity. ATI expects to add another 4 million pounds of titanium sponge to its annual production capabilities beginning in the third quarter 2007. In combination with the Phase I and Phase II sponge investments, this brings the Albany, OR annual sponge capacity to approximately 16 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 2007. Titanium sponge, combined with titanium scrap and master alloy, is melted in a VAR to produce a titanium alloy ingot.
"We expect attractive after-tax returns from the Phase III
expansion of our titanium production capabilities when fully
implemented in the third quarter 2007," said Patrick Hassey, Chairman,
President and Chief Executive Officer of Allegheny Technologies.
"These investments are a continuation of ATI's strategy to grow our
titanium products capabilities.
"ATI is uniquely positioned to profitably grow quickly and
efficiently in the global titanium market. We are adding to our
titanium raw material supply and our unequaled melt capabilities. In
addition, we have an unparalleled combination of assets for finishing
titanium products."
ATI previously announced two phases of its titanium products
expansion, now expected to yield approximately 12 million pounds of
titanium sponge and a significant increase in titanium melting
capacity:
1. Phase I expansion of ATI's titanium production capabilities was
announced on July 15, 2005, and includes: upgrading and restarting
ATI's titanium sponge facility in Albany, OR, constructing a third
Plasma Arc Melt (PAM) cold-hearth furnace in Bakers, NC, 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.
2. Phase II expansion of ATI's titanium production capabilities
was announced on March 17, 2006, and includes: additional titanium
sponge capacity at ATI's facility in Albany, OR, and constructing an
additional vacuum arc remelt furnace (VAR) in Bakers, NC.
ATI now targets a total of $250 - $275 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.
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 $3.7 billion during the most recent four quarters ending March 31, 2006. 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 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