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 December 9, 2005, Allegheny Technologies Incorporated issued a press release
in which it announced actions designed to continue to increase shareholder
value:
o The Board of Directors increased ATI's quarterly dividend by 67% to
$0.10 per share.
o Capital investments for 2006 are expected to approximate $225 million,
primarily aimed at growing ATI's high-value product capabilities.
o ATI made a $100 million voluntary contribution to its U.S. defined
benefit pension plan.
A copy of the press release is attached as Exhibit 99.1
Item 9.01. Financial Statements and Exhibits
(c) Exhibits
Exhibit 99.1 Press release dated December 9, 2005.
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: December 9, 2005
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Exhibit 99.1 Press release dated December 9, 2005.
Exhibit 99.1
Allegheny Technologies Announces Dividend Increase, 2006 Capital Plan and Voluntary Pension Contribution
PITTSBURGH--(BUSINESS WIRE)--Dec. 9, 2005--Allegheny Technologies Incorporated (NYSE:ATI) today announced actions designed to continue to increase shareholder value:
-- The Board of Directors increased ATI's quarterly dividend by 67% to $0.10 per share.
-- Capital investments for 2006 are expected to approximate $225 million, primarily aimed at growing ATI's high-value product capabilities.
-- ATI made a $100 million voluntary contribution to its U.S. defined benefit pension plan.
"Our major end markets remain strong, and we are well-positioned to fully achieve ATI's opportunities in 2006 and beyond," said L. Patrick Hassey, Chairman, President, and Chief Executive Officer. "We are confident in ATI's ability to continue to generate strong cash flow over the next several years. The actions announced today are aimed at enhancing shareholder value over the near-term and long-term by increasing shareholder return, improving ATI's balance sheet, and continuing to invest for profitable growth."
Details of today's announcement:
1. The Allegheny Technologies Board of Directors declared a quarterly
dividend of $0.10 per share of common stock. The dividend is payable on December
27, 2005, to stockholders of record at the close of business on December 19,
2005.
2. ATI's $225 million capital investment plan for 2006 includes the
previously announced major expansion of ATI's titanium production capabilities
(July 15, 2005) and the previously announced expansion of ATI's premium-melt
nickel-based alloy, superalloy, and specialty alloy production capabilities
(September 8, 2005). These two growth projects account for over $100 million of
ATI's 2006 capital investment plan. ATI is considering additional investments to
expand its high-value products capabilities to better serve rapidly growing
global markets, such as aerospace, chemical process and oil & gas, electrical
energy, and medical.
3. While ATI is not required to make cash contributions to its U.S. defined
benefit pension plan for 2005, the Company made a $100 million voluntary cash
contribution during the fourth quarter to improve the plan's funded position.
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 materials producers in the world with revenues of approximately $3.4 billion over the last four quarters. ATI has approximately 9,000 full-time employees world-wide who use innovative technologies to offer growing global markets a wide range of specialty materials solutions. Our major markets are aerospace, construction and mining, chemical processing/oil & gas, food equipment and appliance, automotive, electrical energy, machine and cutting tools, and medical. Our products include nickel-based alloys and superalloys, titanium and titanium alloys, stainless and specialty steels, zirconium, hafnium, and niobium, tungsten materials, silicon 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