Exhibit 99.1

Allegheny Technologies Announces Fourth Quarter and Full Year 2014 Results

Fourth Quarter 2014 Results from Continuing Operations

  • Sales were $1.05 billion
  • Segment operating profit was $67.0 million, or 6.4% of sales
  • Income attributable to ATI was $19.9 million, or $0.18 per share
  • $25.5 million of postretirement benefit curtailment and settlement gains
  • $17.7 million of HRPF commissioning and Rowley PQ qualification costs
  • HRPF product commissioning completed
  • Backlog is $1.7 billion
  • Cash on hand at year end 2014 was $270 million

Full Year 2014 Results from Continuing Operations

  • Sales were $4.22 billion
  • Loss attributable to ATI was $2.0 million, or $(0.02) per share
  • $63.1 million of HRPF commissioning and Rowley PQ qualification costs

PITTSBURGH--(BUSINESS WIRE)--January 20, 2015--Allegheny Technologies Incorporated (NYSE: ATI) reported fourth quarter 2014 sales of $1.05 billion and income from continuing operations attributable to ATI of $19.9 million, or $0.18 per share. Fourth quarter 2014 results include $25.5 million of pre-tax curtailment and settlement gains from postretirement benefit changes, and $17.7 million of pre-tax Hot-Rolling and Processing Facility (HRPF) start-up costs and costs related to the Rowley titanium sponge facility Premium Quality (PQ) qualification process. Fourth quarter 2014 pre-tax results also included net inventory valuation reserve benefits of $13.2 million. Net loss from continuing operations attributable to ATI for the fourth quarter 2013 was $83.8 million, or $(0.79) per share, including restructuring charges and inventory valuation adjustments of $75.1 million net of tax, or $(0.71) per share.

For the full year 2014, ATI reported a loss from continuing operations attributable to ATI of $2.0 million, or $(0.02) per share, on $4.22 billion in sales. Full year 2014 results were impacted by $63.1 million of HRPF start-up costs and costs related to the Rowley titanium sponge facility PQ qualification process. Full year 2013 results from continuing operations were a loss of $98.8 million, or $(0.93) per share including the $75.1 million, or ($0.71) per share, fourth quarter restructuring charges and inventory valuation adjustments.

“We achieved several milestones during the fourth quarter that better position ATI to transition to a period of sustained profitable growth,” said Rich Harshman, Chairman, President and Chief Executive Officer. “The HRPF commissioning was completed for essentially all ATI flat rolled products; our Rowley, UT titanium sponge facility achieved approval as a PQ titanium sponge supplier for jet engines; and we secured several long-term agreements (LTAs) providing significant growth on next-generation and legacy single-aisle jet engines.

“During the fourth quarter, we booked additional orders for a large oil & gas project that uses our nickel-based alloy plate. We received a large share of this project due to the quality of our nickel-based alloy plate that is enabled by the 2008 upgrade of our plate mill. Shipments began in the fourth quarter 2014 and are expected to continue through the first half of 2015.”


The following information was filed by Allegheny Technologies Inc (ATI) on Tuesday, January 20, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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