Allegheny Technologies Inc (ATI) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Exhibit 99.1

ATI Announces Fourth Quarter and Full Year 2016 Results

Fourth Quarter 2016 Results

• Sales were $796 million, up 3% compared to Q3 2016
• Business segment operating profit improved to $53 million, or 6.7% of sales
  • High Performance Materials & Components segment operating profit improved to $54 million, or 11% of sales
    • Increase of almost 15% compared to Q3 2016
  • Flat Rolled Products segment nearly break-even, at $1 million operating loss
• Net income attributable to ATI was $10 million, or $0.09 per share
  • Results include $29 million pretax, or $(0.17) per share, of restructuring charges across HPMC titanium operations and the FRP segment
  • $32 million income tax benefit above a normal 35% tax rate, or $0.30 per share, primarily related to income tax valuation allowance changes
• Excluding the restructuring costs and the above-normal income tax benefit, Q4 2016 net loss was $4 million, or $(0.04) per share

Full Year 2016 Results

• Sales were $3.1 billion, with over 50% of sales to the aerospace and defense market
• Net loss attributable to ATI was $641 million, or $(5.97) per share
  • Results include $544 million after tax, or $(5.06) per share, of restructuring and other non-recurring charges, and income tax valuation allowances
• Completed significant HPMC restructuring actions across titanium operations, including indefinitely idling the Rowley, UT facility
• Ongoing FRP restructuring to focus on value, not volume, including permanent idling of Midland and Bagdad, PA facilities

PITTSBURGH--(BUSINESS WIRE)--January 24, 2017--Allegheny Technologies Incorporated (NYSE: ATI) reported fourth quarter 2016 sales of $796 million and net income attributable to ATI of $10 million, or $0.09 per share. Fourth quarter 2016 results include $29 million of pre-tax restructuring charges, including $13 million for additional High Performance Materials & Components (HPMC) segment closure-related actions at the Rowley, UT, Frackville, PA and Albany, OR titanium operations, and $16 million for Flat Rolled Products (FRP) segment closure-related costs at the Midland and Bagdad, PA facilities, and for additional FRP severance charges. Excluding these restructuring costs and an above-normal income tax benefit, the net loss attributable to ATI was $4 million, or $(0.04) per share.

For the full year 2016, ATI reported a net loss attributable to ATI of $641 million, or $(5.97) per share, on $3.1 billion in sales. Adjusted results were a net loss of $97 million, or $(0.91) per share, excluding $(5.06) per share for the following items, net of tax: $355 million of restructuring charges primarily relating to asset impairment charges following the idling of the Rowley facility, $48 million of work stoppage, return-to-work, and Rowley excess production costs which will not re-occur, and $141 million of income tax valuation allowances, primarily related to ATI’s U.S. federal deferred tax assets.