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.


The following information was filed by Allegheny Technologies Inc (ATI) on Tuesday, January 24, 2017 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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