ati1a.jpg                 NEWS RELEASE

Allegheny Technologies IncorporatedInvestor Contact:Media Contact:
Corporate HeadquartersScott A. MinderNatalie Gillespie
1000 Six PPG Place412-395-2720412-394-2850
Pittsburgh, PA 15222-5479

ATI Announces Fourth Quarter 2020 Results
Exceeds expectations through strong cost control; Signs of commercial aero stabilization
Actions to exit standard stainless sheet products and enhance high-return capabilities on-track

Sales of $658 million up 10% over Q3 2020
Net loss attributable to ATI of $1,121.0 million, or $(8.85) per share; adjusted net loss of $41.9 million, or $(0.33) per share
Restructuring and other charges, including previously announced non-cash asset impairments and related tax impacts, of $1,079.1 million, or $(8.52) per share
Adjusted EBITDA of $23.0 million, up 39% over Q3 2020
$646 million of cash at December 31, more than $950 million of total liquidity

PITTSBURGH, PA--(PR Newswire)--January 28, 2021--Allegheny Technologies Incorporated (NYSE: ATI) reported fourth quarter 2020 results, with sales of $658 million and a net loss attributable to ATI of $1,121.0 million, or $(8.85) per share. As previously announced, the Company is exiting low-margin standard stainless sheet products, upgrading its capabilities and transforming its Specialty Rolled Products business unit. Fourth quarter 2020 results include $1,079.1 million of restructuring and other charges, net of related tax impacts, predominantly for long-lived non-cash asset impairment charges associated with these operations. On an adjusted basis, the fourth quarter 2020 net loss attributable to ATI was $41.9 million, or ($0.33) per share. Adjusted EBITDA was $23.0 million, or 3.5% of sales for the fourth quarter 2020.
“Our team continued to focus on execution in the fourth quarter, tightly managing costs and improving cash generation, while producing at increasing rates for our customers," said Robert S. Wetherbee, President and CEO. "As a result, we exceeded our financial expectations for the quarter despite ongoing challenging market conditions.”
“In the fourth quarter, we took decisive action to accelerate our future by exiting the low-margin standard stainless sheet product line and redeploying capital to high-return opportunities. We’ve already made significant progress on achieving that goal. The transformation represents a major step forward to making ATI a more sustainably profitable aerospace and defense-focused company.
For the fourth quarter 2019, sales were $1,018.6 million and net income attributable to ATI was $56.5 million, or $0.41 per share. Results in 2019 included $37.5 million of pre-tax special charges related to debt extinguishment, an impairment charge related to the A&T Stainless joint venture, and salaried workforce severance actions. Fourth quarter 2019 results also included a $41.9 million tax benefit related to the release of income tax valuation allowances. On an adjusted basis, fourth quarter 2019 net income

The following information was filed by Allegheny Technologies Inc (ATI) on Thursday, January 28, 2021 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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