Current Report Filing (8-k)
August 24 2016 - 4:14PM
Edgar (US Regulatory)
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
Date
of Report (Date of earliest event reported):
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August
24, 2016
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Allegheny Technologies Incorporated
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(Exact
name of registrant as specified in its charter)
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Delaware
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1-12001
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25-1792394
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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1000 Six PPG Place, Pittsburgh, Pennsylvania
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15222-5479
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code
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(412) 394-2800
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N/A
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(Former
name or former address, if changed since last report).
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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 2.05.
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Costs Associated with Exit or Disposal Activities.
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The disclosure set forth below under Item 2.06 is hereby incorporated by
reference into this Item 2.05.
Item 2.06.
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Material Impairments.
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On August 24, 2016 Allegheny Technologies Incorporated (“ATI”) issued a
press release announcing the indefinite idling of the Rowley, Utah
titanium sponge production facility and the consolidation of certain
titanium manufacturing operations in Albany, Oregon. These actions are
expected to improve ATI’s annual operating income by approximately $50
million beginning in 2017 and generate approximately $50 million of cash
flow from lower managed working capital as titanium sponge inventory is
reduced over the next several quarters.
As a result of these actions, ATI expects to record total pre-tax,
non-cash impairment charges of approximately $470 million and pre-tax
shutdown and idling costs of approximately $34 million, which includes
approximately $23 million of future cash expenditures related to
contractual obligations, shut-down costs, labor-related obligations and
other costs incidental to these actions. ATI will also record
approximately $183 million in non-cash income tax valuation allowances
related to U.S. Federal tax benefits.
ATI has entered into long-term, cost competitive supply agreements with
several leading global producers of premium-grade and standard-grade
titanium sponge. The lower cost titanium sponge purchased under these
supply agreements will replace the titanium sponge produced at ATI’s
Rowley facility.
Attached to this Current Report on Form 8-K as Exhibit 99.1 is a copy of
the Company’s related press release dated August 24, 2016, which is
incorporated by reference herein.
Item 9.01.
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Financial Statements and Exhibits.
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(d)
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Exhibit 99.1
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Press release dated August 24, 2016
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SIGNATURE
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.
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ALLEGHENY TECHNOLOGIES INCORPORATED
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By:
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/s/ Elliot S. Davis
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Elliot S. Davis
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Senior Vice President, General Counsel,
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Chief Compliance Officer and Corporate Secretary
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Dated:
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August 24, 2016
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