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Allegheny Technologies Announces Third Quarter 2013 Results

Allegheny Technologies Incorporated (NYSE: ATI) reported a loss from continuing operations attributable to ATI for the third quarter 2013 of $28.4 million, or $(0.27) per share, on sales of $972 million. For the third quarter 2012, income from continuing operations attributable to ATI was $31.3 million, or $0.29 per share, on sales of $1.13 billion.

Results from discontinued operations for the third quarter 2013 were a loss of $5.4 million or $(0.05) per share. As previously announced, discontinued operations include the tungsten materials business and the iron castings and fabricated components businesses, which were subject to an $8.1 million after-tax, or $(0.08) per share, charge associated with exiting these businesses. The sale of the tungsten materials business is expected to be completed in the fourth quarter 2013. For the third quarter 2013, net loss attributable to ATI was $33.8 million, or $(0.32) per share. For the third quarter 2012, net income attributable to ATI was $35.3 million, or $0.32 per share.

For the nine months ended September 30, 2013, the loss from continuing operations attributable to ATI was $15.0 million, or $(0.14) per share, on sales of $3.13 billion. For the nine months ended September 30, 2012, income from continuing operations attributable to ATI was $134.5 million, or $1.21 per share, on sales of $3.65 billion. Net loss attributable to ATI was $19.4 million for the nine months ended September 30, 2013, or $(0.18) per share, compared to net income of $147.9 million, or $1.32 per share, for the nine months ended September 30, 2012.

“Challenging conditions continued in the third quarter 2013, and we expect business conditions to remain challenging through the remainder of 2013,” said Rich Harshman, Chairman, President and Chief Executive Officer. “We are focused on taking the necessary actions to navigate the current challenging global economic conditions, while we continue to strengthen ATI’s position for future profitable growth. The restructuring actions announced last week represent an important part of this strategy.

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