Press release

ATI Provides Update on First Quarter 2019 Financial Results

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Allegheny Technologies Incorporated (NYSE: ATI) today announced that its
first quarter 2019 earnings per share is expected to be in the range of
$0.10 to $0.13. Sales for the first quarter are expected to be
approximately $1.0 billion.

“Our first quarter financial results are below our expectations as we
faced unexpected operational headwinds in both of our business
segments,” said Robert S. Wetherbee, ATI President and Chief Executive
Officer. In the High Performance Materials and Components (HPMC)
segment, the company cited a greater than anticipated negative impact
from the continued disruption in third party nickel powder billet
supply, as well as higher operating costs due to the accelerated ramp of
nickel powder production and the temporary margin compression caused by
the rapid drop from prior months’ cobalt prices.

In ATI’s Flat Rolled Products (FRP) segment, the STAL joint venture
experienced lower than anticipated demand in China, including continued
softness in the high-end consumer electronics market, which drove an
extended production downtime around the Lunar New Year holiday period.
“This lower demand, coupled with increased operating costs for the newly
expanded STAL joint venture production facilities, resulted in lower
than expected profitability in the quarter,” said Mr. Wetherbee.
Additionally, ATI’s U.S. Flat Rolled business faced weaker than expected
demand for commodity stainless products due to customer inventory
destocking actions that resulted in operational inefficiencies in its
downstream finishing operations.

For both segments, the company believes that these negative impacts will
lessen in the second quarter. They are not expected to affect company
performance in the second half of 2019.

“We continue to work proactively with our customers to jointly address
current supply constraints related to the ongoing aerospace production
ramp. In addition, we have full confidence in Boeing’s ability to
address the current 737 MAX issues, and as previously announced, we
expect to maintain our current production and delivery schedules related
to that aircraft. Accordingly, we believe that our financial results
will improve in the second quarter and throughout the balance of 2019
and that progress toward our longer-term objectives remains on pace,”
concluded Mr. Wetherbee.

ATI will announce its first quarter financial results on Tuesday, April
23 and conduct a teleconference at 8:30 am Eastern Time.

This news release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements are based on management’s current expectations and include
known and unknown risks, uncertainties and other factors, many of which
we are unable to predict or control, that may cause our actual results,
performance or achievements to materially differ from those expressed or
implied in the forward-looking statements. Additional information
concerning factors that could cause actual results to differ materially
from those projected in the forward-looking statements is contained in
our filings with the Securities and Exchange Commission. We assume no
duty to update our forward-looking statements.

Creating Value Thru Relentless Innovation™

ATI is a global manufacturer of technically advanced specialty materials
and complex components. ATI revenue was $4.0 billion for the
twelve-month period ended December 31, 2018. Our largest markets are
aerospace & defense, particularly jet engines. We also have a strong
presence in the oil & gas, electrical energy, medical, automotive, and
other industrial markets. ATI is a market leader in manufacturing
differentiated specialty alloys and forgings that require our unique
manufacturing and precision machining capabilities and our innovative
new product development competence. We are a leader in producing powders
for use in next-generation jet engine forgings and 3D-printed aerospace
products. See more at our website ATImetals.com.