Q2 2013 conferencecall

1
Mission Critical Metallics®
© 2013 ATI. All Rights Reserved.
Second Quarter 2013 Conference Call
July 24, 2013

22 © ATI 2013. All Rights Reserved. MISSION CRITICAL METALLICS®
Forward-Looking Statements
This presentation contains forward-looking statements. Actual results may differ
materially from results anticipated in the forward-looking statements. These and
additional risk factors are described from time to time in the Company’s filings with the
Securities and Exchange Commission, including its Annual Report on Form 10-K for
the year ended December 31, 2012.
July 2013

3 MISSION CRITICAL METALLICS®3 © 2013 ATI. All Rights Reserved.
Q2 2013 Results
July 2013
Sales $1.14 billion
Segment Operating Profit $71.7 million
As % of Sales 6.3%
Gross cost reductions (YTD) $79 million

• Q2 Results Pressured By:
– Falling raw materials prices, economic uncertainty
• Operating margin squeeze
– Customers’ wait-and-see attitude
• Accelerating Cost Reductions and Lean Manufacturing
• Actions to Improve Liquidity and Financial Flexibility
• More Confidence in the Long Term
– Paris Air Show
– Oil & Gas/Chemical Process Industry
Overview
July 2013
Bridging the Gap Between Current and Future

Falling Raw Materials Prices
July 2013
Customers Wait and See/Margin Squeeze
3
4
5
6
7
8
9
10
11
12
13
14
January
April
July
October
January
April
July
October
January
April
July
October
January
Arpil
JulyYTD
LME Nickel Cash Monthly Average
$6.20
20122011
$12.82
$9.28
$8.04
Grade 304 Stainless
Month Surcharge
April $0.769
May $0.740
June $0.685
July $0.664
August $0.636
$/pound
2013

Falling Raw Materials Prices
July 2013
Customers Wait and See/Margin Squeeze
0
1
2
3
4
5
6
7
8
9
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
ATI Allvac RMI – 6-4 titanium bar
$4.86
20122011
6-4 titanium bar
Month RMI
Q3 2012 $6.85
Q4 2012 $6.67
Q1 2013 $5.64
Q2 2013 $5.04
Q3 2013 $4.86
$7.62
$/pound
2013

• Six months 2013 gross cost reductions of nearly $79 million
– 2013 target of $100 million
– Accelerated cost reduction effort due to challenging market conditions
– Over 50% of total cost reductions are from operating performance
improvement
• Cost-out actions continue across all operations
– Reduced headcount by nearly 2% during first six months 2013
• Lean Manufacturing
– Reduced managed working capital (MWC) by $48 million in Q2 2013
– Reduced MWC to 39.8% of annualized sales from 41.1% at end of 2012
Accelerating Cost Reductions and Lean Manufacturing
July 2013

• Modified covenants of $400 million unsecured credit facility
• Credit agencies reaffirmed ATI’s investment-grade rating with
stable outlook
• Issued $500 million 10-year senior notes
Improved Liquidity and Financial Flexibility
July 2013
Present Future
Nearly $1 billion of liquidity

Segment Overview – High Performance Metals
Aerospace &
Defense 67%
Oil &
Gas/Chemical
Process
Industry 8%
Medical 10%
93% Key
Growth
Markets
Construction/Mining 1%
Transportation 1%
Electrical Energy
8%
Conversion & Other 5%
July 2013
Highlights Q2 2013
($ millions)
Sales $484.5
Segment Operating Profit $67.2
As % of Sales 13.9%
Titanium shipments* Down 13%
Nickel-based shipments* Down 10%
Precision forgings and
castings sales*
Up 3%
Zirconium shipments* Up 39%
*Compared to the first quarter 2013
Six Months 2013
Percentage of Segment Sales

2010 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Rowley Titanium Sponge Production
July 2013
Stable Process, PQ Chemistry, Reducing Costs
20122011
Standard
Qualification
Achieved
Forecast
Formal Premium Quality
qualification requires a
near-perfect process plus
experience,
consumption, and final
product testing.
Cash Cost
($/Pound)
Used in
Industrial
Applications
2013

Segment Overview – Flat-Rolled Products
Aerospace &
Defense 7%
Oil &
Gas/Chemical
Process Industry
27%
Medical 1%
50% Key
Growth
Markets
Construction/Mining
10%
Transportation 5%
Electrical Energy 15%
Food Equipment &
Appliances 12%
Automotive 15%
Electronics/Computers/
Communication 6%
Machine & Cutting Tools 1%
July 2013
Sales $552.2
As % of Sales 0.3%
High-value shipments* Up 6%
Titanium 3 million #s
Standard shipments* Down 3%
*Compared to the first quarter 2013
Six Months 2013
Highlights Q2 2013
($ millions)

Segment Overview – Engineered Products
Aerospace &
Defense 11%
Oil &
Gas/Chemical
Process Industry
29%
Medical 3%
49% Key
Growth
Markets
Construction/Mining
12%
Transportation 14%
Electrical Energy 6%
Automotive 6%
Machine & Cutting Tools
16%
July 2013
*Percent of sales six months 2013
Sales $98.8
As % of Sales 3.1%
Tungsten based* 75%
Forged materials* 20%
Cast products* 5%
Highlights Q2 2013
($ millions)
Six Months 2013

• Paris Air Show – Most optimistic since 2007
Market Highlights – Aerospace
July 2013
ATI 425® Alloy
Airframe Scuff Plate
Titanium fastener stock
Nickel-based Superalloy
Powder Engine Forging
Rolls Royce
Rene 65 Alloy
Engine Forging
GE
Titanium Aluminide
Powder Blade (additive
manufacturing)

• Growth Phase 1 – Wide body
– Boeing 787 – ATI shipset content of approximately $2.7 million and growing
– Airbus A350 – ATI has significant content on Rolls Royce Trent XWB
• Growing opportunities at Airbus – OEM and supply chain
• Growth Phase 2 – Narrow body
– Won significant content on new engines – next step is forgings and castings
• Leader in future-generation materials and processes, such as ATI 718Plus® Alloy, Rene 65
alloy, PAM-melted titanium alloys, titanium aluminides, powerful press forge, isothermal
forging, hot-die forging
• Forecast: in 2017, over 25% of ATI aerospace market sales are
expected to be from new products we did not/could not make 5 years
ago (organic growth)
Market Highlights – Aerospace
July 2013
ATI is Developing the Enabling Technologies

• Global Projects Moving Forward
– Top side and subsea systems delivered in first half 2013
– Some projects pushed into second half 2013
• High Performance Metals Segment
– Demand for forged bar machined shafts reduced due to inventory correction
• Flat-Rolled Products Segment
– Revenue increased due to increased shipments for subsea flowline projects
– ATI well positioned with family of proprietary alloys used in flexible flowlines
• Lean duplex alloys with low nickel and high strength are gaining position
• Engineered Products Segment
– Sales of tungsten products increased compared to Q1 2013
– New products performing well and gaining market acceptance
Second Quarter Market Highlights – Oil & Gas
July 2013

July 2013
Hot-Rolling and Processing Facility
Reengineers and Transforms FRP Segment
Highlights:
• Expected to be production ready by end
of 2013
• Commissioning to occur throughout
2014.
• Expect 2013 to be peak capex year
• Forecast $150 to $250 million of added
segment operating profit in 2015
compared to 2014
Q2 Update:
• Power station certified: on permanent power
• Automation test accepted
• Began train service to finishing facility

• Challenging conditions to continue
– Need stable raw materials prices
– Need improved economic conditions
• Accelerated Cost Reductions
• ATI is Well Positioned for Long-Term Profitable Growth
– Secular growth markets remain intact
• Innovative products continue to gain traction at customers
– HRPF on track to significantly improve the cost structure of FRP segment
• Have Necessary Liquidity and Financial Flexibility
Uncertain Short Term/Confidence in Long Term
July 2013
Bridging the Gap Between Current and Future

18
July 24, 2013

19
July 24, 2013

Q2 2013 conferencecall

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Q2 2013 conferencecall