1. Third Quarter 2013 Conference Call
October 23, 2013
© 2013 ATI. All Rights Reserved.

2. 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.
2
© ATI 2013. All Rights Reserved.
October 2013

3. Q3 2013 Results – Continuing Operations
Sales
$972 million
Segment Operating Profit
$27.6 million
As % of Sales
2.8%
Earnings Per Share Attributable to ATI
$(0.27)
Includes Tax Rate Impact of $(0.04)
3
© 2013 ATI. All Rights Reserved.
October 2013

4. Overview
• Q3 Results Pressured By:
– Falling raw materials prices, economic uncertainty
– Continued destocking at jet engine OEMs
– Lack of large nickel-based alloy and titanium FRP projects
• Accelerating Cost Reductions and Lean Manufacturing
•
•
– Restructured Engineered Products segment
Actions to Improve Liquidity and Financial Flexibility
– Pending sale of tungsten materials business
More Confidence in the Long Term
– Extended and expanded LTA with Boeing
– Rowley PQ qualification has begun
Bridging the Gap Between Current and Future
4
© 2013 ATI. All Rights Reserved.
October 2013

5. Falling Raw Materials Prices
LME Nickel Cash Monthly Average
$/pound
14
13
12
11
10
9
8
7
6
5
4
3
Grade 304 Stainless
$12.82
Month
Surcharge
April
May
September
$0.652
$0.639
October
July
Arpil
January
October
July
April
January
October
July
April
January
October
July
April
January
$0.636
October
2013
$0.664
August
2012
$0.685
July
2011
$0.740
June
$6.30
$0.769
Nickel Prices Seem to Have Stabilized
5
© 2013 ATI. All Rights Reserved.
October 2013

6. Falling Raw Materials Prices
$/pound
9
8
7
6
5
4
3
2
1
0
ATI Allvac RMI – 6-4 titanium bar
6-4 titanium bar
$7.62
Month
RMI
Q3 2012
Q4 2012
Q2 2013
$5.04
$4.86
Q4 2013
2012
$5.64
Q3 2013
2011
$6.67
Q1 2013
$4.36
$6.85
$4.36
2013
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Titanium Raw Material Index Continued to Fall
6
© 2013 ATI. All Rights Reserved.
October 2013

7. Accelerating Cost Reductions and Lean Manufacturing
• Nine months 2013 gross cost reductions of over $123 million
– 2013 target of $100 million
– Accelerated cost reduction effort due to challenging market conditions
– Almost 50% of total cost reductions are from operating performance
improvement
• Cost-out actions continue across all operations
• Lean Manufacturing
– Reduced managed working capital (MWC) by $122 million in Q3 2013
7
© 2013 ATI. All Rights Reserved.
October 2013

8. Improved Liquidity and Financial Flexibility
•
•
•
•
Cash on hand at end of third quarter: over $535 million
Modified covenants of $400 million unsecured credit facility
Pending sale of tungsten materials business for $605 million
2013 remaining capex of approximately $200 million
Expect approximately $1.4 billion of cash
and available liquidity at end of 2013
Future
Present
8
© 2013 ATI. All Rights Reserved.
October 2013

9. Segment Overview – High Performance Metals
Transportation 3% Conversion & Other 5%
Construction/Mining 2%
Aerospace &
Defense 65%
Medical 9%
Electrical Energy
7%
Highlights Q3 2013
($ millions)
Sales
$463.9
Segment Operating Profit
As % of Sales
90% Key
Growth
Markets
$48.0
10.3%
Titanium shipments*
Oil &
Gas/Chemical
Process
Industry 9%
Nickel-based shipments*
Flat
Down 9%
Precision forgings and
castings sales*
Zirconium shipments*
Nine Months 2013
Percentage of Segment Sales
Includes specialty steel forgings business
formerly in Engineered Products segment
Down 16%
Down 16%
*Compared to the second quarter 2013
9
© ATI 2013. All Rights Reserved.
October 2013

10. Rowley Titanium Sponge Production
Pounds
Produced
Used in
Industrial
Applications
Standard
Qualification
Achieved
Cash Cost
($/Pound)
Formal Premium Quality
(PQ) qualification began
in October
2010 Q1
Q2 Q3 Q4 Q1
Q2 Q3 Q4 Q1
Q2 Q3
2011
2012
2013
Stable Process, PQ Chemistry, Reducing Costs
10
© 2013 ATI. All Rights Reserved.
October 2013

11. Segment Overview – Flat-Rolled Products
Conversion & Other %
Electronics/Computers/
Communication 6%
Aerospace &
Defense 7%
Highlights Q3 2013
($ millions)
Sales
Food Equipment &
Appliances 12%
Oil &
Gas/Chemical
Process Industry
27%
50% Key
Growth
Markets
Transportation 5%
Construction/Mining
10%
$508.5
Segment Operating Profit (Loss)
$(20.4)
As % of Sales
High-value shipments*
Down 2%
Titanium
Electrical Energy 15%
-4.0%
Standard shipments*
3.4 m. #s
Down 7%
Automotive 16%
Medical 1%
Nine Months 2013
Percentage of Segment Sales
*Compared to the second quarter 2013
11
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October 2013

12. Market Highlights – Aerospace
• Extended and expanded Boeing LTA
– Extended into next decade: unprecedented development and build rates
• 787-8,-9, -10, 737 MAX , 777X
– Includes ATI’s value-added long products and flat-rolled products
–
• Improves buy-to-fly ratio
Includes next-generation and advanced titanium alloys
ATI is Developing the Enabling Technologies
12
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October 2013

13. INTEGRATED AEROSPACE SUPPLY CHAIN
Value-Added Products
13
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October 2013

14. Market Highlights – Oil & Gas/CPI
• Global Projects
•
•
– Offshore projects are moving forward
– No nickel-based alloy or titanium “mega projects” on our books at this time
– U.S. refining and petrochemical builds are on the rebound
High Performance Metals Segment
– Oil service inventory correction seems to be stabilizing
Flat-Rolled Products Segment
– Demand for umbilicals and flowline remains strong
– U.S. natural gas driving investment in CPI infrastructure
14
© 2013 ATI. All Rights Reserved.
October 2013

15. Uncertain Short Term/Confidence in Long Term
• Challenging conditions to continue in short term
• Taking steps to keep ATI strongly positioned
•
•
– Negotiating new and extending existing LTAs
– PQ qualification at Rowley, UT sponge facility has begun
– Completing construction of HRPF with commissioning planned for 2014
Accelerated Cost Reductions
ATI is Well Positioned for Long-Term Profitable Growth
– Secular growth markets remain intact
• Our innovative products and unique processes continue to gain traction at customers
• Have Necessary Liquidity and Financial Flexibility
Bridging the Gap Between Current and Future
15
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October 2013

16. Third Quarter 2013 Conference Call
October 23, 2013
© 2013 ATI. All Rights Reserved.

17. Third Quarter 2013 Conference Call
October 23, 2013
© 2013 ATI. All Rights Reserved.