FORM 11-K
Table of Contents

 
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 11-K

ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

         
 
  þ   ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

FOR THE FISCAL YEAR ENDED DECEMBER 31, 2008

         
 
  o   TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

FOR THE TRANSITION PERIOD FROM                      TO                     

COMMISSION FILE NUMBER 1-12001

ALLEGHENY TECHNOLOGIES RETIREMENT SAVINGS PLAN

 
(Title of Plan)

ALLEGHENY TECHNOLOGIES INCORPORATED

(Name of Issuer of securities held pursuant to the Plan)

1000 Six PPG Place, Pittsburgh, Pennsylvania 15222-5479

(Address of Plan and principal executive offices of Issuer)
 
 

 


Table of Contents

Audited Financial Statements and Supplemental
Schedule
Allegheny Technologies Retirement Savings Plan

Years Ended December 31, 2008 and 2007
With Report of Independent Registered Public Accounting Firm

 


 

Allegheny Technologies Retirement Savings Plan
Audited Financial Statements
and Supplemental Schedule
Years Ended December 31, 2008 and 2007
Contents
         
    1  
 
Audited Financial Statements
       
 
    2  
    3  
    4  
 
Supplemental Schedule
       
 
    13  
 EX-23.1

 


Table of Contents

Report of Independent Registered Public Accounting Firm
Allegheny Technologies Incorporated
We have audited the accompanying statements of net assets available for benefits of the Allegheny Technologies Retirement Savings Plan as of December 31, 2008 and 2007, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Plan’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2008 and 2007, and the changes in its net assets available for benefits for the years then ended, in conformity with U.S. generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2008 is presented for purposes of additional analysis and is not a required part of the financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in our audits of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/ Ernst & Young LLP
Pittsburgh, Pennsylvania
June 25, 2009

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Table of Contents

Allegheny Technologies Retirement Savings Plan
Statements of Net Assets Available for Benefits
                 
    December 31  
    2008     2007  
     
Investments at fair value:
               
Interest in synthetic investment contracts
  $ 96,180,452     $ 102,708,168  
Interest in registered investment companies
    61,373,681       106,140,817  
Interest in common collective trusts
    42,464,847       54,393,887  
Corporate common stocks
    11,495,186       26,473,467  
Interest-bearing cash and cash equivalents
    8,425,077       5,401,079  
Participant loans
    2,929,458       2,692,259  
     
Total investments at fair value
    222,868,701       297,809,677  
 
               
Contributions receivable
    11,976        
     
Net assets available reflecting investments at fair value
    222,880,677       297,809,677  
Adjustment from fair value to contract value for fully benefit-responsive investment contracts
    6,255,302       367,655  
     
Net assets available for benefits
  $ 229,135,979     $ 298,177,332  
     
See accompanying notes.

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Allegheny Technologies Retirement Savings Plan
Statements of Changes in Net Assets Available for Benefits
                 
    Years Ended December 31  
    2008     2007  
     
Contributions:
               
Employer
  $ 7,510,149     $ 8,513,597  
Employee
    8,198,779       7,559,816  
     
Total contributions
    15,708,928       16,073,413  
 
               
Investment income (loss):
               
Net gain (loss) from interest in registered investment companies
    (36,770,096 )     6,778,082  
Net realized/unrealized loss on corporate common stocks
    (19,898,808 )     (901,176 )
Net gain (loss) from interest in common collective trusts
    (16,608,717 )     271,969  
Interest income
    2,075,480       905,057  
Dividend income
    44       80,587  
Net gain from interest in Allegheny Master Trust
          6,481,393  
Other
    2,878,023       923,042  
     
Total investment income (loss)
    (68,324,074 )     14,538,954  
     
 
    (52,615,146 )     30,612,367  
 
               
Distributions to participants
    (16,421,872 )     (31,703,777 )
Administrative expenses and other, net
    (4,335 )     (3,040 )
     
 
    (16,426,207 )     (31,706,817 )
     
 
               
Net decrease in net assets available for benefits
    (69,041,353 )     (1,094,450 )
Net assets available for benefits at beginning of year
    298,177,332       299,271,782  
     
Net assets available for benefits at end of year
  $ 229,135,979     $ 298,177,332  
     
See accompanying notes.

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Table of Contents

Allegheny Technologies Retirement Savings Plan
Notes to Financial Statements
1. Significant Accounting Policies
Use of Estimates and Basis of Accounting

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
The financial statements are prepared under the accrual basis of accounting.
Investment Valuation

Investments are reported at fair value. As described in Financial Accounting Standards Board Staff Position (FSP) AAG INV-1 and
SOP 94-4-1, “Reporting of Fully Benefit-Responsive Investment Contracts Held by Certain Investment Companies Subject to the AICPA Investment Company Guide and Defined-Contribution Health and Welfare and Pension Plans”, fully benefit-responsive investment contracts held by a defined contribution plan are required to be reported at fair value in the Plan’s Statement of Net Assets Available for Benefits with a corresponding adjustment to reflect these investments at contract value.
2. Description of the Plan
The Allegheny Technologies Retirement Savings Plan (the Plan) is a defined contribution plan and is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
The purpose of the Plan is to provide retirement benefits to eligible employees through Company contributions and to encourage employee thrift by permitting eligible employees to defer a part of their compensation and contribute such deferral to the Plan. The Plan allows employees to contribute a portion of eligible wages each pay period through payroll deductions subject to Internal Revenue Code limitations. Depending on participants’ years of service, qualifying employee contributions are matched by the respective employing companies, which are Allegheny Technologies Incorporated (ATI, the Plan Sponsor) and affiliates of ATI, up to 4% of participants’ salary. In addition, the respective employing companies contribute 6.5% of participants’ monthly pensionable earnings, as described in the Plan, and in addition contribute $43.34 per month per participant. With respect to participants who are members of the Salaried Union Office & Technical (Local 1196-1) Agreement, the Plan was amended on January 1, 2004, to provide an employer contribution of $0.50 for each hour worked by the participant, and on June 1, 2004, to provide that the employer match and the employer contributions of 6.5% of participants’ monthly pensionable earnings and $43.34 per month were eliminated. The Plan allows participants to direct their contributions, and contributions made on their behalf, to any of the investment alternatives. Unless otherwise specified by the participant, employer contributions are made to the State Street Target Retirement Fund that most closely matches the participant’s 65th birthday date (e.g., State Street Target Retirement Income 2020 SL Series Fund).

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Table of Contents

Allegheny Technologies Retirement Savings Plan
Notes to Financial Statements (continued)
2. Description of the Plan (continued)
Separate accounts are maintained by the Plan Sponsor for each participating employee. Trustee fees and asset management fees charged by the Plan’s trustee, Mellon Bank, N.A., prior to September 1, 2007 and thereafter Mercer Trust Company, for the administration of all funds are charged against net assets available for benefits of the respective fund. Certain other expenses of administering the Plan are paid by the Plan Sponsor.
Participants may make “in-service” and hardship withdrawals as outlined in the plan document.
Active employees can borrow up to 50% of their vested account balances minus any outstanding loans. The loan amounts are further limited to a minimum of $1,000 and a maximum of $50,000, and an employee can obtain no more than three loans at one time. Interest rates are determined based on commercially accepted criteria, and payment schedules vary based on the type of the loan. General purpose loans are repaid over 6 to 60 months, and primary residence loans are repaid over periods up to 180 months. Payments are made by payroll deductions.
Further information about the Plan, including eligibility, vesting, contributions, and withdrawals, is contained in the plan documents, summary plan description, and related contracts. These documents are available from the Plan Sponsor.
3. Investments
Prior to September 1, 2007, certain of the Plan’s investments were in the Allegheny Master Trust, which had three separately managed institutional investment accounts: the T. Rowe Price Structured Research Common Trust Fund, the Alliance Capital Growth Pool, and the Standish Mellon Fixed Income Fund, which were valued on a unitized basis (collectively, the “Allegheny Master Trust”).
On September 1, 2007, as part of a change in the administration of the Plan, including changing the record keeper to Mercer Human Resources from Affiliated Computer Services, Inc., and changing the trustee to Mercer Trust Company from Mellon Bank, N.A., the investment options available to participants under the Plan were changed. Additionally, the Plan liquidated its investment in the Allegheny Master Trust. The Standish Mellon Fixed Income Fund was renamed the Standish Mellon Stable Value Fund.
The Allegheny Master Trust was established for the investment of assets of the Plan, and several other ATI sponsored retirement plans. Each participating retirement plan had an undivided interest in the Allegheny Master Trust. Investment income and expenses were allocated to the Plan based upon its pro rata share in the net assets of the Allegheny Master Trust.

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Table of Contents

Allegheny Technologies Retirement Savings Plan
Notes to Financial Statements (continued)
3. Investments (continued)
The Plan retained the Standish Mellon Fixed Income Fund, renamed as the Standish Mellon Stable Value Fund (the Fund), as an investment option in a separate account subsequent to liquidating the Plan’s interest in the Allegheny Master Trust. The Fund invests in guaranteed investment contracts (GICs) and actively managed structured or synthetic investment contracts (SICs). The GICs are promises by a bank or insurance company to repay principal plus a fixed rate of return through contract maturity. SICs differ from GICs in that there are specific assets supporting the SICs and these assets are owned by the Plan. The bank or insurance company issues a wrapper contract that allows participant-directed transactions to be made at contract value. The assets supporting the SICs were comprised of government agency bonds, corporate bonds, asset-backed securities (ABOs), collateralized mortgage obligations (CMOs), and common/collective trusts.
Interest crediting rates on the GICs in the Fund are determined at the time of purchase. Interest crediting rates on the SICs are either: (1) set at the time of purchase for a fixed term and crediting rate, (2) set at the time of purchase for a fixed term and variable crediting rate, or (3) set at the time of purchase and reset monthly within a “constant duration.” A constant duration contract may specify a duration of 2.5 years and the crediting rate is adjusted monthly based upon quarterly rebalancing of eligible 2.5 year duration investment instruments at the time of each resetting; in effect the contract never matures. At December 31, 2008 and 2007, the interest crediting rates for Fixed Maturity SICs ranged from 4.12% to 5.04% and 4.30% to 5.32%, respectively.
Average yields for all fully benefit-responsive investment contracts for the years ended December 31, 2008 and 2007 were as follows:
                 
    Years Ended December 31
    2008   2007
     
Average yields:
               
Based on actual earnings
    4.67 %     4.72 %
Based on interest rate credited to participants
    4.56 %     4.57 %
There are no reserves against contract value for credit risk of the contract issuer or otherwise.
Although it is management’s intention to hold the investment contracts in the Standish Mellon Stable Value Fund until maturity, certain investment contracts provide for adjustments to contract value for withdrawals made prior to maturity.

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Allegheny Technologies Retirement Savings Plan
Notes to Financial Statements (continued)
3. Investments (continued)
The following presents investments that represent 5% or more of the Plan’s net assets:
                 
    December 31
    2008   2007
     
Barclays Global Investors Asset-Backed Securities Index Fund**
  $ 17,715,591     $ 18,663,527  
Barclays Global Investors Intermediate Term Credit Bond Index Fund**
    16,121,927       15,852,204  
American Funds Growth Fund of America
    16,028,565       27,110,712  
Barclays Global Investors Mortgage-Backed Securities Index Fund*,**
    13,299,361       12,778,429  
Allegheny Technologies Incorporated common stock
    11,495,186       26,473,467  
State Street Global Advisors S&P 500 Flagship SL Fund***
    11,336,458       19,990,877  
American Funds Europacific Growth Fund***
    9,298,368       17,228,050  
Alliance Bernstein Small Mid Cap Value Fund***
    8,214,128       16,372,049  
MSIF Small Company Growth Fund***
    7,789,192       15,492,580  
 
*   Prior year presented for comparative purposes only
 
**   Held within SICs
 
***   Current year presented for comparative purposes only
Investments in SICs at contract value that represent 5% or more of the Plan’s net assets were as follows:
                 
    December 31
    2008   2007
     
Monumental Life Ins. Co. Constant Duration SIC
  $ 27,186,516     $ 24,895,256  
Rabobank Constant Duration SIC
    26,543,836       25,321,764  
State Street Constant Duration SIC*
    14,640,638       9,746,533  
Bank of America Fixed Maturity SIC*
    13,439,664       12,029,587  
Union Bank of Switzerland Fixed Maturity SIC
          17,324,923  
 
*   Prior year presented for comparative purposes only
4. Fair Value Measurements
The Plan adopted FASB Statement No. 157, “Fair Value Measurements” (FAS 157), as required, on January 1, 2008. This standard clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value, and requires additional disclosures about the use of fair value measurements. Specifically, FAS 157:

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Allegheny Technologies Retirement Savings Plan
Notes to Financial Statements (continued)
4. Fair Value Measurements (continued)
  Defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, and establishes a framework for measuring fair value;
  Establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date;
  Eliminates large position discounts for financial instruments quoted in active markets; and
  Expands disclosures about instruments measured at fair value.
Determination of Fair Value
Following is a description of the Plan’s valuation methodologies for assets and liabilities measured at fair value. Such valuation methodologies were applied to all of the assets and liabilities carried at fair value effective January 1, 2008. Fair value is based upon quoted market prices, where available. If listed prices or quotes are not available, fair value is based upon models that primarily use, as inputs, market-based or independently-sourced market parameters, including yield curves, interest rates, volatilities, equity or debt prices, foreign exchange rates and credit curves. In addition to market information, models may also incorporate transaction details, such as maturity. Valuation adjustments, such as liquidity valuation adjustments, may be necessary when the Plan is unable to observe a recent market price for a financial instrument that trades in inactive (or less active) markets. Liquidity adjustments are not taken for positions classified within level 1 (as defined below) of the fair value hierarchy.
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.
Valuation Hierarchy
FAS 157 established a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of the inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:
Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets and liabilities in active markets.

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Allegheny Technologies Retirement Savings Plan
Notes to Financial Statements (continued)
4. Fair Value Measurements (continued)
Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3 — inputs to the valuation methodology are unobservable and significant to the valuation measurement.
A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
Valuation Methodologies
The valuation methodologies used for assets and liabilities measured at fair value, including their general classification based on the fair value hierarchy, includes the following:
  Cash and cash equivalents — where the Net Asset Value (NAV) is a quoted price in a market that is active, it is classified within level 1 of the valuation hierarchy. In certain cases NAV is a quoted price in a market that is not active, or is based on quoted prices for similar assets and liabilities in active markets, and these investments are classified within level 2 of the valuation hierarchy.
  Corporate common stocks — are valued at the closing price reported on the major market on which the individual securities are traded. Substantially all other common stock is classified within level 1 of the valuation hierarchy.
  Common/collective trust funds — these investments are public investment vehicles valued using the NAV provided by the administrator of the fund. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding. The NAV is a quoted price in a market that is not active and classified within level 2 of the valuation hierarchy.
  Registered investment companies — these investments are public investment vehicles valued using the NAV provided by the administrator of the fund. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding. Where the NAV is a quoted price in a market that is active, it is classified within level 1 of the valuation hierarchy. In certain cases NAV is a quoted price in a market that is not active, or is based on quoted prices for similar assets and liabilities in active markets, and these investments are classified within level 2 of the valuation hierarchy.

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Allegheny Technologies Retirement Savings Plan
Notes to Financial Statements (continued)
4. Fair Value Measurements (continued)
  Corporate debt instruments, U.S. government and federal agency obligations, U.S. government-sponsored entity obligations, and other — where quoted prices are available in an active market, the investments are classified within level 1 of the valuation hierarchy. If quoted market prices are not available for the specific security, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. When quoted market prices for the specific security are not available in an active market, they are classified within level 2 of the valuation hierarchy.
  Synthetic investment contracts — fair value is based on the underlying investments. The underlying investments include government agency bonds, corporate bonds, ABOs, CMOs, and common/collective trusts. Because inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, or in the case of common/collective trusts the NAV is a quoted price in a market that is not active, synthetic investment contracts are classified within level 2 of the valuation hierarchy.
  Loans to plan participants — valued at cost plus accrued interest, which approximates fair value and are classified within level 2 of the valuation hierarchy.
The following table presents the financial instruments carried at fair value as of December 31, 2008, by caption on the statement of net assets available for benefits and by FAS 157 valuation hierarchy (as described above). The Plan had no assets classified within level 3 of the valuation hierarchy.
Assets measured at fair value on a recurring basis:
                         
December 31, 2008   Level 1     Level 2     Total  
     
Interest in synthetic investment contracts
  $     $ 96,180,452     $ 96,180,452  
Interest in registered investment companies
    61,373,681             61,373,681  
Interest in common collective trusts
          42,464,847       42,464,847  
Corporate common stock
    11,495,186             11,495,186  
Interest-bearing cash and cash equivalents
    6,553,963       1,871,114       8,425,077  
Participant loans
          2,929,458       2,929,458  
     
Total assets at fair value
  $ 79,422,830     $ 143,445,871       222,868,701  
     

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Allegheny Technologies Retirement Savings Plan
Notes to Financial Statements (continued)
5. Income Tax Status
The Plan has received a determination letter from the Internal Revenue Service dated August 4, 2003, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the Code) and, therefore, the related trust is exempt from taxation. Subsequent to this issuance of the determination letter, the Plan was amended. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The plan administrator believes that the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan, as amended, is qualified and the related trust is tax-exempt.
6. Plan Termination
Although it has not expressed any intent to do so, the employing companies have the right under the Plan to discontinue their contributions at any time and to terminate their respective participation in the Plan subject to the provisions of ERISA. However, no such action may deprive any participant or beneficiary under the Plan of any vested right.
7. Risks and Uncertainties
The Plan invests in various investment securities. Investment securities are exposed to various risk such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.
8. Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:
                 
    December 31  
    2008     2007  
     
Net assets available for benefits per the financial statements
  $ 229,135,979     $ 298,177,332  
Deemed distribution of benefits to participants
    (203,157 )     (138,106 )
     
Net assets available for benefits per the Form 5500
  $ 228,932,822     $ 298,039,226  
     

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Allegheny Technologies Retirement Savings Plan
Notes to Financial Statements (continued)
8. Reconciliation of Financial Statements to Form 5500 (continued)
The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500 for the year ended December 31, 2008:
         
Benefits paid to participants per the financial statements
  $ 16,421,872  
Add: Amounts allocated on Form 5500 to deemed distributions for the year ended December 31, 2008
    203,157  
Less: Amounts allocated on Form 5500 to deemed distributions for the year ended December 31, 2007
    (138,106 )
 
     
Benefits paid to participants per the Form 5500
  $ 16,486,923  
 
     

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Allegheny Technologies Retirement Savings Plan
EIN: 25-1792394 Plan: 004
Schedule H, Line 4i-Schedule of Assets (Held at End of Year)
December 31, 2008
         
Description   Current Value  
 
Registered Investment Companies
       
Alliance Bernstein Small Mid Cap Value Fund
  $ 8,214,128  
American Funds Europacific Growth Fund
    9,298,368  
American Funds Growth Fund of America
    16,028,565  
MFS Value Fund
    6,528,032  
Lord Abbett Mid Cap Value Fund
    3,596,632  
MSIF Small Company Growth Fund
    7,789,192  
Western Asset Core Plus Bond Fund
    5,910,285  
Federated Money Market Fund
    1,041,893  
 
     
 
    58,407,095  
 
       
Self-directed accounts
       
American Century Equity Growth Fund
    32,220  
American Century Real Estate Fund
    30,019  
Barron Asset Fund
    8,469  
Baron Growth Fund
    3,978  
Direxion Commodity Bull 2X Fund
    997  
Dow Jones US Financial Ultra Sector Profund
    1,524  
Energy Ultrasector Profound
    4,879  
Federated Kaufmann Fund Class K
    144,118  
Janus Fund
    25,121  
Janus Enterprise Fund
    64,676  
Janus Global Technology
    28,606  
Janus Global Life Sciences Fund
    22,459  
Janus Growth & Income Fund
    64,637  
Janus Mercury Fund
    83,390  
Janus Strategic Value Fund
    44,051  
Janus Twenty Fund
    29,362  
Janus Worldwide Fund
    37,683  
Jensen Portfolio
    37,838  
Pimco All Asset Fund
    13,145  
Pimco Commodity Real Return Strategy Fund
    8,050  
Pimco PIMS Real Return Fund
    21,348  
Pimco PIMS Total Return Fund
    6,914  
Precious Metals Ultra Sector Profund
    2,251  
Vanguard Bond Index Fund
    34,411  
Vanguard Equity Income Fund
    13,060  
Vanguard Fixed Income High Yield
    4,516  
Vanguard Fixed Income Short Term
    7,350  
Vanguard Growth Index Fund
    4,562  
Vanguard Index Trust Fund
    17,943  
Vanguard Special Energy Fund
    82,267  
Vanguard Special Portfolio
    26,344  
Vanguard Wellington Fund
    57,445  

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Allegheny Technologies Retirement Savings Plan
EIN: 25-1792394 Plan: 004
Schedule H, Line 4i-Schedule of Assets (Held at End of Year)
December 31, 2008
         
Description   Current Value  
 
Vanguard Windsor II
    69,379  
AIM Global Health Care Fund
    80,041  
American Advantage International Equity Fund
    12,700  
American Beacon Large Cap
    31,652  
Ariel Appreciation Fund
    12,348  
CGM Focus Fund
    6,538  
CGM Realty Fund
    23,502  
Direxion Nasdaq — 100 Bear 2.5X Fund
    10,054  
Dodge & Cox International Fund
    27,624  
Dodge & Cox Income Fund
    13,430  
Dodge & Cox Stock Fund
    2,432  
Dreyfus Intermedia
    8,968  
Dreyfus Basic S & P 500 Index
    4,040  
Dreyfus Disciplined Stock Fund
    5,995  
Dreyfus Mid-cap Value Fund
    5,518  
Dreyfus Premier Enterprise
    20,254  
Dreyfus Premier Technology
    27,557  
DWS High Income Plus Fund
    10,264  
Fidelity Aggressive Growth Fund
    1,220  
Fidelity Canada Fund
    30,563  
Fidelity Dividend Growth Fund
    9,116  
Fidelity Growth Company
    14,283  
Fidelity International Growth
    58,391  
Fidelity Leveraged Company Stock Fund
    41,329  
Fidelity Nordic Countries
    22,591  
Fidelity Select Biotechnology Fund
    4,645  
Fidelity Select Electronic
    8,856  
Fidelity Select Financial
    5,603  
Fidelity Select Gold Fund
    50  
Fidelity Select Health Care Fund
    12,933  
Fidelity Select Medical Equipment Fund
    16,758  
Fidelity Select Natural Gas Fund
    8,903  
Fidelity Select Natural Resources
    9,720  
Fidelity Select Portfolio
    9,063  
Fidelity Select Regional Bank
    16,855  
Fidelity Select Software Fund
    32,303  
Fidelity Select Technology Portfolio Fd
    19,191  
Fidelity Small Cap Independence Fund
    26,140  
Gamco Global Growth Fund Class
    3,610  
Gamco Growth Fund Class AAA
    25,211  
Growth Fund of America Class B
    6,111  
Harbor International Fund Investor Class
    21,926  
Invesco Technology Fund Investor Class
    1,675  
Janus Adviser Forty Fund Class I
    5,787  
Janus Global Opportunities Fund
    17,366  

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Allegheny Technologies Retirement Savings Plan
EIN: 25-1792394 Plan: 004
Schedule H, Line 4i-Schedule of Assets (Held at End of Year)
December 31, 2008
         
Description   Current Value  
 
Janus Mid Cap Value Fund Investor Shares
    22,168  
Janus Orion Fund
    126,044  
Jennison Health Sciences Fund
    16,280  
Lazard Emerging Markets Portfolio
    19,519  
Loomis Sayles Bond Fund
    65,686  
Lord Abbett Mid-Cap Value Fund
    4,680  
Marsico Growth & Income Fund
    52,400  
Masters Select International Fund
    16,718  
Matthews China Fund
    7,652  
MFS Mid-Cap Growth Fund
    8,987  
Money Market Profund
    140,908  
Mutual Series Discovery
    14,929  
Old Mutual Technology
    7,683  
Old Mutual Emerging Growth
    34  
Pimco All Asset Fund
    36,736  
Pimco High Yield Fund
    9,914  
Pimco Total Return Fund
    42,137  
Royce Opportunity Fund
    831  
Royce Pennsylvania Mutual Fund
    5,917  
Royce Special Equity Fund
    12,455  
RS Core Equity Fund Class A
    31,772  
RS Emerging Growth Fund
    21,637  
Rydex Basic Materials
    9,731  
Stratton Growth Fund
    21,517  
T. Rowe Price Emerging Markets Fund
    3,674  
T. Rowe Price International Growth & Income Adv.
    5,757  
T. Rowe Price Blue Chip Growth
    7,323  
T. Rowe Price Capital Appreciation
    70,336  
T. Rowe Price Equity Income
    6,521  
T. Rowe Price Health Sciences
    12,153  
T. Rowe Price Latin America
    1,255  
T. Rowe Price Midcap Growth Fund
    15,048  
T. Rowe Price New Era
    17,377  
T. Rowe Price Real Estate
    18,464  
T. Rowe Price Science and Technology Fund
    39,173  
T. Rowe Price Small Cap Value
    40,897  
The Fairholme Fund
    12,108  
Third Avenue Real Estate Value Fund
    6,104  
Third Avenue Value Fund
    7,432  
Ultradow 30 Profund Investor Class
    5,016  
Vanguard International
    80,702  
Vanguard Primecap Core Fund
    10,491  
Vanguard Small-Cap Growth Index Fund
    4,234  
Vanguard Strategic Equity Fund
    10,485  

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Table of Contents

Allegheny Technologies Retirement Savings Plan
EIN: 25-1792394 Plan: 004
Schedule H, Line 4i-Schedule of Assets (Held at End of Year)
December 31, 2008
         
Description   Current Value  
 
Vanguard Total International Stock Index Fund
    4,009  
Vanguard Total Stock Market Index Signal Fund
    7,696  
Wasatch Heritage Growth Fund
    7,890  
Wasatch Strategic Income Fund
    4,446  
Wells Fargo Advantage
    105,679  
Cash balance liability
    (147 )
 
     
Self-Directed Accounts
    2,966,586  
 
     
Total Registered Investment Companies
  $ 61,373,681  
 
     
 
       
Corporate Common Stock
       
Allegheny Technologies Incorporated*
  $ 11,495,186  
 
     
 
       
Participant loans* (5.00% to 9.75%, with maturities through 2023)
  $ 2,929,458  
 
     
 
       
Interest-Bearing Cash and Cash Equivalents
       
Mellon Trust of New England TIF Fund
  $ 6,553,963  
Natixis Financial
    1,871,114  
Adjustment from fair to book value
    (12,809 )
 
     
 
  $ 8,412,268  
 
     
 
       
Common Collective Trusts
       
Mellon Stable Value Fund
  $ 2,131,345  
Adjustment from fair to book value
    100,228  
State Street Global Advisors Target Retirement Income SL Series Fund
    2,292,559  
State Street Global Advisors Target Retirement Income 2010 SL Series Fund
    1,452,165  
State Street Global Advisors Target Retirement Income 2015 SL Series Fund
    6,097,383  
State Street Global Advisors Target Retirement Income 2020 SL Series Fund
    7,661,361  
State Street Global Advisors Target Retirement Income 2025 SL Series Fund
    4,434,000  
State Street Global Advisors Target Retirement Income 2030 SL Series Fund
    3,469,646  
State Street Global Advisors Target Retirement Income 2035 SL Series Fund
    1,082,549  
State Street Global Advisors Target Retirement Income 2040 SL Series Fund
    759,173  
State Street Global Advisors Target Retirement Income 2045 SL Series Fund
    1,104,845  
State Street Global Advisors Target Retirement Income 2050 SL Series Fund
    128,032  
State Street Global Advisors S&P 500 Flagship SL Fund
    11,336,458  
State Street Global Advisors Daily MSCI ACWI Ex-US Index SL Series Fund
    515,331  
 
     
 
  $ 42,565,075  
 
     
 
       
Fixed Maturity Synthetic Contracts:
       
CMBS, BACM 2002-2 A3
  $ 851,214  
CMBS, BACM 2005-3 A3A
    930,004  
Fannie Mae, FNR 2002-74 LC
    70,088  
Freddie Mac, FHR 2627 BU
    1,558,961  
Freddie Mac, FHR 2640 TL
    784,886  

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Table of Contents

Allegheny Technologies Retirement Savings Plan
EIN: 25-1792394 Plan: 004
Schedule H, Line 4i-Schedule of Assets (Held at End of Year)
December 31, 2008
         
Description   Current Value  
 
Freddie Mac, FHR 2715 ND
    997,798  
Freddie Mac, FHR 2760 EB
    897,859  
Freddie Mac, FHR 2786 PC
    464,558  
Freddie Mac, FHR 2865 PQ
    1,381,303  
Freddie Mac, FHR 2866 XD
    1,384,610  
Freddie Mac, FHR 2870 BD
    930,840  
Freddie Mac, FHR 2888 OW
    656,124  
GNMA Project Loans, GNR 06-51 A
    1,029,204  
Auto Valet 2008-2 A3A
    1,363,588  
Bank of America, N.A. Wrap contract
    138,627  
 
     
Bank of America, N.A. Fixed Maturity Synthetic Contract 03-040
    13,439,664  
 
       
Auto, BASAT 06-G1 A4
    1,345,150  
CMBS, CDCMT 2002-FX1D1895488.82
    865,518  
Rate Redu Bonds, CNP 05-1 A2
    1,371,872  
Freddie Mac, FHR 2631 LB
    628,239  
Freddie Mac, FHR 2681 PC
    1,191,834  
Freddie Mac, FHR 2778 KR
    463,635  
Freddie Mac, FHR 2981 NB
    1,071,491  
Freddie Mac, FHR 2891 NB
    935,601  
CMBS, MLMT 05-CIP1 A2
    1,672,731  
CMBS, MLMT 05-CKI1 A2
    828,962  
CMBS, CD05-CD1 A2 FX
    418,607  
State Street Bank Wrap contract
    352,783  
 
     
State Street Bank Fixed Maturity Synthetic Contract 105028
    11,146,423  
 
       
CMBS, BSCMS 05-T18 A2
    649,466  
CMBS, BSCMS 99-WF2 A2
    591,289  
CMBS, BSCMS 03-T12 A2
    91,536  
Freddie Mac, FHR 2663 ML
    1,620,812  
Freddie Mac, FHR 2763 PC
    1,218,773  
Freddie Mac, FHR 2921 NV
    692,843  
Freddie Mac, FHR 2934 OC
    936,990  
CMBS, HFCMC 99-PH1 A2
    89,847  
CMBS, JPMCC 05-LDP2 A2
    840,941  
CMBS, MSC 99-CAM1 A4
    25,501  
Auto, NALT 06-A A4
    1,813,178  
Auto, VWALT 06-A A4
    685,945  
Natixis Financial Products Wrap contract
    134,137  
 
     
Natixis Financial Products Fixed Maturity Synthetic Contract #1245-01
    9,391,258  
 
     
Total Fixed Maturity Synthetic Contracts
  $ 33,977,345  
 
     
 
Constant Duration Synthetic Contracts:
       

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Table of Contents

Allegheny Technologies Retirement Savings Plan
EIN: 25-1792394 Plan: 004
Schedule H, Line 4i-Schedule of Assets (Held at End of Year)
December 31, 2008
         
Description   Current Value  
 
Barclays Global Investors, 1-3 Year Government Bond Index Fund
  $ 1,029,478  
Barclays Global Investors, Asset-Backed Sec Index Fund
    7,050,609  
Barclays Global Investors, Comm Mortgage-Backed Sec Fund
    2,144,183  
Barclays Global Investors, Int Term Credit Bond Index Fund
    6,416,642  
Barclays Global Investors, Int Term Government Bond Index Fund
    2,469,170  
Barclays Global Investors, Long Term Government Bond Index Fund
    602,604  
Barclays Global Investors, Mortgage-Backed Sec Index Fund
    5,293,242  
Monumental Life Ins. Co. Wrap contract
    2,180,588  
 
     
Monumental Life Ins. Co. Constant Duration Synthetic Contract MDA00413TR
    27,186,516  
 
Barclays Global Investors, 1-3 Year Government Bond Index Fund
    1,002,769  
Barclays Global Investors, Asset-Backed Sec Index Fund
    6,868,500  
Barclays Global Investors, Comm Mortgage-Backed Sec Fund
    2,088,566  
Barclays Global Investors, Int Term Credit Bond Index Fund
    6,250,170  
Barclays Global Investors, Int Term Government Bond Index Fund
    2,405,108  
Barclays Global Investors, Long Term Government Bond Index Fund
    586,971  
Barclays Global Investors, Mortgage-Backed Sec Index Fund
    5,155,912  
Rabobank Wrap contract
    2,185,840  
 
     
Rabobank Constant Duration Synthetic Contract ATI060301
    26,543,836  
 
Barclays Global Investors, 1-3 Year Government Bond Index Fund
    554,334  
Barclays Global Investors, Asset-Backed Sec Index Fund
    3,796,482  
Barclays Global Investors, Comm Mortgage-Backed Sec Fund
    1,154,560  
Barclays Global Investors, Int Term Credit Bond Index Fund
    3,455,115  
Barclays Global Investors, Int Term Government Bond Index Fund
    1,329,553  
Barclays Global Investors, Long Term Government Bond Index Fund
    324,479  
Barclays Global Investors, Mortgage-Backed Sec Index Fund
    2,850,207  
State Street Bank Wrap contract
    1,175,908  
 
     
State Street Bank Constant Duration Synthetic Contract 107073
    14,640,638  
 
     
Total Constant Duration Synthetic Contracts
  $ 68,370,990  
 
     
 
*   Party-in-interest

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Table of Contents

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the administrators of the Plan have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
             
    ALLEGHENY TECHNOLOGIES INCORPORATED    
 
           
    ALLEGHENY TECHNOLOGIES RETIREMENT SAVINGS PLAN    
 
           
Date: June 25, 2009
  By:   /s/ Dale G. Reid    
 
           
 
      Dale G. Reid    
 
      Vice President-Controller, Chief Accounting Officer and Treasurer    
 
      (Principal Accounting Officer and Duly Authorized Officer)    

18