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ATI Board of Directors Authorizes $150 Million Share Repurchase

February 2, 2022

PITTSBURGH, Feb. 2, 2022 /PRNewswire/ -- Allegheny Technologies Incorporated (NYSE: ATI) announced that its board of directors has authorized the repurchase of up to $150 million of its outstanding common stock. Repurchases under the program may be made in the open market or in privately negotiated transactions, with the amount and timing of repurchases depending on market conditions and corporate needs. Open market repurchases will be structured to occur within the pricing and volume requirements of SEC Rule 10b-18. The stock repurchase program does not obligate the Company to repurchase any specific number of shares and it may be modified, suspended, or terminated at any time by the board of directors without prior notice.

"This stock repurchase program demonstrates our confidence in ATI's future financial performance and our strong cash and liquidity position," stated Don P. Newman, Executive Vice President and Chief Financial Officer. "We strongly believe in a balanced capital allocation strategy that funds profitable growth, furthers our balance sheet de-leveraging efforts and provides for shareholder return."

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