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

HOURLY 401(K) PLAN FOR REPRESENTED EMPLOYEES AT MIDLAND AND LOUISVILLE

(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
Hourly 401(k) Plan for Represented Employees at Midland and Louisville
Years Ended December 31, 2008 and 2007
with Report of Independent Registered Public Accounting Firm

 


 

Hourly 401(k) Plan for Represented Employees at Midland and Louisville
Audited Financial Statements
and Supplemental Schedule
Years Ended December 31, 2008 and 2007
Contents
         
    1  
 
       
Audited Financial Statements
       
 
       
    2  
    3  
    4  
 
       
Supplemental Schedule
       
 
       
    12  
 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 Hourly 401(k) Plan for Represented Employees at Midland and Louisville 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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Hourly 401(k) Plan for Represented Employees at Midland and Louisville
Statements of Net Assets Available for Benefits
                 
    December 31  
    2008     2007  
     
Investments at fair value:
               
Interest in registered investment companies
  $ 5,681,877     $ 9,905,885  
Interest in synthetic investment contracts
    4,927,773       5,386,496  
Interest in common collective trusts
    3,269,828       2,845,908  
Interest-bearing cash and cash equivalents
    431,656       283,258  
Participant loans
    978,855       699,671  
Corporate common stocks
    49,309       5,782  
     
Net assets available reflecting investments at fair value
    15,339,298       19,127,000  
Adjustment from fair value to contract value for fully benefit-responsive investment contracts
    320,488       19,282  
     
Net assets available for benefits
  $ 15,659,786     $ 19,146,282  
     
See accompanying notes.

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Hourly 401(k) Plan for Represented Employees at Midland and Louisville
Statements of Changes in Net Assets Available for Benefits
                 
    Years Ended December 31  
    2008     2007  
     
Contributions:
               
Employee
  $ 1,664,744     $ 1,721,380  
Rollovers
    24,257       98,865  
     
Total contributions
    1,689,001       1,820,245  
 
               
Investment income (loss):
               
Net gain (loss) from interest in registered investment companies
    (4,093,248 )     935,279  
Net gain (loss) from common/collective funds
    (745,418 )     37,173  
Interest income
    144,962       86,595  
Net realized/unrealized loss on corporate common stocks
    (37,576 )     (521 )
Other income
    135,419       50,258  
     
Total investment income (loss)
    (4,595,861 )     1,108,784  
     
 
    (2,906,860 )     2,929,029  
 
               
Distributions to participants
    (579,636 )     (1,598,162 )
Fees
          (301 )
     
 
    (579,636 )     (1,598,463 )
     
Net increase (decrease) in net assets available for benefits
    (3,486,496 )     1,330,566  
Net assets available for benefits at beginning of year
    19,146,282       17,815,716  
     
Net assets available for benefits at end of year
  $ 15,659,786     $ 19,146,282  
     
See accompanying notes.

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Hourly 401(k) Plan for Represented Employees at Midland and Louisville
Notes to Financial Statements
1. Significant Accounting Policies
The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 following description of the Hourly 401(k) Plan for Represented Employees at Midland and Louisville (the Plan) provides only general information. Participants should refer to the Summary Plan Description for a more complete description of the Plan’s provisions. The Plan was adopted by Jewel Acquisition, LLC (Jewel or the Company), effective June 1, 2004, for Jewel employees at the Midland and Louisville facilities who are represented by the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union. Jewel (the Plan Sponsor) is a wholly-owned indirect subsidiary of Allegheny Technologies Incorporated (the plan administrator). The Plan is intended to meet the requirements of Section 401(a) of the Internal Revenue Code of 1986 (Code), to provide for a cash or deferred arrangement within the meaning of Section 401(k) of the Code, and to meet the requirements of the Employee Retirement Income Security Act of 1974 , as amended (ERISA).
On June 1, 2004, Jewel acquired the Midland and Louisville facilities from J&L Specialty Steel, LLC. Prior to June 1, 2004, J&L Specialty Steel, LLC sponsored a qualified defined contribution plan (J&L plan). As of the date of the acquisition of the plant assets at Midland and Louisville, Jewel adopted this Plan to permit eligible Jewel employees to participate in a qualified defined contribution plan and, should such individual employees who participated in the J&L plan choose, to roll over balances in the J&L plan to this Plan.

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Hourly 401(k) Plan for Represented Employees at Midland and Louisville
Notes to Financial Statements (continued)
2. Description of the Plan (continued)
Overview:
This Plan is a qualified defined contribution plan that allows participants to contribute from 1% to 80% of their eligible pay on a pre-tax basis. Federal law limits the annual amount an employee can contribute on a pre-tax basis. However, participants who have attained age 50 by the end of the Plan Year are eligible to make catch-up contributions in accordance with, and subject to, the limitations of, Section 414(v) of the Code.
With respect only to participants at the Midland plant, the applicable collective bargaining agreement mandates that each participant shall authorize the Company to contribute to the Plan, on the participant’s behalf, an elective employee contribution of one dollar ($1.00) per hour for each hour in which the participant is paid by the Company during the Plan Year.
A participant, while still employed, may elect in-service withdrawals at any time for all or part of the account balance, excluding any investment income. However, a participant cannot withdraw any portion prior to attainment of age 59-1/2 unless the Plan administrator determines that the participant has a “hardship” within the meaning of Section 401(k) (2) (B) of the Code.
A participant may roll money into the Plan from a former employer’s qualified plan or IRA.
A participant may borrow up to 50% of the account value while an active employee subject to a minimum loan amount of $500, but may not have more than three loans outstanding at one time. All contributions by participants, and any made on their behalf, are participant-directed into any of the investment options offered under the Plan. Participants shall at all times be 100% vested in their contributions, and any made on their behalf, to the Plan.
The Plan’s administrative expenses are paid by either the Plan or the Company, as provided by the Plan document.
3. Investments
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.

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Hourly 401(k) Plan for Represented Employees at Midland and Louisville
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  
     
American Funds Growth Fund of America
  $ 2,544,925     $ 4,481,158  
MFS Value Fund
    1,554,127       2,694,578  
Barclays Global Investors Asset-Backed Securities Index Fund**
    907,654       978,803  
Barclays Global Investors Intermediate Term Credit Bond Index Fund**, ***
    826,001       831,363  
State Street Global Advisors S&P 500 Flagship SL Fund*
    767,144       1,393,728  
American Funds Europacific Growth Fund*
    674,582       1,278,165  
 
*   Current year presented for comparative purposes only
 
**   Held within SICs
 
***   Prior year presented for comparison purposes only
Investments in SICs at contract value that represent 5% of more of the Plan’s net assets were as follows:
                 
    December 31  
    2008     2007  
     
Monumental Life Ins. Co. Constant Duration SIC
  $ 1,392,892     $ 1,305,623  
Rabobank Constant Duration SIC
    1,359,964       1,327,992  
The Standish Mellon Stable Value Fund (the Fund) is a separate account that 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 are 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

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Hourly 401(k) Plan for Represented Employees at Midland and Louisville
Notes to Financial Statements (continued)
3. Investments (continued)
resetting; in effect the contract never matures. At December 31, 2008 and 2007, the interest crediting rates ranged from 4.12% to 5.04% and from 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 %
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.
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:
  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

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Hourly 401(k) Plan for Represented Employees at Midland and Louisville
Notes to Financial Statements (continued)
4. Fair Value Measurements (continued)
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.
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.

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Hourly 401(k) Plan for Represented Employees at Midland and Louisville
Notes to Financial Statements (continued)
4. Fair Value Measurements (continued)
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.
 
  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.

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Hourly 401(k) Plan for Represented Employees at Midland and Louisville
Notes to Financial Statements (continued)
4. Fair Value Measurements (continued)
  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 registered investment companies
  $ 5,681,877     $     $ 5,681,877  
Interest in synthetic investment contracts
          4,927,773       4,927,773  
Interest in common collective trusts
          3,269,828       3,269,828  
Interest-bearing cash and cash equivalents
    335,790       95,866       431,656  
Participant loans
          978,855       978,855  
Corporate common stocks
    49,309             49,309  
     
Total assets at fair value
  $ 6,066,976     $ 9,272,322     $ 15,339,298  
     
5. Income Tax Status
The Plan has received a determination letter from the Internal Revenue Service dated January 5, 2006, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the Code) and, therefore, 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 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.

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Hourly 401(k) Plan for Represented Employees at Midland and Louisville
Notes to Financial Statements (continued)
6. Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate 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 risks 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.

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Hourly 401(k) Plan for Represented Employees at Midland and Louisville
EIN: 42-1623809 Plan: 001
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
  $ 268,734  
American Funds Europacific Growth Fund
    674,582  
American Funds Growth Fund of America
    2,544,925  
MFS Value Fund
    1,554,127  
Lord Abbett Mid Cap Value Fund
    74,896  
MSIF Small Company Growth Fund
    474,330  
Western Asset Core Plus Bond Fund
    90,283  
 
     
Total registered investment companies
  $ 5,681,877  
 
     
 
       
Corporate Common Stock
       
Allegheny Technologies Incorporated*
  $ 49,309  
 
     
 
       
Participant loans* (5.00% to 9.25%, with maturities through 2020)
  $ 978,855  
 
     
 
       
Interest-Bearing Cash and Cash Equivalents
       
Mellon Trust of New England TIF Fund
  $ 335,790  
Natixis Financial
    95,866  
Adjustment from fair to book value
    (656 )
 
     
 
  $ 431,000  
 
     
 
       
Common Collective Trusts
       
Standish Mellon Stable Value Fund
  $ 109,199  
Adjustment from fair to book value
    5,135  
State Street Global Advisors Target Retirement Income SL Series Fund
    13,474  
State Street Global Advisors Target Retirement Income 2010 SL Series Fund
    95,798  
State Street Global Advisors Target Retirement Income 2015 SL Series Fund
    708,305  
State Street Global Advisors Target Retirement Income 2020 SL Series Fund
    679,108  
State Street Global Advisors Target Retirement Income 2025 SL Series Fund
    307,191  
State Street Global Advisors Target Retirement Income 2030 SL Series Fund
    269,704  
State Street Global Advisors Target Retirement Income 2035 SL Series Fund
    221,430  
State Street Global Advisors Target Retirement Income 2040 SL Series Fund
    71,964  
State Street Global Advisors Target Retirement Income 2045 SL Series Fund
    13,155  
State Street Global Advisors S&P 500 Flagship SL Series Fund
    767,144  
State Street Global Advisors MSCI ACWI Ex-US Index SL Series Fund
    13,356  
 
     
 
  $ 3,274,963  
 
     
 
       
Fixed Maturity Synthetic Contracts:
       
CMBS, BACM 2002-2 A3
  $ 43,612  
CMBS, BACM 2005-3 A3A
    47,648  
Fannie Mae, FNR 2002-74 LC
    3,591  
Freddie Mac, FHR 2627 BU
    79,873  
Freddie Mac, FHR 2640 TL
    40,213  

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Hourly 401(k) Plan for Represented Employees at Midland and Louisville
EIN: 42-1623809 Plan: 001
Schedule H, Line 4i—Schedule of Assets (Held at End of Year)
December 31, 2008
         
Description   Current Value  
 
Freddie Mac, FHR 2715 ND
    51,122  
Freddie Mac, FHR 2760 EB
    46,001  
Freddie Mac, FHR 2786 PC
    23,801  
Freddie Mac, FHR 2865 PQ
    70,771  
Freddie Mac, FHR 2866 XD
    70,940  
Freddie Mac, FHR 2870 BD
    47,691  
Freddie Mac, FHR 2888 OW
    33,616  
GNMA Project Loans, GNR 06-51 A
    52,731  
Auto Valet 2008-2 A3A
    69,863  
Bank of America, N.A. Wrap contract
    7,104  
 
     
Bank of America, N.A. Fixed Maturity Synthetic Contract 03-040
    688,577  
 
       
Auto, BASAT 06-G1 A4
    68,918  
CMBS, CDCMT 2002-FX1D1895488.82
    44,345  
Rate Redu Bonds, CNP 05-1 A2
    70,287  
Freddie Mac, FHR 2631 LB
    32,188  
Freddie Mac, FHR 2681 PC
    61,063  
Freddie Mac, FHR 2778 KR
    23,754  
Freddie Mac, FHR 2981 NB
    54,897  
Freddie Mac, FHR 2891 NB
    47,935  
CMBS, MLMT 05-CIP1 A2
    85,702  
CMBS, MLMT 05-CKI1 A2
    42,472  
CMBS, CD05-CD1 A2 FX
    21,447  
State Street Bank Wrap contract
    18,075  
 
     
State Street Bank Fixed Maturity Synthetic Contract 105028
    571,083  
 
       
CMBS, BSCMS 05-T18 A2
    33,275  
CMBS, BSCMS 99-WF2 A2
    30,295  
CMBS, BSCMS 03-T12 A2
    4,690  
Freddie Mac, FHR 2663 ML
    83,042  
Freddie Mac, FHR 2763 PC
    62,443  
Freddie Mac, FHR 2921 NV
    35,498  
Freddie Mac, FHR 2934 OC
    48,006  
CMBS, HFCMC 99-PH1 A2
    4,603  
CMBS, JPMCC 05-LDP2 A2
    43,085  
CMBS, MSC 99-CAM1 A4
    1,307  
Auto, NALT 06-A A4
    92,898  
Auto, VWALT 06-A A4
    35,144  
Natixis Financial Products Wrap contract
    6,872  
 
     
Natixis Financial Products Fixed Maturity Synthetic Contract #1245-01
    481,158  
 
     
Total Fixed Maturity Synthetic Contracts
  $ 1,740,818  
 
     
 
       
Constant Duration Synthetic Contracts:
       
Barclays Global Investors, 1-3 Year Government Bond Index Fund
  $ 52,745  

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Hourly 401(k) Plan for Represented Employees at Midland and Louisville
EIN: 42-1623809 Plan: 001
Schedule H, Line 4i—Schedule of Assets (Held at End of Year)
December 31, 2008
         
Description   Current Value  
 
Barclays Global Investors, Asset-Backed Sec Index Fund
    361,237  
Barclays Global Investors, Comm Mortgage-Backed Sec Fund
    109,857  
Barclays Global Investors, Int Term Credit Bond Index Fund
    328,754  
Barclays Global Investors, Int Term Government Bond Index Fund
    126,507  
Barclays Global Investors, Long Term Government Bond Index Fund
    30,874  
Barclays Global Investors, Mortgage-Backed Sec Index Fund
    271,197  
Monumental Life Ins. Co. Wrap contract
    111,721  
 
     
Monumental Life Ins. Co. Constant Duration Synthetic Contract MDA00413TR
    1,392,892  
 
       
Barclays Global Investors, 1-3 Year Government Bond Index Fund
    51,377  
Barclays Global Investors, Asset-Backed Sec Index Fund
    351,906  
Barclays Global Investors, Comm Mortgage-Backed Sec Fund
    107,007  
Barclays Global Investors, Int Term Credit Bond Index Fund
    320,225  
Barclays Global Investors, Int Term Government Bond Index Fund
    123,225  
Barclays Global Investors, Long Term Government Bond Index Fund
    30,073  
Barclays Global Investors, Mortgage-Backed Sec Index Fund
    264,161  
Rabobank Wrap contract
    111,990  
 
     
Rabobank Constant Duration Synthetic Contract ATI060301
    1,359,964  
 
       
Barclays Global Investors, 1-3 Year Government Bond Index Fund
    28,401  
Barclays Global Investors, Asset-Backed Sec Index Fund
    194,511  
Barclays Global Investors, Comm Mortgage-Backed Sec Fund
    59,154  
Barclays Global Investors, Int Term Credit Bond Index Fund
    177,022  
Barclays Global Investors, Int Term Government Bond Index Fund
    68,119  
Barclays Global Investors, Long Term Government Bond Index Fund
    16,625  
Barclays Global Investors, Mortgage-Backed Sec Index Fund
    146,029  
State Street Bank Wrap contract
    60,247  
 
     
State Street Bank Constant Duration Synthetic Contract 107073
    750,108  
 
     
Total Constant Duration Synthetic Contracts
  $ 3,502,964  
 
     
 
*   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    
 
           
    HOURLY 401(K) PLAN FOR REPRESENTED EMPLOYEES AT MIDLAND AND LOUISVILLE    
 
           
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)    

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