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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, 2009

         
 
  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, 2009 and 2008
With Report of Independent Registered Public Accounting Firm

 


 

Allegheny Technologies Retirement Savings Plan
Audited Financial Statements
and Supplemental Schedule
Years Ended December 31, 2009 and 2008
Contents
         
    1  
Audited Financial Statements
       
    2  
    3  
    4  
Supplemental Schedule
       
    13  
       
 EX-23.1

 


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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, 2009 and 2008, 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, 2009 and 2008, 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, 2009, 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 Disclosures 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, 2010

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Table of Contents

Allegheny Technologies Retirement Savings Plan
Statements of Net Assets Available for Benefits
                 
    December 31  
    2009     2008  
|     |
Investments at fair value:
               
Interest in synthetic investment contracts
  $ 96,691,920     $ 96,180,452  
Interest in registered investment companies
    86,510,639       61,373,681  
Interest in common collective trusts
    58,703,216       42,464,847  
Corporate common stocks
    24,860,857       11,495,186  
Interest-bearing cash and cash equivalents
    10,446,108       8,425,077  
Participant loans
    3,472,651       2,929,458  
     
Total investments at fair value
    280,685,391       222,868,701  
 
               
Contributions receivable
    9,136       11,976  
     
Net assets available reflecting investments at fair value
    280,694,527       222,880,677  
Adjustment from fair value to contract value for fully benefit-responsive investment contracts
    (1,008,884 )     6,255,302  
     
Net assets available for benefits
  $ 279,685,643     $ 229,135,979  
     
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  
    2009     2008  
|     |
Contributions:
               
Employer
  $ 8,086,315     $ 7,510,149  
Employee
    7,336,340       8,198,779  
Rollovers
    351,778        
     
Total contributions
    15,774,433       15,708,928  
 
               
Investment income (loss):
               
Net gain (loss) from interest in registered investment companies
    20,857,133       (36,770,096 )
Net gain (loss) on corporate common stocks
    10,684,342       (19,898,808 )
Net gain (loss) from interest in common collective trusts
    10,531,685       (16,608,717 )
Interest income
    1,563,381       2,075,480  
Dividend income
    124       44  
Other
    3,254,827       2,878,023  
Total investment income (loss)
    46,891,492       (68,324,074 )
 
    62,665,925       (52,615,146 )
 
               
Distributions to participants
    (11,404,618 )     (16,421,872 )
Administrative expenses and other, net
    (711,643 )     (4,335 )
     
 
    (12,116,261 )     (16,426,207 )
     
 
               
Net increase (decrease) in net assets available for benefits
    50,549,664       (69,041,353 )
Net assets available for benefits at beginning of year
    229,135,979       298,177,332  
     
Net assets available for benefits at end of year
  $ 279,685,643     $ 229,135,979  
     
See accompanying notes.

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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. Fully benefit-responsive investment contracts held by a defined contribution plan are 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. Contract value is the relevant measurement attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. The contract value represents contributions plus earnings, less participant withdrawals and administrative expenses.
Recent Accounting Pronouncements
In September 2009, the Financial Accounting Standards Board (FASB) issued changes to disclosure requirements to allow entities to use net asset value (NAV) per share (or its equivalent), as a practical expedient, to measure fair value when the investment does not have a readily determinable market value and the NAV is calculated in a manner consistent with investment company accounting. The adoption of these changes did not have a material impact on the Plan’s net assets available for benefits or its changes in net assets available for benefits.
In January 2010, the FASB issued changes to disclosure requirements for fair value measurements, including the amount of transfers between Levels 1 and 2 of the fair value hierarchy, the reasons for transfers in or out of Level 3 of the fair value hierarchy, and activity for recurring Level 3 measures. In addition, the changes clarify certain disclosure requirements related to the level at which fair value disclosures should be disaggregated with separate disclosures of purchases, sales, issuances and settlements, and the requirement to provide disclosures about valuation techniques and inputs used in determining the fair value of assets or liabilities classified as Levels 2 or 3. The Plan will adopt the disclosure changes effective January 1, 2010, except for the disaggregated Level 3 rollforward disclosures, which will be effective for fiscal year 2011. The adoption of these changes is not expected to have a material impact on the Plan’s net assets available for benefits or its changes in net assets available for benefits.

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Allegheny Technologies Retirement Savings Plan
Notes to Financial Statements (continued)
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).
Separate accounts are maintained by the Plan Sponsor for each participating employee. Trustee fees and asset management fees charged by the Plan’s trustee, 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.

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Allegheny Technologies Retirement Savings Plan
Notes to Financial Statements (continued)
3. Investments
The BNY Mellon Stable Value Fund (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), and collateralized mortgage obligations (CMOs).
Interest crediting rates on the GICs in the Fund are determined at the time of purchase. The Fund had no GIC investments for the periods presented. 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.
Average yields for all fully benefit-responsive investment contracts for the years ended December 31, 2009 and 2008 were as follows:
                 
    Years Ended December 31
    2009   2008
Based on actual earnings
    3.67 %     4.67 %
Based on interest rate credited to participants
    3.55 %     4.56 %
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 Fund until maturity, certain investment contracts provide for adjustments to contract value for withdrawals made prior to maturity.
Certain investments are subject to restrictions or limitations if the Plan Sponsor decided to entirely exit the investments. Investments in registered investment companies and the Fund require at least 30 days prior notice to completely withdraw from the investments. The targeted date fund investments held in common collective trusts currently require the prior approval of the investment manager if the Plan Sponsor decided to entirely exit these investments.

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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
    2009   2008
Allegheny Technologies Incorporated common stock
  $ 24,860,857     $ 11,495,186  
American Funds Growth Fund of America
    21,630,910       16,028,565  
BlackRock Asset-Backed Securities Index Fund***
    21,306,579       17,715,591  
Alliance Bernstein Small Mid Cap Value Fund*
    15,194,696       8,214,128  
State Street Global Advisors S&P 500 Flagship SL Fund*
    14,094,515       11,336,458  
American Funds Europacific Growth Fund*
    14,083,886       9,298,368  
BlackRock Mortgage-Backed Securities Index Fund***
    14,051,837       13,299,361  
BlackRock Intermediate Term Credit Bond Index Fund**, ***
    7,093,629       16,121,927  
 
*   Prior year presented for comparative purposes only
 
**   Current year presented for comparative purposes only
 
***   Held within SICs
Investments in SICs at contract value that represent 5% or more of the Plan’s net assets were as follows:
                 
    December 31
    2009   2008
Monumental Life Ins. Co. Constant Duration SIC
  $ 28,033,321     $ 27,186,516  
Rabobank Constant Duration SIC
    27,365,955       26,543,836  
State Street Constant Duration SIC
    15,095,377       14,640,638  
Bank of America Fixed Maturity SIC*
    10,096,992       13,439,664  
 
*   Current year presented for comparative purposes only
4. Fair Value Measurements
In accordance with accounting standards, fair value is defined 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.
The accounting standards establish 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.

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Allegheny Technologies Retirement Savings Plan
Notes to Financial Statements (continued)
4. Fair Value Measurements (continued)
Determination of Fair Value
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
The three levels of inputs to measure fair value are as follows:
Level 1 — Quoted prices in active markets for identical assets and liabilities.
Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
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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Allegheny Technologies Retirement Savings Plan
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 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 — these investments 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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Allegheny Technologies Retirement Savings Plan
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 and CMOs. Because inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, 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 tables present the financial instruments carried at fair value by caption on the statement of net assets available for benefits and by category of the valuation hierarchy (as described above). The Plan had no assets classified within Level 3 of the valuation hierarchy. There were no reclassifications of assets between levels of the fair value hierarchy for the periods presented.
Assets measured at fair value on a recurring basis:
                         
December 31, 2009   Level 1     Level 2     Total  
     
Interest in synthetic investment contracts (a)
  $     $ 96,691,920     $ 96,691,920  
Interest in registered investment companies (c)
    86,510,639             86,510,639  
Interest in common collective trusts (b)
          58,703,216       58,703,216  
Corporate common stock (d)
    24,860,857             24,860,857  
Interest-bearing cash and cash equivalents
    10,446,108             10,446,108  
Participant loans
          3,472,651       3,472,651  
     
Total assets at fair value
  $ 121,817,604     $ 158,867,787     $ 280,685,391  
     
 
a)   This class includes approximately 13% government agency bonds, 19% corporate bonds, 28% residential mortgage-backed securities, 14% commercial mortgage-backed securities, and 26% asset-backed securities.
 
b)   This class includes approximately 70% target date funds, 24% U.S. equity funds, 2% non-U.S. equity funds, and 4% fixed income funds.
 
c)   This class includes approximately 43% U.S. equity funds, 19% non-U.S. equity funds, 25% balanced funds, and 13% fixed income funds.
 
d)   Comprised of ATI common stock.

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Allegheny Technologies Retirement Savings Plan
Notes to Financial Statements (continued)
4. Fair Value Measurements (continued)
                         
December 31, 2008   Level 1     Level 2     Total  
     
Interest in synthetic investment contracts (a)
  $     $ 96,180,452     $ 96,180,452  
Interest in registered investment companies (c)
    61,373,681             61,373,681  
Interest in common collective trusts (b)
          42,464,847       42,464,847  
Corporate common stock (d)
    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  
     
 
a)   This class includes approximately 11% government agency bonds, 17% corporate bonds, 33% residential mortgage-backed securities, 14% commercial mortgage-backed securities, and 25% asset-backed securities.
 
b)   This class includes approximately 67% target date funds, 27% U.S. equity funds, 1% non-U.S. equity funds, and 5% fixed income funds.
 
c)   This class includes approximately 44% U.S. equity funds, 18% non-U.S. equity funds, 26% balanced funds, and 12% fixed income funds.
 
d)   Comprised of ATI common stock.
5. Income Tax Status
The Plan has received a determination letter from the Internal Revenue Service (IRS) 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. The Plan was most recently amended and restated effective June 1, 2009 to conform with certain provisions of the Pension Protection Act of 2006 and other regulations, and in January 2010 an Application for Determination was filed with the IRS with respect to said amendment and restatement.
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.

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Allegheny Technologies Retirement Savings Plan
Notes to Financial Statements (continued)
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  
Net assets available for benefits per the financial statements
  $ 229,135,979  
Deemed distribution of benefits to participants
    (203,157 )
 
     
Net assets available for benefits per the Form 5500
  $ 228,932,822  
 
     
 
       
The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500 for the year ended December 31, 2009:
 
       
Benefits paid to participants per the financial statements
  $ 11,404,618  
Less: Amounts allocated on Form 5500 to deemed distributions for the year ended December 31, 2008
    (203,157 )
 
     
Benefits paid to participants per the Form 5500
  $ 11,201,461  
 
     

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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, 2009
         
Description   Current Value  
 
Interest-bearing cash and cash equivalents
       
TBC Pooled Emp. Daily Fund
  $ 10,446,108  
Adjustment from fair to book value
    1,925  
 
     
 
  $ 10,448,033  
 
       
Registered Investment Companies
       
Alliance Bernstein Small Mid Cap Value Fund
  $ 15,194,696  
American Funds Europacific Growth Fund
    14,083,886  
American Funds Growth Fund of America
    21,630,910  
MFS Value Fund
    8,377,664  
MSIF Small Company Growth Fund
    12,611,281  
Vanguard Total Bond Index Fund
    9,364,923  
Vanguard Inflation Protected Securities Fund
    927,536  
Federated Money Market Fund
    609,941  
 
     
 
    82,800,837  
 
       
Self-directed accounts
       
American Beacon International Equity Fund
    16,433  
American Century Equity Growth Fund
    38,675  
American Century Utilities Fund
    16,739  
Barron Asset Fund
    11,153  
Baron Growth Fund
    5,340  
Federated Kaufmann Fund Class K
    186,891  
Gamco Global Growth Fund
    5,194  
Gamco Growth Fund
    36,734  
Janus Contrarian Fund
    60,357  
Janus Enterprise Fund
    92,420  
Janus Global Technology Fund
    24,642  
Janus Global Life Sciences Fund
    28,366  
Janus Growth & Income Fund
    89,610  
Janus Forty Fund
    8,346  
Janus Twenty Fund
    42,066  
Janus Worldwide Fund
    51,881  
Jensen Portfolio
    48,802  
Mutual Global Discovery
    25,458  
Oakmark Equity & Income Fund
    18,290  
Oil & Gas Ultrasector Profund
    5,805  
Perkims Mid Cap Value Fund
    28,900  
Pimco PIMS Real Return Fund
    25,365  
Precious Metals Ultra Sector Profund
    3,264  
Technology Ultrasector Profund
    5,233  
UltraChina Profound
    8,073  
Ultradow 30 Profund
    10,233  
UltraLatin America Fund
    7,038  

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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, 2009
         
Description   Current Value  
 
Ultrashort Small-Cap Profound
    88,578  
Vanguard Equity Income Fund
    15,293  
Vanguard Energy Fund
    113,826  
Vanguard Growth Index Fund
    6,217  
Vanguard Windsor II
    88,148  
AIM Global Health Care Fund
    30,367  
Ariel Appreciation Fund
    20,122  
CGM Focus Fund
    7,211  
CGM Realty Fund
    20,258  
Direxion Monthly Nasdaq 100 Bear 2X Fund
    1,000  
Direxion Monthly Developed Markets Bear 2X Fund
    1,248  
Direxion Monthly Commodity Bull 2X Fund
    1,976  
Dodge & Cox International Fund
    24,952  
Dodge & Cox Income Fund
    15,586  
Dodge & Cox Stock Fund
    3,193  
Dreyfus Basic S & P 500 Index
    5,111  
Dreyfus Disciplined Stock Fund
    7,572  
Dreyfus Intermediate Term Income Fund
    10,012  
Dreyfus Technology Growth Fund
    42,878  
DWS High Income Plus Fund
    13,267  
FBR Gas Utility Index Fund
    1,072  
Fidelity Canada Fund
    42,676  
Fidelity Dividend Growth Fund
    13,766  
Fidelity Growth Company
    20,161  
Fidelity International Discovery Fund
    75,952  
Fidelity Leveraged Company Stock Fund
    65,946  
Fidelity Nordic Countries
    33,319  
Fidelity Select Banking Portfolio
    6,996  
Fidelity Select Biotechnology Fund
    5,146  
Fidelity Select Electronics Fund
    16,382  
Fidelity Select Gold Fund
    70  
Fidelity Select Health Care Fund
    17,096  
Fidelity Select Medical Equipment & Systems Fund
    22,227  
Fidelity Select Natural Gas Fund
    4,457  
Fidelity Select Natural Resources
    6,177  
Fidelity Select Portfolio
    16,601  
Fidelity Select Software Fund
    52,173  
Fidelity Select Technology Portfolio Fd
    36,519  
Fidelity Small Cap Independence Fund
    34,579  
Fidelity Growth Strategies Fund
    1,703  
Financial Ultrasector Profund
    7,317  
Harbor Fund Investor Class
    30,267  
Harbor Bond Fund Institutional Class
    33,174  
Icon Materials Fund
    28,284  
Internet Ultrasector Profund
    6,588  

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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, 2009
         
Description   Current Value  
 
Invesco Global Health Care Fund
    37,289  
Invesco Technology Fund Investor Class
    2,650  
Janus Fund Class T
    34,492  
Janus Research Fund
    42,829  
Janus Global Opportunities Fund
    22,917  
Janus Orion Fund
    195,047  
Lazard Emerging Markets Portfolio
    26,996  
Loomis Sayles Bond Fund
    70,556  
Lord Abbett Mid-Cap Value Fund
    5,897  
Marsico Growth Fund
    40,446  
Masters Select International Fund
    23,038  
MFS Mid-Cap Growth Fund
    12,729  
Old Mutual Focused Fund
    12,871  
Old Mutual Strategic Small Company Fund
    47  
Permanent Portfolio Fund
    10,067  
Pimco All Asset Fund
    60,448  
Pimco Commodity Real Return Strategy Fund
    25,254  
Pimco High Yield Fund
    28,122  
Pimco Total Return Fund
    45,071  
Royce Opportunity Fund
    1,348  
Royce Pennsylvania Mutual Fund
    8,064  
Royce Special Equity Fund
    15,989  
RS Small Cap Growth Fund
    31,947  
RS Large Cap Alpha Fund
    39,695  
Rydex Inverse S&P 500 2X Strategy Fund
    57,281  
T. Rowe Price International Growth & Income Adv.
    7,726  
T. Rowe Price Blue Chip Growth
    7,278  
T. Rowe Price Capital Appreciation
    93,581  
T. Rowe Price Equity Income
    8,192  
T. Rowe Price Health Sciences
    16,062  
T. Rowe Price Latin America
    73,324  
T. Rowe Price Midcap Growth Fund
    21,886  
T. Rowe Price New Asia
    13,407  
T. Rowe Price Real Estate
    7,649  
T. Rowe Price Science and Technology Fund
    43,446  
T. Rowe Price New Era
    11,568  
T. Rowe Price Emerging Europe & Mediterranean
    8,271  
The Fairholme Fund
    16,831  
The Growth Fund of America
    8,158  
Third Avenue Real Estate Value Fund
    8,353  
Third Avenue Value Fund
    10,740  
UltraEmerging Markets Profund
    9,361  
Vanguard 500 Index Fund
    22,696  
Vanguard High Yield Corp Bond Fund
    6,290  
Vanguard Short-Term Inv Grade Fund
    8,390  

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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, 2009
         
Description   Current Value  
 
Vanguard International Value
    107,952  
Vanguard Precious Metals & Mining Fund
    46,486  
Vanguard Primecap Core Fund
    14,368  
Vanguard Small-Cap Growth Index Fund
    6,005  
Vanguard Strategic Equity Fund
    13,869  
Vanguard Total International Stock Index Fund
    5,481  
Vanguard Total Stock Market Index Signal Fund
    9,916  
Vanguard Total Bond Fund
    36,475  
Vanguard Wellington Fund
    70,195  
Wasatch Heritage Growth Fund
    11,287  
Wasatch Strategic Income Fund
    6,137  
Wells Fargo Advantage
    130,502  
Cash balance liability
    59  
 
     
Total Self-Directed Accounts
    3,709,802  
 
     
Total Registered Investment Companies
  $ 86,510,639  
 
     
 
       
Corporate Common Stock
       
Allegheny Technologies Incorporated*
  $ 24,860,857  
 
     
 
       
Common Collective Trusts
       
Mellon Stable Value Fund of the Bank of New York Mellon
  $ 2,323,405  
Adjustment from fair to book value
    (33,447 )
State Street Global Advisors Target Retirement Income SL Series Fund
    2,620,136  
State Street Global Advisors Target Retirement Income 2010 SL Series Fund
    1,667,102  
State Street Global Advisors Target Retirement Income 2015 SL Series Fund
    7,642,609  
State Street Global Advisors Target Retirement Income 2020 SL Series Fund
    10,544,588  
State Street Global Advisors Target Retirement Income 2025 SL Series Fund
    6,823,431  
State Street Global Advisors Target Retirement Income 2030 SL Series Fund
    5,522,717  
State Street Global Advisors Target Retirement Income 2035 SL Series Fund
    2,388,737  
State Street Global Advisors Target Retirement Income 2040 SL Series Fund
    1,321,109  
State Street Global Advisors Target Retirement Income 2045 SL Series Fund
    1,994,085  
State Street Global Advisors Target Retirement Income 2050 SL Series Fund
    623,959  
State Street Global Advisors S&P 500 Flagship SL Fund
    14,094,515  
State Street Global Advisors Daily MSCI ACWI Ex-US Index SL Series Fund
    1,136,823  
 
     
 
  $ 58,669,769  
 
     
 
       
Fixed Maturity Synthetic Contracts
       
CMBS, BACM 2002-2 A3
  $ 942,491  
CMBS, BACM 2005-3 A3A
    1,131,528  
Freddie Mac, FHR 2627 BU
    111,881  
Freddie Mac, FHR 2640 TL
    302,086  
Freddie Mac, FHR 2715 ND
    477,759  
Freddie Mac, FHR 2760 EB
    530,924  
Freddie Mac, FHR 2786 PC
    304,853  

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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, 2009
         
Description   Current Value  
 
Freddie Mac, FHR 2865 PQ
    1,212,070  
Freddie Mac, FHR 2866 XD
    1,397,303  
Freddie Mac, FHR 2870 BD
    902,886  
Freddie Mac, FHR 2888 OW
    665,823  
GNMA Project Loans, GNR 06-51 A
    1,021,683  
Auto Valet 2008-2 A3A
    1,438,264  
Bank of America, N.A. Wrap contract
    (342,559 )
 
     
Bank of America, N.A. Fixed Maturity Synthetic Contract 03-040
    10,096,992  
 
       
Auto, BASAT 06-G1 A4
    584,397  
CMBS, CDCMT 2002-FX1D1895488.82
    955,153  
Rate Redu Bonds, CNP 05-1 A2
    1,245,650  
Freddie Mac, FHR 2631 LB
    335,955  
Freddie Mac, FHR 2681 PC
    533,063  
Freddie Mac, FHR 2778 KR
    281,026  
Freddie Mac, FHR 2981 NB
    1,081,581  
Freddie Mac, FHR 2891 NB
    951,863  
CMBS, MLMT 05-CIP1 A2
    1,826,398  
CMBS, MLMT 05-CKI1 A2
    918,743  
CMBS, CD05-CD1 A2 FX
    458,256  
State Street Bank Wrap contract
    (239,032 )
 
     
State Street Bank Fixed Maturity Synthetic Contract 105028
    8,933,053  
 
       
CMBS, BSCMS 05-T18 A2
    668,035  
Freddie Mac, FHR 2663 ML
    660,059  
Freddie Mac, FHR 2763 PC
    744,179  
Freddie Mac, FHR 2921 NV
    636,567  
Freddie Mac, FHR 2934 OC
    949,695  
CMBS, JPMCC 05-LDP2 A2
    773,791  
Natixis Financial Products Wrap contract
    (64,763 )
 
     
Natixis Financial Products Fixed Maturity Synthetic Contract #1245-01
    4,367,563  
 
     
Total Fixed Maturity Synthetic Contracts
  $ 23,397,608  
 
     
 
       
Variable Rate Synthetic Contracts
       
Natixis Financial Products
  $ 1,887,393  
Natixis Wrap Contract
    (65,096 )
 
     
Total Variable Rate Synthetic Contracts
  $ 1,822,297  
 
     
 
       
Constant Duration Synthetic Contracts
       
BlackRock, 1-3 Year Government Bond Index Fund
  $ 2,674,087  
BlackRock, 1-3 Year Credit Bond Index Fund
    4,242,621  
BlackRock, Asset-Backed Sec Index Fund
    8,478,882  

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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, 2009
         
Description   Current Value  
 
BlackRock, Comm Mortgage-Backed Sec Fund
    2,134,657  
BlackRock, Int Term Credit Bond Index Fund
    2,822,887  
BlackRock, Int Term Government Bond Index Fund
    1,812,086  
BlackRock Global Investors, Long Term Government Bond Index Fund
    401,831  
BlackRock, Mortgage-Backed Sec Index Fund
    5,591,882  
Monumental Life Ins. Co. Wrap contract
    (125,612 )
 
     
Monumental Life Ins. Co. Constant Duration Synthetic Contract MDA00413TR
    28,033,321  
 
       
BlackRock, 1-3 Year Government Bond Index Fund
    2,605,731  
BlackRock, 1-3 Year Credit Bond Index Fund
    4,134,169  
BlackRock, Asset-Backed Sec Index Fund
    8,262,145  
BlackRock, Comm Mortgage-Backed Sec Fund
    2,080,093  
BlackRock, Int Term Credit Bond Index Fund
    2,750,726  
BlackRock, Int Term Government Bond Index Fund
    1,765,765  
BlackRock, Long Term Government Bond Index Fund
    391,559  
BlackRock, Mortgage-Backed Sec Index Fund
    5,448,941  
Rabobank Wrap contract
    (73,174 )
 
     
Rabobank Constant Duration Synthetic Contract ATI060301
    27,365,955  
 
       
BlackRock, 1-3 Year Government Bond Index Fund
    1,439,893  
BlackRock, 1-3 Year Credit Bond Index Fund
    2,284,488  
BlackRock, Asset-Backed Sec Index Fund
    4,565,552  
BlackRock, Comm Mortgage-Backed Sec Fund
    1,149,431  
BlackRock, Int Term Credit Bond Index Fund
    1,520,016  
BlackRock, Int Term Government Bond Index Fund
    975,739  
BlackRock, Long Term Government Bond Index Fund
    216,370  
BlackRock, Mortgage-Backed Sec Index Fund
    3,011,014  
State Street Bank Wrap contract
    (67,126 )
 
     
State Street Bank Constant Duration Synthetic Contract 107073
    15,095,377  
 
     
Total Constant Duration Synthetic Contracts
  $ 70,494,653  
 
     
 
       
Participant loans* (4.25% to 9.75%, with maturities through 2024)
  $ 3,472,651  
 
     
 
*   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, 2010
  By:   /s/ Dale G. Reid    
 
           
 
      Dale G. Reid    
 
      Vice President-Controller, Chief Accounting Officer and Treasurer    
 
      (Principal Accounting Officer and Duly Authorized Officer)    

19