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Allegheny Technologies Comments on Share Repurchases
09/17/2008 - Allegheny Technologies Chairman, President and CEO reports on the company’s purchase of shares in the third quarter through ATI’s share repurchase program.
Allegheny Technologies Inc. Chairman, President and CEO L. Patrick Hassey provided an update on the amount of shares of common stock repurchased through ATI’s share repurchase program.
“We have a balanced approach toward deploying ATI’s strong cash flow to create long-term value for our shareholders,” said Pat Hassey. “We have repurchased 3.2 million shares for $145.7 million during the third quarter 2008.
“Since our Board authorized a $500-million share repurchase program in November 2007, we have repurchased a total of 5.2 million shares for $295.4 million,” Hassey added. “We believe ATI stock is an attractive investment.”
Hassey’s comments were made on Tuesday, Sep. 16 during his presentation at the Bank of America Investment Conference in San Francisco, Calif.
Allegheny Technologies Inc. is one of the largest and most diversified specialty metals producers in the world with revenues of $5.5 billion during 2007. ATI’s major markets are aerospace and defense, chemical process industry/oil and gas, electrical energy, medical, automotive, food equipment and appliance, machine and cutting tools, and construction and mining. Its products include titanium and titanium alloys, nickel-based alloys and superalloys, grain-oriented electrical steel, stainless and specialty steels, zirconium, hafnium, and niobium, tungsten materials, and forgings and castings.
