Allegheny Technologies Incorporated 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, 2007

         
 
  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, 2007 and 2006
With Report of Independent Registered Public Accounting Firm

1


 

Allegheny Technologies Retirement Savings Plan
Audited Financial Statements
and Supplemental Schedule
Years Ended December 31, 2007 and 2006
Contents
         
    1  
 
       
Audited Financial Statements
       
 
       
    2  
    3  
    4  
 
       
Supplemental Schedule
       
 
       
    12  
 
       
       

 


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, 2007 and 2006, 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, 2007 and 2006, 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, 2007 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 27, 2008

1


Table of Contents

Allegheny Technologies Retirement Savings Plan
Statements of Net Assets Available for Benefits
                 
    December 31
    2007   2006
     
Investments at fair value:
               
Interest in registered investment companies
  $ 106,140,817     $ 107,268,894  
Interest in synthetic investment contracts
    102,708,168        
Interest in common collective trusts
    54,393,887       121,205  
Corporate common stocks
    26,473,467       33,589,850  
Interest-bearing cash
    5,401,079       12,057  
Participant loans
    2,692,259       2,638,859  
Interest in Allegheny Master Trust
          154,119,073  
Non-interest-bearing cash
          2,131  
     
Total investments at fair value
    297,809,677       297,752,069  
 
Other payables, net
          (55,410 )
     
Net assets available for benefits at fair value
    297,809,677       297,696,659  
Adjustment from fair value to contract value for fully benefit-responsive investment contracts
    367,655       1,575,123  
     
Net assets available for benefits
  $ 298,177,332     $ 299,271,782  
     
See accompanying notes.

2


Table of Contents

Allegheny Technologies Retirement Savings Plan
Statements of Changes in Net Assets Available for Benefits
                 
    Years Ended December 31
    2007   2006
     
Contributions:
               
Employer
  $ 8,513,597     $ 6,979,142  
Employee
    7,559,816       6,353,677  
     
Total contributions
    16,073,413       13,332,819  
 
               
Investment income:
               
Net gain from interest in registered investment companies
    6,778,082       10,616,318  
Net gain from interest in Allegheny Master Trust
    6,481,393       7,188,781  
Interest income
    905,057       186,543  
Net realized/unrealized gain (loss) on corporate common stocks
    (901,176 )     26,769,300  
Net gain from interest in common collective trusts
    271,969       13,321  
Dividend income
    80,587       202,860  
Other
    923,042       (1,339 )
     
Total investment income
    14,538,954       44,975,784  
     
 
    30,612,367       58,308,603  
 
               
Distributions to participants
    (31,703,777 )     (20,717,973 )
Administrative expenses and other, net
    (3,040 )     (13,381 )
     
 
    (31,706,817 )     (20,731,354 )
     
 
               
Net increase (decrease) in net assets available for benefits
    (1,094,450 )     37,577,249  
Net assets available for benefits at beginning of year
    299,271,782       261,694,533  
     
Net assets available for benefits at end of year
  $ 298,177,332     $ 299,271,782  
     
See accompanying notes.

3


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.
Accounting Pronouncement
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.
In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 157, Fair Value Measurement (FAS 157). 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. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007. Plan management is currently evaluating the effect that the provisions of FAS 157 will have on the Plan’s financial statements.
Investment Valuation and Income Recognition
The Plan’s investments are stated at fair value except for its benefit-responsive investment contracts, which are valued at contract value (see Note 3). Quoted market prices are used to value investments. Units of registered investment companies are valued at the net asset value of shares held by the Plan at year end. The fair value of the participation units in common collective trusts is based on quoted redemption value on the last business day of the Plan’s year-end. Participant loans are valued at their outstanding balances, which approximate fair value.
Fully benefit-responsive guaranteed investment contracts (GICs) and in synthetic investment contracts (SICs) are stated at contract value which is equal to principal balance plus accrued interest. As provided in the FSP, an investment contract is generally permitted to be valued at contract value, rather than fair value, to the extent it is fully benefit-responsive. Fair value of the GICs is estimated by discounting the weighted average cash flows at the then-current interest crediting rate for a comparable maturity investment contract. Fair value of the SICs is estimated based on the fair value of each contract’s supporting assets at December 31, 2007 and 2006. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value.

4


Table of Contents

Allegheny Technologies Retirement Savings Plan
Notes to Financial Statements (continued)
1. Significant Accounting Policies (continued)
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.
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 Fund 2020).
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.

5


Table of Contents

Allegheny Technologies Retirement Savings Plan
Notes to Financial Statements (continued)
2. Description of the Plan (continued)
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 are allocated to the Plan based upon its pro rata share in the net assets of the Allegheny Master Trust. At December 31, 2006, the Plan’s interest in the net assets of the Alliance Capital Growth Pool, the Standish Mellon Fixed Income Fund, and the T. Rowe Price Structured Research Common Trust Fund held within the Allegheny Master Trust was as follows:
         
    2006
Alliance Capital Growth Pool
    66.87 %
Standish Mellon Fixed Income Fund
    47.42  
T. Rowe Price Structured Research Common Trust Fund
    28.41  

6


Table of Contents

Allegheny Technologies Retirement Savings Plan
Notes to Financial Statements (continued)
3. Investments (continued)
The composition of the net assets of the Standish Mellon Fixed Income Fund held within the Allegheny Master Trust at December 31, 2006 was as follows:
         
Guaranteed investment contracts:
       
Principal Life
  $ 1,368,618  
New York Life Insurance Company
    895,330  
 
     
 
    2,263,948  
 
       
Synthetic guaranteed investment contracts:
       
Monumental Life
    60,286,128  
Rabobank
    53,011,207  
Union Bank of Switzerland
    39,206,620  
Bank of America
    28,662,260  
State Street Bank
    21,292,911  
IXIS Financial Products, Inc.
    4,030,074  
 
     
 
    206,489,200  
 
       
Interest in common collective trusts
    24,622,702  
 
     
Total net assets at fair value
    233,375,850  
Wrap contracts at fair value
    (49,959 )
Adjustment from fair value to contract value for fully benefit-responsive investment contracts
    3,381,661  
 
     
Total net assets
  $ 236,707,552  
 
     
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 investments held by Standish Mellon Stable Value Fund are separately reported in 2007. 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. 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, 2007 and 2006, the interest crediting rates for GICs (2006 only) and Fixed Maturity SICs ranged from 4.30% to 5.32% and 4.30% to 5.34%, respectively.

7


Table of Contents

Allegheny Technologies Retirement Savings Plan
Notes to Financial Statements (continued)
3. Investments (continued)
Average yields for all fully benefit-responsive investment contracts for the years ended December 31, 2007 and 2006 were as follows:
                 
    Years Ended December 31
    2007   2006
     
Average yields:
   
Based on actual earnings
    4.72 %     4.75 %
Based on interest rate credited to participants
    4.57 %     4.64 %
The following presents investments that represent 5% or more of the Plan’s net assets:
                 
    December 31
    2007   2006
     
American Funds Growth Fund of America
  $ 27,110,712     $  
Allegheny Technologies Incorporated common stock
    26,473,467       33,589,850  
State Street Global Asset Advisors S&P500 Fund
    19,990,877        
Barclays Global Investors Asset-Backed Securities Index Fund**
    18,663,527        
American Funds Europacific Growth Fund
    17,228,050        
Alliance Bernstein Small Mid Cap Value Fund
    16,372,049        
Barclays Global Investors Intermediate Term Credit Bond Index Fund**
    15,852,204        
MSIF Small Company Growth Fund
    15,492,580        
Standish Mellon Fixed Income Fund*
          112,238,253  
Oakmark Balanced Fund
          23,835,020  
Alliance Capital Growth Pool*
          22,952,871  
T. Rowe Price Structured Research Common Trust Fund*
          20,503,072  
Dreyfus Emerging Leaders Fund
          15,412,702  
 
*   Contract value
 
**   Held within SICs
Investments in SICs at contract value that represent 5% of more of the Plan’s net assets were as follows:
                 
    December 31
    2007   2006
     
Rabobank Constant Duration SIC
  $ 25,321,764     $  
Monumental Life Ins. Co. Constant Duration SIC
    24,895,256        
Union Bank of Switzerland Fixed Maturity SIC
    17,324,923        

8


Table of Contents

Allegheny Technologies Retirement Savings Plan
Notes to Financial Statements (continued)
3. Investments (continued)
The composition of net assets of the Alliance Capital Growth Pool at December 31, 2006 was as follows:
         
Investment in pooled separate accounts:    
Alliance Equity Fund S.A. #4
  $ 34,335,972  
Operating payables
    (10,572 )
 
     
Total net assets
  $ 34,325,400  
 
     
The composition of net assets of the T. Rowe Price Structured Research Common Trust Fund at December 31, 2006 was as follows:
         
Interest in common collective trusts
  $ 72,210,981  
Payables
    (34,228 )
 
     
Total net assets
  $ 72,176,753  
 
     
The composition of the changes in net assets of the Allegheny Master Trust for the year ended December 31, 2006 is as follows:
                         
                    T. Rowe Price
    Standish Mellon   Alliance Capital   Structured Research
    Fixed Income Fund   Growth Pool   Common Trust Fund
     
Investment income (loss):
                       
Interest income
  $ 9,196,721     $     $  
Net realized/unrealized gain on corporate common stocks
    6,246             11,900  
Net loss, pooled separate accounts
          (283,791 )      
Net gain, common collective trusts
    851,445             10,226,870  
Administrative expenses
    (242,636 )     (98,140 )     (403,225 )
Transfers
    14,124,671       (5,060,685 )     (3,924,321 )
     
Net increase (decrease)
    23,936,447       (5,442,616 )     5,911,224  
Total net assets at beginning of year
    212,771,105       39,768,016       66,265,529  
     
Total net assets at end of year
  $ 236,707,552     $ 34,325,400     $ 72,176,753  
     
Interest, realized and unrealized gains and losses, and management fees from the Allegheny Master Trust are included in the net gain from interest in Allegheny Master Trust on the statements of changes in net assets available for benefits for the year ended December 31, 2006.

9


Table of Contents

Allegheny Technologies Retirement Savings Plan
Notes to Financial Statements (continued)
4. 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.
5. 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.
6. 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.
7. 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
    2007   2006
     
Net assets available for benefits per the financial statements
  $ 298,177,332     $ 299,271,782  
Deemed distribution of benefits to participants
    (138,106 )     (157,053 )
     
Net assets available for benefits per the Form 5500
  $ 298,039,226     $ 299,114,729  
     

10


Table of Contents

Allegheny Technologies Retirement Savings Plan
Notes to Financial Statements (continued)
7. 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, 2007.
         
Benefits paid to participants per the financial statements
  $ 31,703,777  
Add: Amounts allocated on Form 5500 to deemed distributions for the year ended December 31, 2007
    138,106  
Subtract: Amounts allocated on Form 5500 to deemed distributions for the year ended December 31, 2006
    (157,053 )
 
     
Benefits paid to participants per the Form 5500
  $ 31,684,830  
 
     

11


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, 2007
                 
Description   Units/Shares     Current Value  
 
Registered Investment Companies
               
Alliance Bernstein Small Mid Cap Value Fund
          $ 16,372,049  
American Funds Europacific Growth Fund
            17,228,050  
American Funds Growth Fund of America
            27,110,712  
MFS Value Fund
            10,413,881  
Lord, Abbott Mid Cap Value Fund
            6,990,439  
MSIF Small Company Growth Fund
            15,492,580  
Western Asset Core Plus Bond Fund
            6,330,453  
Putnam Money Market Fund
            774,092  
 
             
 
            100,712,256  
 
               
Self-directed accounts
               
Aim Global Health Care Fund Investor Class
            111,724  
Aim Technology Fund Investor Class
            3,022  
American Beacon International
            21,429  
American Beacon Large Cap Value Fund
            52,390  
American Century Equity Growth Fund
            49,373  
American Century Real Estate Fund
            52,418  
Ariel Appreciation Fund
            20,836  
Baron Asset Fund
            14,293  
Baron Growth Fund
            6,540  
Cash Balance Liability
            (243 )
CGM Focus Fund
            10,944  
CGM Realty Fund
            43,641  
Dodge & Cox International Fund
            57,712  
Dodge & Cox Stock Fund
            3,931  
Dreyfus Basic S&P 500 Index
            6,425  
Dreyfus Disciplined Stock Fund Class R
            9,642  
Dreyfus Intermediate Term
            10,004  
Dreyfus Mid-Cap Value Fund
            9,172  
Dreyfus Premier Enterprise Fund
            33,285  
Dreyfus Premier Technology Growth
            47,735  
DWS High Income Plus Fund Class S
            14,707  
Excelsior value & Restructuring Fund
            6,203  
FBR Focus Fund
            1,613  
Federated Kaufmann Fund Class K
            249,403  
Fidelity Advisor Latin America Fund
            28,752  
Fidelity Aggressive Growth Fund
            2,404  
Fidelity Canada Fund
            53,283  
Fidelity Dividend Growth Fund
            15,982  
Fidelity Equity Income II Fund
            32,030  
Fidelity Growth Company
            24,167  

12


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, 2007
         
Description   Current Value  
 
Fidelity International
    104,793  
Fidelity Latin America Fund
    118,745  
Fidelity Leveraged Company Stock Fund
    90,903  
Fidelity Nordic Countries Fund
    51,300  
Fidelity Select Biotechnology Fund
    5,240  
Fidelity Select Electronics Fund
    17,666  
Fidelity Select Gold Fund
    63  
Fidelity Select Health Care Fund
    19,155  
Fidelity Select Portfolio Computer Fund
    17,606  
Fidelity Select Software Fund
    55,829  
Fidelity Select Technology Portfolio FD
    39,239  
Fidelity Small Cap Independence Fund
    49,310  
Fidelity Spartan 500 Index Fund
    81,199  
Fidelity Spartan Int’l Index Fund
    75,448  
Franklin Convertible Secs Fund Class A
    2,894  
Gamco Global Growth Fund Class AAA
    6,509  
Gamco Growth Fund Class AAA
    46,620  
Growth Fund of America Class B
    10,106  
Harbor International Fund Investor Class
    47,631  
Janus Contrarian Fund
    230,526  
Janus Enterprise Fund
    116,652  
Janus Fund
    41,756  
Janus Global Life Sciences Fund
    35,889  
Janus Global Opportunities Fund
    27,935  
Janus Global Technology Fund
    50,424  
Janus Growth & Income Fund
    112,382  
Janus Mid Cap Value Fund Investor Shares
    30,505  
Janus Orion Fund
    264,644  
Janus Research Fund
    160,232  
Janus Twenty Fund
    50,600  
Janus Worldwide Fund
    72,141  
Jennison Health Sciences Fund Class Z
    21,992  
Jensen Portfolio Class J
    43,893  
Lazard Emerging Markets Portfolio
    37,603  
Loomis Sayles Bond Fund Retail
    22,297  
Lord Abbett Mid Cap Value Fund Class B
    7,785  
Marsico Growth Fund
    82,072  
Masters Select International Fund
    30,661  
Matthews China Fund
    65,220  
Meridian Growth Fund
    9,651  
MFS Mid Cap Growth Fund Class A
    18,387  
Midas Fund
    46  
Mutual Series Discovery Class Z
    20,327  
Old Mutual Columbus Circle Technology & Comm. Fund Class Z
    15,963  

13


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, 2007
         
Description   Current Value  
 
Old Mutual Emerging Growth Fund Class Z
    62  
Pimco All Asset Fund
    5,729  
Pimco All Asset Fund Class D
    22,536  
Pimco Commodity Real Return
    14,205  
Pimco Total Return Fund Class D
    139,124  
Royce Opportunity Fund
    1,532  
Royce Pennsylvania Mutual Fund
    9,073  
Royce Special Equity Fund
    15,494  
RS Core Equity Fund Class A
    44,947  
RS Emerging Growth Fund Class A
    39,789  
Rydex 1.25x Strategy
    6,247  
Short Real Estate Profund
    43,172  
Short Small Cap Profund Service
    29,576  
Stratton Multi Cap Fund
    34,886  
T Rowe Price Blue Chip Growth
    12,763  
T Rowe Price Capital Appreciation
    112,322  
T Rowe Price Equity Income Fund
    41,193  
T Rowe Price Growth Stock
    16,555  
T Rowe Price Health Sciences
    30,814  
T Rowe Price International
    10,469  
T Rowe Price Latin America
    57,529  
T Rowe Price Media & Telecommunications
    12,294  
T Rowe Price Mid Cap Growth
    24,951  
T Rowe Price New Era
    34,880  
T Rowe Price Real Estate
    5,865  
T Rowe Price Science & Technology
    69,697  
T Rowe Price Small-Cap Value
    35,545  
Third Avenue Real Estate Value Fund
    11,362  
Third Avenue Value Fund
    13,662  
Ultra Emerging Markets Profund
    3,570  
US Government Plus Fund Profund
    37,533  
Vanguard 500 Index Fund Investor Shares
    81,294  
Vanguard Energy Fund
    143,996  
Vanguard Equity Income Fund
    17,411  
Vanguard Growth Index Fund Investor
    7,396  
Vanguard Health Care Fund
    36,514  
Vanguard International Value
    138,518  
Vanguard Mid-Cap Stock Index Fund
    174,560  
Vanguard Precious Metals and Mining
    59,894  
Vanguard Primecap Core Fund Investor
    15,275  
Vanguard Small Cap Index Fund
    10,159  
Vanguard Strategic Equity Fund
    17,956  
Vanguard Total International Stock
    6,113  
Vanguard Wellington Fund
    73,927  

14


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, 2007
         
Description   Current Value  
 
Vanguard Windsor Fund
    14,537  
Vanguard Windsor II Fund
    109,603  
Wasatch Heritage Growth Fund
    12,643  
Wasatch Strategic Growth Fund
    7,480  
Wells Fargo Advantage Dividend
    145,821  
Wells Fargo Advantage Growth
    15,432  
Self-Directed Accounts
    5,428,561  
 
     
Total Registered Investment Companies
  $ 106,140,817  
 
     
 
       
Corporate Common Stock
       
Allegheny Technologies Incorporated*
  $ 26,473,467  
 
     
 
       
Participant loans* (5.00% to 9.75%, with maturities through 2020)
  $ 2,692,259  
 
     
 
       
Interest bearing cash
       
Mellon Stable Value Fund
  $ 3,554,455  
Natixis Financial
    1,846,624  
 
     
 
  $ 5,401,079  
 
     
 
       
Common Collective Trusts
       
Mellon Stable Value Fund
  $ 2,139,824  
SEI Fund
    954,368  
State Street Global Advisors Target Retirement Income Fund
    2,666,142  
State Street Global Advisors Target Retirement Income Fund 2010
    2,018,095  
State Street Global Advisors Target Retirement Income Fund 2015
    6,752,128  
State Street Global Advisors Target Retirement Income Fund 2020
    8,719,711  
State Street Global Advisors Target Retirement Income Fund 2025
    4,561,874  
State Street Global Advisors Target Retirement Income Fund 2030
    3,432,462  
State Street Global Advisors Target Retirement Income Fund 2035
    883,555  
State Street Global Advisors Target Retirement Income Fund 2040
    463,266  
State Street Global Advisors Target Retirement Income Fund 2045
    956,185  
State Street Global Advisors S&P 500 Index Fund
    19,990,877  
State Street Global Advisors MSCI ACWI Ex-US Fund
    855,400  
 
     
 
  $ 54,393,887  
 
     
 
       
Fixed Maturity Synthetic Contracts:
       
Credit Cards, CCIT 03-A6 A6
  $ 914,088  
Rate Redu Bonds, COMED 98-1 A7
    307,175  
Fannie Mae, FNR 2002-74 LC
    420,380  
Freddie Mac, FHR 2627 BU
    1,550,088  
Freddie Mac, FHR 2640 TL
    910,799  
Freddie Mac, FHR 2715 ND
    994,099  
Freddie Mac, FHR 2760 EB
    918,867  

15


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, 2007
         
Description   Current Value  
 
Freddie Mac, FHR 2786 PC
    461,026  
Freddie Mac, FHR 2865 PQ
    1,364,046  
Freddie Mac, FHR 2866 XD
    1,364,012  
Freddie Mac, FHR 2870 BD
    920,974  
Freddie Mac, FHR 2888 OW
    646,752  
GNMA Project Loans, GNR 06-51 A
    1,079,749  
Rate Redu Bonds, PSNH 01-1 A2
    191,950  
Bank of America, N.A. Wrap contract
    (14,418 )
 
     
Bank of America, N.A. Fixed Maturity Synthetic Contract 03-040
    12,029,587  
 
Rate Redu Bonds, DESF 01-1 A3
    176,831  
Freddie Mac, FHR 2539 PR
    176,337  
Rabobank Wrap contract
    (95 )
 
     
Rabobank Fixed Maturity Synthetic Contract ATI020101
    353,073  
 
Auto, BASAT 06-G1 A4
    1,389,082  
CMBS, CD 05-CD1 A2 FX
    462,245  
Rate Redu Bonds, CNP 05-1 A2
    1,399,329  
Freddie Mac, FHR 2631 LB
    870,086  
Freddie Mac, FHR 2681 PC
    1,385,964  
Freddie Mac, FHR 2778 KR
    456,834  
Freddie Mac, FHR 2981 NB
    1,059,177  
CMBS, MLMT 05-CIP1 A2
    1,837,527  
CMBS, MLMT 05-CKI1 A2
    925,764  
State Street Bank Wrap contract
    (39,475 )
 
     
State Street Bank Fixed Maturity Synthetic Contract 105028
    9,746,533  
 
CMBS, BSCMS 05-T18 A2
    684,430  
CMBS, BSCMS 99-WF2 A2
    1,124,895  
CMBS, BSCMS 03-T12 A2
    837,637  
CMBS, CASC 98-D7 A1B
    1,108,686  
Credit Cards, COMET 03-A4 A4
    1,369,470  
Credit Cards, CCCIT, 03-A3 A3
    1,153,717  
CMBS, DLJCM 98-CF2 A1B
    829,422  
Freddie Mac, FHR 2663 ML
    1,614,200  
Freddie Mac, FHR 2763 PC
    1,211,638  
Freddie Mac, FHR 2921 NV
    683,280  
Freddie Mac, FHR 2934 OC
    928,194  
CMBS, HFCMC 99-PH1 A2
    781,161  
CMBS, JPMCC 05-LDP2 A2
    910,465  
Credit Cards, MBNAS 03-A1 A1
    1,146,289  
CMBS, MSC 99-CAM1 A4
    327,431  
Auto, NALT 06-A A4
    1,855,010  

16


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, 2007
         
Description   Current Value  
 
Auto, VWALT 06-A A4
    695,796  
Union Bank of Switzerland Wrap contract
    63,202  
 
     
Union Bank of Switzerland Fixed Maturity Synthetic Contract 2970
    17,324,923  
 
     
Total Fixed Maturity Synthetic Contracts
  $ 39,454,116  
 
     
 
       
Constant Duration Synthetic Contracts:
       
Barclays Global Investors, 1-3 Year Government Bond Index Fund
  $ 1,615,948  
Barclays Global Investors, Asset-Backed Sec Index Fund
    7,308,948  
Barclays Global Investors, Comm Mortgage-Backed Sec Fund
    2,497,004  
Barclays Global Investors, Int Term Credit Bond Index Fund
    6,208,016  
Barclays Global Investors, Int Term Government Bond Index Fund
    2,010,246  
Barclays Global Investors, Long Term Government Bond Index Fund
    131,055  
Barclays Global Investors, Mortgage-Backed Sec Index Fund
    5,003,879  
Barclays Global Investors, Money Market Fund For EBT
    7  
Monumental Life Ins. Co. Wrap contract
    120,153  
 
     
Monumental Life Ins. Co. Constant Duration Synthetic Contract MDA00413TR
    24,895,256  
 
       
Barclays Global Investors, 1-3 Year Government Bond Index Fund
    1,640,306  
Barclays Global Investors, Asset-Backed Sec Index Fund
    7,418,991  
Barclays Global Investors, Comm Mortgage-Backed Sec Fund
    2,534,814  
Barclays Global Investors, Int Term Credit Bond Index Fund
    6,301,410  
Barclays Global Investors, Int Term Government Bond Index Fund
    2,040,904  
Barclays Global Investors, Long Term Government Bond Index Fund
    131,145  
Barclays Global Investors, Mortgage-Backed Sec Index Fund
    5,079,249  
Rabobank Wrap contract
    174,945  
 
     
Rabobank Constant Duration Synthetic Contract ATI060301
    25,321,764  
 
       
Barclays Global Investors, 1-3 Year Government Bond Index Fund
    870,126  
Barclays Global Investors, Asset-Backed Sec Index Fund
    3,935,587  
Barclays Global Investors, Comm Mortgage-Backed Sec Fund
    1,344,540  
Barclays Global Investors, Int Term Credit Bond Index Fund
    3,342,778  
Barclays Global Investors, Int Term Government Bond Index Fund
    1,082,440  
Barclays Global Investors, Long Term Government Bond Index Fund
    70,568  
Barclays Global Investors, Mortgage-Backed Sec Index Fund
    2,695,301  
Barclays Global Investors, Money Market Fund For EBT
    4  
State Street Bank Wrap contract
    63,343  
 
     
State Street Bank Constant Duration Synthetic Contract 107073
    13,404,687  
 
     
Total Constant Duration Synthetic Contracts
  $ 63,621,707  
 
     
 
*   Party-in-interest

17


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 30, 2008
  By:   /s/ Dale G. Reid    
 
           
 
      Dale G. Reid    
 
      Vice President-Controller, Chief Accounting Officer and Treasurer    
 
      (Principal Accounting Officer and Duly Authorized Officer)    

18