Allegheny Technologies Announces Acquisition of Garryson Assets.

PITTSBURGH -- Allegheny Technologies Incorporated (NYSE:ATI) announced that ATI Metalworking Products has acquired the assets of U.K.-based Garryson Limited, a leading producer of tungsten carbide burrs, rotary tooling, and specialty abrasive wheels and discs, from Elliott Industries Limited for approximately $17 million.

"This growth oriented bolt-on acquisition strengthens our ATI Metalworking Products business unit," said Pat Hassey, Chairman, President and Chief Executive Officer of Allegheny Technologies. "Garryson had sales of over $30 million in 2004. In addition to expanding Metalworking Products' product offerings, the acquisition is expected to provide revenue and margin synergies by utilizing our tungsten carbide powders to produce tungsten carbide rods, which are made into value-added finished products at the Garryson operation."

"We expect this acquisition to create new opportunities for growth and improved profitability," said Dave Hogan, President of ATI Metalworking Products. "We add two new product lines, carbide burrs and specialty abrasives, and strengthen our rotary tooling capabilities. Major markets for Garryson(R)-brand products include aerospace, transportation, particularly shipbuilding, oil and gas, and the chemical process industry."

Allegheny Technologies Incorporated is one of the largest and most diversified specialty materials producers in the world with revenues of approximately $2.7 billion in 2004. The Company has approximately 9,000 full-time employees world-wide who use innovative technologies to offer growing global markets a wide range of specialty materials. High-value products include nickel-based and cobalt-based alloys and superalloys, titanium and titanium alloys, specialty steels, super stainless steel, exotic alloys, which include zirconium, hafnium and niobium, tungsten materials, and highly engineered strip and Precision Rolled Strip(R) products. In addition, we produce commodity specialty materials such as stainless steel sheet and plate, silicon and tool steels, and forgings and castings. The Allegheny Technologies website can be found at www.alleghenytechnologies.com.

ATI Metalworking Products, an Allegheny Technologies Engineered Products segment company, is a leading international producer of tungsten-based products, which include tungsten and tungsten carbide powders, mill products, intermediate forms, wear parts and cutting tool products. The company also produces molybdenum-based powders and mill products. Our major markets include automotive, general machining, aerospace, defense, off-road equipment, and earth-drilling.

Garryson Limited is based in Ibstock, Leicestershire, UK. Garryson has distribution in over 50 countries world-wide as well as a sales and distribution centre in North America. Garryson is committed to becoming the leading manufacturer of carbide burrs and specialty abrasives in the word. To attain this status, we are investing in new technology, researching and developing new and innovative products, while continuing to deliver exceptional quality and service. All this adds up to cost effective solutions and support to our customers.