8-KEarnings & ResultsMaterial AgreementsExhibits & Filings

ATI INC 8-K Report, Material Agreement (Jan 31, 2005)

Filed January 31, 2005For Securities:ATI

Summary

ATI Incorporated (ATI) filed an 8-K on January 31, 2005, primarily to report on executive compensation and its 2004 financial results. The company's Personnel and Compensation Committee approved significant cash payments to its named executive officers for 2004. These payments were based on the substantial achievement of key financial targets, exceeding business plan goals, and a notable improvement in earnings of over $300 million compared to 2003. The successful acquisition and integration of J&L Specialty LLC's stainless steel assets and the negotiation of a new labor agreement for ATI Allegheny Ludlum were also recognized as critical achievements in 2004. In addition to incentive plan payouts, the committee authorized substantial discretionary cash bonuses for the executive team, with the CEO, L. Patrick Hassey, receiving the largest portion. The press release also announced the company's fourth quarter and full-year 2004 financial results, highlighting strong performance driven by operational successes and strategic initiatives. Investors can view these financial results in the attached press release.

Key Highlights

  • 1Named executive officers received substantial cash payments for exceeding 2004 performance targets under the Annual Incentive Plan.
  • 2Company significantly exceeded its 2004 business plan goals.
  • 3ATI achieved an earnings improvement in 2004 exceeding $300 million compared to 2003.
  • 4Successful acquisition and integration of J&L Specialty LLC's stainless steel assets were completed in 2004.
  • 5A new progressive labor agreement was negotiated for ATI Allegheny Ludlum during 2004.
  • 6CEO L. Patrick Hassey received a discretionary bonus of $943,280, in addition to his incentive plan payout.
  • 7The company issued a press release on January 31, 2005, detailing its fourth quarter and full-year 2004 financial results.

Frequently Asked Questions

This 8-K filing primarily serves two purposes: to report on material definitive agreements related to executive compensation for 2004 and to announce the company's financial results for the fourth quarter and full year of 2004.

The executive officers received payments because the company substantially exceeded key financial targets and business plan goals for 2004. This exceptional performance included an earnings improvement exceeding $300 million compared to 2003, successful strategic acquisitions, and labor agreement negotiations.

L. Patrick Hassey, Chairman, President and Chief Executive Officer, received an authorized discretionary cash payment of $943,280. This amount is in addition to any payments he received under the standard Annual Incentive Plan for 2004.

ATI's fourth quarter and full-year 2004 financial results are detailed in a press release issued on January 31, 2005. This press release is attached as Exhibit 99.1 to this 8-K filing.