ALLEGHENY TECHNOLIGIES 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, 2006
 
       
 
  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 LUDLUM CORPORATION PERSONAL
RETIREMENT AND 401(K) SAVINGS ACCOUNT 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 Ludlum Corporation Personal Retirement and 401(k) Savings Account Plan
Years Ended December 31, 2006 and 2005
With Report of Independent Registered Public Accounting Firm

1


 

Allegheny Ludlum Corporation
Personal Retirement and 401(k) Savings Account Plan
Audited Financial Statements
and Supplemental Schedule
Years Ended December 31, 2006 and 2005
Contents
         
    1  
 
       
Audited Financial Statements
       
 
       
    2  
    3  
    4  
 
       
Supplemental Schedule
       
 
       
    13  
 EX-23.1

 


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 Ludlum Corporation Personal Retirement and 401(k) Savings Account Plan as of December 31, 2006 and 2005, 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, 2006 and 2005, 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, 2006, 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
June 22, 2007
Pittsburgh, Pennsylvania

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Table of Contents

Allegheny Ludlum Corporation
Personal Retirement and 401(k) Savings Account Plan
Statements of Net Assets Available for Benefits
                 
    December 31  
    2006     2005  
Investments at fair value:
               
Interest in Allegheny Master Trust
  $ 90,279,735     $ 86,162,379  
Interest in registered investment companies
    42,004,111       33,345,677  
Corporate common stocks
    28,139,705       16,967,188  
Participant loans
    6,056,070       5,733,748  
Interest in common collective trusts
    915,891       11,756  
Non-interest bearing cash
    1,224        
     
Total investments at fair value
    167,396,736       142,220,748  
 
               
Employer contribution receivable
          69,283  
Employee contributions receivable
          209,237  
Other payables, net
    (691,677 )     (7,965 )
     
Net assets available for benefits at fair value
    166,705,059       142,491,303  
Adjustment from fair value to contract value for fully benefit responsive investment contracts
    1,047,683       824,965  
     
Net assets available for benefits
  $ 167,752,742     $ 143,316,268  
     
See accompanying notes.

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Allegheny Ludlum Corporation
Personal Retirement and 401(k) Savings Account Plan
Statements of Changes in Net Assets Available for Benefits
                 
    Years Ended December 31  
    2006     2005  
     
Contributions:
               
Employer
  $ 2,084,787     $ 2,091,082  
Employee
    9,274,173       8,172,992  
     
Total contributions
    11,358,960       10,264,074  
 
               
Investment income:
               
Net realized/unrealized gain on corporate common stocks
    22,822,580       7,846,503  
Net gain from interest in Allegheny Master Trust
    4,215,779       4,422,436  
Net gain from interest in registered investment companies
    3,980,071       2,785,863  
Interest income
    411,703       325,028  
Dividend income
    163,085       147,819  
Net gain from interest in common collective trusts
    16,575       2,195  
Other income
    1,475       4,519  
     
Total investment income
    31,611,268       15,534,363  
     
 
    42,970,228       25,798,437  
 
               
Distributions to participants
    (18,530,352 )     (14,625,912 )
Fees
    (3,402 )     (2,827 )
     
 
    (18,533,754 )     (14,628,739 )
     
 
               
Net increase in net assets available for benefits
    24,436,474       11,169,698  
Net assets available for benefits at beginning of year
    143,316,268       132,146,570  
     
Net assets available for benefits at end of year
  $ 167,752,742     $ 143,316,268  
     
See accompanying notes.

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Table of Contents

Allegheny Ludlum Corporation
Personal Retirement and 401(k) Savings Account Plan
Notes to Financial Statements
December 31, 2006
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.
New Accounting Pronouncement
In December 2005, the Financial Accounting Standards Board (FASB) issued FASB Staff Position 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 (the FSP). The FSP defines the circumstances in which an investment contract is considered fully benefit responsive and provides certain reporting and disclosure requirements for fully benefit responsive investment contracts in defined contribution health and welfare and pension plans. The financial statement presentation and disclosure provisions of the FSP are effective for financial statements issued for annual periods ending after December 15, 2006 and are required to be applied retroactively to all prior periods presented for comparative purposes. The Plan has adopted the provisions of the FSP at December 31, 2006.
As required by the FSP, investments in the accompanying Statements of Net Assets Available for Benefits include fully benefit responsive investment contracts recognized at fair value. AICPA Statement of Position 94-4-1, Reporting of Investment Contracts Held by Health and Welfare Benefit Plans and Defined Contribution Pension Plans, as amended, requires fully benefit responsive investment contracts 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. The requirements of the FSP have been applied retroactively to the Statement of Net Assets Available for Benefits as of December 31, 2005 presented for comparative purposes. Adoption of the FSP had no effect on the Statement of Changes in Net Assets Available for Benefits or the total of net assets available for benefits for any period presented.
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. Share of mutual funds are valued at the net asset value of shares held by the Plan at year end. Participant loans are valued at their outstanding balances, which approximate fair value.

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Table of Contents

Allegheny Ludlum Corporation
Personal Retirement and 401(k) Savings Account Plan
Notes to Financial Statements (continued)
1. Significant Accounting Policies (continued)
Investments in bank and insurance company guaranteed investment contracts (“GICs”) and in synthetic investment contracts (“SICs”) are stated at contract value which is equal to principal balance plus accrued interest, because they are fully benefit-responsive. 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 was 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 was estimated based on the fair value of each contract’s supporting assets at December 31, 2006 and 2005. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value. 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 Fixed Income 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 Ludlum Corporation Personal Retirement and 401(k) Savings Account 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 of Allegheny Ludlum Corporation (ALC or the Company) 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. ALC is a wholly owned subsidiary of Allegheny Technologies Incorporated (ATI, the Plan Sponsor). ALC contributes to the Plan $0.50 per hour worked per eligible union employee. Unless otherwise specified by the participant, all contributions are made to the Standish Mellon Fixed Income Fund. Such contributions are made only from current income or accumulated earnings of the Plan Sponsor. The Plan allows participants to direct contributions made on their behalf to any of the investment alternatives. The Plan allows employees to contribute a portion of eligible wages each pay period through payroll deductions subject to Internal Revenue Code limitations. In addition, the employees’ annual pretax profit sharing award and pretax Longevity Incentive Payment Plan award may be contributed at the employees’ discretion as their deferral.

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Table of Contents

Allegheny Ludlum Corporation
Personal Retirement and 401(k) Savings Account Plan
Notes to Financial Statements (continued)
2. Description of the Plan (continued)
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., 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. Participants are fully vested in their entire participant account.
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 $500 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 document, summary plan description, and related contracts. Copies of these documents are available from the Plan Sponsor.
3. Investments
The following presents investments that represent 5% or more of the Plan’s net assets:
                 
    December 31  
    2006     2005  
Standish Mellon Fixed Income Fund (contract value)
  $ 74,654,580     $ 69,943,385  
Allegheny Technologies Incorporated common stock
    28,139,705       16,967,188  
Oakmark Balanced Fund
    11,155,720       8,960,627  
T. Rowe Price Structured Research Common Trust Fund (contract value)
    8,396,573       7,504,914  
Alliance Capital Growth Pool (contract value)
    8,276,266 *     9,539,045  
 
*   Presented for comparison purposes only; does not represent investment that is 5% or more of the Plan’s net assets.
Certain of the Plan’s investments are in the Allegheny Master Trust, which has three separately managed institutional investment accounts; the T. Rowe Price Structured Research Common Trust Fund (formerly the ATI Disciplined Stock 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”). In May, 2005, Dreyfus was terminated as the manager of the ATI Disciplined Stock Fund and T. Rowe Price Associates, Inc. (“T. Rowe Price”) was appointed. At

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Allegheny Ludlum Corporation
Personal Retirement and 401(k) Savings Account Plan
Notes to Financial Statements (continued)
3. Investments (continued)
that time all holdings in the institutional investment account managed by Dreyfus were moved to the institutional investment account managed by T. Rowe Price. T. Rowe Price administered the transition of the holdings by transferring securities in kind to the T. Rowe Price Structured Research Common Trust Fund. Trust investments formerly in the ATI Disciplined Stock Fund are reported as T. Rowe Price Structured Research Common Trust Fund investments for all periods presented.
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 has an undivided interest in the Allegheny Master Trust. At December 31, 2006 and 2005, 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 was as follows:
                 
    2006   2005
     
Standish Mellon Fixed Income Fund
    31.54 %     32.87 %
Alliance Capital Growth Pool
    24.11       23.99  
T. Rowe Price Structured Research Common Trust Fund
    11.63       11.33  
Investment income and expenses are allocated to the Plan based upon its pro rata share in the net assets of the Allegheny Master Trust.

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Allegheny Ludlum Corporation
Personal Retirement and 401(k) Savings Account Plan
Notes to Financial Statements (continued)
3. Investments (continued)
The composition of the net assets of the Standish Mellon Fixed Income Fund at December 31, 2006 and 2005 was as follows:
                 
    2006     2005  
     
Guaranteed investment contracts:
               
GE Life and Annuity
  $     $ 5,453,333  
Hartford Life Insurance Company
          3,978,336  
John Hancock Life Insurance Company
          3,022,363  
Monumental Life Insurance Company
          1,020,997  
New York Life Insurance Company
    895,330       4,703,449  
Ohio National Life
          2,005,322  
Principal Life
    1,368,618       1,307,756  
Pruco Pace Credit Enhanced
          3,716,096  
Security Life of Denver
          1,517,224  
United of Omaha
          1,422,965  
     
 
    2,263,948       28,147,841  
 
               
Synthetic guaranteed investment contracts:
               
Bank of America
    28,662,260       33,323,362  
IXIS Financial Products, Inc.
    4,030,074        
MDA Monumental BGI Wrap
          43,967,438  
Monumental Life
    60,286,128        
Rabobank
    53,011,207       41,435,067  
State Street Bank
    21,292,911       15,290,983  
Union Bank of Switzerland
    39,206,620       35,642,109  
     
 
    206,489,200       169,658,959  
 
               
Interest in common collective trusts
    24,622,702       12,443,974  
     
Total net assets at fair value
    233,375,850       210,250,774  
Wrap contracts at fair value
    (49,959 )     (22,731 )
Adjustment from fair value to contract value for fully benefit responsive investment contracts
    3,381,661       2,543,062  
     
Total net assets
  $ 236,707,552     $ 212,771,105  
     
The Standish Mellon Fixed Income 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 Allegheny Master Trust. 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 are comprised of government agency bonds, corporate bonds, asset-backed securities (ABOs), and collateralized mortgage obligations (CMOs).

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Allegheny Ludlum Corporation
Personal Retirement and 401(k) Savings Account Plan
Notes to Financial Statements (continued)
3. Investments (continued)
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, 2006 and 2005, the interest crediting rates for GICs and Fixed Maturity SICs ranged from 4.30% to 5.34% and 4.15% to 7.08%, respectively.
Average yields for all fully-benefit responsive investment contracts for the years ended December 31, 2006 and 2005 were as follows:
                 
    Year ended December 31
Average yields:   2006   2005
Based on actual earnings
    4.75 %     4.56 %
Based on interest rate credited to participants
    4.64 %     4.44 %
The composition of net assets of the Alliance Capital Growth Pool at December 31, 2006 and 2005 was as follows:
                 
    2006     2005  
     
Investment in pooled separate accounts:
               
Alliance Equity Fund S.A. #4
  $ 34,335,972     $ 39,779,750  
Operating payables
    (10,572 )     (11,734 )
     
Total net assets
  $ 34,325,400     $ 39,768,016  
     
The composition of net assets of the T. Rowe Price Structured Research Common Trust Fund at December 31, 2006 and 2005 was as follows:
                 
    2006     2005  
     
Interest in common collective trusts
  $ 72,210,981     $ 66,391,950  
Payables
    (34,228 )     (126,421 )
     
Total net assets
  $ 72,176,753     $ 66,265,529  
     

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Allegheny Ludlum Corporation
Personal Retirement and 401(k) Savings Account Plan
Notes to Financial Statements (continued)
3. Investments (continued)
The composition of the changes in net assets of the Allegheny Master Trust is as follows:
                                                 
    Standish Mellon                     T. Rowe Price Structured  
    Fixed Income Fund     Alliance Capital Growth Pool     Research Common Trust Fund  
    Years Ended December 31  
    2006     2005     2006     2005     2006     2005  
     
Investment income (loss):
                                               
Interest income
  $ 9,196,721     $ 9,077,315     $     $     $       $  
Net realized/unrealized gain (loss) on corporate common stocks
    6,246       (543 )           (1 )     11,900       (1,585,846 )
Dividends
                                  427,913  
Net loss, registered investment companies
          (7,739 )                        
Net gain (loss), pooled separate accounts
                (283,791 )     4,438,949              
Net gain, common collective trusts
    851,445       443,616                   10,226,870       4,781,495  
Administrative expenses
    (242,636 )     (254,334 )     (98,140 )     (129,310 )     (403,225 )     (461,975 )
Transfers
    14,124,671       4,681,472       (5,060,685 )     (2,665,712 )     (3,924,321 )     (10,910,725 )
     
Net increase (decrease)
    23,936,447       13,939,787       (5,442,616 )     1,643,926       5,911,224       (7,749,138 )
Total net assets at beginning of year
    212,771,105       198,831,318       39,768,016       38,124,090       66,265,529       74,014,667  
     
Total net assets at end of year
  $ 236,707,552     $ 212,771,105     $ 34,325,400     $ 39,768,016     $ 72,176,753     $ 66,265,529  
     
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.
4. Income Tax Status
The Plan has received a determination letter from the Internal Revenue Service dated July 25, 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 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.

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Allegheny Ludlum Corporation
Personal Retirement and 401(k) Savings Account Plan
Notes to Financial Statements (continued)
5. Parties-in-Interest
Dreyfus Corporation is the manager of the Dreyfus Mutual Funds that are offered as investment options under the Plan. Dreyfus Service Corporation is the funds’ distributor. The Boston Company is the manager of the Short Term Investment Fund. Dreyfus Corporation, Dreyfus Service Corporation and The Boston Company are wholly owned subsidiaries of Mellon Financial Corporation. Mellon Financial Corporation also owns Mellon Bank, N.A., the trustee for the Plan. T. Rowe Price and Associates, Inc. is the manager of the T. Rowe Price Structured Research Common Trust Fund. Therefore, transactions with these entities qualify as party-in-interest transactions.
6. Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate 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.
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.

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Allegheny Ludlum Corporation
Personal Retirement and 401(k) Savings Account Plan
Notes to Financial Statements (continued)
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
    2006   2005
     
Net assets available for benefits per the financial statements
  $ 167,752,742     $ 143,316,268  
Deemed distribution of benefits to participants
    (205,967 )     (123,243 )
     
Net assets available for benefits per the Form 5500
  $ 167,546,775     $ 143,193,025  
     
The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500 for the year ended December 31, 2006:
         
Benefits paid to participants per the financial statements
  $ 18,530,352  
Add: Amounts allocated on Form 5500 to deemed distributions for the year ended December 31, 2006
    205,967  
Subtract: Amounts allocated on Form 5500 to deemed distributions for the year ended December 31, 2005
    (123,243 )
 
     
Benefits paid to participants per the Form 5500
  $ 18,613,076  
 
     

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Allegheny Ludlum Corporation
Personal Retirement and 401(k) Savings Account Plan
EIN: 25-1792394 Plan: 005
Schedule H, Line 4i-Schedule of Assets (Held at End of Year)
December 31, 2006
                 
Description   Units/Shares     Current Value  
 
Registered Investment Companies
               
Dreyfus Emerging Leaders Fund*
    195,820.6220     $ 6,800,850  
Dreyfus Bond Market Index *
    111,917.6110       1,118,057  
Dreyfus International Value Fund*
    327,780.8690       6,411,394  
Artisan Funds
    105,167.8070       3,203,411  
Dreyfus Appreciation Fund *
    19,103.1250       836,526  
Oakmark Balanced Fund
    431,055.6230       11,155,720  
Hartford Midcap Fund
    106,861.5530       2,884,193  
Lord, Abbett Midcap Fund
    105,944.3190       2,373,153  
MFS Value Fund
    85,267.2030       2,282,603  
Morgan Stanley Small Growth Fund
    92,251.5640       1,227,961  
PIMCO – NFJ Fund
    66,046.8240       2,063,963  
PIMCO – Total Return Fund
    65,521.1920       680,110  
Jennison Growth Fund
    53,962.1540       887,138  
US Global Investors Global Resources Fund
    1,396.5240       20,724  
 
             
 
            41,945,803  
 
               
Self-directed accounts:
               
Dreyfus 100% US Treasury MM Fund*
    213.2300       213  
Fidelity Select Portfolios – Energy Svc Portfolio
    199.3260       13,454  
Fidelity Select Portfolios – American Gold Portfolio
    239.1160       8,728  
Fidelity Select Portfolios – Defense & Aerospace Portfolio
    181.9250       14,838  
Permanent Portfolio Fd – Total Return Fund
    651.2760       21,075  
 
             
Total self-directed accounts
            58,308  
 
             
Total Registered Investment Companies
          $ 42,004,111  
 
             
 
               
Common Collective Trusts
               
The Boston Company Short Term Investment Fund*
    915,890.8400     $ 915,891  
 
             
 
               
Corporate Common Stocks
               
Allegheny Technologies Incorporated*
    310,318.7560     $ 28,139,705  
 
             
 
               
Participant loans* (8.25% to 9.25%, with maturities through 2021)
          $ 6,056,070  
 
             
 
*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 LUDLUM CORPORATION    
    PERSONAL RETIREMENT AND 401(K) SAVINGS    
    ACCOUNT PLAN    
 
           
Date: June 22, 2007
  By:   /s/ Richard J. Harshman
 
Richard J. Harshman
   
 
      Executive Vice President-Finance and    
 
      Chief Financial Officer    
 
      (Principal Financial Officer and Duly    
 
      Authorized Officer)