Allegheny Technologies and Boeing extend long-term titanium products supply agreement

Allegheny Technologies Incorporated (NYSE: ATI) today announced that it has extended the term of its long-term titanium products supply agreement with The Boeing Company (NYSE: BA) through December 31, 2018. The extension agreement covers value-added titanium mill products and provides opportunity for greater use of ATI's highly engineered titanium cast and forged products.

"We are pleased to extend our titanium products supply agreement with Boeing," said Rich Harshman, Chairman, President and Chief Executive Officer. "The extension agreement solidifies our key-supplier position at The Boeing Company and recognizes today's supply chain requirement to provide more value-added titanium products. ATI's strategic investments and acquisitions over the past several years provide the capacity and capability to produce titanium products from raw material (titanium sponge) to value-added mill products, as well as highly engineered and technically complex forgings and castings. ATI is well positioned to benefit from the expected unprecedented growth in Boeing's build rates during the years of this agreement."