Allegheny Technologies Inc. 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, 2005

         
 
  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, 2005 and 2004
With Report of Independent Registered Public Accounting Firm

 


 

Allegheny Technologies Retirement Savings Plan
Audited Financial Statements
and Supplemental Schedule
Years Ended December 31, 2005 and 2004
Contents
         
    1  
 
       
Audited Financial Statements
       
 
       
    2  
    3  
    4  
 
       
Supplemental Schedule
       
 
       
    12  
 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 Technologies Retirement Savings Plan as of December 31, 2005 and 2004, 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, 2005 and 2004, 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, 2005, 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 23, 2006
Pittsburgh, Pennsylvania

 


Table of Contents

Allegheny Technologies Retirement Savings Plan
Statements of Net Assets Available for Benefits
                 
    December 31
    2005   2004
     
Investments:
               
Interest in Allegheny Master Trust
  $ 149,610,476     $ 150,958,227  
Interest in registered investment companies
    90,006,536       72,353,735  
Corporate common stocks
    18,616,407       14,558,530  
Participant loans
    2,704,914       2,841,346  
Interest in common collective trusts
    210,363        
Interest bearing cash
    11,193       77,489  
     
Total investments
    261,159,889       240,789,327  
 
               
Employer contribution receivable
    330,358       9,300  
Employee contributions receivable
    211,767       17,290  
Other payables, net
    (7,481 )     (1,862 )
     
Net assets available for benefits
  $ 261,694,533     $ 240,814,055  
     
See accompanying notes.

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Allegheny Technologies Retirement Savings Plan
Statements of Changes in Net Assets Available for Benefits
                 
    Years Ended December 31
    2005   2004
     
Contributions:
               
Employer
  $ 7,204,742     $ 6,392,805  
Employee
    6,723,272       5,009,391  
     
Total contributions
    13,928,014       11,402,196  
 
               
Investment income:
               
Net gain from interest in Allegheny Master Trust
    8,489,872       10,116,374  
Net gain from interest in registered investment companies
    7,263,606       8,171,954  
Net realized/unrealized gain on corporate common stocks
    9,188,964       6,505,273  
Dividend income
    167,817       173,971  
Interest income
    148,218       143,140  
Net gain from interest in common collective trusts
    2,667       742  
Other (expense) income
    (79,478 )     44,000  
     
Total investment income
    25,181,666       25,155,454  
     
 
    39,109,680       36,557,650  
 
               
Distributions to participants
    (18,219,878 )     (23,969,348 )
Administrative expenses and other, net
    (9,324 )     (5,141 )
     
 
    (18,229,202 )     (23,974,489 )
     
 
               
Net increase in net assets available for benefits
    20,880,478       12,583,161  
Net assets available for benefits at beginning of year
    240,814,055       228,230,894  
     
Net assets available for benefits at end of year
  $ 261,694,533     $ 240,814,055  
     
See accompanying notes.

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Allegheny Technologies Retirement Savings Plan
Notes to Financial Statements
December 31, 2005
1. Significant Accounting Policies
Investments are valued as follows:
Bank and insurance investment contracts are included in the financial statements at contract value, (which represents contributions made under the contract, plus earnings, less withdrawals and administrative expenses), because they are fully benefit responsive. 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 Fixed Income Fund until maturity, certain investment contracts provide for adjustments to contract value for withdrawals made prior to maturity.
All other investments are stated at their net asset value, based on the quoted market prices of the securities held in such funds on applicable exchanges.
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.
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

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Allegheny Technologies Retirement Savings Plan
Notes to Financial Statements (continued)
2. Description of the Plan (continued)
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 Standish Fixed Income Fund.
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.
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.

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Allegheny Technologies Retirement Savings Plan
Notes to Financial Statements (continued)
3. Investments
The following presents investments that represent 5% or more of the Plan’s net assets:
                 
    December 31
    2005   2004
     
Standish Fixed Income Fund
  $ 102,819,541     $ 100,151,127  
Alliance Capital Growth Pool
    27,326,945       26,634,265  
Oakmark Balanced Fund
    22,283,555       19,881,038  
T. Rowe Price Structured Research Common Trust Fund
    19,463,990       24,172,835  
Allegheny Technologies Incorporated common stock
    18,616,407       14,558,530  
Dreyfus Emerging Leaders Fund
    16,308,754       16,975,167  
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 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 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, 2005 and 2004, the Plan’s interest in the net assets of the Alliance Capital Growth Pool, the Standish Fixed Income Fund, and the T. Rowe Price Structured Research Common Trust Fund was as follows:

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Allegheny Technologies Retirement Savings Plan
Notes to Financial Statements (continued)
3. Investments (continued)
                 
    2005   2004
     
Alliance Capital Growth Pool
    68.72 %     69.86 %
Standish Fixed Income Fund
    48.33       50.36  
T. Rowe Price Structured Research Common Trust Fund
    29.37       32.66  
Investment income and expenses are allocated to the Plan based upon its pro rata share in the net assets of the Allegheny Master Trust.
The composition of the net assets of the Standish Fixed Income Fund at December 31, 2005 and 2004, was as follows:
                 
    2005   2004
     
Guaranteed investment contracts:
               
Canada Life
  $     $ 1,371,538  
GE Life and Annuity
    5,423,371       8,735,242  
Hartford Life Insurance Company
    3,957,897       8,250,446  
John Hancock Life Insurance Company
    3,007,848       4,670,166  
Monumental Life Insurance Company
    1,017,237       1,017,190  
New York Life Insurance Company
    4,678,585       6,769,166  
Ohio National Life
    1,994,712       2,687,551  
Pacific Mutual Life Insurance Company
          5,061,507  
Principal Life
    1,302,255       1,243,795  
Pruco Pace Credit Enhanced
    3,699,594       7,132,148  
Security Life of Denver
    1,511,089       5,972,064  
United of Omaha
    1,415,656       2,929,738  
     
 
    28,008,244       55,840,551  
 
               
Synthetic guaranteed investment contracts:
               
State Street Bank
    15,346,138        
MDA Monumental BGI Wrap
    44,677,978       36,520,489  
Bank of America
    33,678,591       33,366,628  
Rabobank
    41,850,313       37,879,291  
Union Bank of Switzerland
    36,377,616       25,166,696  
     
 
    171,930,636       132,933,104  
 
               
Interest in common collective trusts
    12,085,541       9,386,961  
Other
    746,684       670,702  
     
Total net assets
  $ 212,771,105     $ 198,831,318  
     

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Allegheny Technologies Retirement Savings Plan
Notes to Financial Statements (continued)
3. Investments (continued)
The Standish 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) with fair values of $169,324,880 and $134,332,201 at December 31, 2005 and 2004, respectively.
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, 2005 and 2004, the interest crediting rates for GICs and Fixed Maturity SICs ranged from 4.15% to 7.08% and 3.87% to 8.05%, respectively.
For the years ended December 31, 2005 and 2004, the average annual yield for the investment contracts in the Fund was 4.59% and 4.89%, respectively. Fair value of the GICs was estimated by discounting the weighted average of the Fund’s cash flows at the then-current, interest-crediting rate for a comparable maturity investment contract. Fair value for the SICs was estimated based on the fair value of each contract’s supporting assets at December 31, 2005 and 2004.
The composition of net assets of the Alliance Capital Growth Pool at December 31, 2005 and 2004, was as follows:
                 
    2005   2004
     
Investment in pooled separate accounts:
               
Alliance Equity Fund S.A. #4
  $ 39,779,750     $ 38,135,320  
Operating payables
    (11,734 )     (11,230 )
     
Total net assets
  $ 39,768,016     $ 38,124,090  
     

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Allegheny Technologies Retirement Savings Plan
Notes to Financial Statements (continued)
3. Investments (continued)
The composition of net assets of the T. Rowe Price Structured Research Common Trust Fund at December 31, 2005 and 2004 was as follows:
                 
    2005   2004
     
Investment in common collective trusts
  $ 66,391,950     $ 71,478  
Corporate common stocks
          72,955,300  
Receivables
          1,085,015  
Payables
    (126,421 )     (97,126 )
     
Total net assets
  $ 66,265,529     $ 74,014,667  
     
The composition of the changes in net assets of the Allegheny Master Trust is as follows:
                                                 
                                    T. Rowe Price Structured Research
    Standish Fixed Income Fund   Alliance Capital Growth Pool   Common Trust Fund
    Years Ended December 31
    2005   2004   2005   2004   2005   2004
     
Investment income (loss):
                                               
Interest income
  $ 9,077,315     $ 9,236,594     $     $     $     $  
Net realized/unrealized gain (loss) on corporate common stocks
    (543 )     (1,358 )     (1 )           (1,585,846 )     4,352,382  
Dividends
                            427,913       1,368,881  
Net loss, registered investment companies
    (7,739 )                              
Net gain, pooled separate accounts
                4,438,949       5,432,718              
Net gain, common collective trusts
    443,616       122,717                   4,781,495       8,488  
Administrative expenses
    (254,334 )     (240,688 )     (129,310 )     (128,988 )     (461,975 )     (551,752 )
Transfers
    4,681,472       (1,892,602 )     (2,665,712 )     (2,835,451 )     (10,910,725 )     (9,000,958 )
     
Net increase (decrease)
    13,939,787       7,224,663       1,643,926       2,468,279       (7,749,138 )     (3,822,959 )
Total net assets at beginning of year
    198,831,318       191,606,655       38,124,090       35,655,811       74,014,667       77,837,626  
     
Total net assets at end of year
  $ 212,771,105     $ 198,831,318     $ 39,768,016     $ 38,124,090     $ 66,265,529     $ 74,014,667  
     
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.

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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. Parties-in-Interest
Dreyfus Corporation is the manager of the Dreyfus Mutual Funds that are offered as investment options under this Plan. Dreyfus Service Corporation is the funds’ distributor. Dreyfus Corporation and Dreyfus Service Corporation are both wholly owned subsidiaries of Mellon Financial Corporation. Mellon Financial Corporation also owns Mellon Bank, N.A., the trustee for this Plan. T. Rowe Price 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 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.
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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Table of Contents

Allegheny Technologies Retirement Savings 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
    2005   2004
     
Net assets available for benefits per the financial statements
  $ 261,694,533     $ 240,814,055  
Deemed distribution of benefits to participants
    (42,340 )     (46,365 )
     
Net assets available for benefits per the Form 5500
  $ 261,652,193     $ 240,767,690  
     
The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500 for the year ended December 31, 2005:
         
Benefits paid to participants per the financial statements
  $ 18,219,878  
Add: Amounts allocated on Form 5500 to deemed distributions for the year ended December 31, 2005
    42,340  
Subtract: Amounts allocated on Form 5500 to deemed distributions for the year ended December 31, 2004
    (46,365 )
 
     
Benefits paid to participants per the Form 5500
  $ 18,215,853  
 
     

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Allegheny Technologies Retirement Savings Plan
EIN: 25-1792394 Plan: 004
Schedule H, Line 4i-Schedule of Assets (Held at End of Year)
December 31, 2005
                 
Description   Units/Shares     Current Value  
 
Registered Investment Companies
               
Artisan Midcap Funds
    120,945.9500     $ 3,739,649  
Dreyfus Appreciation Fund*
    24,660.9870       980,274  
Dreyfus Bond Market Index*
    274,442.2010       2,763,633  
Hartford Midcap Fund
    217,352.5130       6,244,538  
Lord, Abbett Midcap Funds
    272,207.9210       6,100,180  
Dreyfus Emerging Leaders Fd*
    393,836.1290       16,308,754  
MFS Value Fund
    141,610.9460       3,278,293  
Dreyfus Premier Intl Value Fd*
    447,583.2660       8,320,573  
Morgan Stanley Small Growth Fund
    331,893.924       4,274,794  
Allianz NFJ Small Cap Value Funds
    222,602.9440       6,437,677  
Oakmark Balanced Fund
    892,055.8320       22,283,555  
Prudential Invt Portfolios Inc Jennison Growth Fd
    145,705.4650       2,358,971  
 
             
 
            83,090,891  
 
               
Self-directed accounts
               
AIM Global Health Care Fund
    3,186.2780       96,002  
AIM Equity Fds Inc Blue Chip Fund
    1,225.8210       14,759  
AIM Invesco Energy Fund
    1,760.3520       71,488  
AIM Technology Fd
    98.7900       2,559  
Alliance Bernstein Technology Fd
    158.2940       8,524  
American Advantage Large Cap Value Fund
    753.2260       15,019  
American Centy Quantitive Eq Fds — Growth Fund Inc
    1,789.8440       41,829  
American Century Cap — Equity Income Fund
    8,756.3430       68,475  
America Centy Mut Fds Ultra Twentieth Centy Ultra Fd
    353.1060       10,625  
Ariel Growth Fd Calvert Ariel Appreciation Fd
    406.5400       18,993  
Blackrock Fds — Mid Cap Value Eqty Portfolio
    3.7950       44  
CGM Tr Rlty Fund
    1,065.3090       28,966  
CGM Tr Focus Fund
    208.4900       6,966  
Dodge & Cox Stock Fund
    26.3400       3,614  
Dreyfus 100% US Treas MM Fd*
    222,552.0800       222,552  
Dreyfus Invt Grade Bd Fds Inter Term Fd*
    803.5440       10,084  
Dreyfus/Laurel Fds Inc Disciplined Stk Fd*
    226.7950       7,650  
Dreyfus/Laurel Fds Inc S&P 500 Stk Index Fd*
    9,418.5210       244,034  
Dreyfus Midcap Value Fd*
    248.4750       7,874  
Dreyfus Growth & Value Fds Premier Techn Growth Fd*
    682.4940       16,769  
Dreyfus Technology Growth Fd*
    3,495.1640       83,604  
Dreyfus Premier Emerging Mkts Fd*
    8,030.2870       173,615  
Dreyfus Premier Micro Cap Growth Fund*
    1,220.6510       27,587  
Eaton Vance Growth Tr Worldwide Health Sciences Fd
    1,401.0900       16,084  

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Allegheny Technologies Retirement Savings Plan
EIN: 25-1792394 Plan: 004
Schedule H, Line 4i-Schedule of Assets (Held at End of Year)
December 31, 2005
                 
Description   Units/Shares     Current Value  
 
Excelsior Funds — Energy & Nat Res Fund
    639.4720       15,366  
FBR Family Funds — Small Cap Value
    29.2330       1,230  
Federated Equity Kaufmann Fd
    32,023.6460       179,332  
Federated Equity Tech Fd
    1,402.2790       7,600  
Fidelity Invt Tr Japan Small Co Fd
    1,221.0420       20,538  
Fidelity Invt Tr Diversified Intl Fd
    245.4380       7,987  
Fidelity Invt Tr Latin Amer Fd
    518.1230       16,570  
Fidelity Commonwealth Small Cap Stk Fd
    1,958.2900       40,106  
Fidelity Finl Tr Equity Income II Fund
    1,179.2890       26,959  
Fidelity Mt Vernon Str Tr Growth Co Fd
    289.1680       18,400  
Fidelity Mt Vernon Str tr Growth Co Fd
    104.3900       1,858  
Fidelity Secs Fd Dividend Growth Fd
    1,476.4860       42,508  
Fidelity Select Portfolios Technology Portfolio
    996.7670       62,946  
Fidelity Select Portfolios Health Care Portfolio
    119.2230       16,225  
Fidelity Select Portfolios Nat Gas Portfolio
    389.6860       15,128  
Fidelity Select Portfolios Developing Commnts Portfolio
    682.7420       13,662  
Fidelity Select Portfolios Biotechnology Portfolio
    123.4440       7,740  
Fidelity Select Portfolios American Gold Portfolio
    830.8130       27,616  
Fidelity Select Portfolios Software & Computer Svcs Portfolio
    687.2980       36,076  
Fidelity Select Portfolios Brokerage & Inv Mgmt Portfolio
    789.8820       54,462  
Fidelity Select Portfolios Ele Portfolio
    3,276.6590       143,288  
Fidelity Select Portfolios Computers Portfolio
    3,197.3390       115,360  
First Eagle Overseas Fund
    2,471.9880       56,955  
Firsthand Fds Technology Value Fd
    238.0860       7,885  
Franklin Invs Secs Conv Secs Fd
    158.9880       2,568  
Gabelli Gold Fund
    744.3280       15,482  
Gabelli Intl Growth Fd
    1,722.7510       35,540  
Gabelli Global Growth Fd AAA
    240.5950       4,915  
Gabelli Global Ser Fds Conv Secs Fd
    786.1850       4,890  
Gabelli Growth Fd Sh Ben Int
    1,625.2920       46,825  
Growth Fd Amer Inc
    278.2970       8,335  
Harbor Fd Bd Fd
    660.1970       7,671  
Harding Loevner Fds Emerging Markets Portfolio
    455.9210       15,861  
Icon Fds Energy Fund
    481.8330       15,395  
ING Mut Fds Russia Fund
    1,054.8980       41,384  
Investment Co Amer — Class B
    443.2470       13,847  
Janus Invt Fd Sh Ben Int
    1,979.9460       50,548  
Janus Invt Fd Growth & Income Fd
    3,266.7280       117,635  
Janus Invt Fd Worldwide Fd
    1,607.3100       69,661  
Janus Invt Fd Twenty Fd
    1,068.0730       52,250  
Janus Invt Fd Mid Cap Value Fd
    1,103.8130       24,637  
Janus Invt Fd Global Value Fd
    1,523.5290       22,411  
Janus Invt Fd Orion Fd
    1,881.7340       15,675  

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Allegheny Technologies Retirement Savings Plan
EIN: 25-1792394 Plan: 004
Schedule H, Line 4i-Schedule of Assets (Held at End of Year)
December 31, 2005
                 
Description   Units/Shares     Current Value  
 
Janus Invt Fd Contrarian Fund
    10,082.5890       152,650  
Janus Invt Fd Global Tech Fd
    3,219.7150       38,315  
Janus Invt Fd Global Life Sciences Fd
    1,489.7850       29,870  
Janus Invt Fd Olympus Fd
    6,019.6490       196,782  
Janus Invt Fd Enterprise Fd
    2,498.3260       104,705  
Janus Invt Fd Mercury Fd
    5,610.8300       128,937  
Jennison Sector Fds Health Sciences Fd
    833.6950       17,308  
Lazard Fds Emerging Mkts Portfolio Retail
    371.0980       6,676  
Loomis Sayles Funds — 1 Bond Fund Retail
    1,694.2080       22,923  
Lord Abbett Mid Cap Value Fd, Class B
    322.7520       6,988  
MFS Mid Cap Growth A
    1,790.3260       16,435  
Marsico Invt Fd Growth & Income Fd
    1,136.3640       21,420  
Masters Select Fds Intl Fd
    1,155.9040       20,205  
Matthews Intl Fds Dragon Centy China Fd
    362.1450       5,345  
Matthews Inc Fds Korea Fd
    2,339.2140       14,901  
Meridian Fd
    216.1990       7,906  
New Perspective Fd
    613.3540       17,560  
Oberwies Fds Micro-Cap Portfolio
    892.9610       15,457  
PBHG Fds Emerging Growth Fund
    3.4510       50  
PBGH Fds Technology & Communications Fd
    935.1580       11,689  
Pimco Fds Pac Invt Mgmt Ser Total Return Fd
    181,375.9940       1,904,448  
Park Ave Portfolio Guardian Fd
    1,472.7650       47,511  
Price T Rowe Health Sciences Fd*
    523.0070       13,112  
Profounds Short Small Cap Inv
    2,497.3990       47,575  
Profounds Short Real Estate Profound Investor
    499.8330       15,005  
Profounds Ultra Japan Profound Invs
    242.2540       15,659  
RS Invt Tr Emerging Growth Fd
    2,795.5960       91,081  
RS Invt Tr Global Natural Rfs Fd
    2,887.6790       94,283  
Rowe T Price Appreciation Fd Sh Ben Int*
    3,945.4150       79,145  
Rowe T Price Mid Cap Growth Fd*
    366.8130       19,859  
Rowe Price New Era Fd*
    235.3680       9,633  
Rowe T Price Science & Tech Fd Inc Cap Stk*
    3,170.6670       62,050  
Rowe T Price Small-Cap Value Fd Inc Cap Stk*
    829.5670       30,619  
Rowe T Price Real Estate Fd*
    667.3560       13,007  
Royce Fd Opporunity Fd
    107.0760       1,316  
Royce Spl Equity Fund
    693.9340       12,977  
Royce Fd Pennsylvania Mutual Fd
    713.6090       7,693  
Ryder Ser Tr Dynamic Velocity 100 Fd
    581.2700       12,736  
Rydex Ser Tr Arktos Fd
    1,647.3680       36,802  
Scudder Invts Morgan Grenfell Invt Tr High Inc Plus Fd
    2,028.7960       15,419  
Scudder Technology Fd Sh Ben Int
    2,214.1820       25,840  
Selected Amern Shs
    605.0850       24,349  
Stratton Growth Fund
    657.3210       29,152  
Thrd Ave Tr Formerly Third Ave to 3/17/97 Real Estate Val
    408.2810       11,987  
US Global Accolade Fds Regent Eastern European Fd
    326.9410       12,914  

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Allegheny Technologies Retirement Savings Plan
EIN: 25-1792394 Plan: 004
Schedule H, Line 4i-Schedule of Assets (Held at End of Year)
December 31, 2005
                 
Description   Units/Shares     Current Value  
 
US Global Investors Global Resources Fund
    1,103.2880       15,766  
Vanguard Equity Income Fd
    604.0300       13,766  
Vanguard Fenway Fds Primecap Core Fd
    2,111.4790       24,092  
Vanguard Wellington Fd
    1,955.6630       59,354  
Vanguard Windsor Fd II
    2,894.1210       90,673  
Vanguard Horizon Fds Strategic Equity Fd
    735.3750       16,127  
Vanguard Index Tr 500 Portfolio
    701.1090       80,571  
Vanguard Index Tr Value Portfolio
    1,813.3160       40,419  
Vanguard Index Tr Growth Portfolio
    218.8380       6,027  
Vanguard Index Tr Small Capitalization Stk Fd
    1,201.0450       34,254  
Vanguard Index Tr Mid Capitalization Stk Port Inv Sh
    1,738.5990       30,652  
Vanguard Specialized Portfolio Energy Portfolio
    1,194.4370       66,948  
Vanguard Specialized Portfolio Gold & Precious
    610.5690       14,165  
Vanguard Specialized Portfolio Health Care
    226.1760       31,540  
Wasatch Fds Inc Heritage Growth Fund
    1,012.6500       11,483  
Washington Mut Invs Fd Inc Cl B
    443.3320       13,601  
Wells Fargo Fds Tr Advantage Discovery Fd
    3,183.0040       65,156  
Wells Fargo Fds Advantage Growth Fd
    533.0470       11,242  
Wells Fargo Fds Tr Advantage Dividend Income Fd
    7,454.9350       120,472  
 
             
 
          6,915,645  
 
             
Total registered investment companies
          $ 90,006,536  
 
             
 
               
Corporate Common Stocks
               
Allegheny Technologies Incorporated*
    515,975.8130     $ 18,616,407  
 
             
 
               
Participant loans* (5.0% to 10.5%, with maturities through 2019)
          $ 2,704,914  
 
             
 
               
Common Collective Trusts
               
Dreyfus-Short Term Investment Fund*
    210,363.2600     $ 210,363  
 
             
 
               
Interest bearing cash
          $ 11,193  
 
             
 
*   Party-in-interest

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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 26, 2006
  By:   /s/ Richard J. Harshman
 
Richard J. Harshman
   
 
      Executive Vice President-Finance and    
 
      Chief Financial Officer    
 
      (Principal Financial Officer and Duly    
 
      Authorized Officer)