TRANSFORMATION

1 2020 ANNUAL REPORTTRANSFORMATIONABOUT ATISTRONG POSITIONS IN OUR MARKETSOur materials science and advanced process were the first company to handle all aspects of reactive metal production, and we have been the leader ever since, producing commercial high-purity hafnium, niobium and zirconium and other specialty alloys in all conventional product isothermal forging center of excellence including one of the world s largest isothermal presses enables larger-diameter, close-tolerance forgings required for today s high-efficiency jet engines and highly sophisticated components with differing mechanical is a world leader in production and R&D of specialty alloys developed through precise formulas and complex processes to serve the most demanding markets, including aerospace.

2 Our fully integrated additive manufacturing capabilities deliver customer solutions throughout the supply chain, from metal powder to finished ability to work high-strength titanium, corrosion-resistant nickel, and other sophisticated alloys into coil, strip, foil and plate for demanding applications is anchored by the most powerful roughing mill in the world, capable of rolling multiple alloy systems with 1,150 pounds per inch of amazing achievements superconducting magnets for MRI imaging, our niobium-titanium alloys drive life-changing medical insights by enabling highly advanced forgings give heavy-lift helicopter rotor hub assemblies incredible strength and durability to hoist 50-ton combat vehicles in the air and carry them great the Navy s first nuclear-powered submarine, our innovative naval propulsion materials enable the propulsion systems of nuclear aircraft carriers and s materials science expertise improves fuel efficiency by helping jet engines run hotter and more quietly, and burn more fuel nickel alloys for rigid pipelines have the strength and durability to perform without fail under extreme heat, pressure and corrosion for 50 undersea miles.

3 Our niobium-hafnium-titanium alloys help spacecraft direct high-velocity, high-temperature gases to reach the final materials power and protect the armed services in the air, sea and on the ground. MedicalEssential for modern medical equipment, devices and implants, our specialty materials save and improve thousands of lives every give capability to electronic devices through our alloys unique electrical, magnetic, cosmetic and corrosion resistance properties and our chemicals for metal can t fly without ATI our materials are on virtually every commercial aircraft flying today engines and alloys power electrical energy in nuclear reactors, renewables, and land-based turbines. Our oil and gas materials fight heat and corrosion deep in the 12O20 FINANCIAL OVERVIEWIn millions, except per share amounts201820192020 Sales$ 4,046$ 4,122$ 2,982 Gross profit$ 630$ 638$ 293 Restructuring and goodwill impairment charges$ $ 5$ 1,395 Operating income (loss)$ 362$ 366$ (1,303)Results attributable to ATI:Net income (loss) $ 222$ 258$ (1,573)Per Common Share$ $ $ ( )Adjusted results.

4 EBITDA (a)$ 489 $ 439 $ 196 Net income (loss) attributable to ATI, as adjusted (a)$ 208$ 165$ (65)Adjusted results per common share (a)$ $ $ ( )BUSINESS SEGMENT RESULTS (b)High Performance Materials & Components (HPMC)201820192020 Sales$ 1,963 $ 1,978 $ 1,165 Segment EBITDA$ 360 $ 356 $ 130 As percentage of segment HPMC by quarterQ1Q2Q3Q4 Sales $ 421 $ 301 $ 221 $ 222 Segment EBITDA $ 77 $ 29 $ 17 $ 7 As percentage of segment Alloys & Solutions (AA&S)201820192020 Sales $ 2,083 $ 2,144 $ 1,817 Segment EBITDA $ 207 $ 173 $ 115 As percentage of segment AA&S by quarterQ1Q2Q3Q4 Sales $ 535 $ 469 $ 377 $ 436 Segment EBITDA $ 41 $ 33 $ 11 $ 30 As percentage of segment (a) Earnings Before Interest, Taxes, Depreciation and Amortization.

5 Please see Pages 9-10 for a reconciliation of adjusted results with the financial results prepared in accordance with accounting principles generally accepted in the (b) Effective January 1, 2020, we began operating under two revised business segments: High Performance Materials & Components (HPMC) and Advanced Alloys & Solutions (AA&S). In addition, in the fourth quarter 2020, the Company changed its segment performance measure from segment operating profit to segment EBITDA, based on internal reporting changes. Prior period results have been restated for these changes. See the Company s Form 10-K for further explanation of these 1 MESSAGE FROM THE PRESIDENT AND CEOR esponding to the pandemic, focused on the futureAt the onset of the COVID-19 pandemic, we took immediate action to keep our people safe.

6 As a critical manufacturing sector business, we continued to operate throughout the year. Thanks to our strong safety value, we quickly put protocols in place to mitigate the spread of COVID and limit operational disruption. We thank our employees for all they did to keep themselves, each other, and their families safe and we addressed the unprecedented consequences of the pandemic, what really defined our year and what I believe defines ATI is our steady focus on the future. Our leadership priorities drove the actions necessary to ensure the long-term profitability and health of our company: preserving cash and maintaining liquidity; optimizing our cost structure to meet changing customer demand; supporting our customers through continued strong execution; and being recovery ready, poised to leverage market share gains for new growth.

7 ATI responded to the unprecedented challenges of 2020 marked by widespread uncertainty and decreased demand by focusing on doing the right things quickly and decisively, positioning ATI to emerge from this crisis stronger and prepared for a renewed future. During 2020, we extended our debt maturity profile and ended the year with nearly a billion dollars of total liquidity including $650 million of cash on hand. Due to the benefit of our close customer relationships, we proactively and aggressively reduced costs, nimbly matching capacity with rapidly declining demand and limiting impact on our bottom line. We continue to pursue operational improvements, and we expect much of our cost savings to become structural, continuing to benefit ATI as we return to growth over time.

8 Moreover, as we worked to implement these structural changes, we never wavered from our commitment to strong execution and operational excellence. Our customers continue to count on us to deliver the mission-critical materials and components to keep their planes flying, vehicles moving, energy flowing and medical equipment and electronics working flawlessly. We ve been rewarded with more of their business as a result of our OUR SHAREHOLDERS, CUSTOMERS AND EMPLOYEES2 ATI 2020 ANNUAL 3 Dear Shareholders, Customers and Employees, When the pandemic emerged in early 2020, upending many of our expectations for the year, our CEO Bob Wetherbee and his team rose to confront the many challenges facing our people, operations and results. In doing so, they ensured the safety of our workforce, consistency of our ongoing operations, strength and resiliency of our balance sheet, and kept our focus firmly on the future.

9 Today, I confidently express my belief that ATI will emerge from the downturn as a stronger company with a clear vision. I will retire from ATI s Board at the conclusion of the 2021 Annual Meeting. It has been my great privilege to serve as a member of your Board and as your Board Chair, and to work hand-in-hand with Bob. I m honored to announce that your Board has appointed Bob as Chairman and CEO, effective with my retirement at the close of the 2021 Annual Meeting. We believe that combining the roles of CEO and Chair promotes unified leadership and direction for the Company, allowing for a clear, sharp focus on the efficient implementation of ATI s strategies to grow shareholder value. At the same time, we recognize the fundamental importance of independent Board oversight.

10 Current Board member J. Brett Harvey will serve alongside Bob as Lead Independent Director, the principal liaison between the independent members of your Board and ATI s management. We believe we remain well-positioned to continue ATI s long tradition of independent Board leadership and oversight. I also sincerely thank fellow Board members John Pipski and Jim Rohr for their many years of service to ATI as they join me in retiring this year. We leave behind an experienced board with strong challenges of 2020 have highlighted the rapidly evolving nature of the global climate for ATI and the Board s indispensable role in identifying and overseeing appropriate responses to the many and varied risks we face. As we look to 2021 and beyond, your Board remains committed to doing its utmost to remain effective custodians of your investment and advocates for your interests and concerns.