ATI (ATI): what its 10-K says it depends on

Customers

Commercial aerospace industry

earns from · approximately 68% of total salesnamed as a risk

Aerospace & defense, our largest end markets, represent approximately 68% of total sales, led by products for jet engines and airframes in addition to a wide range of defense applications.Business (Item 1)

Defense market

earns from · almost 11% of HPMC's total sales

Sales of defense products comprise almost 11% of HPMC's total sales.Business (Item 1)

Also named by APH

Commercial jet engines

earns from · nearly 68%

The HPMC segment’s primary focus is on maximizing jet engine materials and components growth, with approximately 92% of its revenue derived from the aerospace & defense markets, including nearly 68% from products for commercial jet engines.Business (Item 1)

Independent service centers

earns from · approximately 50% of our stainless sheet products by volume

In fiscal year 2025, approximately 50% of our stainless sheet products by volume were sold to independent service centers, which have slitting, cutting or other processing facilities, with the remainder sold directly to end-use customers.Business (Item 1)

U.S. Government

earns fromnamed as a risk

Some of our operating units perform contractual work directly or indirectly for the U.S. Government, which requires compliance with laws and regulations relating to the performance of Government contracts.Risk factors (Item 1A)

Also named by ADI, AIR, APH, ASTS, AVAV, AWK, BA, BWXT and 46 more

The Boeing Company (Boeing)

earns fromnamed as a risk

These companies and their suppliers form a substantial part of our customer base in this business segment.Business (Item 1)

Also named by HWM, LMT, LUV, UAL, WWD

GE Aerospace

earns fromnamed as a risk

GE Aerospace, Rolls-Royce plc, Pratt & Whitney (a division of Raytheon Technologies Corporation), and Safran Aircraft Engines.Business (Item 1)

Also named by BKR, BRK/B, HWM, KTOS, WWD

Pratt & Whitney

earns fromnamed as a risk

GE Aerospace, Rolls-Royce plc, Pratt & Whitney (a division of Raytheon Technologies Corporation), and Safran Aircraft Engines.Business (Item 1)

Also named by BRK/B, HEI

Airbus S.A.S.

earns fromnamed as a risk

Large aircraft and jet engines are manufactured by a small number of companies, such as The Boeing Company (Boeing), Airbus S.A.S. (an Airbus Group company) including the former operations of Bombardier Aerospace, and Empresa Brasileira de Aeronáutica S.A. (Embraer) for airframes.Business (Item 1)

Also named by UAL

Rolls-Royce plc

earns fromnamed as a risk

GE Aerospace, Rolls-Royce plc, Pratt & Whitney (a division of Raytheon Technologies Corporation), and Safran Aircraft Engines.Business (Item 1)

Also named by WWD

Embraer

earns fromnamed as a risk

Large aircraft and jet engines are manufactured by a small number of companies, such as The Boeing Company (Boeing), Airbus S.A.S. (an Airbus Group company) including the former operations of Bombardier Aerospace, and Empresa Brasileira de Aeronáutica S.A. (Embraer) for airframes.Business (Item 1)

Safran Aircraft Engines

earns fromnamed as a risk

GE Aerospace, Rolls-Royce plc, Pratt & Whitney (a division of Raytheon Technologies Corporation), and Safran Aircraft Engines.Business (Item 1)

Partners and platforms

Shanghai STAL Precision Stainless Steel Company Limited (STAL)

operates in · 60% interest

The operations in this segment include our Specialty Rolled Products and Specialty Alloys & Components businesses in addition to our Shanghai STAL Precision Stainless Steel Company Limited (STAL) PRS joint venture in China, in which we hold a 60% interest.Business (Item 1)

VSMPO-AVISMA

We terminated our Uniti, LLC joint venture with Russian-based VSMPO-AVISMA (Verkhnaya Salda Metallurgical Production Association - Berezniki Titanium-Magnesium Works), the purpose of which was to market and sell a range of commercially pure titanium products.Risk factors (Item 1A)

Other companies

United Steelworkers (USW)

Approximately 35% of our workforcenamed as a risk

Approximately 35% of our workforce is covered by various CBAs, predominantly with the USW.Risk factors (Item 1A)

Also named by ALSN, CLF, CLMT

Athene Annuity and Life Company

approximately 85% of our U.S. qualified defined benefit plan obligationsnamed as a risk

In August 2024, the Company received notice that it and certain of its affiliates are parties to two lawsuits, filed in federal district court for the Western District of Pennsylvania, that assert various claims associated with the Company’s October 2023 purchase of group annuity contracts to transfer a portion of its U.S. qualified defined benefit pension plan obligations to Athene Annuity and Life Company and Athene Annuity & Life Assurance of New York.Risk factors (Item 1A)

Competitors

Precision Castparts Corporation (Berkshire Hathaway)

competes with

Principal competitors in the HPMC segment include: Berkshire Hathaway Inc., for nickel-based alloys and superalloys and specialty steel alloys, titanium and titanium-based alloys, and precision forgings through its ownership of Precision Castparts Corporation and subsidiaries; Howmet Aerospace Inc., for titanium and titanium-based alloys; Carpenter Technology Corporation for legacy nickel-based alloys and superalloys and specialty steel alloys; and Aubert & Duval for precision forgings.Business (Item 1)

Also named by HWM

Howmet Aerospace Inc.

competes with

Principal competitors in the HPMC segment include: Berkshire Hathaway Inc., for nickel-based alloys and superalloys and specialty steel alloys, titanium and titanium-based alloys, and precision forgings through its ownership of Precision Castparts Corporation and subsidiaries; Howmet Aerospace Inc., for titanium and titanium-based alloys; Carpenter Technology Corporation for legacy nickel-based alloys and superalloys and specialty steel alloys; and Aubert & Duval for precision forgings.Business (Item 1)

Carpenter Technology Corporation

competes with

Principal competitors in the HPMC segment include: Berkshire Hathaway Inc., for nickel-based alloys and superalloys and specialty steel alloys, titanium and titanium-based alloys, and precision forgings through its ownership of Precision Castparts Corporation and subsidiaries; Howmet Aerospace Inc., for titanium and titanium-based alloys; Carpenter Technology Corporation for legacy nickel-based alloys and superalloys and specialty steel alloys; and Aubert & Duval for precision forgings.Business (Item 1)

Haynes International

competes with

Principal competitors for nickel-based alloys, superalloys, and specialty alloys produced by AA&S include Haynes International and VDM Metals GmbH, a subsidiary of Acerinox S.A.Business (Item 1)

VDM Metals GmbH

competes with

Principal competitors for nickel-based alloys, superalloys, and specialty alloys produced by AA&S include Haynes International and VDM Metals GmbH, a subsidiary of Acerinox S.A.Business (Item 1)

Places

International sales

earns from · approximately 42% of our total annual salesnamed as a risk

International sales represent approximately 42% of our total annual sales, with direct export sales by our U.S.-based operations to customers in foreign countries accounting for approximately 34% of our total sales.Business (Item 1)

Also named by AEHR, AMD, AME, AVAV, CRS, ENTG, FSS, HLIO and 5 more

China

depends onnamed as a risk

We source some materials from China, which has and may in the future continue to impose export controls that could limit or significantly delay our access to such materials and could compel us to identify alternative sources, which we may not be able to do in a timely fashion or at all.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Poland

operates in

Our HPMC segment has manufacturing capabilities for precision forging and machining in Poland, primarily serving the aerospace, construction & mining, and transportation markets.Business (Item 1)

Also named by C, GE, JBI, MSI, MSTR, STT, UNM

Commodities and inputs

Henry Hub natural gas

exposed to its price · approximately 6 to 8 million MMBtu’s of natural gas annuallynamed as a risk

For example, a hypothetical $1.00 per MMBtu increase in the price of natural gas would result in increased annual energy costs of approximately $6 to $8 million.Market risk (Item 7A)

Also named by AM, AR, BSM, BTU, CNX, CRGY, DVN, EPD and 13 more

Nickel

exposed to its price · approximately 70 million pounds of nickelnamed as a risk

For example, in fiscal year 2025 we used approximately 70 million pounds of nickel; therefore a hypothetical change of $1.00 per pound in nickel prices would result in increased costs of approximately $70 million.Market risk (Item 7A)

Also named by ALSN, BWA, CRS, FLS, HON, HWM, LNG, MOD and 4 more

London Metal Exchange (LME) nickel index

exposed to its price · approximately 2 million pounds of nickel

These derivative instruments are used to hedge the variability of a selling price that is based on the London Metals Exchange (LME) index for nickel, as well as to hedge the variability of the purchase cost of nickel based on this LME index.Market risk (Item 7A)

Electricity

exposed to its pricenamed as a risk

The prices for and availability of electricity, natural gas, oil and other energy resources are subject to volatile market conditions.Risk factors (Item 1A)

Also named by AA, AESI, APD, APLD, ATO, BA, BMNR, CLF and 22 more

Cobalt

exposed to its pricenamed as a risk

Recently, due to inflationary trends, certain critical raw material costs, such as for nickel, hafnium, titanium sponge, cobalt, chromium, molybdenum, and scrap containing iron, nickel, titanium, chromium and molybdenum, have been volatile, and they may continue to be so in the future, including as a result of changes in international trade policy.Risk factors (Item 1A)

Also named by BDX, CRS, HWM, RTX, SWK

Helium

depends onnamed as a risk

Certain key supplies used in melting and other processing operations, such as graphite electrodes and industrial gases including helium and argon, are from time-to-time limited in availability and may be subject to significant price inflation.Business (Item 1)

Also named by GEHC, LIN, LRCX, MCHP, WOR

Titanium sponge

depends onnamed as a risk

Some raw materials, such as nickel, titanium sponge, cobalt, and ferrochromium, are mostly available from foreign sources in countries that may be subject to unstable political and economic conditions, which could disrupt supplies or affect the price of these materials.Business (Item 1)

Also named by HWM

Graphite electrodes

depends onnamed as a risk

We rely on third parties for certain supplies, such as graphite electrodes and industrial gases including helium and argon, that are critical to the manufacture of our products.Risk factors (Item 1A)

Also named by NUE

Hafnium

exposed to its pricenamed as a risk

Recently, due to inflationary trends, certain critical raw material costs, such as for nickel, hafnium, titanium sponge, cobalt, chromium, molybdenum, and scrap containing iron, nickel, titanium, chromium and molybdenum, have been volatile, and they may continue to be so in the future, including as a result of changes in international trade policy.Risk factors (Item 1A)

Ferrochromium

depends onnamed as a risk

Some raw materials, such as nickel, titanium sponge, cobalt, and ferrochromium, are mostly available from foreign sources in countries that may be subject to unstable political and economic conditions, which could disrupt supplies or affect the price of these materials.Business (Item 1)

Niobium (Brazil)

depends on

•Niobium: Brazil.Business (Item 1)

Laws and programs

CERCLA (Superfund)

subject to · 40 of such sitesnamed as a risk

With respect to proceedings brought under the federal Superfund laws, or similar state statutes, we have been identified as a potentially responsible party (PRP) at 40 of such sites, excluding those at which we believe we have no future liability.Risk factors (Item 1A)

Also named by AA, AAOI, ALB, AN, APD, APLD, AWK, BMY and 27 more

Russia-Ukraine conflict sanctions

subject tonamed as a risk

However, conditions in Ukraine and/or existing or future sanctions may disrupt supplies or affect the prices of materials that are necessary to our operations.Risk factors (Item 1A)

Also named by GD, GEHC