Allegheny Technologies, Inc. NYSE: ATI is a specialty metals company headquartered in Pittsburgh, Pennsylvania in the United States. Allgheny Technologies is one of the largest and most diversified specialty metals producers in the world with revenue of $3.0 billion in 2009. ATI's key markets are aerospace and defense, oil & gas, chemical process industry, electrical energy, and medical. Products are titanium and titanium alloys, nickel-based alloys and superalloys, grain-oriented electrical steel, stainless and specialty steels, zirconium, hafnium, and niobium, tungsten materials, forgings and castings.
The responsibilities and functions of the Committee shall be to:
Make recommendations to the Board of Directors concerning executive management organization matters generally.
Have direct responsibility to review and approve corporate goals and objectives relevant to the compensation of the CEO, evaluate the CEO’s performance in light of those goals and objectives, and, either as a committee or together with the other Independent Directors (as directed by the Board), pursuant to paragraph (b) of “Meetings; Review Procedures” below, determine and approve the CEO’s compensation level based on this evaluation. In determining the long-term incentive component of CEO compensation, the Committee shall consider, among other things, the Company’s performance and relative shareholder return, the value of similar incentive awards to CEOs at comparable companies, and the awards given to the Company’s CEO in past years.
In the area of compensation and benefits, consult with the CEO on and review and approve matters relating to other executive officers. The Committee shall have full decision-making powers with respect to compensation for executive officers to the extent such compensation is intended to be performance-based compensation within the meaning of Section 162(m) of the Internal Revenue Code.
Make recommendations to the Board of Directors regarding all contracts of the Company with any officer for remuneration and benefits (whether in the form of a pension, deferred compensation or otherwise) after termination of regular employment of such officer.
Make recommendations to the Board of Directors concerning policy matters relating to employee benefits and employee benefit plans, including incentive compensation plans and equity-based plans, and the level of employee benefits.
With respect to employee benefit plans within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“Benefit Plans”), make such amendments to Benefit Plans that do not materially increase the cost of sponsoring the Benefit Plans and as may be necessary to cause the Benefit Plans to be or remain in compliance with applicable law and collective bargaining agreements.
Administer the Company’s formal incentive compensation programs, including equity-based plans.
Oversee the annual process of the evaluation of management.
Monitor and encourage the development of intellectual capital.
The Committee shall also perform such additional duties and have such additional responsibilities and functions as the Board of Directors may from time to time determine.
ATI began a strategic transformation in 2004. The Company has self-funded approximately $1.8 billion in capital investments between 2004 and 2009 and now believes it has world's newest and most advanced processing paths for its specialty metals, particularly for titanium and titanium alloys, nickel-based alloys and superalloys, zirconium and hafnium, and other specialty alloys.
The company which has developed to become Allegheny Technologies was formed by the combination of Allegheny Ludlum Corporation and Teledyne, Inc. on August 15, 1996. The company has since spun off several subsidiaries as independent public companies such as Teledyne Technologies, Inc. and WaterPik Technologies in 1999, to concentrate on its core business of metal and alloy production. It also sold its World Minerals subsidiary to French company Imerys in 2005.
Allegheny Ludlum Corporation has a long history in Pittsburgh dating back to the Revolutionary War when an ancestor called Pompton Furnace supplied cannon balls to the Continental Army.
Allegheny Ludlum cooperated with Ford Motor Company in the 1930s, 1960s, and 1970s to build several one-off promotional cars with stainless steel bodies. Three such cars are on display in the Crawford Auto-Aviation Museum.
Allegheny Technologies Inc. has agreed to acquire Wisconsin based Ladish Co. to expand its offerings in the aerospace sector. The deal is valued at $778 million in a cash-and-stock transaction.
The responsibilities and functions of the Committee shall be to:
Make recommendations to the Board of Directors concerning executive management organization matters generally.
Have direct responsibility to review and approve corporate goals and objectives relevant to the compensation of the CEO, evaluate the CEO’s performance in light of those goals and objectives, and, either as a committee or together with the other Independent Directors (as directed by the Board), pursuant to paragraph (b) of “Meetings; Review Procedures” below, determine and approve the CEO’s compensation level based on this evaluation. In determining the long-term incentive component of CEO compensation, the Committee shall consider, among other things, the Company’s performance and relative shareholder return, the value of similar incentive awards to CEOs at comparable companies, and the awards given to the Company’s CEO in past years.
In the area of compensation and benefits, consult with the CEO on and review and approve matters relating to other executive officers. The Committee shall have full decision-making powers with respect to compensation for executive officers to the extent such compensation is intended to be performance-based compensation within the meaning of Section 162(m) of the Internal Revenue Code.
Make recommendations to the Board of Directors regarding all contracts of the Company with any officer for remuneration and benefits (whether in the form of a pension, deferred compensation or otherwise) after termination of regular employment of such officer.
Make recommendations to the Board of Directors concerning policy matters relating to employee benefits and employee benefit plans, including incentive compensation plans and equity-based plans, and the level of employee benefits.
With respect to employee benefit plans within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“Benefit Plans”), make such amendments to Benefit Plans that do not materially increase the cost of sponsoring the Benefit Plans and as may be necessary to cause the Benefit Plans to be or remain in compliance with applicable law and collective bargaining agreements.
Administer the Company’s formal incentive compensation programs, including equity-based plans.
Oversee the annual process of the evaluation of management.
Monitor and encourage the development of intellectual capital.
The Committee shall also perform such additional duties and have such additional responsibilities and functions as the Board of Directors may from time to time determine.
ATI began a strategic transformation in 2004. The Company has self-funded approximately $1.8 billion in capital investments between 2004 and 2009 and now believes it has world's newest and most advanced processing paths for its specialty metals, particularly for titanium and titanium alloys, nickel-based alloys and superalloys, zirconium and hafnium, and other specialty alloys.
The company which has developed to become Allegheny Technologies was formed by the combination of Allegheny Ludlum Corporation and Teledyne, Inc. on August 15, 1996. The company has since spun off several subsidiaries as independent public companies such as Teledyne Technologies, Inc. and WaterPik Technologies in 1999, to concentrate on its core business of metal and alloy production. It also sold its World Minerals subsidiary to French company Imerys in 2005.
Allegheny Ludlum Corporation has a long history in Pittsburgh dating back to the Revolutionary War when an ancestor called Pompton Furnace supplied cannon balls to the Continental Army.
Allegheny Ludlum cooperated with Ford Motor Company in the 1930s, 1960s, and 1970s to build several one-off promotional cars with stainless steel bodies. Three such cars are on display in the Crawford Auto-Aviation Museum.
Allegheny Technologies Inc. has agreed to acquire Wisconsin based Ladish Co. to expand its offerings in the aerospace sector. The deal is valued at $778 million in a cash-and-stock transaction.