ATI Inc.

ATI Inc. (NYSE:ATI) is a specialty materials manufacturer that has transformed itself from a diversified metals company into a focused aerospace and defense supplier. Founded in 1960 and formerly known as Allegheny Technologies Incorporated, the company underwent a strategic repositioning following the 2022 Russia-Ukraine conflict, which created significant opportunities in titanium and specialty alloy markets. Headquartered in Dallas, Texas, ATI has evolved into a critical supplier of advanced materials for jet engines, aircraft structures, and defense applications, with aerospace and defense now representing approximately 66% of total revenue as of 2025.

Over the past several years, ATI has undergone a strategic transformation from a diversified metals company to a focused aerospace and defense supplier. The company accelerated this shift following the 2022 Russia-Ukraine conflict, which created opportunities to gain market share in titanium supply as customers sought alternatives to Russian sources. Capacity expansion has been a key focus, with the company increasing titanium melt capacity by 80% and bringing previously idled facilities back online. The company restarted its Oregon melt shop and made brownfield investments to expand production capabilities. Recent achievements include record levels of premium quality heat smelted and milestones in powder billet production. Contract wins have provided long-term revenue visibility, with ATI announcing over $4 billion in new sales commitments, including a $1 billion five-year contract with Airbus. These agreements extend into the 2030s and 2040s, demonstrating customer confidence in ATI's capabilities and providing revenue stability. Operational improvements have focused on reliability and efficiency, with investments in predictive maintenance, AI technology, and process optimization. The company resolved previous operational challenges including nickel melt shop design flaws and vacuum furnace outages that had impacted production in 2024. Market positioning has shifted dramatically, with aerospace and defense growing from 53% of revenue in 2022 to 66% in 2025. The company's GICS classification was changed to Aerospace & Defense, reflecting this strategic transformation. Defense revenues have grown particularly strongly, increasing 22% in 2024 to $490 million.