Allegheny Technologies Incorporated and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited, dollars in millions)

Six Months Ended

June 30

June 30

2021

2020

Operating Activities:

Net loss

$

(46.8)

$

(396.3)

Depreciation and amortization

72.4

72.9

Deferred taxes

1.0

98.1

Impairment of goodwill

—

287.0

Debt extinguishment charge

—

21.5

Net gain from disposal of property, plant and equipment

(2.4)

(2.5)

Change in managed working capital

(115.0)

(106.5)

Change in retirement benefits

(15.2)

(17.0)

Accrued liabilities and other

3.4

28.4

Cash used in operating activities

(102.6)

(14.4)

Investing Activities:

Purchases of property, plant and equipment

(61.4)

(66.0)

Proceeds from disposal of property, plant and equipment

2.7

3.2

Other

(0.1)

1.0

Cash used in investing activities

(58.8)

(61.8)

Financing Activities:

Borrowings on long-term debt

0.7

385.0

Payments on long-term debt and finance leases

(7.1)

(207.2)

Net borrowings (payments) under credit facilities

(0.9)

0.7

Purchase of convertible note capped call

—

(19.0)

Debt issuance costs

—

(8.1)

Debt extinguishment charge

—

(19.1)

Taxes on share-based compensation and other

(4.7)

(7.8)

Cash provided by (used in) financing activities

(12.0)

124.5

Increase (decrease) in cash and cash equivalents

(173.4)

48.3

Cash and cash equivalents at beginning of period

645.9

490.8

Cash and cash equivalents at end of period

$

472.5

$

539.1