ATI Inc

Item 1A.Risk Factors

The following is an update to and should be read in conjunction with Item 1A. Risk Factors contained in the Companys Annual Report on Form 10-K for the year ended December 298, 20245. In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, Item 1A. Risk Factors in our Annual Report on Form 10- K for the year ended December 298, 20245, which could materially affect our business, financial condition or future results. The risks described in our Annual Report on Form 10-K are not the only risks facing our Company. Additional risks and uncertainties

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not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

Labor Matters. We

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Thave approximately 7,600 active employees, of which approximately 10% are located outsidee conflict between the United States. Approximately 35% of our workforce is covered by various collective bargaining agreements (CBAs), predominantly with the USW. At various times,, Israel, and Iran and related geopolitical instability may adversely affect our CBAs expirebusiness and are subject to renegotiresults of operation. Generally, CBAs that expire may be termins.

In February 2026, the United Stated after notice by the union. After terms and Israel launched coordination, the union may authorize a ed military strike. A labor disputes against Iran, which could lead to a strike, lockout, or other work stoppage by retaliated with missile attacks across the employees covered by one or more of the collective bargaining agreements, could region. Although we do not have a material adverse effect on production at one or more of our facilities and, depending upon operations in the Middle East, the length of such dispute or work stoppage, on our operating results. Tongoing conflict and any furthere can be no assurance that we will succeed in conc escalation, including collective bargaining agreements to replace those that expire. On April 22, 2025, we reached agreements with the USW for new CBAs that cover nearly 1,000 USW represented full-time employees within our AAS operations for a six-year term that extends through February 28, 2031.

Risks Associated with Current or Future Litigation and Claims. A number of lawsuits, claims and proceedings have been or may be asserted against us reladditional military actions, retaliatory measures, sanctions, disruptions to trade or transportating to the conduct of our currently and formerly owned businesses, including those pertaining to product liability, patent infringement, commercial disputes, on routes, cyberattacks, or other government contracting, employment matters, employee and retiree benefits, taxes, environmental matters, health and safety and occupational disease, and stockholder and corporate governance matters. Due to the uncertainties of litigation, we al or market responses, could lead to significan give no assurance that we will prevail t disruption all claims made against us in the lawsuits that we currently face or that additional claims will not be made against us in the future. While the outcome of litigation cannot be predicted with certainty, and some of these lawsuits, claims orof global energy supplies and increases in global energy prices, heighten inflationary proceedings may be determined adversely to us, we do not believe that the disposition of anyessures on our input costs and such pending matters is likely to have a materialpply chain, adverse ely affect on our financial condition or liquidity, although the resolution in any reporting period of one or more of these matters could have a material adverse effect on our results of operations for that period. Also, we can give no assurance thatglobal supply chains, energy markets, commodity prices, currency exchange rates, financial markets any other claims brought in the future wid overall not have a material effect on our financialmacroeconomic condition, liquidity or results of operations.

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 Cos, and adversely impact customer spending patterns in markets in which we operate. While we do not expect the impanys October 2023 purchasects 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. These two lawsuits were consolidated in late 2024. In January 2025, we filed a Motioflict between the United States, Israel, and Iran to Dismiss the consolidated claims, and following an August 2025 hearing on the Motion to Dismiss, the magistrate judge overseeing the Motion issued a report recommending that all of the plaintiffs claims be dismissed for lack of standing. The recommendahave a significant effect on our business, financial condition remains subject to review and disposiand results of operation by the presiding judge. We intends, we are unable to vigorously defend againspredict these claims, but given the preliminary extent or nature of these matters, cannot predict their outcome or estimate any range of reasonably possible loss potential future impacts at this time.

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