ATI makes specialty materials and components for aerospace and defense customers. Its core products are nickel-based superalloys, titanium alloys, precision forgings, and specialty alloys (zirconium, hafnium, niobium). These materials are used in jet engine hot sections, airframe structures, nuclear fuel cladding, and defense systems. ATI operates two segments: High Performance Materials & Components (HPMC, ~53% of revenue) and Advanced Alloys & Solutions (AA&S, ~47% of revenue). HPMC produces nickel and titanium materials and precision forgings, with ~92% of revenue from A&D. AA&S produces flat-rolled and plate products, with a mix that increasingly skews toward A&D (~41% of segment revenue). ATI sells primarily to jet engine OEMs (GE Aerospace, Pratt & Whitney, Rolls-Royce) and airframers (Boeing, Airbus), mostly under long-term agreements (LTAs) with contracted volumes and cost pass-throughs. ATI's most profitable products are proprietary alloys co-developed with OEMs where ATI holds sole-source positions — it is the sole-source producer of six of the seven most advanced nickel alloys used in next-generation jet engines. Because these alloys cannot be substituted and re-qualification barriers are high, ATI has durable pricing power on these products. Margins expand as A&D volumes grow and mix shifts toward higher-value proprietary alloys, given ATI's largely fixed cost base. ATI's strategy focuses on concentrating its portfolio on differentiated A&D products, expanding nickel melt capacity, and growing its titanium business, while reducing exposure to lower-margin industrial markets.