Allegheny Technologies said, "In the short-term we continue to focus on issues within our control. Cost reduction remains a priority. We are accelerating our cost reduction efforts, resulting in more than $79 million in gross cost reductions during the first six months 2013. This pace is well above our 2013 target of $100 million in new cost reductions for the full year. These cost reductions are expected to benefit ATI operations later in 2013 and beyond. We are focused on reducing our managed working capital through a number of actions including lean initiatives to improve inventory turns. Managed working capital was reduced by $48 million in the second quarter 2013, compared to the first quarter 2013, and was reduced to 39.8% of annualized sales at the end of June 2013 from 41.1% at year-end 2012."