I purchased common shares of ATI today. (I am not familiar with the way their options trade, so I stuck with the common shares.)
This is a play on the boom in aerospace manufacturing. Regardless on who makes the planes, the manufactures will need products from ATI. (see previous reference)
It has consolidated from a breakout, and I think now is a good initial entry point.
NOTE: To do this with ATI common, I decided to unload the position of PBR I wanted to around 38 to maintain a comfortable risk profile. PBR is currently trading in the mid 37s. To me, it is close enough. I still own a position PBR.