In 2008 ATI had a sales decline of -3%. However, in 2009 there are several pressures weighing on this stock that will make it unattractive in the short term (1-3 months). GDP is shrinking, not growing. So for steel companies, that means demand is shrinking, putting pressure on their prices. Whatever they do sell will be at a reduced price. So when both volume and price and weighing against you you're bound to stay on the bottom.
True, the company has lost a great deal of its value and could potentially be a value buy, but there are no current indicators (save contract wins as a result of the newly passed stimulus plan) that evidence a price recovery.