Profile: Titanium Metals Corporation (TIE)

Titanium Metals Corporation (TIMET), incorporated in 1955, is a producer of titanium melted and mill products. The Company has titanium production facilities in the United States and Europe. The Company’s products include titanium sponge, the basic form of titanium metal used in titanium products; melted products (ingot, electrodes and slab), the result of melting sponge and titanium scrap, either alone or with various alloys; mill products that are forged and rolled from ingot or slab, including long products (billet and bar), flat products (plate, sheet and strip) and pipe, and fabrications (spools, pipe fittings, manifolds and vessels) that are cut, formed, welded and assembled from titanium mill products.

The Company sends certain products to outside vendors for further processing (such as certain rolling, forging, finishing and other processing steps in the United States, and certain melting and forging steps in France) before being shipped to customers. In France, the Company’s primary processor is also a partner in its 70%-owned subsidiary, TIMET Savoie, S.A. the Company has long-term agreements (LTAs) with customers, including, among others, The Boeing Company (Boeing), Rolls-Royce plc and its German and United States affiliates (Rolls-Royce), United Technologies Corporation (UTC, Pratt & Whitney and related companies), the Safran companies (Safran, Snecma and related companies), Wyman-Gordon Company (Wyman-Gordon, a unit of Precision Castparts Corporation (PCC)) and VALTIMET SAS.

Substantially all of TIMET’s sales and operating income is derived from operations based in the United States, the United Kingdom, France and Italy. More than half of its sales revenue is from sales to the commercial aerospace sector. The Company sells directly to manufacturers, as well as to companies (including forgers, such as Wyman-Gordon) that use TIMET’s titanium to produce parts and other materials for such manufacturers. Approximately 56% of its sales revenue during the year ended December 31, 2008, was generated by sales into the commercial aerospace sector.

The Company sells directly to manufacturers associated with military programs on a global basis. Outside of commercial aerospace and military sectors, TIMET manufactures a range of products for customers in the chemical process, oil and gas, consumer, sporting goods, automotive and power generation sectors. In addition to melted and mill products, which are sold into the commercial aerospace, military, industrial and emerging markets sectors, the Company sells certain other products, such as titanium fabrications, titanium scrap and titanium tetrachloride.

The Company competes with Allegheny Technologies Incorporated (ATI), RTI International Metals, Inc. (RTI), Verkhnaya Salda Metallurgical Production Organization (VSMPO) and UNITI (a joint venture between ATI and VSMPO).