aug7-1998

FOR IMMEDIATE RELEASE, August 7,1998

CONTACT:
Crystal L. Revak, Director
Investor Relations
(330) 544-7622

CORRECTION - RMI TITANIUM COMPANY SECOND QUARTER RESULTS

Niles, Ohio -- RMI Titanium Company (NYSE; RTI) in the release "RMI Titanium Company Announces Second Quarter Results", sent July 20, 1998, the amount of the adjustment to the Company's deferred tax asset valuation allowance was incorrect. The adjustment should have been $16.1 million, and net income for the quarter and six month periods ended June 30, 1998 should have been $30.4 million and $45.5 million respectively. This adjustment does not effect pre-tax income, operating income, the current effective tax rate or cash flows. Likewise, future periods operating income, cash flows and pre-tax income will not be impacted by this adjustment. This amount represents only the adjustment to the deferred tax asset valuation allowance, and is not a recurring item. The effective current tax rate applied to pre-tax income for the balance of 1998 is expected to remain at approximately 29%, which was the effective tax rate in the first half of the year. This correction was necessitated by a clerical error and in no way reflects a reevaluation of the company's future earnings.

The release should have read as:

The Company reported a second quarter net income of $30.4 million, $1.48 per common share, on sales of $96.5 million. The results for the second quarter 1997 were a net income of $12.1 million, $0.59 per common share, on sales of $75.0 million.

Second quarter 1998 net income was favorably impacted by the recognition of a $16.1 million, $0.78 per share, adjustment to the Company's deferred tax asset valuation allowance. Exclusive of the deferred tax benefit, net income for the second quarter of 1998 was $14.4 million, $0.70 per share. Income before taxes for the second quarter of 1998 was $20.3 million, an increase of $6.8 million, or 51%, over pre-tax income in the second quarter of 1997.

Early in the second quarter, RMI announced a three-week outage at its rolling mill. The mill came back into operation on schedule, and the impact upon shipments and revenues was less than originally anticipated. Average realized prices for titanium mill products were $14.57 per pound in the second quarter and mill product shipments totaled 4.9 million pounds.

Net income for the first six months of 1998 amounted to $45.5 million, $2.22 per common share, compared to $23.0 million, $1.13 per share in the first six months of 1997. Exclusive of the tax benefit referred to above, net income for the first half of 1998 amounted to $29.4 million, $1.43 per share.

RMI Titanium Company, headquartered in Niles, Ohio, manufactures titanium mill products, hot-formed and superplastically formed parts, and engineered systems for energy-related markets. The company's products are used for fabricated components in commercial and military aircraft and engines, energy exploration and refining, chemical processing equipment, pulp and paper production facilities, medical implants and consumer goods.

CORRECTED

RMI TITANIUM COMPANY

CONDENSED CONSOLIDATED STATEMENT OF INCOME (Unaudited)

(Dollars in thousands, except per share data)

	QUARTER		SIX MONTHS
	ENDED JUNE 30,		ENDED JUNE 30,
	1998	1997	1998	1997
Sales	$ 96,542	$ 75,034	$185,581	$148,742
Cost of sales	72,364	58,313	135,885	116,245
Gross profit	24,178	16,721	49,696	32,497
Selling, general and administrative expenses
Selling, general and administrative expenses	3,810	2,805	7,816	5,531
Research, technical and product development expenses	974	698	1,821	1,402
Operating income	19,394	13,218	40,059	25,564
Other income - net	881	261	1,423	426
Interest expense	(3)	(26)	(57)	(59)
Income before income taxes	20,272	13,453	41,425	25,931
Provision (credit) for income taxes	(10,138)	1,363	(4,038)	2,923
Net income	$ 30,410	$ 12,090	$ 45,463	$ 23,008
Net income per common share:
Basic	$ 1.48	$ 0.59	$ 2.22	$ 1.13
Diluted	$ 1.47	$ 0.57	$ 2.20	$ 1.12

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