Niles, Ohio - RMI Titanium Company (NYSE; RTI) released results today for the year ended December 31,1997. The Company generated net income of $60.1 million or $2.94 per common share compared with 1996 net income of $31.8 million or $1.71 per common share. The 1997 results include a third~-quarter $8.7 million tax credit, $0.42 per common share, resulting from an adjustment to the Company's deferred tax asset valuation allowance. Results for 1996 contain a similar third quarter credit amounting to $2.6 million $0.14 per common share.

RMI's 1997 results were aided by revenue and earnings growth in all areas including its Environmental Services Division, new market development efforts, and GaIt Alloys subsidiary. The principal business driver in 1997, as well as in 1996, was the strength of demand from the commercial aerospace market which resulted in increased shipments and prices of RMI's titanium products. RMI's sales in 1997 increased to $318.5 million, 27% over the $251.4 million recorded in 1996. Exclusive of the tax credits noted above, earnings represented a gain of 76% over 1996. The Company's order backlog grew by 17% over the same period.

Results for the fourth quarter 1997 reflect net income of $14.5 million, $0.71 per common share, on sales of $83.4 million. Average realized prices for mill products were $14.51 per pound and mill product shipments totaled 4.6 million pounds. The results for the fourth quarter 1996 were net income of $10.4 million, $0.51 per common share, on sales of $74.0 million.

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.