Niles, Ohio -- RMI Titanium Company (NYSE; RTI) announced today that it has signed a letter of intent with New Century Metals, Inc. (NCM) of Solon, Ohio. The letter agreement calls for NCM to exchange all of its outstanding common shares for shares of RMI common stock.

NCM manufactures and distributes high temperature and corrosion resistant alloys such as titanium, stainless steel and nickel, in long bar form, to the aerospace, chemical processing, oil exploration and production, and power generation industries. In addition to the manufacturing facilities in Solon, NCM operates four distribution centers in the United States and one in England. 1998 sales are expected to exceed $50 million. The company employs eighty people.

Richard R. Burkhart will continue in his current role as NCM’s President. The expansion of NCM’s manufacturing and distribution operations, which has been ongoing for several years, is expected to continue.

"The acquisition of New Century Metals will not only extend RMI’s manufacturing and product capabilities, but the addition of five service center locations will significantly enhance RMI’s distribution network," commented Robert M. Hernandez, RMI’s Chairman. "This transaction, as with the expected acquisition of Sierra Alloys Company, Inc., announced earlier this month, will be immediately accretive to RMI shareholders," he added.

The transaction is subject to a number of conditions including the negotiation of a definitive agreement, the conduct of satisfactory due diligence and required regulatory approvals.

The statements in this release relating to matters that are not historical facts are forward looking statements that involve risks and uncertainties, including, but not limited to, the cyclicality of the commercial aerospace, chemical processing, energy, and power generation industries, and the competitive nature of the markets for specialty metals. Other risks and uncertainties have previously been included in the Company’s filings with the Securities and Exchange Commission.

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.

NOTE: RMI Titanium Company has scheduled a conference call for Tuesday, July 28, at 11:30 a.m. Eastern Time to discuss this press release. John H. Odle, Executive Vice President, and Timothy G. Rupert, Executive Vice President and Chief Financial Officer, will represent RMI. To participate in the call, please dial 800.553.0358 a few minutes prior to the start time and specify the RMI Titanium Conference Call. Replay of the call will be available until midnight Eastern Time, July 31, 1998, by dialing 800.475.6701, Access Code 400045.

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