FOR IMMEDIATE RELEASE, July 20,1998

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

Niles, Ohio -- RMI Titanium Company (NYSE; RTI) released results today for the second quarter 1998.

The Company reported a second quarter net income of $36.0 million, $1.76 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 $21.7 million, $1.06 per share, adjustment to the Company's deferred tax asset valuation allowance. This adjustment reduces the valuation allowance to zero. 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 $51.1 million, $2.49 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.

CONDENSED CONSOLIDATED STATEMENT OF INCOME (Unaudited)

(Dollars in thousands, except per share data)

Copyright © RMI Titanium 1998. All Rights Reserved.