FOR IMMEDIATE RELEASE OCTOBER 3, 2000
Contact:
Richard E. Leone
Manager-Investor Relations
330.544.7622
RTI SELECTED FOR TITANIUM HOWITZER
Niles, Ohio – RTI International Metals, Inc. (NYSE: RTI) has been chosen by BAE Systems RO Defence, UK to supply the titanium components for the new XM-777 lightweight 155 mm Howitzer. BAE’S announcement may be found on the Internet at http://www.baesystems.com/dynamic/pressreleases/d402671.htm.
Gun delivery is expected to begin in 2003 and continue through 2010, with titanium shipments beginning in 2001. Initial deliveries will be to the U.S. Marine Corps, followed by deliveries to the U.S. Army and the Italian and British armed forces. It is anticipated that over 800 guns will be produced and that approximately 70% of the XM-777 production will be performed in the United States.
RTI President and CEO, Timothy G. Rupert, reacted to the news by saying, "This is a very exciting project for RTI. Not only does it represent a significant new source of revenue (in excess of $100 million if the full complement is produced) for RMI’S Titanium mill products, but it fits well with our strategy of integrating RTI’S Fabrication & Distribution Group’s capability to machine, water jet cut, extrude, hot form, fabricate and distribute more complex value-added products over the life of the program, both here and in Europe."
This news release contains forward-looking statements that involve risks and uncertainties. These include but are not limited to the cyclical nature of the commercial aerospace industry, chemical processing, oil and gas industries, uncertain defense spending, and the competitive market for specialty metals. Other risks and uncertainties have previously been included in the Company’s filings with the Securities and Exchange Commission, copies of which are available from the SEC or from RTI Investor Relations.
RTI International Metals, Inc., headquartered in Niles, Ohio, through its various subsidiaries, manufactures and distributes titanium and specialty metal mill products, and extruded shapes, as well as engineered systems for energy-related markets and environmental engineering services. The Company’s products are used for aerospace, industrial, military, and consumer applications.