july2103update

Niles, Ohio – RTI International Metals, Inc., (NYSE: RTI) released results today for the second quarter of 2003.

The Company reported net income for the second quarter of $1.0 million, or $0.05 per share, on sales of $49.1 million. Results for the second quarter of 2002 were a net income of $3.5 million, or $0.17 per share, on sales of $72.9 million.

Titanium operations were profitable in the second quarter. The Titanium Group earned operating income of $1.3 million on sales of $40.8 million, including intercompany sales of $27.0 million. Titanium mill product shipments for the second quarter were 1.4 million pounds at an average realized price of $16.60 per pound. During the second quarter of 2002, the Group had operating income of $4.3 million on sales of $56.7 million, including $32.9 million of intercompany sales.

The Fabrication & Distribution Group had an operating loss of $0.7 million on sales of $38.4 million during the second quarter. Results from the comparable period in 2002 were an operating income of $1.4 million on sales of $49.1 million. The Group’s loss during the current period was the result of the depressed conditions in commercial aerospace coupled with the absence of completed energy-related projects during the quarter. Earnings related to active projects at RTI’s energy unit will be recognized in later periods.

Timothy G. Rupert, President and CEO, commented, “RTI’s second quarter results were consistent with our expectations given current market conditions. Commercial aerospace markets will continue to be difficult. As a result, temporary shutdowns of some of our mill product operations are likely in the second half. Any improvement in the demand for titanium in the near term will have to come from defense spending and further growth in our deepwater energy markets. Demand for the more diversified products offered by our domestic distribution businesses are a bit stronger, providing a measure of stability during the current down cycle in titanium.”

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 current impact of global events on the commercial aerospace industry, military spending, future global economic conditions, competitive nature of the markets for specialty metals, and other risks and uncertainties included in the Company’s filings with the Securities and Exchange Commission. Actual results can differ materially from those forecasted or expected.

RTI International Metals, 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, defense, energy, chemical and consumer applications for customers around the world.

NOTE: RTI International Metals, Inc. has scheduled a conference call for Tuesday, July 22, 2003, at 10:00 a.m., Eastern Time, to discuss this press release. Timothy G. Rupert, President and CEO, John H. Odle, Executive Vice President, and Lawrence W. Jacobs, Vice President and CFO, will represent RTI. To participate in the call, please dial toll free (USA) 800-450-0788 or (International) 612-332-0228 a few minutes prior to the start time and specify the RTI International Metals Conference Call. Replay of the call will be available until 11:59 p.m., Eastern Time, on Friday, July 25, 2003, by dialing (USA) 800-475-6701 or (International) 320-365-3844 and Access Code 688886.

RTI INTERNATIONAL METALS, INC.
CONDENSED CONSOLIDATED STATEMENT OF INCOME (Unaudited)
(Dollars in thousands)


			QUARTER ENDED		SIX MONTHS ENDED
			JUNE 30,		JUNE 30,
			2003	2002	2003	2002

Sales			$ 49,083	$ 72,943	$ 107,615	$ 138,621
Cost of sales			40,551	58,453	92,686	110,335
Gross profit			8,532	14,490	14,929	28,286
Selling, general and
	administrative expenses		7,624	8,470	15,255	17,530
Research, technical and
	product development expenses		307	349	694	709
Operating income			601	5,671	(1,020)	10,047

Other income - net			1,233	149	10,010	9,085
Interest expense			202	141	370	288
Income before income taxes			1,632	5,679	8,620	18,844

Provision for income taxes			621	2,215	3,276	7,349
Net income			$ 1,011	$ 3,464	$ 5,344	$ 11,495

Net income per
	common share:
		Basic	$ 0.05	$ 0.17	$ 0.26	$ 0.55

		Diluted	$ 0.05	$ 0.17	$ 0.26	$ 0.55

Weighted Average Shares
	Outstanding (in thousands):
		Basic	20,835	20,781	20,823	20,774

		Diluted	20,924	20,975	20,862	20,905


	CONSOLIDATED BALANCE SHEET (Unaudited)
	(Dollars in thousands)

				JUNE 30,	DECEMBER 31,
				2003	2002
ASSETS:
	Current assets
		Cash and cash equivalents		$ 54,074	$ 40,666
		Accounts receivable		35,384	38,830
		Inventories		150,345	154,159
		Current deferred income tax assets		2,356	2,356
		Other current assets		4,215	5,934
	Total current assets			246,374	241,945
		Property, plant and equipment net		89,494	92,554
		Goodwill		34,133	34,133
		Noncurrent deferred income tax assets		4,271	4,271
		Other noncurrent assets		25,847	23,317
	Total assets			$ 400,119	$ 396,220

LIABILITIES AND STOCKHOLDERS' EQUITY:
	Current liabilities
		Accounts payable		$ 10,708	$ 14,711
		Accrued liabilities		12,940	11,018
	Total current liabilities			23,648	25,729
		Long-term debt		-	-
		Accrued pension cost		33,510	33,021
		Accrued postretirement benefit cost		20,533	19,873
		Other noncurrent liabilities		5,675	6,424
	Total liabilities			83,366	85,047
	Total shareholders' equity			316,753	311,173
	Total liabilities and shareholders' equity			$ 400,119	$ 396,220


CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
(Dollars in thousands)
				SIX MONTHS ENDED
				JUNE 30,
				2003	2002
	Cash provided by operating activities
		(adjustment for items not affecting funds from
		operations of $5,792 and $6,767 respectively)		$ 15,307	$ 17,660
	Cash used in investing activities (net of asset
		disposals of $1,437 and $0 respectively)		(1,726)	(2,609)
	Cash used in financing activities			(173)	(144)
	Increase/(decrease) in cash and cash equivalents			$ 13,408	$ 14,907
	Cash and cash equivalents at beginning of period			40,666	8,036
	Cash and cash equivalents at end of period			$ 54,074	$ 22,943


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