RTI 3rd quarter results

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

The Company reported a net loss for the third quarter of $2.5 million, or $0.12 per share, on sales of $50.2 million. Results for the third quarter of 2002 were a net income of $3.0 million, or $0.14 per share, on sales of $68.1 million.

The Titanium Group shipped 1.7 million pounds of mill products at an average realized price of $15.51 per pound. Reduced operations during the quarter, particularly in July, resulted in an operating loss of $3.6 million for the Group on sales of $38.8 million, including intercompany sales of $24.9 million. During the same period a year ago, the Group had operating income of $3.0 million on sales of $46.8 million, including $23.8 million of intercompany sales.

The Fabrication & Distribution Group had an operating loss of $0.6 million on sales of $36.2 million during the third quarter. Once again this quarter, those units within the Group that serve commercial aerospace, contributed to the loss, while the more diversified units generally performed well. For the same period in 2002, the Group earned operating income of $1.6 million on sales of $45.0 million.

Commenting on the quarter, Timothy G. Rupert, President and CEO, said, “The Company’s sales and financial performance for the quarter primarily reflect the depressed demand for titanium mill products resulting from conditions in commercial aerospace markets. This, in turn, has increased competitive pressures in all titanium markets. As a result, further cost reduction, which is the key topic in current labor negotiations, must be achieved, particularly in our titanium subsidiary, RMI Titanium Company. RMI’s contract with the United Steelworkers expired on October 15th and was extended one week to give the parties more time to reach a new agreement.”

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 outcome of labor negotiations, the current impact of global events on the commercial aerospace industry, military spending, 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, October 21, 2003, at 4:30 p.m., Eastern Time, to discuss this press release. To participate in the call, please dial toll free (USA) 800-230-1092 or (International) 612-288-0329 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 Saturday, October 25, 2003, by dialing (USA) 800-475-6701 or (International) 320-365-3844 and Access Code 699971.


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


			QUARTER ENDED		NINE MONTHS ENDED
			SEPTEMBER 30,		SEPTEMBER 30,
			2003	2002	2003	2002

Sales			$ 50,173	$ 68,105	$ 157,788	$ 206,726
Cost of sales			45,947	55,945	138,633	166,280
Gross profit			4,226	12,160	19,155	40,446
Selling, general and
	administrative expenses		8,107	7,266	23,362	24,796
Research, technical and
	product development expenses		336	288	1,030	997
Other operating income - net ⁽¹⁾			-	-	967	-
Operating income			(4,217)	4,606	(4,270)	14,653

Other income - net			243	122	9,286	9,207
Interest expense			99	185	469	473
Income before income taxes
	and cumulative effect of change
	in accounting principle		(4,073)	4,543	4,547	23,387

Provision for income taxes			(1,548)	1,538	1,728	8,887
Income before cumulative effect
	in accounting principle		(2,525)	3,005	2,819	14,500
Cumulative effect of change
	in accounting principle		-	-	-	-
Net income			$ (2,525)	$ 3,005	$ 2,819	$ 14,500

Net income per
	common share:
		Basic	$ (0.12)	$ 0.14	$ 0.14	$ 0.70

		Diluted	$ (0.12)	$ 0.14	$ 0.13	$ 0.69

Weighted average shares
	outstanding (in thousands):
		Basic	20,819	20,767	20,822	20,772

		Diluted	20,951	20,901	20,935	20,892


	⁽¹⁾ A gain in the second quarter of 2003 on the disposal of certain of the Company's fixed assets at its Ashtabula Plant,
	was reclassified from Other income - net, to Other operating income - net.

CONSOLIDATED BALANCE SHEET (Unaudited)
(Dollars in thousands)

				SEPTEMBER 30,	DECEMBER 31,
				2003	2002
ASSETS:
	Current assets
		Cash and cash equivalents		$ 57,177	$ 40,666
		Accounts receivable		38,303	38,830
		Inventories		146,807	154,159
		Current deferred income tax assets		2,356	2,356
		Other current assets		6,062	5,934
	Total current assets			250,705	241,945
		Property, plant and equipment net		87,386	92,554
		Goodwill		34,133	34,133
		Noncurrent deferred income tax assets		4,271	4,271
		Other noncurrent assets		25,205	23,317
	Total assets			$ 401,700	$ 396,220

LIABILITIES AND STOCKHOLDERS' EQUITY:
	Current liabilities
		Accounts payable		$ 11,899	$ 14,711
		Accrued liabilities		14,924	11,018
	Total current liabilities			26,823	25,729
		Long-term debt		-	-
		Accrued pension cost		33,643	33,021
		Accrued postretirement benefit cost		21,124	19,873
		Other noncurrent liabilities		5,936	6,424
	Total liabilities			87,526	85,047
	Total shareholders' equity			314,174	311,173
	Total liabilities and shareholders' equity			$ 401,700	$ 396,220


CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
(Dollars in thousands)
				NINE MONTHS ENDED
				SEPTEMBER 30,
				2003	2002
Cash provided by operating activities
	(adjustment for items not affecting funds from
	operations of $9,220 and $10,371 respectively)			$ 19,677	$ 23,440
Cash used in investing activities (net of asset
	disposals of $1,437 and $0 respectively)			(2,697)	(4,746)
Cash used in financing activities				(469)	(1,068)
Increase in cash and cash equivalents				$ 16,511	$ 17,626
Cash and cash equivalents at beginning of period				40,666	8,036
Cash and cash equivalents at end of period				$ 57,177	$ 25,662


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