Q1 2004

Niles, Ohio – RTI International Metals, Inc., (NYSE: RTI) released results today for the first quarter of 2004.

The Company reported net income for the first quarter of $2.8 million, or $0.13 per share, on sales of $54.1 million. Results for the first quarter of 2003 were a net income of $4.3 million, or $0.21 per share, on sales of $58.5 million.

The Company is party to a supply agreement that requires minimum annual purchases by The Boeing Company. In 2003, the final year of the agreement, Boeing failed to meet those minimums and accordingly, made a payment of $9.1 million in liquidated damages to the Company during the first quarter of 2004, which added $6.0 million, or $0.28 per share, to net income. Results for the first quarter of 2003 included a similar payment, which added $5.2 million or $0.25 per share.

Titanium mill product shipments for the first quarter of this year were 1.5 million pounds, up slightly over last year, but realized prices averaged $15.03 per pound, down nearly 10% year over year. The resultant loss of revenue was partially offset by lower costs, as salaried personnel continue to operate the Group’s Niles, Ohio plant after hourly workers rejected a contract offer in the fourth quarter of 2003. To date, the work stoppage has not been an impediment to operational utilization or the booking of new orders. During the first quarter the Titanium Group posted a first quarter operating loss of $4.1 million on sales of $37.7 million, including intercompany sales of $24.6 million. During the first quarter of 2003, the Group had an operating loss of $3.4 million on sales of $32.7 million, including $18.5 million of intercompany sales.

The Fabrication & Distribution Group had an operating loss of $0.9 million on sales of $41.0 million during the first quarter. RTI Energy Systems was negatively impacted by the late delivery and rising price of steel for two projects.

Domestic distribution units and RTI Commercial Products had relatively good quarters, as market conditions in commercial aerospace continued to have a negative effect on the Group’s other units. Despite the slow start, the Group is expected to outperform its modest profitability last year. The Group had operating income of $1.8 million on sales of $44.3 million during the first quarter of 2003.

“RTI’s performance in the first quarter was disappointing, but not totally unexpected. Demand for titanium from commercial aerospace, particularly for airframes, continues to be weak, as aircraft build rates remain low and are expected to remain so into next year. Prices for mill products have firmed somewhat lately, offsetting rising costs for raw material and energy. Reducing production costs and expanding our value-added products will continue to be our primary focus as we strive to maintain profitability during this downturn,” said Timothy G. Rupert, President and CEO.

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 ongoing impact of global events on the commercial aerospace industry, military spending, the impact of the on-going labor dispute, 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, is one of the world’s largest producers of titanium. Through its various subsidiaries, RTI manufactures and distributes titanium and specialty metal mill products, extruded shapes, formed parts and engineered systems for aerospace, industrial, defense, energy, chemical and consumer applications for customers around the world.

NOTE: RTI International Metals, Inc. has scheduled a conference call for Wednesday, April 28, 2004, at 11:00 a.m., Eastern Time, to discuss this press release. To participate in the call, please dial toll free (USA) 888-428-4472 or (International) 612-288-0318 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, May 1, 2004, by dialing (USA) 800-475-6701, or (International) 320-365-3844, and Access Code 726559.


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


				QUARTER ENDED
				MARCH 31,
				2004	2003

	Sales			$ 54,112	$ 58,532
	Cost of sales			50,351	52,135
	Gross profit			3,761	6,397
	Selling, general and
		administrative expenses		8,566	7,631
	Research, technical and
		product development expenses		287	387
	Operating income			(5,092)	(1,621)

	Other income - net			9,318	8,777
	Interest expense			3	168
	Income before income taxes			4,223	6,988

	Provision for income taxes			1,448	2,655
	Net income			$ 2,775	$ 4,333


	Net income per
		common share:
			Basic	$ 0.13	$ 0.21

			Diluted	$ 0.13	$ 0.21

	Weighted average shares
		outstanding (in thousands):
			Basic	21,106	20,812

			Diluted	21,453	20,903


CONSOLIDATED BALANCE SHEET
(Dollars in thousands)

				MARCH 31,	DECEMBER 31,
				2004	2003
				(Unaudited)
	ASSETS:
		Current assets
			Cash and cash equivalents	$ 71,234	$ 67,970
			Accounts receivable	33,574	30,855
			Inventories	145,886	153,497
			Current deferred income tax asset	5,182	5,251
			Other current assets	4,056	3,284
		Total current assets		259,932	260,857
			Property, plant and equipment, net	84,369	85,505
			Goodwill	34,133	34,133
			Other noncurrent assets	7,657	9,439
		Total assets		$ 386,091	$ 389,934

	LIABILITIES AND SHAREHOLDERS' EQUITY:
		Current liabilities
			Accounts payable	$ 10,715	$ 14,008
			Accrued liabilities	12,766	19,321
		Total current liabilities		23,481	33,329
			Accrued pension cost	13,129	12,445
			Accrued postretirement benefit cost	20,617	20,428
			Other noncurrent liabilities	6,182	6,072
		Total liabilities		63,409	72,274
		Total shareholders' equity		322,682	317,660
		Total liabilities and shareholders' equity		$ 386,091	$ 389,934




CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
(Dollars in thousands)
				THREE MONTHS ENDED
				MARCH 31,
				2004	2003
	Cash provided by operating activities
		(including depreciation and amortization
		of $2,987 and $3,057 respectively)		$ 3,022	$ 7,636
	Cash provided by (used in) investing activities			(1,858)	(1,255)
	Cash used in financing activities			2,100	(218)
	Increase in cash and cash equivalents			3,264	6,163
	Cash and cash equivalents at beginning of period			67,970	40,666
	Cash and cash equivalents at end of period			$ 71,234	$ 46,829




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