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

Net income for the fourth quarter of 2003 was $1.9 million, or $0.09 per share, on sales of $47.7 million. The same period in 2002 resulted in a net income of $0.6 million, or $0.03 per share, on revenues of $64.2 million.

Mill product shipments for the quarter were 1.4 million pounds versus 2.1 million pounds in the year earlier period and 1.7 million pounds during the third quarter of 2003. Despite lower shipping volumes, earnings improved over the prior periods in part due to lower labor expense. During the quarter, a labor contract at RMI Titanium Company’s Niles, Ohio plant expired and a new agreement was rejected by the United Steelworkers. The plant is now operated by salaried personnel at a significantly lower cost.

The Company reported net income for the year 2003 of $4.7 million, or $0.23 per share, on sales of $205.5 million. Results for the year 2002 were a net income of $15.1 million, or $0.73 per share, on sales of $270.9 million.

Both 2003 and 2002 included payments under a supply agreement that requires minimum purchases by The Boeing Company, resulting in other income of approximately $8 million and $7 million, respectively.

Titanium mill product shipments for 2003 totaled 5.9 million pounds, down 41% from 2002, reflecting the significant weakness in commercial aerospace markets. Realized prices for the year averaged $15.95 per pound compared to $14.36 in 2002, due to a greater content of flat rolled products in the 2003 product mix. Despite a strong fourth quarter performance, the Titanium Group had an operating loss for the year of $2.0 million on sales of $148.0 million, including $91.2 million of inter-company sales. In 2002, the Group recorded an $11.0 million operating profit on sales of $196.6 million, including inter-company sales of $107.8 million.

The Fabrication & Distribution Group had operating earnings of $0.7 million on sales of $148.8 million in 2003 compared to $4.3 million and $182.0 million respectively in 2002. Lack of demand from commercial aerospace markets affected a number of units within the Group. Those with greater exposure to energy and defense markets fared better.

The Company also announced today that in accordance with its terms, the Department of Energy has terminated “for convenience” its contract with RMI for the remediation of a former RMI facility that had performed processing for the government. Approximately two-thirds of the facility, owned by RMI, has been free released by the Ohio Department of Health. Remaining soil removal is expected to take approximately 18-24 months. The DOE is responsible for the cost of the remaining cleanup. Remediation earnings contributed approximately $0.6 million to RTI’s net income in 2003 and $0.7 million in 2002.

Commenting on the Company’s results, Timothy G. Rupert, President and CEO, said, “Due to market conditions, we expected 2003 to be a difficult year and it turned out to be so. Cash generation was again our strong suit, with over $30 million coming from operating activities.

“The outlook for commercial aerospace remains soft. On the positive side, inventories within the supply chain appear to have been worked down and the availability of titanium scrap has tightened due to reduced generation and increased consumption by the steel industry, perhaps creating an improved pricing environment. Nonetheless, we are prepared for another tough year in 2004 and will be focusing on the expense side of our business, where we continue to lower our cost of production, and on growing our ability to add value.”

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, 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, January 28, 2004, at 11:00 a.m., Eastern Time, to discuss this press release. To participate in the call, please dial toll free (USA) 888-428-4469 or (International) 612-332-0107 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, January 31, 2004, by dialing (USA) 800-475-6701 or (International) 320-365-3844 and Access Code 715450.



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


			QUARTER ENDED		YEAR ENDED
			DECEMBER 31,		DECEMBER 31,
			2003	2002	2003	2002

Sales			$ 47,739	$ 64,164	$ 205,527	$ 270,890
Cost of sales			36,443	55,588	175,076	221,868
Gross profit			11,296	8,576	30,451	49,022
Selling, general and
	administrative expenses		8,040	7,617	31,402	32,333
Research, technical and
	product development expenses		276	278	1,306	1,355
Other operating income - net			-	-	967	-
Operating income			2,980	681	(1,290)	15,334

Other income - net			147	540	9,433	9,747
Interest expense			203	213	672	686
Income before income taxes			2,924	1,008	7,471	24,395

Provision for income taxes			1,029	383	2,757	9,270
Net income			$ 1,895	$ 625	$ 4,714	$ 15,125

Net income per
	common share:
		Basic	$ 0.09	$ 0.03	$ 0.23	$ 0.73

		Diluted	$ 0.09	$ 0.03	$ 0.22	$ 0.72

Weighted average shares
	outstanding (in thousands):
		Basic	20,853	20,776	20,830	20,773

		Diluted	21,123	20,918	20,996	20,924


CONSOLIDATED BALANCE SHEET (Unaudited)
(Dollars in thousands)


				DECEMBER 31,	DECEMBER 31,
				2003	2002
ASSETS:
	Current assets
		Cash and cash equivalents		$ 67,970	$ 40,666
		Accounts receivable		30,855	38,830
		Inventories		153,497	154,159
		Current deferred income tax assets		5,251	2,356
		Other current assets		3,284	5,934
	Total current assets			260,857	241,945
		Property, plant and equipment net		85,505	92,554
		Goodwill		34,133	34,133
		Noncurrent deferred income tax assets		5,677	4,271
		Other noncurrent assets		23,978	23,317
	Total assets			$ 410,150	$ 396,220

LIABILITIES AND STOCKHOLDERS' EQUITY:
	Current liabilities
		Accounts payable		$ 14,008	$ 14,711
		Accrued liabilities		19,826	11,018
	Total current liabilities			33,834	25,729
		Long-term debt		-	-
		Accrued pension cost		33,251	33,021
		Accrued postretirement benefit cost		20,428	19,873
		Deferred income taxes		-	-
		Other noncurrent liabilities		5,421	6,424
	Total liabilities			92,934	85,047
	Total shareholders' equity			317,216	311,173
	Total liabilities and shareholders' equity			$ 410,150	$ 396,220



CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
(Dollars in thousands)
				YEAR ENDED
				DECEMBER 31,
				2003	2002
Cash provided by operating activities
	(including depreciation and amortization
	of $12,197 and $12,306 respectively)			$ 30,765	$ 41,259
Cash used in investing activities				(3,965)	(7,603)
Cash used in financing activities				504	(1,026)
Increase/(decrease) in cash and cash equivalents				27,304	32,630
Cash and cash equivalents at beginning of period				40,666	8,036
Cash and cash equivalents at end of period				$ 67,970	$ 40,666


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