Q2 2004

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

RTI reported net income for the second quarter of $0.4 million, or $0.02 per share, on sales of $55.6 million. Results included a $0.7 million credit to the Company’s second quarter tax provision to reflect a change in estimate of 2004 tax liability. In the second quarter of 2003 the Company reported net income of $1.0 million, or $0.05 per share, on sales of $49.1 million.

During the second quarter, the Titanium Group posted sales of $35.0 million, including intercompany sales of $22.1 million, generating an operating loss of $2.1 million, an improvement of $2 million over the first quarter of this year. Titanium mill product shipments for the second quarter were 1.5 million pounds at an average realized price of $14.02 per pound. During the second quarter of 2003, the Group had operating income of $1.3 million on sales of $40.8 million, including $27.0 million of intercompany sales.

The Titanium Group’s second quarter performance included a $3.0 million operating loss at its Niles, Ohio plant where non-represented personnel have been operating the facility since October, 2003 when former hourly employees declined a new contract offer. The Niles plant had an operating loss of $4.0 million in the first quarter of this year.

The Fabrication & Distribution Group had operating income of $1.7 million on sales of $51.7 million during the second quarter, a $2.7 million improvement from the first quarter of 2004. The second quarter turnaround was due to the resolution of production problems on several RTI Energy projects and the continued strong performance of the Group’s domestic distribution units. Results from the comparable period in 2003 were an operating loss of $0.7 million on sales of $38.4 million.

Timothy G. Rupert, President and CEO, commented, “RTI’s operating performance improved considerably in the second quarter. We are particularly proud of the group operating our Niles plant, who are not only getting the job done with half as many people, but are continuously improving on their own performance.

“The effects of the long downturn in commercial aerospace markets persist. New aircraft orders, which have received much attention in the media lately, should provide our industry with increased levels of operations and pricing in future periods. Until then, our goal will be to make the best of what aerospace has to offer, while growing our non-aerospace business and reducing production costs throughout.”

The statements in this release relating to matters that are not historical facts are forward-looking statements that involve risks and uncertainties. These statements include, but are not limited to, the ongoing impact of global events on the commercial aerospace industry, the war on terrorism, and the labor dispute; as well as, 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 Tuesday, July 27, 2004, at 3:30 p.m., Eastern Time, to discuss this press release. To participate in the call, please dial toll free (USA/Canada) 877-430-1679 or (International) 706-679-3712 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, July 31, 2004, by dialing (USA/Canada) 800-642-1687, or (International) 706-645-9291, and Conference ID # 8628125.

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


			QUARTER ENDED		SIX MONTHS ENDED
			JUNE 30,		JUNE 30,
			2004	2003	2004	2003

Sales			$ 55,574	$ 49,083	$ 109,686	$ 107,615
Cost of sales			47,500	40,551	97,851	92,686
Gross profit			8,074	8,532	11,835	14,929
Selling, general and
	administrative expenses		8,249	7,624	16,815	15,255
Research, technical and
	product development expenses		297	307	584	694
Other operating income - net			97	-	97	-
Operating income			(375)	601	(5,467)	(1,020)

Other income - net			54	1,233	9,372	10,010
Interest income (expense)			24	(202)	21	(370)
Income before income taxes			(297)	1,632	3,926	8,620

Provision for income taxes			(730)	621	718	3,276
Net income			$ 433	$ 1,011	$ 3,208	$ 5,344

Net income per
	common share:
		Basic	$ 0.02	$ 0.05	$ 0.15	$ 0.26

		Diluted	$ 0.02	$ 0.05	$ 0.15	$ 0.26

Weighted Average Shares
	Outstanding (in thousands):
		Basic	21,202	20,835	21,154	20,823

		Diluted	21,481	20,952	21,622	20,924


CONSOLIDATED BALANCE SHEET
(Dollars in thousands)

				JUNE 30,	DEC. 31,
				2004	2003
				(Unaudited)	(Audited)
ASSETS:
	Current assets
		Cash and cash equivalents		$ 77,603	$ 67,970
		Accounts receivable		38,135	30,855
		Inventories		140,313	153,497
		Current deferred income tax assets		1,969	5,251
		Other current assets		6,729	3,284
	Total current assets			264,749	260,857
		Property, plant and equipment net		81,746	85,505
		Goodwill		34,133	34,133
		Noncurrent deferred income tax assets		4,436	5,616
		Other noncurrent assets		3,488	3,823
	Total assets			$ 388,552	$ 389,934

LIABILITIES AND STOCKHOLDERS' EQUITY:
	Current liabilities
		Accounts payable		$ 12,400	$ 14,008
		Accrued liabilities		12,264	19,321
	Total current liabilities			24,664	33,329
		Long-term debt		-	-
		Accrued pension cost		13,348	12,445
		Accrued postretirement benefit cost		20,806	20,428
		Other noncurrent liabilities		6,239	6,072
	Total liabilities			65,057	72,274
	Total shareholders' equity			323,495	317,660
	Total liabilities and shareholders' equity			$ 388,552	$ 389,934


CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
(Dollars in thousands)
				SIX MONTHS ENDED
				JUNE 30,
				2004	2003
Cash provided by operating activities
	(adjustment for items not affecting funds from
	operations of $10,994 and $5,792 respectively)			$ 9,818	$ 15,307
Cash used in investing activities (net of asset
	disposals of $75 and $1,437 respectively)			(2,219)	(1,726)
Cash used in financing activities				2,034	(173)
Increase/(decrease) in cash and cash equivalents				$ 9,633	$ 13,408
Cash and cash equivalents at beginning of period				67,970	40,666
Cash and cash equivalents at end of period				$ 77,603	$ 54,074


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