TIMET Hikes Titanium Prices

Titanium Metals Corp. is increasing prices by 6 percent on all non-contract titanium mill and melted products effective immediately for new orders. The increase reflects rising raw material costs, particularly for scrap and master alloys, plus sustained increases in energy costs.

According to J. Landis Martin, chairman and CEO of TIMET, "The titanium industry has been in a prolonged downturn since late 2001, primarily due to softened demand from the commercial aerospace segment and stagnant growth in the industrial sector because of global economic conditions. However, we have seen sustained strength across many of our mill and melt product groups since 2002. We expect this trend to continue in 2004." Martin continued, "In addition, while TIMET has been successful in achieving targeted cost reductions to date in 2003, we continue to face pressures from increasing raw materials and energy costs that require us to increase our prices to keep in pace with the changing market."

TIMET, headquartered in Denver, is a producer of titanium metal products.