SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
October 22, 2001
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(Date of Report, date of earliest event reported)
TITANIUM METALS CORPORATION
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(Exact name of Registrant as specified in its charter)
Delaware 0-28538 13-5630895
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
1999 Broadway, Suite 4300, Denver, CO 80202
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(Address of principal executive offices) (Zip Code)
(303) 296-5600
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or address, if changed since last report)
Item 5: Other Events
On October 22, 2001 the Registrant issued the press release attached hereto
as Exhibit 99.1, which is incorporated herein by reference. The press release
relates to an announcement by Registrant that it is reducing the operating rates
of its U.S. melting operations in response to the downturn in the commercial
aerospace business.
Item 7: Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Item No. Exhibit List
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99.1 Press Release dated October 22, 2001 issued by Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TITANIUM METALS CORPORATION
(Registrant)
By: /s/Joan H. Prusse
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Joan H. Prusse
Vice President, Deputy General Counsel
and Secretary
Date: October 22, 2001
EXHIBIT 99.1
PRESS RELEASE
FOR IMMEDIATE RELEASE: CONTACT:
Titanium Metals Corporation Mark A. Wallace
1999 Broadway, Suite 4300 Executive Vice President
Denver, Colorado 80202 and Chief Financial Officer
(303) 296-5615
TIMET REDUCES OPERATING RATES
DENVER, COLORADO . . . October 22, 2001 . . . Titanium Metals Corporation
("TIMET" or the "Company") (NYSE: TIE) announced today that it is reducing the
operating rates of its U.S. melting operations in response to the downturn in
the commercial aerospace business.
TIMET said that operating rates are being reduced at both its Henderson,
Nevada and Morgantown, Pennsylvania facilities. In Nevada, the Company is
reducing its vacuum arc melting rates by about 40%. In Pennsylvania, the Company
intends to stop production on one of its three electron beam ("EB") cold hearth
melting operations by November 15 of this year and is reducing the operating
rate on another EB furnace. Production in Pennsylvania will decline by about 20%
after these decisions are fully implemented. These actions will result in the
Company's employment levels declining by approximately 50 people, however, the
Company anticipates further reductions in operating rates and employment levels
in the future as demand for titanium products declines.
TIMET, headquartered in Denver, Colorado, is a leading worldwide integrated
producer of titanium metal products. Information on TIMET is available on the
World Wide Web at http://www.timet.com/.
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