UNITED STATES
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
July 2, 2004
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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 former address, if changed since last report)
Item 9: Regulation FD Disclosure
The Registrant hereby furnishes the following information under Item 9,
"Regulation FD Disclosure." The information in this Form 8-K and any Exhibits
attached hereto shall not be deemed to be "filed" for purposes of Section 18 of
the Securities Exchange Act of 1934 (the "Exchange Act"), nor incorporated by
reference into any filing under the Exchange Act or the Securities Act of 1933,
except as shall be expressly identified in such filing.
On July 2, 2004, the Registrant issued the press release attached hereto as
Exhibit 99.1 which is incorporated herein by reference.
SIGNATURE
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, General Counsel & Secretary
Date: July 2, 2004
INDEX TO EXHIBITS
Exhibit No. Description
99.1 Press release dated July 2, 2004 issued by Titanium Metals Corporation
EXHIBIT 99.1
PRESS RELEASE
FOR IMMEDIATE RELEASE: CONTACT:
Titanium Metals Corporation Bruce P. Inglis
1999 Broadway, Suite 4300 Vice President - Finance
Denver, Colorado 80202 and Corporate Controller
(303) 296-5600
TIMET RESPONDS TO U.S. GOVERNMENT TRADE DECISION
DENVER, COLORADO . . . July 2, 2004 . . . Titanium Metals Corporation
("TIMET" or the "Company") (NYSE:TIE) has learned that the Administration has
again postponed action on the petition filed by TIMET to terminate favorable
U.S. tariff benefits on titanium wrought products imported into the United
States from Russia under the Generalized System of Preferences ("GSP"), which
allows Russia's favorable tariff treatment on imports of these products into the
U.S. to continue. The petition was also filed by RTI International Metals, Inc.
and had the support of Allegheny Technologies Incorporated, the other two
significant domestic producers of titanium products besides TIMET. This is the
second year in which action on this petition has been deferred.
Under the GSP program, the Administration has the authority to suspend
normal trade tariffs on imports of designated products from certain developing
countries. This program was designed to provide small producers in these
developing countries with better access to the U.S. market as a substitute for
direct foreign aid. The GSP program contains safeguards designed to protect the
relevant domestic industry by reinstating normal trade tariffs when foreign
imports have grown to a certain size. However, these safeguards were previously
waived by the Administration with respect to the import of Russian titanium mill
products, again over the objection of the principal U.S. titanium manufacturers.
The Administration has also postponed action on the request of the domestic
industry to reinstate these normal statutory protections.
J. Landis Martin, Chairman, President & CEO of TIMET, stated: "We are
disappointed that the Administration has apparently decided to continue to allow
favorable trade benefits to be afforded to imports of Russian titanium mill
products, despite the very strong objections of the three largest U.S. titanium
producers, companies representing a total of approximately 10,000 U.S.
employees. The U.S. industry was severely impacted by the significant downturn
in the commercial aerospace market after the terrorist attacks of September 11,
2001, and has suffered substantial losses over the last three years. The
continued increase in foreign titanium mill product imports from Russia that has
been fostered by these trade benefits has hurt our weakened U.S. industry even
further. We believe Russian imports now represent over 20% of the U.S. market
for titanium wrought products. We feel this is a misuse of the GSP program to
the detriment of the U.S. industry and its workers."
Martin continued, "We appreciate and want to express our gratitude for the
strong support the U.S. titanium industry has received in this process from a
broad spectrum of Members of Congress on both sides of the aisle, from key
elements within the Administration, and from our own employees. While we are
disappointed by this decision, we have been given some indication that the
Administration intends to continue to monitor titanium imports. We will continue
to press for elimination of these tariff benefits to foreign producers because
they threaten the health and well-being of the strategically important, U.S.
titanium industry."
TIMET, headquartered in Denver, Colorado, is a leading worldwide producer
of titanium metal products. Information on TIMET is available on the Company's
website at http://www.timet.com.
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