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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934
Date of Report (Date of earliest event reported)
April 6, 2000 (April 6, 2000)
RTI INTERNATIONAL METALS, INC.
(Exact name of registrant as specified in its charter)
Ohio 001-14437 52-2115953
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
1000 Warren Avenue
Niles, OH 44446
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (330) 544-7700
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ITEM 5. Niles, Ohio - RTI International Metals, Inc. (NYSE; RTI) announced
today that it has settled its 1999 contractual claim for liquidated
damages from the Boeing Commercial Airplane Group.
Under the terms of a long-term contract between the companies, Boeing
was required to order a minimum of 3.25 million pounds of titanium
during 1999. Actual shipments were less than one million pounds. RTI
filed a claim with Boeing for approximately $7 million. Following
negotiations between the companies, the matter was settled for
approximately $6 million.
The settlement will add approximately $0.18 per share to RTI's net
income in the 2nd quarter of 2000.
"RTI and Boeing entered into this agreement to better manage the
effects of aerospace cycles on their businesses. Boeing received a
long-term titanium supply at fixed prices and RTI received a committed
level of business. The sudden downturn in Boeing's aircraft production
as well as a work stoppage at RTI tested this agreement in its first
year. We are pleased that it withstood the test and that both parties
remain committed to achieving its original intent. The downturn in
aerospace is likely to continue in 2000. So, we are currently looking
for ways for Boeing to increase its utilization of RTI's full range of
capabilities: manufacturing, fabrication and distribution," said
Timothy G. Rupert, President and CEO.
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.
RTI INTERNATIONAL METALS, INC.
/s/ TIMOTHY G. RUPERT
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Timothy G. Rupert
President and
Chief Executive Officer
Date: April 6, 2000
Niles, Ohio
