RTI International Metals, Inc. (NYSE: RTI), experienced a fire yesterday in an electrical transformer at RTI Alloys in Canton, Ohio. There were no injuries and no damage to any manufacturing equipment or customer products. Management is currently evaluating this situation with the local power supplier to determine when power can be reestablished, which should occur before the end of this month. This incident will not impact titanium mill product shipments. However, the third quarter operating income for the Titanium Group may be negatively impacted by approximately $1.25 million to $1.75 million.
RTI Alloys performs melting operations similar to those undertaken at RTI Niles. All manufacturing activity currently scheduled for RTI Alloys will be shifted to RTI Niles which has the capacity to accommodate this temporary shift. Consequently, management expects no impact to any customer delivery schedules.
RTI International Metals, Inc., headquartered in Pittsburgh, specializes in advanced titanium, meeting the requirements of the world’s most technologically sophisticated applications in commercial aerospace, defense, propulsion, medical device, energy, industrial, and chemical markets. For over 60 years, RTI has been taking titanium further through advanced manufacturing, engineering, machining, and forming processes. RTI delivers titanium mill products, extruded shapes, form-ready parts, and highly engineered components through our downstream integrated supply chain. RTI has locations in the United States, Canada, Europe, and Asia.