NEW YORK ( TheStreet) -- Allegheny Technologies ( ATI), RTI International Metals ( RTI), Titanium Metals ( TIE), Ladish ( LDSH), Haynes International ( HAYN), and Carpenter Technology ( CRS) are a few specialty metal companies that could benefit from the recovery in the airline industry.

These stocks have corrected between 12% to 25% during the past month and a half, thereby presenting an attractive buying opportunity for long-term investors. Moreover, earnings of companies such as RTI International, Titanium Metals, Ladish, and Haynes International have topped analysts' estimates during the recent quarterly results.

As the airline industry recovers from its worst times, shares of carriers have gained more than 50% during the past six months. This increase is backed by robust earnings growth. According to International Air Transport Association (IATA), 47 major carriers reported a second-quarter profit of $3.9 billion, an increase of $5 billion from the year-ago period.

Earlier in June, IATA had forecast a combined profit of $2.5 billion for the global airline industry during 2010. Furthermore, revenue is forecast to increase by about 13% to $545 billion this year from $483 billion in the past year.

"The global economy is recovering from the depths of the financial crisis much more quickly than could have been anticipated," said Giovanni Bisignani, director general and chief executive of IATA. Soon after the announcement, Moody's revised its outlook for the global airline industry to stable from negative, citing growth in passenger traffic and yield in 2010 and 2011.

Recently, IATA said the industry could witness continued strong demand during July as well. International passenger traffic rose 9.2% year over year and was 3% higher than the pre-crisis levels. Furthermore, aircraft makers expect the Asia-Pacific region to lead the recovery and spur growth after it outperformed with a 10.9% growth rate.

This growth would, in turn, have a positive impact on the revenue of aircraft manufacturers like Airbus and Boeing ( BA), the primary end-market for these specialty metal manufacturers.

In late-July, Airbus announced ramping up production of its single-aisle jets -- its cash cow -- through the first quarter of 2012. The aircraft maker is looking to enhance production to 40 per month from the present 34. During the same month, Airbus booked orders worth $28 billion for 255-passenger aircraft.

Moreover, the company is also contemplating increasing production of its A320 and A330 aircraft after it received a spate of new orders for 133 jetliners during the recent Farnborough Air show, according to a recent report by La Tribune. Airbus' close competitor, Boeing plans to increase production of its 737 jets to 35 a month from the current average of 31.5 a month by 2012.
Karvy Global Services (www.karvyglobal.com), a subsidiary of the Karvy group (www.karvy.com), provides specialized research in asset classes including stocks, mutual funds and insurance to leading Wall Street firms.

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