RTI International Metals Inc. said it has indefinitely idled plans to build a $300 million titanium sponge plant in Hamilton, Miss. As a result, RTI will incur asset impairment and related charges in the range of $65 million to $75 million, the company said.
In addition, RTI also has entered into two additional long-term titanium sponge-supply agreements with Toho Titanium Co., Ltd. and OSAKA Titanium technologies Co., Ltd., both of Japan.
Dawne S. Hickton, vice chairman, chief executive officer and president, said that “taken together with our existing long-term agreement with OTC, which runs through 2016, these contracts, which commence in 2012 and 2013, will provide to RTI a cost-effective source of titanium sponge from proven suppliers through 2021 with volume flexibility that we believe will adequately support our long-term titanium supply needs.”
With headquarters in Pitts-burgh, RTI has a plant in Weathersfield Township.
Source: Vindy
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