TIMET Announces Price Increase Wednesday February 25, 5:37 pm ET
DENVER, Feb. 25 /PRNewswire-FirstCall/ -- Due to significant increases in raw material and energy costs and strengthening demand across several key titanium markets, Titanium Metals Corporation (TIMET) (NYSE: TIE - News) announced that it is increasing pricing for titanium mill and melted products by 8-11% starting immediately.
According to J. Landis Martin, Chairman & CEO of TIMET, "TIMET and other companies in the titanium industry have experienced significant increases in raw material costs over the last few months, principally in titanium feedstocks (titanium sponge and scrap). We believe this is due mainly to increased competition for those same feedstocks from the global ferro-titanium industry, combined with current low levels of titanium scrap generation and somewhat higher demand for titanium products."
Martin continued, "To date, TIMET has absorbed the brunt of these increased costs, while working with our customers to mitigate the impact through supply chain and technology innovation. Unfortunately, we must pass along a portion of these costs to achieve sustained profitability and be in a position to reinvest in our business in support of key customers and markets. Further cost escalations similar to those experienced recently could necessitate additional pricing actions in the near future."
TIMET, headquartered in Denver, Colorado, is a leading worldwide producer of titanium metal products. Information on TIMET is available on the internet at www.timet.com.