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COPYRIGHT 2005 Las Vegas Review-Journal
Byline: Jennifer Robison
Sep. 25--From its factory in Henderson, Titanium Metals Corp. churns out 8,600 metric tons of titanium sponge a year, making the metal component from the sands of Australian beaches.
These days, its source of raw material seems to be the only aspect of business that's heading south for Titanium Metals, or Timet.
Timet's market capitalization rose from $648 million in December to $1.1 billion in September. Until a 2-for-1 stock split took effect Sept. 7, its New York Stock Exchange-traded shares were in the mid-$60 range, up from about $1 a share in November 2002. First-half net sales were $339 million, up 38.3 percent from $245 million a year earlier. Sales volume was up 10.5 percent in the first half of this year when compared with the same period in 2004. Also, company operating income has risen 381 percent, from $11.7 million in the first six months of 2004 to $56.3 million in the same period this year.
Underlying the boost in Timet's business is flourishing demand for titanium, a light metal that is less than half the weight of steel. Timet makes titanium sponge, a component of finished titanium metal. The company also generates melted titanium products that include slabs, sheets, pipes and ingots.
Timet's output is found in airplanes, cars, bullets, chemical plants and oil rigs, among other products. Its biggest client is Rolls-Royce, which makes jet engines for Boeing Co. and Airbus. Timet leads the titanium industry in market share at 18 percent, though...
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