SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
March 29, 2002
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(Date of Report, date of earliest event reported)
TITANIUM METALS CORPORATION
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(Exact name of Registrant as specified in its charter)
Delaware 0-28538 13-5630895
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
1999 Broadway, Suite 4300, Denver, CO 80202
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(Address of principal executive offices) (Zip Code)
(303) 296-5600
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or address, if changed since last report)
Item 5: Other Events
On March 28, 2002 the Registrant issued the press release attached hereto
as Exhibit 99.1, which is incorporated herein by reference. The press release
relates to an announcement by Registrant that it has learned that Special Metals
Corporation and its U.S. subsidiaries have filed voluntary petitions for
reorganization under Chapter 11 of the U.S. Bankruptcy Code.
Item 7: Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Item No. Exhibit List
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99.1 Press Release dated March 28, 2002 issued by Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TITANIUM METALS CORPORATION
(Registrant)
By: /s/ Joan H. Prusse
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Joan H. Prusse
Vice President, Deputy General Counsel
and Secretary
Date: March 29, 2002
EXHIBIT 99.1
PRESS RELEASE
FOR IMMEDIATE RELEASE Contact:
Titanium Metals Corporation Mark A. Wallace
1999 Broadway, Suite 4300 Executive Vice President &
Denver, Colorado 80202 Chief Financial Officer
(303) 296-5615
TIMET ANNOUNCES SPECIAL METALS FILING
DENVER, COLORADO . . . . March 28, 2002 . . . . Titanium Metals Corporation
("TIMET") (NYSE: TIE) announced that it has learned that Special Metals
Corporation (NASDAQ: SMCX) and its U.S. subsidiaries have filed voluntary
petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in
Lexington, Kentucky. Special Metals is a New Hartford, New York based
manufacturer of high-performance nickel-based alloys.
In 1998, TIMET invested $80 million in convertible preferred securities of
Special Metals. In the fourth quarter of 2001, TIMET recorded an impairment
charge related to its investment in Special Metals that reduced the carrying
amount of such securities, including accrued dividends and interest, to a then
estimated fair value of $27.5 million. TIMET expects to re-evaluate the
estimated fair value of this investment in light of Special Metal's Chapter 11
filing and other developments. Accordingly, TIMET could record an additional
impairment charge in the first quarter of 2002.
Titanium Metals Corporation, headquartered in Denver, Colorado, is a
leading worldwide integrated producer of titanium metal products. Information on
TIMET is available on the world wide web at http://www.timet.com/.
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