China's Titanium Plants

Since titanium's  initial  applications,  the number of end-use markets for
titanium has significantly  expanded.  Established  industrial uses for titanium
include chemical plants, power plants, desalination plants and pollution control
equipment.  Rapid growth of the Chinese and other  Southeast Asian economies has
brought unprecedented demand for  titanium-intensive  industrial  equipment.

In November  2005, Titanium Metals (TIE)  entered into a joint  venture with XI'AN  BAOTIMET
VALINOX TUBES CO. LTD.  ("BAOTIMET")  to produce welded  titanium  tubing in the
Peoples Republic of China.  BAOTIMET's  production facilities will be located in
Xi'an, China, and production is expected to begin in early 2007.

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Valtimet's Plants (Valtimet SAS has been sold)