RTI International Metals Inc. (RTI) announced that it has determined to indefinitely idle plans to construct a titanium sponge facility. The company's decision to idle construction affects earlier plans to build a $300 million titanium sponge plant in Hamilton, Mississippi. As a result, RTI will incur asset impairment and related charges in the range of $65 million to $75 million.
RTI has also entered into two additional long-term titanium sponge supply agreements with Toho Titanium Co. Ltd. and OSAKA Titanium technologies Co. Ltd. both of Japan.
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