Key items from the just-concluded RTI Q3 Con Call:

Tonnage for 2009 to come in at 9.5 Million pounds - - off 34% from 2008, and off 38% from 2007.

***That leaves Q4 tonnage forecasted at only 1.7 Million pounds, off 29% from Q3's 2.4 Million pounds. RTI's Q4 should be a disaster.***

Tonnage for 2010 is expected to be lower than in 2009.

***That should leave RTI operating at below 40% of capacity in 2010.***

Sponge contract prices (RTI's costs) to be 15% lower in 2010, reflecting recent low prices that will be reflected in next year's sponge purchase contract prices.

Forecast is for below breakeven for 2009. (YTD is -$0.42 EPS loss - - Duh !)

CEO Hickton confirms full production rate for 787 Program is planned to be 10/month (Boeing says by end of 2013).

Q3 had "very little spot" business, as was the case in Q2 (less than 10% as I recollect was said).

"Continued pressure on spot pricing" CEO Hickton said.

RTI's prices will decline next year, largely reflecting indexing of RTI's Long Term Agreements, which reprice for changes in market price levels like scrap prices.

CEO Hickton said she'd not heard of any Boeing auctions of titanium, other than the previously reported August auction of old (non-787) material.

RTI beleives excess titanium for the 787 program is presently about 30-35 Million pounds (or about 37% of the total annual production of TIE/ATI/RTI, for all uses, in 2008). Hickton reiterated that it likely won't be until Second Half of 2010, or 2011 before the distribution chain's excess inventory for the 787 Program will have been absorbed.

The large $3.9 Million charge for income taxes in Q3 - - on a loss, was - - to correct a big error in under-reporting the last two Quarters' tax expenses. So the reported First Half loss of -$0.07 EPS should have been a larger loss than was reported.