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TIMET AND CEZUS ANNOUNCE STRATEGIC ALLIANCE

 PARIS, March 23 /PRNewswire/ -- Titanium Metals Corp. (TIMET) and CEZUS together announced today the execution of agreements pursuant to which the companies are entering into a joint venture arrangement whereby, following a transition period of approximately two years, it is expected that TIMET will acquire CEZUS' titanium business, and CEZUS will become a subcontractor exclusively for TIMET pursuant to a long-term agreement. Any such acquisition is subject to, among other things, approval of the French Ministry of Finance.
 During the transition period, the parties will work together to enhance customer service to the European market by reducing delivery times, improving quality of products through addition of new material control methods, and reducing costs, through cooperation in such areas as titanium production methods, sales and marketing, and technology. For this period, TIMET will act as the exclusive agent on behalf of CEZUS with respect to titanium products, and CEZUS will manufacture titanium products solely on behalf of TIMET.
 Commenting on the transaction, Kirby C. Adams, president and chief executive officer of TIMET, stated, "This agreement between TIMET and CEZUS, one of the premier titanium melting and forging operations in Europe, provides TIMET with value added capability close to the increasingly important European market. It also affords TIMET with the ability to melt its vacuum distilled sponge and TIMET proprietary alloys, as well as the convenience of using raw materials from Europe, Asia and the CIS. This venture, like the new VDP Plant and the THT electron beam hearth melting venture, is yet another step towards positioning TIMET as a global titanium supplier focused on customer and market needs."
 C. Cocozza, chairman and chief executive officer of CEZUS, commented on the alliance, "This exciting venture will allow CEZUS to achieve two strategic objectives. First, it will permit us to focus on our main business of zirconium and the increasing demands of our zirconium customers in terms of technical development and new product introduction. Second, we want to continue to serve our faithful titanium customers. We believe this agreement with TIMET creates a unique opportunity to enhance service to the European customers of both companies. Moreover, the venture will allow us to even better optimize the use of equipment common to both metals in our French plants."
 CEZUS, headquartered in Paris, is a world leader in the production and distribution of zirconium products, used principally in the nuclear fuel industry. In addition, CEZUS has developed a titanium business with a strong position in Europe in the commercial and military engine market, as well as in the medical market. CEZUS' main shareholders are Pechiney, a world leader in aluminum and packaging, Framatome and Cogema, both leaders in the nuclear and uranium industries.
 TIMET, a wholly owned subsidiary of Tremont Corp. (NYSE: TRE), headquartered in Denver, is a world leader in the production and distribution of titanium sponge, ingot and a broad array of titanium mill products through its U.S. manufacturing facilities in Nevada, Ohio and Tennessee and service centers located throughout the United States and in France, Germany and the United Kingdom. TIMET supplies titanium worldwide to the commercial and military airframe and engine industry and to the chemical, petroleum, automotive, pulp/paper, medical, navy/marine and sports equipment markets.
 -0- 3/23/93
 /CONTACT: Kirby C. Adams of TIMET, 303-296-5600; or Claude Cocozza of CEZUS, 1-47 62 86 18/
 (TRE)


CO: Titanium Metals Corp.; CEZUS, S.A. ST: Colorado IN: MNG SU: JVN

MC -- DV002 -- 8637 03/23/93 11:39 EST
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Publication:PR Newswire
Date:Mar 23, 1993
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