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TREMONT AND TIMET ANNOUNCE JOINT VENTURE WITH AXEL JOHNSON METALS

 TREMONT AND TIMET ANNOUNCE JOINT VENTURE WITH AXEL JOHNSON METALS
 DENVER, Sept. 3 /PRNewswire/ -- Tremont Corp. (NYSE: TRE) and Titanium Metals Corp. (TIMET), a wholly owned subsidiary of Tremont, jointly announced today that TIMET and Axel Johnson Metals Inc. have established a titanium hearth melting joint venture under the name "Titanium Hearth Technologies."
 This partnership, which is equally owned by TIMET (through a wholly owned subsidiary) and Axel Johnson Metals, has acquired and assumed operations of Axel Johnson's existing "Maximelt" Electron Beam Hearth Furnace located in Morgantown, Pa. Carlos E. Aguirre, president of Axel Johnson Metals, and the current Axel Johnson Metals staff will be responsible for managing the operations of the joint venture.
 Titanium Hearth Technologies, with an annual melting capacity of 12 million pounds of titanium ingot and slab, will continue to provide the melting services to the worldwide titanium industry previously performed by Axel Johnson Metals. The joint venture, which is dedicated to the advancement of titanium hearth melting technologies, will be operated as a separate enterprise.
 In addition to providing management and sales services to the new venture, Axel Johnson Metals will continue to own and operate its titanium scrap processing facility and its smaller electron beam furnace. This furnace will be devoted to the development of hearth melting applications in nickel-based alloys and other metals.
 Kirby C. Adams, president and chief executive officer of TIMET and vice president of Tremont, stated, "TIMET is very pleased to have formed this relationship with Axel Johnson Metals, the recognized world leader in electron beam hearth melting of titanium. I am confident that TIMET's partnership with Axel Johnson will enhance the leadership roles of both TIMET and Axel Johnson in the global titanium industry and aid TIMET in its efforts to expand titanium markets and applications."
 Adams went on to note, "We believe that hearth melting technology will play an ever-increasing role in the processing of titanium. Consequently, this alliance with Axel Johnson Metals represents a timely opportunity to expand our capabilities in this area by teaming with a proven producer. With the expected startup of our vacuum distilled titanium sponge facility in Henderson, Nevada in early 1993, TIMET will now be situated to bring to the marketplace through a single producer the advantages offered by the combination of vacuum distilled sponge and hearth melting technology."
 In conclusion, Adams stated, "TIMET's full-range product line, unique Service Center distribution network, plasma hearth melt furnace and new vacuum distillation sponge production facility, when coupled with its ownership interest in Titanium Hearth Technologies, will help TIMET remain the worldwide industry leader in the production and distribution of titanium products."
 TIMET, 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 manufacturing facilities in Nevada, Ohio and Tennessee, and Service Centers located throughout the United States and in England, Germany and France. TIMET supplies titanium worldwide to commercial and military airframe and engine manufacturers, power utilities and the chemical, petroleum, automotive, pulp/paper, medical, navy/marine and sports equipment markets.
 Tremont, also headquartered in Denver, conducts its operations principally through TIMET and another wholly owned subsidiary, Bentonite Corp., as well as an 18 percent-owned affiliate, NL Industries Inc., a Houston based manufacturer of titanium dioxide pigments and rheological additives.
 -0- 9/3/92
 /CONTACT: Thomas A. Buck of TIMET, 702-564-2544/
 (TRE) CO: Tremont Corp.; Titanium Metals Corp.; Axel Johnson Metals Inc. ST: Colorado, Nevada, Pennsylvania IN: MNG SU: JVN


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Date:Sep 3, 1992
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