Printer Friendly


 DENVER, Oct. 4 /PRNewswire/ -- Tremont Corp. (NYSE: TRE) announced that union employees at its principal operating subsidiary, Titanium Metals Corp. ("TIMET"), have commenced a work stoppage at TIMET's Henderson, Nev. facility following the inability to come to terms on a new labor agreement. TIMET's labor agreement with these employees, who are represented by the United Steelworkers of America, expired on Oct. 2, 1993.
 The union rejected TIMET's latest proposal, a three year package that includes modest wage increases, enhanced profit sharing opportunities and pension improvements over the life of the contract. In return, TIMET is seeking, among other things, significant changes in its medical program and improvement in work rules. Currently, TIMET is continuing production at the Nevada facility during the work stoppage utilizing management employees.
 Tremont also announced that its titanium metals business has been adversely affected by several significant customer order delays and cancellations during the third quarter and continuing weak demand within the military and commercial aerospace markets. TIMET reported an operating loss of $1.3 million for the six months ended June 30, 1993 and expects to report an operating loss for the third quarter of 1993 of approximately $6 million before restructuring charges. As a result, the company said that TIMET may not be in compliance with an earnings covenant under its bank credit agreement at the end of the third quarter. TIMET is currently working with its banks to resolve this matter.
 Tremont noted that TIMET and the other U.S. producer of titanium sponge continue to be adversely affected by, among other things, the availability of relatively inexpensive titanium sponge and mill products from the Commonwealth of Independent States, both in the United States and abroad. Tremont stated that in late August TIMET requested that the U.S. Department of Commerce investigate the adequacy of the existing anti-dumping duties on such imports and that TIMET is currently evaluating other possible avenues to curb unfair imports of this material into the United States and Europe.
 Tremont, headquartered in Denver, is a leading integrated producer of titanium metal products. Tremont's common stock is traded on the New York and Pacific Stock Exchanges under the symbol "TRE."
 -0- 10/4/93
 /CONTACT: Mark A. Wallace of Tremont, 303-296-5651/

CO: Tremont Corp.; Titanium Metals Corp. ST: Colorado, Nevada IN: MNG SU:

BB -- DV005 -- 8614 10/04/93 19:24 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 4, 1993

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters