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                                  EXHIBIT 99.1

                  CAUTIONARY STATEMENT FOR PURPOSES OF THE SAFE
                   HARBOR PROVISIONS OF THE PRIVATE SECURITIES
                          LITIGATION REFORM ACT OF 1995

  The Company wishes to inform its investors of the following important factors
that in some cases have affected, and in the future could affect, the Company's
results of operations and that could cause such future results of operations to
differ materially from those expressed in any forward looking statements made by
or on behalf of the Company. Disclosure of these factors is intended to permit
the Company to take advantage of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Many of these factors have been
discussed in prior SEC filings by the Company.

  Although the Company has attempted to list comprehensively these important
cautionary factors, the Company wishes to caution investors that other factors
may in the future prove to be important in affecting the Company's results of
operations. The Company undertakes no obligation to publicly update or revise
any forward looking statements, whether as a result of new information, future
events or otherwise.

Limitations and Risks due to Substantial Leverage and Debt Service

  The Company incurred significant indebtedness in connection with the
acquisition by Blade Acquisition Corp. ("Blade") of the Company's parent company
and the Cercast group of companies from affiliates of Pechiney S.A. on December
13, 1995 (the "Acquisition") and amended and restated on December 5, 1996. At
December 31, 1996 the Company's consolidated total indebtedness and total
stockholders' equity was $323.0 million and $304.5 million respectively. The
Company's indebtedness (the "Senior Indebtedness") under senior credit
facilities provided by the Credit Agreement dated December 13, 1995 and amended
and restated on December 5, 1996 among Blade, Howmet Holdings Acquisition Corp.
("HHAC"), Howmet Acquisition Corp., The First National Bank of Chicago as
Administrative Agent and one of the Managing Agents, and other banks (the
"Senior Credit Facilities") is secured by guarantees of the Company's domestic
subsidiaries and by Blade and Howmet Holdings Corporation ("Holdings"), and the
stock of Holdings and the Company is pledged to secure the Blade and Holdings
guarantees, respectively. In addition, upon consummation of the Acquisition, the
Company entered into the receivables financing program (the "Receivables
Facility") now covered by the Amended and Restated Receivables Purchase
Agreement dated as of April 18, 1996 between the Company, certain of its
subsidiaries and Blade Receivables Corporation (the "Receivables Subsidiary")
and the related Blade Receivables Master Trust Amended and Restated Pooling and
Services Agreement dated as of April 18, 1996 among the Receivables Subsidiary,
the Company, and Manufacturers and Traders Trust Company, as Trustee, pursuant
to which the Company sold certain accounts receivable to a special purpose trust
for aggregate cash proceeds of $51.4 million. The Company intends to continue
sales of eligible accounts receivable. The Indenture dated as of December 7,
1995 between Howmet Acquisition Corp. and Marine Midland Bank, as Trustee (the
"Indenture") under which the Company's 10% Senior Subordinated Notes due 2003
(the "Notes") were issued, does not contain significant restrictions on the
Company's ability to sell its accounts receivable pursuant to the facility or
with respect to the use of proceeds thereof. The Company's ability to make any
scheduled payments of the principal of, or interest on the Notes, or to
refinance its indebtedness, depends on its future performance, which to some
extent is subject to economic, financial, competitive and other factors beyond
its control, and there can be no assurance that the foregoing payments will be
made. If the Company cannot generate sufficient cash flow from operations in the
future to service its debt and make necessary capital expenditures, the Company
may be required to refinance all or a portion of its existing debt,



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including the Notes, to sell assets or to obtain additional financing. There can
be no assurance that any such refinancing or refinancing of the Senior Credit
Facilities at maturity would be possible, on reasonable terms if at all, or that
any such sales of assets or additional financing could be achieved.

  The Company's high level of debt will have several important effects on its
future operations, including the following: (a) the Company will have
significant cash requirements to service debt, reducing funds available for
operations, for capital expenditures and research and development (which are
important factors in the Company's technological leadership role), and for
acquisitions and future business opportunities, thus possibly increasing the
Company's vulnerability to adverse general economic and industry conditions,
which could be exacerbated by the cyclical nature of a portion of the Company's
business (see "Effects of Aerospace Industry Economic Conditions and
Cyclicality," below) and greater capital resources of its principal competitor
after giving effect to the Acquisition, and (b) the financial covenants and
other restrictions contained in the Senior Credit Facilities and other
agreements relating to the Senior Indebtedness and the Indenture will require
the Company to meet certain financial tests and will restrict its ability to
borrow additional funds, to dispose of assets or to pay cash dividends.

Effects of Aerospace Industry Economic Conditions and Cyclicality

  The commercial aerospace industry is a cyclical business, and the demand by
commercial airlines for new aircraft historically has been highly related to the
stability and health of the United States and world economies. Aircraft delivery
trends vary in direct relation to the general economic cycle, with an
approximate two year lag. Aircraft are delivered when completed, regardless of
economic conditions at that time, because substantial deposits are required at
the time of the orders. The United States airline industry as a whole has
reported a return to profitability in 1995 and 1996 and excess capacity has been
reduced after several years of operating losses in the early 1990s. There can be
no assurance that the improved operating performance of the commercial airlines
will continue or that deliveries of engines for large commercial aircraft will
not decline in the future. Any developments in the commercial aerospace market
resulting in a reduction in the rate of aircraft engine deliveries in the
future, including future cancellations and deferrals of scheduled deliveries,
could materially adversely affect the Company's financial condition and results
of operations.


Reduced Government Sales

  Military and defense contractor sales in the United States comprised
approximately 14% of the Company's 1996 sales. United States defense spending in
markets served by the Company has been declining since the 1980s, and continued
reductions in defense budgets or military aircraft procurement could adversely
affect the Company's financial condition and results of operations.


Concentrated Customer Base; Competition

  A substantial portion of the Company's business is conducted with a small
number of large aerospace and industrial gas turbine customers, including
General Electric Aircraft Engines ("GEAE"), General Electric Power Systems
("GEPS") and Pratt & Whitney Aircraft Division of United Technologies
Corporation ("PWA"). The current three year contract with PWA is scheduled to
expire in 1997 consistent with industry practice regarding contract lifecycles.
The Company's top ten customers accounted in the aggregate for approximately 62%
of 1996 net sales. More than half of Howmet's business is based on multi-year
contracts with its customers, usually for a three-year period, that generally
give the Company the right and obligation to fill a



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specified percentage of the customer's requirements but generally do not provide
the Company with any minimum order commitments. The Company typically
renegotiates these contracts during the last year of the contract period and,
during the process, customers frequently solicit bids from the Company's
competitors, principally from its strongest competitor, Precision Castparts
Corp. ("PCC"). Most of the contracts require specified price reductions over the
term of the contract based on lower production costs as programs mature, shared
benefits from other cost reductions resulting from joint production decisions,
and negotiated reductions. The Company has made price concessions to customers
in recent years, and management expects customer pressure for such pricing
concessions to continue.

  One of Howmet's largest customers, GEPS, in connection with its
corporate-level policy decision to reduce sole sourcing, has exercised its right
to terminate its long-term sole source contract with Howmet effective in
February 1997, and has placed orders for certain components with the Company's
principal competitor, PCC.

  The Company's financial condition and results of operations could be
materially adversely affected if one or more of the Company's key customers
shifted a material amount of its work from the Company. In addition, the Company
could also be materially adversely affected by any substantial work stoppage or
interruption of production at any of its major customers or at any of the major
aircraft manufacturers, and could be materially adversely affected if one or
more key customers reduce or cease conducting operations. Furthermore,
competition is based to a significant extent on technological capabilities and
innovations, and there can be no assurance that one or more of the Company's
competitors will not develop products and/or processes that would give them
competitive advantages in the Company's markets.


Concentration of Ownership

  The Carlyle Group ("Carlyle") and Thiokol Corporation ("Thiokol") through
affiliates, have beneficial ownership of 51% and 49%, respectively, of the
voting capital stock of Blade. Pursuant to a stockholders agreement (the
"Stockholders Agreement"), Blade has a board of directors consisting of seven
members, and Carlyle and Thiokol each appoint three directors to the board.
Under the Stockholders Agreement, Blade and its subsidiaries, including the
Company, may not take certain actions, including, but not limited to, certain
mergers, sale transactions, transactions with affiliates, issuances of capital
stock, incurrence of debt, and payments of dividends on or repurchases of
capital stock, without the approval of a supermajority of the board of
directors. The Stockholders Agreement provides that Thiokol may purchase all of
Carlyle's interest in Blade, during the period from the third anniversary
through the sixth anniversary after the closing of the Acquisition on December
13, 1995 (the "Closing Date"). Thiokol has publicly indicated that, subject to
favorable financial and operating performance by the Company and favorable
conditions in the financial markets, it expects to exercise its option to
acquire Carlyle's interest in Blade and, thereafter, to cause the Company to
redeem the Notes. As a result of the ownership structure of Blade and the
contractual rights described above, the voting and management control of Blade,
which indirectly controls the Company, is highly concentrated. Carlyle, acting
with the consent of Thiokol, has the ability to direct the actions of Blade with
respect to matters such as the payment of dividends, material acquisitions,
dispositions and certain other corporate transactions. Thiokol and Carlyle are
in a position to exercise control over Blade and ultimately over the Company, to
determine the outcome of all matters required to be submitted to stockholders
for approval, and to otherwise direct and control the operations of Blade and,
indirectly, the Company. Carlyle and Thiokol are also parties to management
agreements with the Company, pursuant to which Carlyle and Thiokol render
certain management and advisory services to the Company and receive fees for
such services. Carlyle and Thiokol also received certain fees in connection with
the consummation of the Acquisition.


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Environmental Matters

  The Company is subject to comprehensive and changing international, federal,
state and local laws, regulations and ordinances that (i) govern activities or
operations that may have adverse environmental effects, such as discharges to
air and water, as well as handling and disposal practices for solid and
hazardous wastes, and (ii) impose liability for the costs of cleaning up, and
certain damages resulting from, sites of past spills, disposals or other
releases of hazardous substances and materials (together, "Environmental Laws").
Management believes that the Company's current operations are in substantial
compliance with such Environmental Laws. However, due to the nature of the
Company's operations, the Company is involved from time to time in legal
proceedings involving remediation of environmental contamination from past or
present operations, as well as compliance with environmental requirements
applicable to ongoing operations. There can be no assurance that material costs,
liabilities, or penalties will not be incurred in connection with any such
proceedings or claims or to meet such compliance requirements or in connection
with currently unknown environmental liabilities.

  The Company's facilities have made, and will continue to make, expenditures to
comply with current and future environmental laws. The Company anticipates that
it will incur additional capital and operating costs in the future to comply
with existing environmental laws and new requirements arising from new or
amended statutes and regulations. Because the applicable regulatory agencies
have not yet promulgated final standards for some existing environmental
programs, the Company cannot at this time reasonably estimate the cost for
compliance with these additional requirements. The amount of any such compliance
costs could be material.

  The Company is subject to liability under the Comprehensive Environmental
Response, Compensation and Liability Act of 1980 ("CERCLA") (the federal
"Superfund" statute), and similar state statutes for investigation and
remediation of environmental contamination at properties owned and/or operated
by it and at off-site locations where it has arranged for the disposal of
hazardous substances. Liability under CERCLA is, in most cases, joint and
several, meaning that any responsible party could be held liable for all costs
necessary for investigating and remediating a release or threatened release of
hazardous substances. As a practical matter, liability at most CERCLA (and
similar) sites is shared among all the solvent Potentially Responsible Parties
("PRPs"). The most relevant factors in determining the probable liability of a
PRP at a CERCLA site usually are the cost of the investigation and remediation,
the relative amount of hazardous substances contributed by the PRP to the site,
and the number of solvent PRPs. The Company has been or may be named a PRP under
CERCLA and similar state statutes at fourteen present or former on-site and
off-site locations. The Company also is currently addressing environmental
issues at five European sites, as is discussed in "Management's Discussion and
Analysis of Financial Condition and Results of Operation."

  The Company has received recent test results indicating levels of
polychlorinated biphenyls ("PCB's") at its Dover, New Jersey facility which
will require remediation.  These levels have been reported to the New Jersey
Department of Environmental Protection ("NJDEP").  The Company is preparing a
work plan to define the risk and to test possible clean-up options.  The
statement of work must be approved by the NJDEP pursuant to an Administrative
Consent Order entered into between the Company and NJDEP on May 20, 1991
regarding clean-up of the site.  Various remedies are possible and could
involve expenditures ranging from $2 million to $22 million or more.  The
Company has recorded a $2 million long-term liability as of December 31, 1996
for this matter.  Given the uncertanties, it is possible that the estimated
range of this cost and the amount accrued will change in the near future.  The
indemnification discussed below applies to the costs associated with this
matter.

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In addition, in connection with the Acquisition, Pechiney International and
Pechiney S.A. are required to indemnify Blade for environmental liabilities and
obligations stemming from events occurring or conditions existing prior to the
closing of the Acquisition to the extent such liabilities exceed the Company's
reserves of $6.0 million at June 30, 1995. Blade assigned its rights to the
Company with respect to any such indemnification upon consummation of the
Acquisition. The Company has recorded a long-term receivable of approximately
$2 million related to this indemnification. There can be no assurance, however,
that, Pechiney International and Pechiney S.A. will indemnify the Company for
all such environmental matters set forth above when demanded by the Company. If
Pechiney International and Pechiney S.A. do not honor their indemnification
obligations, the Company likely would be responsible for such matters.


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