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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 or by Howmet Corporation.

  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.

EFFECTS OF INDUSTRY ECONOMIC CONDITIONS AND CYCLICALITY

  The Company derives approximately 69% of its revenues from the commercial
aerospace industry. 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. The United States airline
industry as a whole has reported a return to profitability in 1995 through 1997
after several years of operating losses in the early 1990s. There can be no
assurance, however, 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. The Company's revenues from its industrial
gas turbine ("IGT") castings are subject to changes in global electric power
demand and other market factors. Changing economic and political conditions in
the United States and in other countries, including those in Asia, where
economic disruption could delay receipt of aerospace or industrial gas engines,
could have a material effect on the Company's operations.

CONCENTRATED CUSTOMER BASE

  A substantial portion of the Company's business is conducted with a small
number of large aerospace and industrial gas turbine customers, including The
General Electric Company through its Aircraft Engine  and Power Systems Groups
and United Technologies Corporation's Pratt & Whitney Division. The Company's
top ten customers in the aggregate accounted for approximately 62% of 1997 net
sales. Approximately half of the Company's business is derived from multi-year
contracts with its customers, which typically last three years and generally
give the Company the right and obligation to fill a 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 renegotiation
process, customers frequently solicit bids from the Company's competitors. Some
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.

  Military and defense contractor sales comprised approximately 14% of the
Company's 1997 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
results of operations.

  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 

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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.

COMPETITION

  The Company competes against Precision Castparts Corp. ("PCC"), its principal
competitor, and other investment cast manufacturers. Competition in investment
casting is based primarily on technological sophistication, quality, price,
service and delivery for orders from large, well-capitalized customers with
significant market power. Management believes that the Company and PCC account
for most of the total aerospace turbine engine and IGT casting production,
except for the captive foundries owned by two European customers. Because
competition is based to a significant extent on technological capabilities and
innovations, there can be no assurance that PCC or any other of the Company's
competitors will not develop products and/or processes that would give them a
competitive advantage in the Company's markets.

PRICING PRESSURES

  The Company has experienced pressure from all of its major customers for price
reductions. This pressure is the result of the competitive environment which the
Company's original equipment manufacturing ("OEM") customers are facing in the
selling of their products in the worldwide market. Because winning an initial
order by an OEM generally provides it with a long-term profitable market for
sales of spare parts, fierce competition exists and has resulted in reduced
prices which OEMs receive in the market. Pressure for reduced prices is then
exerted by OEMs on their suppliers. The future profitability of the Company will
depend upon, among other things, its ability to continue to reduce its per unit
costs and maintain a cost structure that will enable it to remain cost-
competitive.

AVAILABILITY AND COST OF RAW MATERIALS

  Raw materials used by the Company include a number of metals and minerals,
including titanium, hafnium, aluminum, nickel, cobalt, molybdenum and chromium,
among others. Prices of these materials can be volatile, and the Company engages
in forward purchases of some of these materials under certain market conditions,
and passes certain price fluctuations through to customers pursuant to its long-
term agreements. The Company ordinarily does not otherwise attempt to hedge the
price risk of its raw materials. For some of the supplies and raw materials it
purchases, including certain metals, the Company has no fixed price contracts or
arrangements. Commercial deposits of certain metals, such as cobalt, nickel,
titanium, and molybdenum, that are required for the alloys used in the Company's
precision castings, are found in only a few parts of the world, and for certain
materials only single sources are readily available. The availability and prices
of these metals and other materials may be influenced by private or governmental
cartels, changes in world politics, unstable governments in exporting nations,
production interruptions, inflation and other factors. Although the Company has
not experienced significant shortages of its supplies and raw materials in the
past twenty years, there can be no assurance that such shortages will not occur
in the future. Any such shortages or price fluctuations could have a material
adverse effect on the Company.

CONTROL BY AND RELATIONSHIP WITH THIOKOL

  Thiokol Corporation ("Thiokol") beneficially owns 62% of the outstanding
Common Stock and owns all of the outstanding non-voting 9.0% Series A Senior
Cumulative Preferred Stock of the Company. Accordingly, subject to the right of
Carlyle-Blade Acquisition Partners ("Carlyle-Blade Partners") under the
Shareholders Agreement between it and Thiokol to designate one director, Thiokol
will be able to control the election of the Company's Board of Directors and
exercise a controlling influence over the business and affairs of the Company
(including any determinations with respect to mergers or other business
combinations involving the Company, the acquisition or disposition of assets by
the Company, the incurrence of indebtedness by the Company, the issuance of any
additional Common Stock or other equity securities of the Company, the
repurchase or redemption of Common Stock or preferred stock of the Company and
the payment of dividends with respect to the Common Stock), and will be able to
do so as long as it continues to own more than 50% of the voting power of the
Company's capital stock. Similarly, Thiokol will have the power to determine
matters submitted to a vote of the Company's stockholders without the consent of
the Company's other stockholders, will have the power to prevent or cause a
change in control of the Company and


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could take other actions that might be favorable to Thiokol. For further
details in this regard, see "Arrangements Among the Company, Carlyle and 
Thiokol" on pages 13-15 of the Company's definitive Proxy Statement dated
March 24, 1998.

POTENTIAL CONFLICTS OF INTEREST ARISING FROM THIOKOL RELATIONSHIPS

  As a result of Thiokol's ownership of Common Stock of the Company and its
intercompany agreements with the Company or otherwise, various conflicts of
interest between the Company and Thiokol could arise. Ownership interests of
directors or officers of the Company in Common Stock of Thiokol, if any, or
service as a director or officer of both the Company and Thiokol could create or
appear to create potential conflicts of interest when directors and officers are
faced with decisions that could have different implications for the Company and
Thiokol. The Restated Certificate of Incorporation of the Company includes
certain provisions relating to the allocation of business opportunities that may
be suitable for both the Company and Thiokol. In addition, under Delaware
corporate law, officers, directors and controlling stockholders of the Company
have certain fiduciary duties to the Company's stockholders.

GOVERNMENTAL REGULATIONS AND ENVIRONMENTAL MATTERS

  Certain of the Company's products are manufactured and sold under U.S.
government contracts or subcontracts. Consequently, the Company is directly and
indirectly subject to various federal rules, regulations and orders applicable
to government contractors. Violation of applicable government rules and
regulations could result in civil liability, in cancellation or suspension of
existing contracts or in ineligibility for future contracts or subcontracts
funded in whole or in part with federal funds. Similarly, changes in the
regulations or other requirements relating to parts manufactured by the Company
could adversely affect the competitiveness of any Company part affected by such
changes.

  The Company is subject to comprehensive and changing federal, state, local and
international laws, regulations and ordinances (together, "Environmental Laws")
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, including
liability under the Comprehensive Environmental Response, Compensation and
Liability Act of 1980 ("CERCLA," the federal "Superfund" statute), and similar
state statutes for the investigation and remediation of environmental
contamination at properties owned and/or operated by the Company and at off-site
locations where it has arranged for the disposal of hazardous substances. 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 or liabilities will not be
incurred in connection with any such proceedings, claims or compliance
requirements or in connection with currently unknown environmental liabilities.

  If it is determined that the Company is not in compliance with current
Environmental Laws, the Company could be subject to penalties. The amount of any
such penalties could be material. In addition, the Company uses solvents, waxes,
metals, caustics, acids, oils and other hazardous substances, and as is the case
with manufacturers in general, if a release of hazardous substances occurs on or
from the Company's properties or from an off-site disposal facility, the Company
may be held liable and may be required to pay the cost of remedying the
condition. The amount of any such liability could be material.

  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 could 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. In addition, 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.

  Certain potential sources of liability under the Environmental Laws, as well
as other information relating to 

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environmental matters, including rights of the Company to indemnification for
substantial portions of these potential liabilities, are described in the Report
to which this exhibit is attached under "Business--Environmental Matters.
 
FAILURE OF PECHINEY TO REPAY THE PECHINEY NOTES

  In 1988, Pechiney Corporation (now the Company's subsidiary Howmet Holdings
Corporation ("HHC")) issued notes maturing in 1999 to third parties in
connection with the purchase of an unrelated business.  The aggregate
outstanding principal amount of those notes as of December 31, 1997 was $716.4
million.  Payments required to be made under or in connection with those notes
(the "Pechiney Notes") are expected to be made (i) by Pechiney, S.A., a French
company (which had 1997 net sales of approximately 69.7 billion French francs
and total assets as of December 31, 1997 of 59.5 billion French francs),
pursuant to its agreements with HHC and its note deposited in a restricted trust
(the "Restricted Trust"), or (ii) if Pechiney, S.A. fails to make such payments,
by draws under letters of credit issued to the Restricted Trust in the aggregate
amount of $772 million by Banque Nationale de Paris ("BNP"), a French bank which
has an A+ credit rating from Standard & Poor's Ratings Group ("S&P"), or (iii)
if there is an impediment to a draw under such BNP letters of credit, by draws
under substantially identical "back-up" letters of credit issued to the
Restricted Trust in the aggregate amount of $772 million by Caisse des Depots et
Consignations ("CDC"), a French bank which has an AAA credit rating from S&P. In
addition, if for any reason required payments are not made with respect to the
Pechiney Notes, the holders could draw on a third set of letters of credit (also
issued by BNP). Pechiney is solely responsible as reimbursement party for draws
under the various letters of credit referenced above, and, by agreement with the
banks, neither HHC nor the Company has any responsibility therefor. However, HHC
remains liable as the original issuer of the Pechiney Notes in the event that
Pechiney defaults and both banks fail to meet their obligations under their
respective letters of credit. Such event would have a material adverse effect on
the Company's financial condition.   For further details in this regard, see
Note 8 of Notes to Financial Statements on page 27 of the Company's 1997 Annual
Report to Stockholders attached as Exhibit 13 to the Report to which this
Exhibit is attached.

 

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