| þ | QUARTERLY      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934 |
|--------|---------------------------------------------------------------------------------------------------|

|   | For      the quarterly period ended March 31,2009 |
|--------|---------------------------------------------------|

|   | OR |
|--------|----|

| o | TRANSITION      REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF      1934 |
|---|-----------------------------------------------------------------------------------------------------|

|   | Commission      file number 1-14368 |
|--------|-------------------------------------|

| Titanium      Metals Corporation                           |
|------------------------------------------------------------|
| (Exact      name of registrant as specified in itscharter) |

| Delaware                                                            |   | 13-5630895                             |
|---------------------------------------------------------------------|--------|----------------------------------------|
| (State      or other jurisdiction of incorporation or organization) |   | (IRS      Employer Identification No.) |

| 5430      LBJ Freeway, Suite 1700, Dallas, Texas 75240-2697                |
|----------------------------------------------------------------------------|
| (Address      of principal executive offices)   (Zip  Code) |

|                                                                                                                    Registrant’s telephone number, including area      code:  (972)      233-1700 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | *      The registrant has not yet been phased into the interactive data      requirements |
|--------|--------|-------------------------------------------------------------------------------------------|

----

|   | TITANIUM      METALS CORPORATION |
|--------|----------------------------------|

|   | INDEX |
|--------|-------|

| PART      I.  | FINANCIAL      INFORMATION |                                                                                                                                                |                                              |
|---------------|----------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------|
|          |                       |                                                                                                                                                |                                              |   |
|          | Item      1.               | Condensed      Consolidated Financial Statements                                                                                                    |                                              |
|          |                       |                                                                                                                                                |                                              |   |
|          |                       | Condensed      Consolidated Balance Sheets – December 31, 2008; March 31, 2009      (unaudited)                                               |              2 |
|          |                       |                                                                                                                                                |                                              |   |
|          |                       | Condensed      Consolidated Statements of Income –Three months ended March 31, 2008 and      2009 (unaudited)                                 | 4                                                 |
|          |                       |                                                                                                                                                |                                              |   |
|          |                       | Condensed      Consolidated Statements of Cash Flows –Three months ended March 31, 2008      and 2009 (unaudited)                             | 5                                                 |
|          |                       |                                                                                                                                                |                                              |   |
|          |                       | Condensed      Consolidated Statement of Changes in Equity and Comprehensive Income –      Three      months ended March 31, 2009 (unaudited) | 6                                                 |
|          |                       |                                                                                                                                                |                                              |   |
|          |                       | Notes      to Condensed Consolidated Financial Statements                                                                                           | 7                                                 |
|          |                       |                                                                                                                                                |                                              |   |
|          | Item      2.               | Management’s      Discussion and Analysis of Financial Condition and Results of      Operations                                               | 15                                                |
|          |                       |                                                                                                                                                |                                              |   |
|          | Item      3.               | Quantitative      and Qualitative Disclosures about Market Risk                                                                                     | 22                                                |
|          |                       |                                                                                                                                                |                                              |   |
|          | Item      4.               | Controls      and Procedures                                                                                                                        | 22                                                |
|          |                       |                                                                                                                                                |                                              |   |
| PART      II. | OTHER      INFORMATION     |                                                                                                                                                |
|          |                       |                                                                                                                                                |                                              |   |
|          | Item      1.               | Legal      Proceedings                                                                                                                              | 24                                                |
|          |                       |                                                                                                                                                |                                              |   |
|          | Item      1A.              | Risk      Factors                                                                                                                                   | 24                                                |
|          |                       |                                                                                                                                                |                                              |   |
|          | Item      2.               | Unregistered      Sales of Equity Securities and Use of Proceeds                                                                                    | 24                                                |
|          |                       |                                                                                                                                                |                                              |   |
|          | Item      6.               | Exhibits                                                                                                                                            | 25                                                |

----

|                                  |   | December      31, |    |   | March      31, |   |
|---------------------------------------|--------|-------------------|---------|--------|----------------|--------|
| ASSETS                                |   | 2008              |    |   | 2009           |   |
|                                  |   |              |    |   | (unaudited)    |   |
| Current      assets:                  |   |              |    |   |           |   |
| Cash and cash      equivalents        |   | $                 | 45.0    |   |           | $      | 64.3 |   |
| Accounts and other      receivables   |   |              | 145.4   |   |           |   | 130.7 |   |
| Inventories                           |   |              | 569.7   |   |           |   | 563.7 |   |
| Refundable income      taxes          |   |              | 2.3     |   |           |   | 0.5 |   |
| Prepaid expenses and      other       |   |              | 4.8     |   |           |   | 5.7 |   |
| Deferred income    taxes              |   |              | 21.7    |   |           |   | 22.7 |   |
|                                  |   |              |    |   |           |   |   |   |
| Total current    assets               |   |              | 788.9   |   |           |   | 787.6 |   |
|                                  |   |              |    |   |           |   |   |   |
| Marketable      securities            |   |              | 16.4    |   |           |   | 14.3 |   |
| Notes      receivable from affiliates |   |              | 58.4    |   |           |   | 58.4 |   |
| Property      and equipment, net      |   |              | 427.1   |   |           |   | 423.0 |   |
| Deferred      income taxes            |   |              | 17.8    |   |           |   | 18.8 |   |
| Other                                 |   |              | 59.1    |   |           |   | 60.4 |   |
|                                  |   |              |    |   |           |   |   |   |
| Total assets                          |   | $                 | 1,367.7 |   |           | $      | 1,362.5 |   |

----

|                                         |   | December      31, |    |   | March      31, |   |
|----------------------------------------------|--------|-------------------|---------|--------|----------------|--------|
| LIABILITIES      AND EQUITY                  |   | 2008              |    |   | 2009           |   |
|                                         |   |              |    |   | (unaudited)    |   |
| Current      liabilities:                    |   |              |    |   |           |   |
| Accounts payable                             |   | $                 | 58.5    |   |           | $      | 46.9 |   |
| Accrued and other current      liabilities   |   |              | 76.1    |   |           |   | 60.1 |   |
| Customer advances                            |   |              | 17.6    |   |           |   | 17.9 |   |
| Income taxes    payable                      |   |              | -       |   |           |   | 2.4 |   |
|                                         |   |              |    |   |           |   |   |   |
| Total current      liabilities               |   |              | 152.2   |   |           |   | 127.3 |   |
|                                         |   |              |    |   |           |   |   |   |
| Accrued      OPEB cost                       |   |              | 28.5    |   |           |   | 28.9 |   |
| Accrued      pension cost                    |   |              | 77.5    |   |           |   | 77.0 |   |
| Deferred      income taxes                   |   |              | -       |   |           |   | 1.4 |   |
| Other                                        |   |              | 9.2     |   |           |   | 9.3 |   |
|                                         |   |              |    |   |           |   |   |   |
| Total liabilities                            |   |              | 267.4   |   |           |   | 243.9 |   |
|                                         |   |              |    |   |           |   |   |   |
| Equity:                                      |   |              |    |   |           |   |   |   |
| TIMET stockholders’      equity:       |   |              |    |   |           |   |   |   |
| Series A Preferred      Stock                |   |              | 3.2     |   |           |   | 3.2 |   |
| Common stock                                 |   |              | 1.8     |   |           |   | 1.8 |   |
| Additional paid-in      capital              |   |              | 523.4   |   |           |   | 523.5 |   |
| Retained earnings                            |   |              | 696.7   |   |           |   | 716.4 |   |
| Accumulated other comprehensive      loss    |   |              | (145.5  | )      |           |   | (147.4 | ) |
|                                         |   |              |    |   |           |   |   |   |
| Total TIMET stockholders’      equity  |   |              | 1,079.6 |   |           |   | 1,097.5 |   |
|                                         |   |              |    |   |           |   |   |   |
| Noncontrolling interest in      subsidiary   |   |              | 20.7    |   |           |   | 21.1 |   |
|                                         |   |              |    |   |           |   |   |   |
| Total equity                                 |   |              | 1,100.3 |   |           |   | 1,118.6 |   |
|                                         |   |              |    |   |           |   |   |   |
| Total liabilities and      equity            |   | $                 | 1,367.7 |   |           | $      | 1,362.5 |   |
|                                         |   |              |    |   |           |   |   |   |
| Commitments      and contingencies (Note 10) |   |              |    |   |           |   |   |   |

----

|                                                              |   | Three      months ended March 31, |   |
|-------------------------------------------------------------------|--------|-----------------------------------|--------|
|                                                              |   | 2008                              |   |   | 2009 |   |
|                                                              |   | (unaudited)                       |   |
|                                                              |   |                              |   |   |   |   |
| Net      sales                                                    |   | $                                 | 293.7  |   |   | $ | 203.4 |   |
| Cost      of sales                                                |   |                              | 212.6  |   |   |   | 164.0 |   |
|                                                              |   |                              |   |   |   |   |   |   |
| Gross margin                                                      |   |                              | 81.1   |   |   |   | 39.4 |   |
|                                                              |   |                              |   |   |   |   |   |   |
| Selling,      general, administrative and development expense     |   |                              | 17.2   |   |   |   | 14.8 |   |
| Other      (expense) income, net                                  |   |                              | (1.1   | ) |   |   | 1.8 |   |
|                                                              |   |                              |   |   |   |   |   |   |
| Operating income                                                  |   |                              | 62.8   |   |   |   | 26.4 |   |
|                                                              |   |                              |   |   |   |   |   |   |
| Other      non-operating (expense) income, net                    |   |                              | (2.1   | ) |   |   | 1.3 |   |
|                                                              |   |                              |   |   |   |   |   |   |
| Income before income      taxes                                   |   |                              | 60.7   |   |   |   | 27.7 |   |
|                                                              |   |                              |   |   |   |   |   |   |
| Provision      for income taxes                                   |   |                              | 17.9   |   |   |   | 7.1 |   |
|                                                              |   |                              |   |   |   |   |   |   |
| Net income                                                        |   |                              | 42.8   |   |   |   | 20.6 |   |
|                                                              |   |                              |   |   |   |   |   |   |
| Noncontrolling      interest in net income of subsidiary          |   |                              | 2.4    |   |   |   | 0.9 |   |
|                                                              |   |                              |   |   |   |   |   |   |
| Net income attributable to TIMET      stockholders                |   |                              | 40.4   |   |   |   | 19.7 |   |
|                                                              |   |                              |   |   |   |   |   |   |
| Dividends      on Series A Preferred Stock                        |   |                              | 0.1    |   |   |   | 0.1 |   |
|                                                              |   |                              |   |   |   |   |   |   |
| Net income attributable to TIMET      common stockholders         |   | $                                 | 40.3   |   |   | $ | 19.6 |   |
|                                                              |   |                              |   |   |   |   |   |   |
| Earnings      per share attributable to TIMET common stockholders |   | $                                 | 0.22   |   |   | $ | 0.11 |   |
|                                                              |   |                              |   |   |   |   |   |   |
| Weighted      average shares outstanding:                         |   |                              |   |   |   |   |   |   |
| Basic                                                             |   |                              | 182.6  |   |   |   | 181.1 |   |
| Diluted                                                           |   |                              | 183.9  |   |   |   | 182.1 |   |
|                                                              |   |                              |   |   |   |   |   |   |
| Cash      dividends per common share                              |   | $                                 | 0.075  |   |   | $ | - |   |

----

|                                                                                   |   | Three      months ended March 31, |   |
|----------------------------------------------------------------------------------------|--------|-----------------------------------|--------|
|                                                                                   |   | 2008                              |   |   | 2009 |   |
|                                                                                   |   | (unaudited)                       |   |
| Cash      flows from operating activities:                                             |   |                              |   |   |   |   |
| Net income                                                                             |   | $                                 | 42.8   |   |   | $ | 20.6 |   |
| Depreciation and      amortization                                                     |   |                              | 11.4   |   |   |   | 12.3 |   |
| Deferred income    taxes                                                               |   |                              | (3.1   | ) |   |   | (0.5 | ) |
| Loss (gain) on disposal of      property and equipment                                 |   |                              | 0.1    |   |   |   | (1.6 | ) |
| Other, net                                                                             |   |                              | 0.3    |   |   |   | 0.6 |   |
| Change in assets and      liabilities:                                                 |   |                              |   |   |   |   |   |   |
| Receivables                                                                            |   |                              | 7.6    |   |   |   | 14.0 |   |
| Inventories                                                                            |   |                              | (4.6   | ) |   |   | 4.6 |   |
| Accounts payable and accrued      liabilities                                          |   |                              | (6.5   | ) |   |   | (27.4 | ) |
| Income taxes                                                                           |   |                              | 15.9   |   |   |   | 4.3 |   |
| Other, net                                                                             |   |                              | (4.9   | ) |   |   | (2.0 | ) |
|                                                                                   |   |                              |   |   |   |   |   |   |
| Net cash provided by operating      activities                                         |   |                              | 59.0   |   |   |   | 24.9 |   |
|                                                                                   |   |                              |   |   |   |   |   |   |
| Cash      flows from investing activities:                                             |   |                              |   |   |   |   |   |   |
| Capital    expenditures                                                                |   |                              | (35.6  | ) |   |   | (8.1 | ) |
| Proceeds from sale of      property                                                    |   |                              | -      |   |   |   | 3.5 |   |
| Purchases of marketable      securities                                                |   |                              | (14.8  | ) |   |   | (0.6 | ) |
|                                                                                   |   |                              |   |   |   |   |   |   |
| Net cash used in investing      activities                                             |   |                              | (50.4  | ) |   |   | (5.2 | ) |
|                                                                                   |   |                              |   |   |   |   |   |   |
| Cash      flows from financing activities:                                             |   |                              |   |   |   |   |   |   |
| Common stock      dividends                                                            |   |                              | (13.7  | ) |   |   | - |   |
| Treasury stock      purchases                                                          |   |                              | (36.5  | ) |   |   | (0.1 | ) |
| Other, net                                                                             |   |                              | 0.5    |   |   |   | 0.1 |   |
|                                                                                   |   |                              |   |   |   |   |   |   |
| Net cash used in financing      activities                                             |   |                              | (49.7  | ) |   |   | - |   |
|                                                                                   |   |                              |   |   |   |   |   |   |
| Net      cash (used in) provided by operating, investing and financing      activities |   |                              | (41.1  | ) |   |   | 19.7 |   |
| Effect of exchange rate changes on      cash                                           |   |                              | 1.1    |   |   |   | (0.4 | ) |
|                                                                                   |   |                              |   |   |   |   |   |   |
| Net cash (used) provided during      period                                            |   |                              | (40.0  | ) |   |   | 19.3 |   |
| Cash and cash equivalents at      beginning of period                                  |   |                              | 90.0   |   |   |   | 45.0 |   |
|                                                                                   |   |                              |   |   |   |   |   |   |
| Cash and cash equivalents at end      of period                                        |   | $                                 | 50.0   |   |   | $ | 64.3 |   |
|                                                                                   |   |                              |   |   |   |   |   |   |
| Supplemental      disclosures:                                                         |   |                              |   |   |   |   |   |   |
| Cash paid for:                                                                         |   |                              |   |   |   |   |   |   |
| Interest                                                                               |   | $                                 | 0.2    |   |   | $ | 0.2 |   |
| Income taxes                                                                           |   | $                                 | 5.3    |   |   | $ | 3.1 |   |
|                                                                                   |   |                              |   |   |   |   |   |   |
| Non-cash investing and financing      activities:                                      |   |                              |   |   |   |   |   |   |
| Asset retirement obligation      recognized                                            |   | $                                 | -      |   |   | $ | 0.5 |   |

----

|                            |   | TIMET      stockholders’ equity |   |   |              |   |   |                            |   |   |                         |   |
|---------------------------------|--------|---------------------------------------|--------|--------|-------------------|--------|--------|---------------------------------|--------|--------|------------------------------|--------|
|                            |   | Series      A Preferred Stock         |   |   | Common      stock |   |   | Additional      paid-in capital |   |   |  Retained      earnings |   |   | Accumulated      other comprehensive loss |   |   | Treasurystock |   |   |  Non-controlling      interest |   |   |   Total |   |   | Comprehensive      income |   |
|                            |   |                                  |   |   |              |   |   |                            |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance      at January 1, 2009 |   | $                                     | 3.2    |   |              | $      | 1.8    |                            |   | $      | 523.4                        |   |   | $ | 696.7 |   |   | $ | (145.5 | ) |   | $ | - |   |   | $ | 20.7 |   |   | $ | 1,100.3 |   |   |   |   |
| Net income                      |   |                                  | -      |   |              |   | -      |                            |   |   | -                            |   |   |   | 19.7 |   |   |   | - |   |   |   | - |   |   |   | 0.9 |   |   |   | 20.6 |   |   | $ | 20.6 |   |
| Other comprehensive      loss   |   |                                  | -      |   |              |   | -      |                            |   |   | -                            |   |   |   | - |   |   |   | (1.9 | ) |   |   | - |   |   |   | (0.5 | ) |   |   | (2.4 | ) |   |   | (2.4 | ) |
| Treasury stock      purchases   |   |                                  | -      |   |              |   | -      |                            |   |   | -                            |   |   |   | - |   |   |   | - |   |   |   | (0.1 | ) |   |   | - |   |   |   | (0.1 | ) |   |   | - |   |
| Treasury stock      retirement  |   |                                  | -      |   |              |   | -      |                            |   |   | (0.1                         | )      |   |   | - |   |   |   | - |   |   |   | 0.1 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Other                           |   |                                  | -      |   |              |   | -      |                            |   |   | 0.2                          |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 0.2 |   |   |   | - |   |
|                            |   |                                  |   |   |              |   |   |                            |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2009  |   | $                                     | 3.2    |   |              | $      | 1.8    |                            |   | $      | 523.5                        |   |   | $ | 716.4 |   |   | $ | (147.4 | ) |   | $ | - |   |   | $ | 21.1 |   |   | $ | 1,118.6 |   |   |   |   |   |
|                            |   |                                  |   |   |              |   |   |                            |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive      income       |   |                                  |   |   |              |   |   |                            |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 18.2 |   |

----

----

----

|                                  |   | December      31,2008 |   |   | March      31,2009 |   |
|---------------------------------------|--------|-----------------------|--------|--------|--------------------|--------|
|                                  |   | (In      millions)    |   |
|                                  |   |                  |   |   |               |   |
| Raw      materials                    |   | $                     | 138.0  |   |               | $      | 132.2 |   |
| Work-in-process                       |   |                  | 264.1  |   |               |   | 262.8 |   |
| Finished      products                |   |                  | 119.8  |   |               |   | 119.0 |   |
| Inventory      consigned to customers |   |                  | 19.2   |   |               |   | 19.8 |   |
| Supplies                              |   |                  | 28.6   |   |               |   | 29.9 |   |
|                                  |   |                  |   |   |               |   |   |   |
| Total    inventories                  |   | $                     | 569.7  |   |               | $      | 563.7 |   |

|                             |   | SFAS      157 fair value measurement level |   |   | December      31,2008 |   |   | March      31,2009 |   |
|----------------------------------|--------|--------------------------------------------|--------|--------|-----------------------|--------|--------|--------------------|--------|
|                             |   |                                       |   |   | (In      millions)    |   |
|                             |   |                                       |   |   |                  |   |   |               |   |
| Valhi                            |   |  1                                    |   |   | $                     | 13.4   |   |               | $      | 11.6 |   |
| NL                               |   | 1                                |   |   | 3.0                   |   |   |               | 2.2    |   |
| Kronos                           |   |  1                                    |   |   |                  | -      |   |               |   | 0.5 |   |
|                             |   |                                       |   |   |                  |   |   |               |   |   |   |
| Total marketable      securities |   |                                       |   |   | $                     | 16.4   |   |               | $      | 14.3 |   |

----

|                                                                         |   | December      31,2008 |   |   | March      31,2009 |   |
|------------------------------------------------------------------------------|--------|-----------------------|--------|--------|--------------------|--------|
|                                                                         |   | (In      millions)    |   |
|                                                                         |   |                  |   |   |               |   |
| Land      and improvements                                                   |   | $                     | 12.5   |   |               | $      | 13.2 |   |
| Buildings      and improvements                                              |   |                  | 57.8   |   |               |   | 60.7 |   |
| Information      technology systems                                          |   |                  | 71.0   |   |               |   | 71.4 |   |
| Manufacturing      equipment and other                                       |   |                  | 481.1  |   |               |   | 487.1 |   |
| Construction      in progress                                                |   |                  | 109.3  |   |               |   | 103.6 |   |
|                                                                         |   |                  |   |   |               |   |   |   |
|         Total      property and equipment |   | 731.7                 |   |   |               | 736.0  |   |
|                                                                         |   |                  |   |   |               |   |   |   |
| Less      accumulated depreciation                                           |   |                  | 304.6  |   |               |   | 313.0 |   |
|                                                                         |   |                  |   |   |               |   |   |   |
| Total property and equipment,      net                                       |   | $                     | 427.1  |   |               | $      | 423.0 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | December      31,2008 |   |   | March      31,2009 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|--------|--------|--------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | (In      millions)    |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                  |   |   |               |   |
| Prepaid      conversion services                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | $                     | 44.7   |   |               | $      | 44.1 |   |
| Other                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                  | 14.4   |   |               |   | 16.3 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                  |   |   |               |   |   |   |
| Total other noncurrent      assets                                                                             |   | $                     | 59.1   |   |               | $      | 60.4 |   |

|                           |   | December      31,2008 |   |   | March      31,2009 |   |
|--------------------------------|--------|-----------------------|--------|--------|--------------------|--------|
|                           |   | (In      millions)    |   |
|                           |   |                  |   |   |               |   |
| Employee      related          |   | $                     | 38.3   |   |               | $      | 27.6 |   |
| Deferred      revenue          |   |                  | 18.5   |   |               |   | 14.0 |   |
| Other                          |   |                  | 19.3   |   |               |   | 18.5 |   |
|                           |   |                  |   |   |               |   |   |   |
| Total accrued      liabilities |   | $                     | 76.1   |   |               | $      | 60.1 |   |

Note 7 – Equity

----

|                                    |   | Three      months ended March 31, |   |
|-----------------------------------------|--------|-----------------------------------|--------|
|                                    |   | 2008                              |   |   | 2009 |   |
|                                    |   | (In      millions)                |   |
|                                    |   |                              |   |   |   |   |
| Service      cost                       |   | $                                 | 1.2    |   |   | $ | 0.8 |   |
| Interest      cost                      |   |                              | 4.4    |   |   |   | 3.5 |   |
| Expected      return on plan assets     |   |                              | (5.7   | ) |   |   | (3.0 | ) |
| Amortization      of prior service cost |   |                              | 0.1    |   |   |   | 0.1 |   |
| Amortization      of net losses         |   |                              | 0.6    |   |   |   | 2.3 |   |
|                                    |   |                              |   |   |   |   |   |   |
| Total pension    expense                |   | $                                 | 0.6    |   |   | $ | 3.7 |   |

|                                           |   | Three      months ended March 31, |   |
|------------------------------------------------|--------|-----------------------------------|--------|
|                                           |   | 2008                              |   |   | 2009 |   |
|                                           |   | (In      millions)                |   |
|                                           |   |                              |   |   |   |   |
| Service      cost                              |   | $                                 | 0.2    |   |   | $ | 0.3 |   |
| Interest      cost                             |   |                              | 0.5    |   |   |   | 0.4 |   |
| Amortization      of prior service credit |   |                              | (0.1   | ) |   |   | - |   |
| Amortization      of net losses                |   |                              | 0.2    |   |   |   | 0.1 |   |
|                                           |   |                              |   |   |   |   |   |   |
| Total OPEBexpense                              |   | $                                 | 0.8    |   |   | $ | 0.8 |   |

|                                     |   | Three      months ended March 31, |   |
|------------------------------------------|--------|-----------------------------------|--------|
|                                     |   | 2008                              |   |   | 2009 |   |
|                                     |   | (In      millions)                |   |
|                                     |   |                              |   |   |   |   |
| Expected      income tax expense, at 35% |   | $                                 | 21.3   |   |   | $ | 9.7 |   |
| Non-U.S.      tax rates                  |   |                              | (0.6   | ) |   |   | (0.3 | ) |
| U.S.      state income taxes, net        |   |                              | 1.2    |   |   |   | 0.4 |   |
| Nontaxable      income                   |   |                              | (3.4   | ) |   |   | (2.9 | ) |
| Domestic      manufacturing credit       |   |                              | (0.8   | ) |   |   | (0.3 | ) |
| Uncertain      tax positions             |   |                              | 0.6    |   |   |   | 0.6 |   |
| Other,      net                          |   |                              | (0.4   | ) |   |   | (0.1 | ) |
|                                     |   |                              |   |   |   |   |   |   |
| Total income tax      expense            |   | $                                 | 17.9   |   |   | $ | 7.1 |   |

----

----

|                                                                        |   | Three      months ended March 31, |   |
|-----------------------------------------------------------------------------|--------|-----------------------------------|--------|
|                                                                        |   | 2008                              |   |   | 2009 |   |
|                                                                        |   | (In      millions)                |   |
| Numerator:                                                                  |   |                              |   |   |   |   |
| Net income attributable to TIMET      common stockholders                   |   | $                                 | 40.3   |   |   | $ | 19.6 |   |
| Dividends on Series A Preferred      Stock                                  |   |                              | 0.1    |   |   |   | 0.1 |   |
|                                                                        |   |                              |   |   |   |   |   |   |
| Diluted net income      attributable to TIMET common      stockholders |   | $                                 | 40.4   |   |   | $ | 19.7 |   |
|                                                                        |   |                              |   |   |   |   |   |   |
| Denominator:                                                                |   |                              |   |   |   |   |   |   |
| Average common shares      outstanding                                      |   |                              | 182.6  |   |   |   | 181.1 |   |
| Average dilutive stock options      and restricted stock                    |   |                              | 0.1    |   |   |   | - |   |
| Series A Preferred      Stock                                               |   |                              | 1.2    |   |   |   | 1.0 |   |
|                                                                        |   |                              |   |   |   |   |   |   |
| Diluted shares                                                              |   |                              | 183.9  |   |   |   | 182.1 |   |

----

|                                      |   | Three      months ended March 31,               |   |
|-------------------------------------------|--------|-------------------------------------------------|--------|
|                                      |   | 2008                                            |   |   | 2009 |   |
|                                      |   | (In      millions, except productshipment data) |   |
| Titanium      melted and mill products:   |   |                                            |   |   |   |   |
| Melted product net      sales             |   | $                                               | 33.6   |   |   | $ | 16.8 |   |
| Mill product net      sales               |   |                                            | 229.6  |   |   |   | 167.8 |   |
| Other titanium product      sales         |   |                                            | 30.5   |   |   |   | 18.8 |   |
|                                      |   |                                            |   |   |   |   |   |   |
| Total netsales                            |   | $                                               | 293.7  |   |   | $ | 203.4 |   |
|                                      |   |                                            |   |   |   |   |   |   |
| Melted      product shipments:            |   |                                            |   |   |   |   |   |   |
| Volume (metric      tons)                 |   |                                            | 1,095  |   |   |   | 635 |   |
| Average selling price (per      kilogram) |   | $                                               | 30.70  |   |   | $ | 26.40 |   |
|                                      |   |                                            |   |   |   |   |   |   |
| Mill      product shipments:              |   |                                            |   |   |   |   |   |   |
| Volume (metric      tons)                 |   |                                            | 3,570  |   |   |   | 2,915 |   |
| Average selling price (per      kilogram) |   | $                                               | 64.30  |   |   | $ | 57.55 |   |

----

|   |   |
|--------|--------|

|   | · | the cyclicality of the      commercial aerospaceindustry; |
|--------|--------|-----------------------------------------------------------|

|   | · | the performance of aerospace      manufacturers and us under our long-term  agreements; |
|--------|--------|-----------------------------------------------------------------------------------------|

|   | · | the existence or renewal of      certain long-termagreements; |
|--------|--------|---------------------------------------------------------------|

|   | · | the difficulty in forecasting      demand for titaniumproducts; |
|--------|--------|-----------------------------------------------------------------|

|   | · | global economic, financial and      political conditions; |
|--------|--------|-----------------------------------------------------------|

|   | · | global production capacity for      titanium; |
|--------|--------|-----------------------------------------------|

|   | · | changes in product pricing and      costs; |
|--------|--------|--------------------------------------------|

|   | · | the impact of long-term      contracts with vendors on our ability to reduce or increase      supply; |
|--------|--------|-------------------------------------------------------------------------------------------------------|

|   | · | the possibility of labor      disruptions; |
|--------|--------|--------------------------------------------|

|   | · | fluctuations in currency      exchange rates; |
|--------|--------|-----------------------------------------------|

|   | · | fluctuations in the market      price of marketablesecurities; |
|--------|--------|----------------------------------------------------------------|

|   | · | uncertainties associated with      new product or new marketdevelopment; |
|--------|--------|--------------------------------------------------------------------------|

|   | · | the availability of raw      materials and services; |
|--------|--------|------------------------------------------------------|

|   | · | changes in raw material prices      and other operating costs (including energy  costs); |
|--------|--------|------------------------------------------------------------------------------------------|

|   | · | possible disruption of      business or increases in the cost of doing business resulting from      terrorist activities or globalconflicts; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | competitive products and      strategies; and |
|--------|--------|-----------------------------------------------|

|   | · | other risks and      uncertainties. |
|--------|--------|-------------------------------------|

----

|                                                               |   | Three      months ended March 31,                |   |
|--------------------------------------------------------------------|--------|--------------------------------------------------|--------|
|                                                               |   | 2008                                             |   |   | %      of totalnet sales |   |   | 2009 |   |   | %      of totalnet sales |   |
|                                                               |   | (In      millions, except product shipment data) |   |
| Net      sales:                                                    |   |                                             |   |   |   |   |   |   |   |   |   |   |
| Melted products                                                    |   | $                                                | 33.6   |   |   |   | 12 | % |   | $ | 16.8 |   |   |   | 8 | % |
| Mill products                                                      |   |                                             | 229.6  |   |   |   | 78 | % |   |   | 167.8 |   |   |   | 83 | % |
| Other titanium      products                                       |   |                                             | 30.5   |   |   |   | 10 | % |   |   | 18.8 |   |   |   | 9 | % |
|                                                               |   |                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total net sales                                                    |   |                                             | 293.7  |   |   |   | 100 | % |   |   | 203.4 |   |   |   | 100 | % |
|                                                               |   |                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cost      of sales                                                 |   |                                             | 212.6  |   |   |   | 72 | % |   |   | 164.0 |   |   |   | 81 | % |
|                                                               |   |                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross      margin                                                  |   |                                             | 81.1   |   |   |   | 28 | % |   |   | 39.4 |   |   |   | 19 | % |
|                                                               |   |                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Selling,      general, administrative and development      expense |   |                                             | 17.2   |   |   |   | 6 | % |   |   | 14.8 |   |   |   | 7 | % |
| Other      (expense) income, net                                   |   |                                             | (1.1   | ) |   |   | - |   |   |   | 1.8 |   |   |   | 1 | % |
|                                                               |   |                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      income                                              |   | $                                                | 62.8   |   |   |   | 21 | % |   | $ | 26.4 |   |   |   | 13 | % |
|                                                               |   |                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Melted      product shipments:                                     |   |                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Volume (metric    tons)                                            |   |                                             | 1,095  |   |   |   |   |   |   |   | 635 |   |   |   |   |   |
| Average selling price (per      kilogram)                          |   | $                                                | 30.70  |   |   |   |   |   |   | $ | 26.40 |   |   |   |   |   |
|                                                               |   |                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mill      product shipments:                                       |   |                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Volume (metric    tons)                                            |   |                                             | 3,570  |   |   |   |   |   |   |   | 2,915 |   |   |   |   |   |
| Average selling price (per      kilogram)                          |   | $                                                | 64.30  |   |   |   |   |   |   | $ | 57.55 |   |   |   |   |   |

----

----

|              | Three      months ended                 |
|-------------------|-----------------------------------------|
|              | March      31, 2009 vs. 2008            |
|              | (In      millions)                      |
|              |                                    |
| Decrease      in: |                                    |
| Net sales         | $   21.2                 |
| Operating income  |            2.5 |

----

|                                                                              |   | Three      months ended March 31, |   |
|-----------------------------------------------------------------------------------|--------|-----------------------------------|--------|
|                                                                              |   | 2008                              |   |   | 2009 |   |
|                                                                              |   | (In      millions)                |   |
| Cash      provided by (used in):                                                  |   |                              |   |   |   |   |
| Operating    activities                                                           |   | $                                 | 59.0   |   |   | $ | 24.9 |   |
| Investing    activities                                                           |   |                              | (50.4  | ) |   |   | (5.2 | ) |
| Financing    activities                                                           |   |                              | (49.7  | ) |   |   | - |   |
|                                                                              |   |                              |   |   |   |   |   |   |
| Net cash (used in) provided by      operating, investing and financing activities |   | $                                 | (41.1  | ) |   | $ | 19.7 |   |

|   | · | lower      operating income of $36.4 million in2009; |
|--------|--------|------------------------------------------------------|

|   | · | higher      net cash used in operations resulting from changes in receivables,      inventories, payables and accrued liabilities of $5.3 million in 2009 in      response to changing working capital requirements;  and |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | lower      net cash paid for income taxes in 2009 of $2.2 million primarily due to      the lower earnings in 2009. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------|

----

|   | · | During      2008, we had construction underway for the first and second phases of our      EB melt capacity expansion at our facility in Morgantown and other      capacity expansion projects in the U.S. and  Europe. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Most      of our capacity expansion projects are now substantially complete, and      2009 capital spending is limited to those required to properly maintain      our equipment and facilities or complete active projects, such as the      ongoing construction of a melt furnace at our Morgantown      facility. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | We      purchased $14.8 million in marketable equity securities during the first      three months of 2008 and $0.6 million during the first three months of      2009. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | We      paid dividends on our common stock of $13.7 million in the first quarter      of 2008. |
|--------|--------|------------------------------------------------------------------------------------------------|

|   | · | We      purchased $36.5 million of treasury stock during the first quarter of 2008      and made nominal purchases during the first quarter of    2009. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|   | · | Pertain      to the maintenance of records that in reasonable detail accurately and      fairly reflect the transactions and dispositions of our      assets; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Provide      reasonable assurance that transactions are recorded as necessary to permit      preparation of financial statements in accordance with GAAP, and that our      receipts and expenditures are being made only in accordance with      authorizations of our management and directors;  and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Provide      reasonable assurance regarding prevention or timely detection of      unauthorized acquisition, use or disposition of our assets that could have      a material effect on our Consolidated Financial  Statements. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Period                                     |   | Total      number of shares purchased |   | Average      price paid per share |   | Total      number of shares purchased as part of the publicly announced      plan |   | Maximum      dollar value that may yet be purchased under the publicly announced      plan |
|--------------------------------------------|--------|---------------------------------------|--------|-----------------------------------|--------|-----------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------|
|                                       |   |                                  |   |                              |   |                                                                              |   | (In      millions)                                                                         |
|                                       |   |                                  |   |                              |   |                                                                              |   |                                                                                       |
| February      1, 2009 to February 28, 2009 |   | 10,000                                |   | $5.90                             |   |  10,000                                                                      |   | $63.4                                              |

----

|   |   |                                                                          |
|--------|--------|-------------------------------------------------------------------------------|
|   | 31.1   | Certification      pursuant to Section 302 of the Sarbanes-Oxley Act of  2002 |
|   |   |                                                                          |
|   | 31.2   | Certification      pursuant to Section 302 of the Sarbanes-Oxley Act of  2002 |
|   |   |                                                                          |
|   | 32.1   | Certification      pursuant to Section 906 of the Sarbanes-Oxley Act of  2002 |
|   |   |                                                                          |

|   |               Note: | We      have retained a signed original of any exhibit listed above that contains      signatures, and we will provide any such exhibit to the SEC or its staff      upon request.  Such request should be directed to the attention      of our Corporate Secretary at our corporate offices located at 5430 LBJ      Freeway, Suite 1700, Dallas, Texas75240. |
|--------|-------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                   |                             | TITANIUM      METALS CORPORATION                                    |
|------------------------|----------------------------------|---------------------------------------------------------------------|
|                   |                             |                                                                |
|                   |                             |                                                                |
|                   |                             |                                                                |
| Date:      May 5, 2009 | By      | /s/      James W. Brown                                             |
|                   |                             | James      W. Brown                                                 |
|                   |                             | Vice      President and Chief Financial Officer                     |
|                   |                             |                                                                |
|                   |                             |                                                                |
| Date:      May 5, 2009 | By      | /s/      Scott E. Sullivan                                          |
|                   |                             | Scott      E. Sullivan                                              |
|                   |                             | Vice      President and ControllerPrincipal      Accounting Officer |

----