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

|   | For the quarterly period ended June 30, 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 its charter) |

| 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; June 30, 2009 (unaudited)                                        | 2 |
|          |                                                                                  |                                                                                                                              |   |
|          |                                                                                  | Condensed Consolidated Statements of Income – Three and six months ended June 30, 2008 and 2009 (unaudited)                 | 4 |
|          |                                                                                  |                                                                                                                              |   |
|          |                                                                                  | Condensed Consolidated Statements of Cash Flows – Six months ended June 30, 2008 and 2009 (unaudited)                       | 5 |
|          |                                                                                  |                                                                                                                              |   |
|          |                                                                                  | Condensed Consolidated Statement of Changes in Equity and Comprehensive Income – Six months ended June 30, 2009 (unaudited) | 6 |
|          |                                                                                  |                                                                                                                              |   |
|          |                                                                                  | Notes to Condensed Consolidated Financial Statements                                                                              | 7 |
|          |                                                                                  |                                                                                                                              |   |
|          | Item 2.                                                                               | Management’s Discussion and Analysis of Financial Condition and Results of Operations                                       | 16 |
|          |                                                                                  |                                                                                                                              |   |
|          | Item 3.                                                                               | Quantitative and Qualitative Disclosures about Market Risk                                                                        | 25 |
|          |                                                                                  |                                                                                                                              |   |
|          | Item 4.                                                                               | Controls and Procedures                                                                                                           | 26 |
|          |                                                                                  |                                                                                                                              |   |
| PART II.      | OTHER INFORMATION                                                                     |                                                                                                                              |
|          |                                                                                  |                                                                                                                              |   |
|          | Item 1.                                                                               | Legal Proceedings                                                                                                                 | 27 |
|          |                                                                                  |                                                                                                                              |   |
|          | Item 1A.                                                                              | Risk Factors                                                                                                                      | 27 |
|          |                                                                                  |                                                                                                                              |   |
|          | Item 2.                                                                               | Unregistered Sales of Equity Securities and Use of Proceeds                                                                       | 27 |
|          |                                                                                  |                                                                                                                              |   |
|          | Item 4.                                                                               | Submission of Matters to a Vote of Security Holders                                                                               | 27 |
|          |                                                                                  |                                                                                                                              |   |
|          | Item 6                                                                                | Exhibits                                                                                                                          | 28 |
|          |                                                                                  |                                                                                                                              |   |
|          |                                                                                  |                                                                                                                              |   |
|          |  Items 3 and 5 of Part II are omitted because there is no information to report. |                                                                                                                              |

----

TITANIUM 

|                             |   | December 31, |    |   | June 30,    |   |
|----------------------------------|--------|--------------|---------|--------|-------------|--------|
| ASSETS                           |   | 2008         |    |   | 2009        |   |
|                             |   |         |    |   | (unaudited) |   |
| Current assets:                  |   |         |    |   |        |   |
| Cash and cash equivalents        |   | $            | 45.0    |   |        | $      | 106.6 |   |
| Accounts and other receivables   |   |         | 145.4   |   |        |   | 128.9 |   |
| Inventories                      |   |         | 569.7   |   |        |   | 547.0 |   |
| Refundable income taxes          |   |         | 2.3     |   |        |   | 2.3 |   |
| Prepaid expenses and other       |   |         | 4.8     |   |        |   | 4.4 |   |
| Deferred income taxes            |   |         | 21.7    |   |        |   | 22.4 |   |
|                             |   |         |    |   |        |   |   |   |
| Total current assets             |   |         | 788.9   |   |        |   | 811.6 |   |
|                             |   |         |    |   |        |   |   |   |
| Marketable securities            |   |         | 16.4    |   |        |   | 12.0 |   |
| Notes receivable from affiliates |   |         | 58.4    |   |        |   | 57.9 |   |
| Property and equipment, net      |   |         | 427.1   |   |        |   | 427.3 |   |
| Deferred income taxes            |   |         | 17.8    |   |        |   | 22.1 |   |
| Other                            |   |         | 59.1    |   |        |   | 59.7 |   |
|                             |   |         |    |   |        |   |   |   |
| Total assets                     |   | $            | 1,367.7 |   |        | $      | 1,390.6 |   |

Index

----

|                                    |   | December 31, |    |   | June 30,    |   |
|-----------------------------------------|--------|--------------|---------|--------|-------------|--------|
| LIABILITIES AND EQUITY                  |   | 2008         |    |   | 2009        |   |
|                                    |   |         |    |   | (unaudited) |   |
| Current liabilities:                    |   |         |    |   |        |   |
| Accounts payable                        |   | $            | 58.5    |   |        | $      | 40.1 |   |
| Accrued and other current liabilities   |   |         | 76.1    |   |        |   | 62.6 |   |
| Customer advances                       |   |         | 17.6    |   |        |   | 18.9 |   |
| Income taxes payable                    |   |         | -       |   |        |   | 1.9 |   |
|                                    |   |         |    |   |        |   |   |   |
| Total current liabilities               |   |         | 152.2   |   |        |   | 123.5 |   |
|                                    |   |         |    |   |        |   |   |   |
| Accrued OPEB cost                       |   |         | 28.5    |   |        |   | 29.3 |   |
| Accrued pension cost                    |   |         | 77.5    |   |        |   | 82.3 |   |
| Deferred income taxes                   |   |         | -       |   |        |   | 1.4 |   |
| Other                                   |   |         | 9.2     |   |        |   | 9.4 |   |
|                                    |   |         |    |   |        |   |   |   |
| Total liabilities                       |   |         | 267.4   |   |        |   | 245.9 |   |
|                                    |   |         |    |   |        |   |   |   |
| Equity:                                 |   |         |    |   |        |   |   |   |
| TIMET stockholders’ equity:       |   |         |    |   |        |   |   |   |
| Series A Preferred Stock                |   |         | 3.2     |   |        |   | 3.2 |   |
| Common stock                            |   |         | 1.8     |   |        |   | 1.8 |   |
| Additional paid-in capital              |   |         | 523.4   |   |        |   | 519.3 |   |
| Retained earnings                       |   |         | 696.7   |   |        |   | 725.0 |   |
| Accumulated other comprehensive loss    |   |         | (145.5  | )      |        |   | (121.5 | ) |
|                                    |   |         |    |   |        |   |   |   |
| Total TIMET stockholders’ equity  |   |         | 1,079.6 |   |        |   | 1,127.8 |   |
|                                    |   |         |    |   |        |   |   |   |
| Noncontrolling interest in subsidiary   |   |         | 20.7    |   |        |   | 16.9 |   |
|                                    |   |         |    |   |        |   |   |   |
| Total equity                            |   |         | 1,100.3 |   |        |   | 1,144.7 |   |
|                                    |   |         |    |   |        |   |   |   |
| Total liabilities and equity            |   | $            | 1,367.7 |   |        | $      | 1,390.6 |   |
|                                    |   |         |    |   |        |   |   |   |
| Commitments and contingencies (Note 10) |   |         |    |   |        |   |   |   |

Index

----

TITANIUM 

|                                                         |   | Three months endedJune 30, |   |   | Six months endedJune 30, |   |
|--------------------------------------------------------------|--------|----------------------------|--------|--------|--------------------------|--------|
|                                                         |   | 2008                       |   |   | 2009                     |   |   | 2008 |   |   | 2009 |   |
|                                                         |   | (unaudited)                |   |
|                                                         |   |                       |   |   |                     |   |   |   |   |   |   |   |
| Net sales                                                    |   | $                          | 297.3  |   |                     | $      | 205.7 |   |   | $ | 591.0 |   |   | $ | 409.1 |   |
| Cost of sales                                                |   |                       | 213.0  |   |                     |   | 174.1 |   |   |   | 425.6 |   |   |   | 338.1 |   |
|                                                         |   |                       |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Gross margin                                                 |   |                       | 84.3   |   |                     |   | 31.6 |   |   |   | 165.4 |   |   |   | 71.0 |   |
|                                                         |   |                       |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Selling, general, administrative and development expense     |   |                       | 16.2   |   |                     |   | 15.8 |   |   |   | 33.5 |   |   |   | 30.6 |   |
| Other income (expense), net                                  |   |                       | 0.7    |   |                     |   | (0.2 | ) |   |   | (0.3 | ) |   |   | 1.7 |   |
|                                                         |   |                       |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Operating income                                             |   |                       | 68.8   |   |                     |   | 15.6 |   |   |   | 131.6 |   |   |   | 42.1 |   |
|                                                         |   |                       |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Other non-operating income (expense), net                    |   |                       | 0.6    |   |                     |   | (0.8 | ) |   |   | (1.5 | ) |   |   | 0.5 |   |
|                                                         |   |                       |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Income before income taxes                                   |   |                       | 69.4   |   |                     |   | 14.8 |   |   |   | 130.1 |   |   |   | 42.6 |   |
|                                                         |   |                       |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Provision for income taxes                                   |   |                       | 20.8   |   |                     |   | 5.7 |   |   |   | 38.7 |   |   |   | 12.8 |   |
|                                                         |   |                       |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                                   |   |                       | 48.6   |   |                     |   | 9.1 |   |   |   | 91.4 |   |   |   | 29.8 |   |
|                                                         |   |                       |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Noncontrolling interest in net income of subsidiary          |   |                       | 1.2    |   |                     |   | 0.4 |   |   |   | 3.6 |   |   |   | 1.4 |   |
|                                                         |   |                       |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Net income attributable to TIMET stockholders                |   |                       | 47.4   |   |                     |   | 8.7 |   |   |   | 87.8 |   |   |   | 28.4 |   |
|                                                         |   |                       |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Dividends on Series A Preferred Stock                        |   |                       | 0.1    |   |                     |   | 0.1 |   |   |   | 0.2 |   |   |   | 0.1 |   |
|                                                         |   |                       |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Net income attributable to TIMET common stockholders         |   | $                          | 47.3   |   |                     | $      | 8.6 |   |   | $ | 87.6 |   |   | $ | 28.3 |   |
|                                                         |   |                       |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Earnings per share attributable to TIMET common stockholders |   | $                          | 0.26   |   |                     | $      | 0.05 |   |   | $ | 0.48 |   |   | $ | 0.16 |   |
|                                                         |   |                       |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average shares outstanding:                         |   |                       |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                        |   |                       | 181.0  |   |                     |   | 181.0 |   |   |   | 181.8 |   |   |   | 181.0 |   |
| Diluted                                                      |   |                       | 182.0  |   |                     |   | 181.0 |   |   |   | 183.0 |   |   |   | 182.0 |   |
|                                                         |   |                       |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Cash dividends per common share                              |   | $                          | 0.075  |   |                     | $      | - |   |   | $ | 0.15 |   |   | $ | - |   |

Index

----

TITANIUM 

|                                                                         |   | Six months endedJune 30, |   |
|------------------------------------------------------------------------------|--------|--------------------------|--------|
|                                                                         |   | 2008                     |   |   | 2009 |   |
|                                                                         |   | (unaudited)              |   |
| Cash flows from operating activities:                                        |   |                     |   |   |   |   |
|    Net income                                                 |   | $                        | 91.4   |   |   | $ | 29.8 |   |
|    Depreciation and amortization                              |   |                     | 23.4   |   |   |   | 25.1 |   |
| Deferred income taxes                                                        |   |                     | (5.8   | ) |   |   | (1.3 | ) |
| Other, net                                                                   |   |                     | 1.0    |   |   |   | 0.7 |   |
| Change in assets and liabilities:                                            |   |                     |   |   |   |   |   |   |
| Receivables                                                                  |   |                     | 27.7   |   |   |   | 21.0 |   |
| Inventories                                                                  |   |                     | (29.7  | ) |   |   | 38.0 |   |
| Accounts payable and accrued liabilities                                     |   |                     | (13.4  | ) |   |   | (40.1 | ) |
| Income taxes                                                                 |   |                     | 3.1    |   |   |   | 1.8 |   |
| Other, net                                                                   |   |                     | (11.3  | ) |   |   | 1.4 |   |
| Net cash provided by operating activities                                    |   |                     | 86.4   |   |   |   | 76.4 |   |
|                                                                         |   |                     |   |   |   |   |   |   |
| Cash flows from investing activities:                                        |   |                     |   |   |   |   |   |   |
| Capital expenditures                                                         |   |                     | (66.2  | ) |   |   | (16.3 | ) |
| Proceeds from sale of property                                               |   |                     | -      |   |   |   | 3.5 |   |
| Purchases of marketable securities                                           |   |                     | (21.4  | ) |   |   | (0.7 | ) |
| Other, net                                                                   |   |                     | (1.8   | ) |   |   | 0.6 |   |
| Net cash used in investing activities                                        |   |                     | (89.4  | ) |   |   | (12.9 | ) |
|                                                                         |   |                     |   |   |   |   |   |   |
| Cash flows from financing activities:                                        |   |                     |   |   |   |   |   |   |
| Indebtedness:                                                                |   |                     |   |   |   |   |   |   |
| Borrowings                                                                   |   |                     | 46.6   |   |   |   | - |   |
| Repayments                                                                   |   |                     | (24.1  | ) |   |   | - |   |
| Common stock dividends                                                       |   |                     | (27.3  | ) |   |   | - |   |
| Dividends paid to noncontrolling interest in subsidiary                      |   |                     | (5.4   | ) |   |   | - |   |
| Treasury stock purchases                                                     |   |                     | (36.5  | ) |   |   | (4.4 | ) |
| Other, net                                                                   |   |                     | 0.3    |   |   |   | - |   |
| Net cash used in financing activities                                        |   |                     | (46.4  | ) |   |   | (4.4 | ) |
|                                                                         |   |                     |   |   |   |   |   |   |
| Net cash (used in) provided by operating, investing and financing activities |   |                     | (49.4  | ) |   |   | 59.1 |   |
| Effect of exchange rate changes on cash                                      |   |                     | 0.8    |   |   |   | 2.5 |   |
| Net cash (used) provided during period                                       |   |                     | (48.6  | ) |   |   | 61.6 |   |
| Cash and cash equivalents at beginning of period                             |   |                     | 90.0   |   |   |   | 45.0 |   |
|                                                                         |   |                     |   |   |   |   |   |   |
| Cash and cash equivalents at end of period                                   |   | $                        | 41.4   |   |   | $ | 106.6 |   |
|                                                                         |   |                     |   |   |   |   |   |   |
| Supplemental disclosures of cash paid for:                                   |   |                     |   |   |   |   |   |   |
| Interest                                                                     |   | $                        | 0.5    |   |   | $ | 0.3 |   |
| Income taxes                                                                 |   | $                        | 41.3   |   |   | $ | 12.3 |   |
|                                                                         |   |                     |   |   |   |   |   |   |
| Non-cash investing and financing activities:                                 |   |                     |   |   |   |   |   |   |
| Asset retirement obligation recognized                                       |   | $                        | -      |   |   | $ | 0.5 |   |
| Dividends declared to noncontrolling interest in subsidiary                  |   | $                        | -      |   |   | $ | 5.5 |   |

Index

----

TITANIUM 

|                                                                                                                                                           |   | 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                                                                                                                                                     |   |                             | -      |   |         |   | -      |                       |   |   | -                       |   |   |   | 28.4 |   |   |   | - |   |   |   | - |   |   |   | 1.4 |   |   |   | 29.8 |   |   | $ | 29.8 |   |
| Other comprehensive    income                                                                                                              |   |                             | -      |   |         |   | -      |                       |   |   | -                       |   |   |   | - |   |   |   | 24.0 |   |   |   | - |   |   |   | 0.3 |   |   |   | 24.3 |   |   |   | 24.3 |   |
| Treasury stock purchases                                                                                                                                       |   |                             | -      |   |         |   | -      |                       |   |   | -                       |   |   |   | - |   |   |   | - |   |   |   | (4.4 | ) |   |   | - |   |   |   | (4.4 | ) |   |   | - |   |
| Treasury stock retirement                                                                                                                                      |   |                             | -      |   |         |   | -      |                       |   |   | (4.4                    | )      |   |   | - |   |   |   | - |   |   |   | 4.4 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Dividends declared to        noncontrolling interest        in subsidiary |   |                             | -      |   |         |   | -      |                       |   |   | -                       |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (5.5 | ) |   |   | (5.5 | ) |   |   |   |   |
| Other                                                                                                                                                          |   |                             | -      |   |         |   | -      |                       |   |   | 0.3                     |   |   |   | (0.1 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 0.2 |   |   |   | - |   |
|                                                                                                                                                           |   |                             |   |   |         |   |   |                       |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 2009                                                                                                                                       |   | $                                | 3.2    |   |         | $      | 1.8    |                       |   | $      | 519.3                   |   |   | $ | 725.0 |   |   | $ | (121.5 | ) |   | $ | - |   |   | $ | 16.9 |   |   | $ | 1,144.7 |   |   |   |   |   |
|                                                                                                                                                           |   |                             |   |   |         |   |   |                       |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive income                                                                                                                                           |   |                             |   |   |         |   |   |                       |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 54.1 |   |

Index

----

TITANIUM 

Index

----

Index

----

|                             |   | December 31,2008 |   |   | June 30,2009 |   |
|----------------------------------|--------|------------------|--------|--------|--------------|--------|
|                             |   | (In millions)    |   |
|                             |   |             |   |   |         |   |
| Raw materials                    |   | $                | 138.0  |   |         | $      | 127.4 |   |
| Work-in-process                  |   |             | 264.1  |   |         |   | 250.3 |   |
| Finished products                |   |             | 119.8  |   |         |   | 119.4 |   |
| Inventory consigned to customers |   |             | 19.2   |   |         |   | 16.8 |   |
| Supplies                         |   |             | 28.6   |   |         |   | 33.1 |   |
|                             |   |             |   |   |         |   |   |   |
| Total inventories                |   | $                | 569.7  |   |         | $      | 547.0 |   |

Index

----

|  Marketable security |   | Fair value measurement level |   |   | Market value  |   |   | Cost basis |   |   | Unrealized gains (losses) |   |
|---------------------------|--------|------------------------------|--------|--------|---------------|--------|--------|------------|--------|--------|---------------------------|--------|
|                      |   |                         |   |   | (In millions) |   |
|                      |   |                         |   |   |          |   |   |       |   |   |                      |   |
| As of December 31, 2008:  |   |                         |   |   |          |   |   |       |   |   |                      |   |
| Valhi                     |   |                         | 1      |   |          | $      | 13.4   |       |   | $      | 26.4                      |   |   | $ | (13.0 | ) |
| NL                        |   |                         | 1      |   |          |   | 3.0    |       |   |   | 2.5                       |   |   |   | 0.5 |   |
| Kronos                    |   |                         | 1      |   |          |   | -      |       |   |   | 0.2                       |   |   |   | (0.2 | ) |
|                      |   |                         |   |   |          |   |   |       |   |   |                      |   |   |   |   |   |
| Total                     |   |                         |   |   |          | $      | 16.4   |       |   | $      | 29.1                      |   |   | $ | (12.7 | ) |
|                      |   |                         |   |   |          |   |   |       |   |   |                      |   |   |   |   |   |
| As of June 30, 2009:      |   |                         |   |   |          |   |   |       |   |   |                      |   |   |   |   |   |
| Valhi                     |   |                         | 1      |   |          | $      | 9.8    |       |   | $      | 26.6                      |   |   | $ | (16.8 | ) |
| NL                        |   |                         | 1      |   |          |   | 1.6    |       |   |   | 2.5                       |   |   |   | (0.9 | ) |
| Kronos                    |   |                         | 1      |   |          |   | 0.6    |       |   |   | 0.7                       |   |   |   | (0.1 | ) |
|                      |   |                         |   |   |          |   |   |       |   |   |                      |   |   |   |   |   |
| Total                     |   |                         |   |   |          | $      | 12.0   |       |   | $      | 29.8                      |   |   | $ | (17.8 | ) |

Index

----

|                                                 |   | December 31,2008 |   |   | June 30,2009 |   |
|------------------------------------------------------|--------|------------------|--------|--------|--------------|--------|
|                                                 |   | (In millions)    |   |
|                                                 |   |             |   |   |         |   |
| Land and improvements                                |   | $                | 12.5   |   |         | $      | 13.5 |   |
| Buildings and improvements                           |   |             | 57.8   |   |         |   | 66.1 |   |
| Information technology systems                       |   |             | 71.0   |   |         |   | 73.3 |   |
| Manufacturing equipment and other                    |   |             | 481.1  |   |         |   | 550.8 |   |
| Construction in progress                             |   |             | 109.3  |   |         |   | 53.4 |   |
|                                                 |   |             |   |   |         |   |   |   |
| Total property and equipment                         |   |             | 731.7  |   |         |   | 757.1 |   |
|                                                 |   |             |   |   |         |   |   |   |
| Less accumulated depreciation                        |   |             | 304.6  |   |         |   | 329.8 |   |
|                                                 |   |             |   |   |         |   |   |   |
|     Total property and equipment, net |   | $                | 427.1  |   |         | $      | 427.3 |   |

|                                       |   | December 31,2008 |   |   | June 30,2009 |   |
|--------------------------------------------|--------|------------------|--------|--------|--------------|--------|
|                                       |   | (In millions)    |   |
|                                       |   |             |   |   |         |   |
| Prepaid conversion services                |   | $                | 44.7   |   |         | $      | 43.4 |   |
| Other                                      |   |             | 14.4   |   |         |   | 16.3 |   |
|                                       |   |             |   |   |         |   |   |   |
|    Total other noncurrent assets |   | $                | 59.1   |   |         | $      | 59.7 |   |

|                                   |   | December 31,2008 |   |   | June 30,2009 |   |
|----------------------------------------|--------|------------------|--------|--------|--------------|--------|
|                                   |   | (In millions)    |   |
|                                   |   |             |   |   |         |   |
| Employee related                       |   | $                | 38.3   |   |         | $      | 21.3 |   |
| Deferred revenue                       |   |             | 18.5   |   |         |   | 14.2 |   |
| Other                                  |   |             | 19.3   |   |         |   | 27.1 |   |
|                                   |   |             |   |   |         |   |   |   |
|    Total accrued liabilities |   | $                | 76.1   |   |         | $      | 62.6 |   |

Note 7 – Equity 

Index

----

|                               |   | Three months endedJune 30, |   |   | Six months endedJune 30, |   |
|------------------------------------|--------|----------------------------|--------|--------|--------------------------|--------|
|                               |   | 2008                       |   |   | 2009                     |   |   | 2008 |   |   | 2009 |   |
|                               |   | (In millions)              |   |
|                               |   |                       |   |   |                     |   |   |   |   |   |   |   |
| Service cost                       |   | $                          | 1.2    |   |                     | $      | 0.8 |   |   | $ | 2.4 |   |   | $ | 1.6 |   |
| Interest cost                      |   |                       | 4.4    |   |                     |   | 3.7 |   |   |   | 8.7 |   |   |   | 7.1 |   |
| Expected return on plan assets     |   |                       | (5.8   | )      |                     |   | (3.2 | ) |   |   | (11.5 | ) |   |   | (6.2 | ) |
| Amortization of prior service cost |   |                       | 0.1    |   |                     |   | 0.1 |   |   |   | 0.2 |   |   |   | 0.3 |   |
| Amortization of net losses         |   |                       | 0.6    |   |                     |   | 2.4 |   |   |   | 1.3 |   |   |   | 4.7 |   |
|                               |   |                       |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Total pension expense              |   | $                          | 0.5    |   |                     | $      | 3.8 |   |   | $ | 1.1 |   |   | $ | 7.5 |   |

|                                      |   | Three months endedJune 30, |   |   | Six months endedJune 30, |   |
|-------------------------------------------|--------|----------------------------|--------|--------|--------------------------|--------|
|                                      |   | 2008                       |   |   | 2009                     |   |   | 2008 |   |   | 2009 |   |
|                                      |   | (In millions)              |   |
|                                      |   |                       |   |   |                     |   |   |   |   |   |   |   |
| Service cost                              |   | $                          | 0.3    |   |                     | $      | 0.3 |   |   | $ | 0.6 |   |   | $ | 0.6 |   |
| Interest cost                             |   |                       | 0.4    |   |                     |   | 0.4 |   |   |   | 0.8 |   |   |   | 0.8 |   |
| Amortization of prior service credit |   |                       | (0.1   | )      |                     |   | - |   |   |   | (0.2 | ) |   |   | (0.1 | ) |
| Amortization of net losses                |   |                       | 0.1    |   |                     |   | 0.1 |   |   |   | 0.3 |   |   |   | 0.3 |   |
|                                      |   |                       |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Total OPEB expense                        |   | $                          | 0.7    |   |                     | $      | 0.8 |   |   | $ | 1.5 |   |   | $ | 1.6 |   |

|                                                   |   | Six months endedJune 30, |   |
|--------------------------------------------------------|--------|--------------------------|--------|
|                                                   |   | 2008                     |   |   | 2009 |   |
|                                                   |   | (In millions)            |   |
|                                                   |   |                     |   |   |   |   |
| Expected income tax expense, at 35%                    |   | $                        | 45.5   |   |   | $ | 14.9 |   |
| Non-U.S. tax rates                                     |   |                     | (0.9   | ) |   |   | 0.5 |   |
| U.S. state income taxes, net                           |   |                     | 2.6    |   |   |   | 0.9 |   |
| Incremental U.S. tax on earnings of foreign subsidiary |   |                     | (0.6   | ) |   |   | (0.7 | ) |
| Nondeductible expenses                                 |   |                     | 0.3    |   |   |   | 0.6 |   |
| Nontaxable income                                      |   |                     | (7.5   | ) |   |   | (5.2 | ) |
| Domestic manufacturing credit                          |   |                     | (1.9   | ) |   |   | (0.5 | ) |
| Uncertain tax positions                                |   |                     | 1.4    |   |   |   | 2.1 |   |
| Other, net                                             |   |                     | (0.2   | ) |   |   | 0.2 |   |
|                                                   |   |                     |   |   |   |   |   |   |
| Total income tax expense                               |   | $                        | 38.7   |   |   | $ | 12.8 |   |

Index

----

Index

----

|                                                         |   | Three months endedJune 30, |   |   | Six months endedJune 30, |   |
|--------------------------------------------------------------|--------|----------------------------|--------|--------|--------------------------|--------|
|                                                         |   | 2008                       |   |   | 2009                     |   |   | 2008 |   |   | 2009 |   |
|                                                         |   | (In millions)              |   |
| Numerator:                                                   |   |                       |   |   |                     |   |   |   |   |   |   |   |
| Net income attributable to TIMET common stockholders    |   | $                          | 47.3   |   |                     | $      | 8.6 |   |   | $ | 87.6 |   |   | $ | 28.3 |   |
| Dividends on Series A Preferred Stock (1)                    |   |                       | 0.1    |   |                     |   | - |   |   |   | 0.2 |   |   |   | 0.1 |   |
|                                                         |   |                       |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Diluted net income attributable to TIMET common stockholders |   | $                          | 47.4   |   |                     | $      | 8.6 |   |   | $ | 87.8 |   |   | $ | 28.4 |   |
|                                                         |   |                       |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Denominator:                                                 |   |                       |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Average common shares outstanding                            |   |                       | 181.0  |   |                     |   | 181.0 |   |   |   | 181.8 |   |   |   | 181.0 |   |
| Average dilutive stock options                               |   |                       | -      |   |                     |   | - |   |   |   | 0.1 |   |   |   | - |   |
| Series A Preferred Stock (1)                                 |   |                       | 1.0    |   |                     |   | - |   |   |   | 1.1 |   |   |   | 1.0 |   |
|                                                         |   |                       |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Diluted shares                                               |   |                       | 182.0  |   |                     |   | 181.0 |   |   |   | 183.0 |   |   |   | 182.0 |   |
|                                                         |   |                       |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |

|   | (1) | Series A Preferred Stock dividends of $0.1 million and assumed conversion of Series A Preferred Stock into 1.0 million shares of common stock have been excluded from the numerator and denominator reconciliations, respectively, due to the anti-dilutive effects for the three months ended June 30, 2009. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Index

----

|                                 |   | Three months endedJune 30,                  |   |   | Six months endedJune 30, |   |
|--------------------------------------|--------|---------------------------------------------|--------|--------|--------------------------|--------|
|                                 |   | 2008                                        |   |   | 2009                     |   |   | 2008 |   |   | 2009 |   |
|                                 |   | (In millions, except product shipment data) |   |
| Titanium melted and mill products:   |   |                                        |   |   |                     |   |   |   |   |   |   |   |
| Melted product net sales             |   | $                                           | 27.6   |   |                     | $      | 18.1 |   |   | $ | 61.4 |   |   | $ | 34.9 |   |
| Mill product net sales               |   |                                        | 236.0  |   |                     |   | 169.4 |   |   |   | 465.6 |   |   |   | 337.2 |   |
| Other titanium product sales         |   |                                        | 33.7   |   |                     |   | 18.2 |   |   |   | 64.0 |   |   |   | 37.0 |   |
|                                 |   |                                        |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Total net sales                      |   | $                                           | 297.3  |   |                     | $      | 205.7 |   |   | $ | 591.0 |   |   | $ | 409.1 |   |
|                                 |   |                                        |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Melted product shipments:            |   |                                        |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Volume (metric tons)                 |   |                                        | 845    |   |                     |   | 605 |   |   |   | 1,945 |   |   |   | 1,240 |   |
| Average selling price (per kilogram) |   | $                                           | 32.60  |   |                     | $      | 29.95 |   |   | $ | 31.55 |   |   | $ | 28.15 |   |
|                                 |   |                                        |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Mill product shipments:              |   |                                        |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Volume (metric tons)                 |   |                                        | 3,785  |   |                     |   | 3,200 |   |   |   | 7,355 |   |   |   | 6,115 |   |
| Average selling price (per kilogram) |   | $                                           | 62.35  |   |                     | $      | 52.95 |   |   | $ | 63.30 |   |   | $ | 55.15 |   |

Index

----

MANAGEMENT’S 

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

|   | · | the cyclicality of the commercial aerospace industry; |
|--------|--------|-------------------------------------------------------|

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

|   | · | the existence or renewal of certain long-term agreements; |
|--------|--------|-----------------------------------------------------------|

|   | · | the difficulty in forecasting demand for titanium products; |
|--------|--------|-------------------------------------------------------------|

|   | · | 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 marketable securities; |
|--------|--------|------------------------------------------------------------|

|   | · | uncertainties associated with new product or new market development; |
|--------|--------|----------------------------------------------------------------------|

|   | · | 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 global conflicts; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------|

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

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

Index

----

|                                                     |   | Three months endedJune 30,                  |   |
|----------------------------------------------------------|--------|---------------------------------------------|--------|
|                                                     |   | 2008                                        |   |   | % of totalnet sales |   |   | 2009 |   |   | % of totalnet sales |   |
|                                                     |   | (In millions, except product shipment data) |   |
| Net sales:                                               |   |                                        |   |   |   |   |   |   |   |   |   |   |
| Melted products                                          |   | $                                           | 27.6   |   |   |   | 9 | % |   | $ | 18.1 |   |   |   | 9 | % |
| Mill products                                            |   |                                        | 236.0  |   |   |   | 79 | % |   |   | 169.4 |   |   |   | 82 | % |
| Other titanium products                                  |   |                                        | 33.7   |   |   |   | 12 | % |   |   | 18.2 |   |   |   | 9 | % |
|                                                     |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total net sales                                          |   |                                        | 297.3  |   |   |   | 100 | % |   |   | 205.7 |   |   |   | 100 | % |
|                                                     |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cost of sales                                            |   |                                        | 213.0  |   |   |   | 72 | % |   |   | 174.1 |   |   |   | 85 | % |
|                                                     |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross margin                                             |   |                                        | 84.3   |   |   |   | 28 | % |   |   | 31.6 |   |   |   | 15 | % |
|                                                     |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Selling, general, administrative and development expense |   |                                        | 16.2   |   |   |   | 5 | % |   |   | 15.8 |   |   |   | 8 | % |
| Other income (expense), net                              |   |                                        | 0.7    |   |   |   | - |   |   |   | (0.2 | ) |   |   | - |   |
|                                                     |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating income                                         |   | $                                           | 68.8   |   |   |   | 23 | % |   | $ | 15.6 |   |   |   | 7 | % |
|                                                     |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Melted product shipments:                                |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Volume (metric tons)                                     |   |                                        | 845    |   |   |   |   |   |   |   | 605 |   |   |   |   |   |
| Average selling price (per kilogram)                     |   | $                                           | 32.60  |   |   |   |   |   |   | $ | 29.95 |   |   |   |   |   |
|                                                     |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mill product shipments:                                  |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Volume (metric tons)                                     |   |                                        | 3,785  |   |   |   |   |   |   |   | 3,200 |   |   |   |   |   |
| Average selling price (per kilogram)                     |   | $                                           | 62.35  |   |   |   |   |   |   | $ | 52.95 |   |   |   |   |   |

Index

----

Index

----

|                                                     |   | Six months endedJune 30,                    |   |
|----------------------------------------------------------|--------|---------------------------------------------|--------|
|                                                     |   | 2008                                        |   |   | % of totalnet sales |   |   | 2009 |   |   | % of totalnet sales |   |
|                                                     |   | (In millions, except product shipment data) |   |
| Net sales:                                               |   |                                        |   |   |   |   |   |   |   |   |   |   |
| Melted products                                          |   | $                                           | 61.4   |   |   |   | 10 | % |   | $ | 34.9 |   |   |   | 9 | % |
| Mill products                                            |   |                                        | 465.6  |   |   |   | 79 | % |   |   | 337.2 |   |   |   | 82 | % |
| Other titanium products                                  |   |                                        | 64.0   |   |   |   | 11 | % |   |   | 37.0 |   |   |   | 9 | % |
|                                                     |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total net sales                                          |   |                                        | 591.0  |   |   |   | 100 | % |   |   | 409.1 |   |   |   | 100 | % |
|                                                     |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cost of sales                                            |   |                                        | 425.6  |   |   |   | 72 | % |   |   | 338.1 |   |   |   | 83 | % |
|                                                     |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross margin                                             |   |                                        | 165.4  |   |   |   | 28 | % |   |   | 71.0 |   |   |   | 17 | % |
|                                                     |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Selling, general, administrative and development expense |   |                                        | 33.5   |   |   |   | 6 | % |   |   | 30.6 |   |   |   | 7 | % |
| Other (expense) income, net                              |   |                                        | (0.3   | ) |   |   | - |   |   |   | 1.7 |   |   |   | - |   |
|                                                     |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating income                                         |   | $                                           | 131.6  |   |   |   | 22 | % |   | $ | 42.1 |   |   |   | 10 | % |
|                                                     |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Melted product shipments:                                |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Volume (metric tons)                                     |   |                                        | 1,945  |   |   |   |   |   |   |   | 1,240 |   |   |   |   |   |
| Average selling price (per kilogram)                     |   | $                                           | 31.55  |   |   |   |   |   |   | $ | 28.15 |   |   |   |   |   |
|                                                     |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mill product shipments:                                  |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Volume (metric tons)                                     |   |                                        | 7,355  |   |   |   |   |   |   |   | 6,115 |   |   |   |   |   |
| Average selling price (per kilogram)                     |   | $                                           | 63.30  |   |   |   |   |   |   | $ | 55.15 |   |   |   |   |   |

Index

----

Index

----

|                    |   | Three months endedJune 30,2009 vs. 2008 |   |   | Six months ended June 30,2009 vs. 2008 |   |
|-------------------------|--------|-----------------------------------------|--------|--------|----------------------------------------|--------|
|                    |   | (In millions)                           |   |
|                    |   |                                    |   |   |                                   |   |
| Increase (decrease) in: |   |                                    |   |   |                                   |   |
| Net sales               |   | $                                       | (16.2  | )      |                                   | $      | (37.4 | ) |
| Operating income        |   |                                    | 1.3    |   |                                   |   | (1.4 | ) |

Index

----

|                                                                         |   | Six months endedJune 30, |   |
|------------------------------------------------------------------------------|--------|--------------------------|--------|
|                                                                         |   | 2008                     |   |   | 2009 |   |
|                                                                         |   | (In millions)            |   |
| Cash provided by (used in):                                                  |   |                     |   |   |   |   |
| Operating activities                                                         |   | $                        | 86.4   |   |   | $ | 76.4 |   |
| Investing activities                                                         |   |                     | (89.4  | ) |   |   | (12.9 | ) |
| Financing activities                                                         |   |                     | (46.4  | ) |   |   | (4.4 | ) |
|                                                                         |   |                     |   |   |   |   |   |   |
| Net cash (used in) provided by operating, investing and financing activities |   | $                        | (49.4  | ) |   | $ | 59.1 |   |

Index

----

|   | · | lower operating income of $89.5 million in 2009; |
|--------|--------|--------------------------------------------------|

|   | · | higher net cash provided by operations resulting from changes in receivables, inventories, payables and accrued liabilities of $34.3 million in 2009 in response to changing working capital requirements primarily resulting from declining inventory levels and other affects from overall reduced demand for our products; and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | lower net cash paid for income taxes in 2009 of $29.0 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 $21.4 million in marketable equity securities during the first six months of 2008 and $0.7 million during the first six months of 2009. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | We received cash from net borrowings of $22.5 million in the first half of 2008. |
|--------|--------|----------------------------------------------------------------------------------|

|   | · | We paid dividends on our common stock of $27.3 million in the first half of 2008. |
|--------|--------|-----------------------------------------------------------------------------------|

|   | · | We purchased $36.5 million of treasury stock during the first half of 2008 and $4.4 million during the first half of 2009. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------|

Index

----

Index

----

QUANTITATIVE 

Index

----

CONTROLS 

|   | · | 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. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Index

----

LEGAL 

RISK 

UNREGISTERED 

| 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)                                                                    |   |
| June 1, 2009  to June 30, 2009 |   |                             |  425,900 |   |                         | $      |  10.13 |                                                                    |   |   |  425,900                                                                    |   |   | $ | 59.1 |   |

SUBMISSION 

Index

----

|                           |               |                                                                                                                                                      |
|--------------------------------|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
|      10.1* |               | First Amendment to Titanium Sponge Supply Agreement dated April 20, 2009 between Toho Titanium Co., Ltd. and Titanium Metals Corporation, filed herewith. |
|                           |               |                                                                                                                                                      |
| 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                                                                                   |
|                           |               |                                                                                                                                                      |
|                           |               | * Portions of the exhibit have been omitted pursuant to a request for confidential treatment.                                                             |

|   | 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, Texas 75240. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Index

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|                 |   | TITANIUM METALS CORPORATION                               |
|----------------------|--------|-----------------------------------------------------------|
|                 |   |                                                      |
|                 |   |                                                      |
|                 |   |                                                      |
| Date: August 4, 2009 | By     | /s/ James W. Brown                                        |
|                 |   | James W. Brown                                            |
|                 |   | Vice President and Chief Financial Officer                |
|                 |   |                                                      |
|                 |   |                                                      |
| Date: August 4, 2009 | By     | /s/ Scott E. Sullivan                                     |
|                 |   | Scott E. Sullivan                                         |
|                 |   | Vice President and ControllerPrincipal Accounting Officer |

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