SECURITIES AND EXCHANGE COMMISSION
                                       Washington, D.C. 20549
                                           _______________

                                              FORM 10-K

/X/     ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
        SECURITIES EXCHANGE ACT OF 1934  [Fee Required]
        FOR THE FISCAL YEAR ENDED DECEMBER 31, 1995

                                                 OR

/ /     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
        SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM
        ______________ to _______________

                                    COMMISSION FILE NUMBER 0-1339

                                  OREGON METALLURGICAL CORPORATION
                                  ________________________________
                       (Exact name of registrant as specified in its charter)

               Oregon                                  93-0448167
    _______________________________               _____________________
    (State or other jurisdiction of          (IRS Employer Identification No.) 
     incorporation or organization)

        530 34th Ave. S.W., Albany, OR                         97321
        _______________________________                    ___________
        (Address of principal executive offices)             (Zip Code)

Registrant's Telephone number, including area code:   (541) 967-9000
                                                     ___________________

Securities registered pursuant to Section 12 (b) of the Act:

                                                       Name of each exchange
               Title of each class                      which is registered

                       None                                      None
               ___________________                     _____________________

Securities registered pursuant to Section 12(g) of the Act:

                                   Common Stock,  $1.00 Par Value
                                   ______________________________

Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days.  Yes  X    No
                          _____    _____

Indicate by check mark if the disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K is not contained herein, and
will not be contained, to the best of the registrant's knowledge,
in definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K or any amendment to this
Form 10-K.  /X/

Based on the closing sales price of the Common Stock on March 21,
1996 as reported on the NASDAQ National Market System, the
aggregate market value of the voting stock held by nonaffiliates of
the registrant was $216,587,300.

The number of shares outstanding of the registrant's common stock,
$1.00 par value was 11,107,041 at March 21, 1996.

                                 DOCUMENTS INCORPORATED BY REFERENCE
                                 ___________________________________

Oregon Metallurgical Corporation Annual Report to Shareholders for
1995 is incorporated by reference in Parts II and IV of Form 10-K
as stated herein.

The Oregon Metallurgical Corporation Proxy Statement for the Annual
Meeting of Shareholders to be held April 25, 1996, is incorporated
by reference in Part III of Form 10-K as stated herein.

<PAGE>
                                               PART I

ITEM 1.  BUSINESS

The following information contains forward-looking statements which
involve certain risks and uncertainties.  Actual results and events
may differ significantly from those discussed in the forward-
looking statements.

THE COMPANY

        Oregon Metallurgical Corporation ("OREMET" or the "COMPANY")
was incorporated in Oregon in 1955 and began operations in 1956. 
OREMET is a major producer and distributor of titanium sponge,
ingot, mill products and castings for aerospace, industrial and
commercial applications.  

        The Company built its business in the 1950's and 1960's by
capitalizing on the demand for titanium from the United States Air
Force and other military programs and from the emerging commercial
aerospace industry.  During this period, the Company funded its
growth internally and through investments by corporate partners. 
In 1968, one partner, Armco Inc. ("Armco"), a major steel
manufacturer, made a substantial investment in the Company and by
the end of 1982 owned approximately 80% of the Company's common
stock.  In 1985, Armco sold its interest in the Company to Owens-
Corning Fiberglas Corporation ("Owens-Corning").  In December 1987,
the Company repurchased its common stock from Owens-Corning and
immediately sold shares of its common stock  to the newly created
Oregon Metallurgical Corporation Employee Stock Ownership Plan (the
"ESOP").  Initially, the ESOP owned approximately 67% of the
Company's outstanding common stock while at December 31, 1995, the
ESOP's ownership interest is approximately 35%.

        On September 20, 1994, the Company completed the acquisition
of the net assets and subsidiaries of the Titanium Industries
Distribution Group from Kamyr, Inc.  The acquired business is being
operated under the name of Titanium Industries, Inc. ("TI"), an 80%
owned subsidiary of OREMET.  TI operates full-line titanium metal
service centers in the U.S., U.K., Germany and Canada and it
produces small diameter titanium bar, weld wire and fine wire.  The
acquisition was accounted for as a purchase, with the results of TI
included in the Company's financial statements from the acquisition
date.

INDUSTRY OVERVIEW

        Titanium was first commercially produced in the 1950's. 
Titanium's superior strength-to-weight ratio, stability at high
temperatures and corrosion resistance made it well suited for the
aerospace and jet engine market.   Historically, approximately 75-
80% of the U.S. titanium consumption has been for aerospace
applications both in the commercial and the military sectors.

                                                  1

<PAGE>
        The aerospace industry has historically been characterized by
severe cyclicality, which has had a significant impact on the sales
and profitability of  titanium producers, including OREMET.  The
last peak in the titanium industry cycle occurred in the 1988-1990
period when  domestic industry shipments exceeded 50 million pounds
in each year.  In 1991, U.S. titanium industry shipments declined
by approximately 35% to 34 million pounds.  This decline was
primarily due to lower demand resulting from a slump in the
commercial aerospace industry and the curtailment or cancellation
of military programs resulting from the end of the Cold War.   Data
reported by the U.S. Bureau of Mines indicates that industry
shipments  increased by approximately 1 million pounds per year in
1992 and 1993, while they dropped to approximately 35 million
pounds for 1994.  While data for 1995 is not yet available, we
estimate that industry shipments were approximately 41 million
pounds.  The improvement in industry shipments is the result of
increased demand from the  commercial aerospace industry and from
the producers of golf clubs.

        The aerospace industry is expected to continue to be the
primary source of demand for titanium products.  However, many
opportunities exist in the non-aerospace markets where the
characteristics of titanium metal provide advantages over competing
materials, such as aluminum, nickel and stainless steels.  Golf
club manufacturers are using titanium because of its strength and
low weight which enables production of clubs with larger heads.  
Titanium's resistance to the effects of atmospheric conditions and
a variety of chemicals and acids make it an attractive metal for
marine and other industrial applications where corrosion is of
critical concern.  As a result, titanium is used increasingly in
pollution control equipment, offshore oil installations, mining
operations and waste storage facilities.  Its favorable strength-
to-weight ratio and bio-compatibility make it an increasingly
popular metal for biomedical products, such as medical implants,
and consumer products, such as  eyeglass frames and bicycles.

PRODUCTS AND OPERATIONS

        Titanium products is the Company's single business segment. 
A full range of titanium products are produced for applications in
both the aerospace and non-aerospace markets.  The principal
product forms are titanium sponge; titanium ingots; titanium mill
products; and castings.

        Titanium sponge is the commercially pure, elemental form of
titanium metal.  Titanium sponge is produced by OREMET at its
facility in Albany, Oregon by reducing titanium tetrachloride using
magnesium as the reduction agent.  OREMET began producing titanium
sponge for internal use in 1970 and began selling it in 1987.  The
Company sells sponge principally to the domestic non-integrated
titanium producers, who use the sponge to produce ingot and mill
products.  During 1995, the sponge plant operated at approximately
75% of its practical annual capacity of 13.5 million pounds.  

                                                  2
<PAGE>
        Titanium ingots are cylinders with a weight of up to 20
thousand pounds and a diameter of up to 36 inches.  Titanium ingots
are made by OREMET at its facility in Albany, Oregon by melting
sponge or titanium recycle, or a combination of the two, with
certain other elements to form titanium alloys.  Ingot is converted
in a forge, either by OREMET or by its customers, into semi-
finished shapes and then into finished mill products.  The Company
produces ingot in response to specific customer orders and in a
variety of sizes and grades to meet the customer's specifications. 
During 1995, the ingot plant operated at approximately 70% of its
estimated annual capacity of 20 million pounds.

        Titanium mill products result from the forging, rolling,
drawing and/or extruding of titanium ingots or slabs.  OREMET
produces titanium billet, bar, rod, wire, plate and sheet.  The
Company is dependent on the services of outside processors to
perform certain important processing functions.  For some of its
products, OREMET is dependent on the services provided by Titanium
Hearth Technologies ("THT"), an outside processor which is 50%
owned by one of the Company's principal competitors.  THT owns and
operates a cold hearth melting furnace which the Company utilizes
for melting titanium slab that is further processed into titanium
plate and sheet for non-aerospace applications.  General Electric
Company, a major jet engine manufacturer, has  specified that a
cold hearth melting furnace be used for melting several of the
products it purchases.  Other than for those provided by THT, the
services performed by the outside processors are typically
available from multiple sources.  Services are provided by THT in
accordance with a three-year agreement ending December 31, 1996
which agreement is renewed automatically for successive one-year
terms unless either party has given the other not less than six
months notice of its desire not to renew such term.  OREMET has not
experienced any delays or other problems associated with the
competitor's 50% ownership of THT.  Should the THT services
agreement not be renewed, OREMET would attempt to obtain these
services from another competitor which has a cold hearth melting
furnace, or, if financially justified, build a separate furnace for
OREMET's own use.  OREMET believes that the loss of the services
provided by the existing outside processors would result in
production delays and have an adverse effect on operations.

        OREMET sells its mill products to manufacturers of aircraft,
jet engines, vessels and piping for chemical plants, prosthetic and
orthopedic implants, golf clubs and other consumer goods.  OREMET
produces mill products at its plant in Albany, Oregon and at a
plant in Frackville, Pennsylvania.  

        OREMET produces titanium and zirconium castings for customers
outside of the aerospace industry.  Castings are made by melting
metal which is then poured under vacuum into graphite molds. 
Castings generally weigh from 1 to 1 thousand pounds.  OREMET's
castings are made at its Albany, Oregon plant to customer

                                                  3
<PAGE>
specifications and are used in marine and other industrial
applications where corrosion is of critical concern.  

RAW MATERIALS

        The primary raw materials used by the Company are titanium
tetrachloride, magnesium, titanium recycle and certain combinations
of primary metals that form master alloys.  Titanium tetrachloride
and magnesium are the principal materials used in the production of
titanium sponge.  The principal materials used in the production of
titanium ingot are sponge, titanium recycle, other metallic
elements and master alloys.

        OREMET purchases its titanium tetrachloride requirements from
SCM Chemicals Inc. ("SCM") under a long term contract that expires
in 2001.  While the Company believes it could obtain commercial
quantities of sufficiently pure titanium tetrachloride from other
sources, any extended disruption in the supply from SCM would have
a material adverse effect on OREMET's ability to produce titanium
sponge.  Magnesium is generally available from a number of
suppliers.

        Titanium recycle is typically available from many sources. 
The availability of attractively priced titanium recycle varies due
to the fluctuations in the size of the titanium market from year to
year and due to demands from other industries, such as steel, where
it is consumed in the process.  Certain of the primary metal
compounds used to form master alloys are produced by a limited
number of suppliers.  During December  1995, in response to rapidly
increasing recycle costs, the Company added surcharges to its
product prices to offset the higher costs it is experiencing.

        When available at attractive prices, the Company has purchased
titanium sponge and recycle from the Former Soviet Union ("FSU"). 
 Continued availability of these materials at attractive prices can
not be assured due to the uncertainties concerning the
manufacturing capabilities of the FSU titanium producers and the
potential for political and economic instability within the FSU.
   
MARKETING AND DISTRIBUTION

        OREMET markets its products primarily to non-integrated
titanium producers and manufacturers of titanium metal end
products.  The Company also sells its mill products to regional
value-added distributors who convert the mill products to smaller
lengths or sizes for resale to machine shops and other mill product
producers.  The majority of sales are made through the Company's
internal sales organization.  OREMET also uses independent sales
representatives for the sale of products outside of North America.

        Shipments to customers may be made directly from one of the
Company's mills in Albany, Oregon or Frackville, Pennsylvania; from
an outside processor; or from one of the Company's service centers
in the U.S., Canada, the U.K., Germany,  or France.  The service

                                                  4
<PAGE>
centers maintain one of the world's largest inventories of titanium
mill products available for rapid delivery to points around the
globe.  A complete line of first stage processing equipment is
available and outside machining can be arranged by the service
centers to meet the needs of their customers.

        The Company estimates that its sales to the aerospace industry
totaled approximately 45%, 60% and 70% of its net sales in 1995,
1994 and 1993, respectively.  OREMET believes that its sales to the
non-aerospace industry, as a percent of total sales, will continue
to increase in 1996.   Industrial and commercial applications for
titanium are continuing to grow and the Company's presence in these
markets is further enhanced by the acquisition of TI in 1994.  For
nearly 25 years, TI has been in the forefront of supplying and
developing titanium applications for industrial and commercial
customers.

        The Company has a contract to supply titanium sponge and
certain other titanium products to RMI Titanium Company ("RMI")
through 2003.  Sales to RMI  accounted for approximately 5%,  13%
and 30% of OREMET's net sales in 1995, 1994 and 1993, respectively. 
No other customer accounted for more than 10% of OREMET's net sales
in any of these three years.

EXPORTS

        Export sales, primarily to Europe and Asia, totaled
approximately 20%, 14% and 13% of OREMET's net sales in 1995, 1994
and 1993, respectively.  In May 1994, OREMET signed a three year
contract with, and in the second half of 1994 began supplying
product to, Aerospatiale Avions, France for engine pylons on Airbus
aircraft.   To assist in the implementation of this contract and to
establish a basis for a sustained presence in  Europe, the Company
formed a subsidiary, OREMET France S.a.r.l., during 1994 to operate
a service center in France.  The acquisition of TI provided the
Company with a service center located in the U.K. with an
established operation.   The Company intends to utilize these
facilities to meet its customers' needs in Europe.   
BACKLOG

        The Company's twelve month sales order backlog totaled
approximately $105 million at December 31, 1995 and $44 million at
December 31, 1994.   

COMPETITION

        Although OREMET's sales are predominately to the domestic
market, the titanium industry is competitive on a worldwide basis. 
In each of the Company's major product lines, OREMET believes it
competes primarily on the basis of price, quality, delivery time

                                                  5
<PAGE>
and customer service.  OREMET's principal competitors are other
integrated and non-integrated producers of titanium located
primarily in the U.S., Europe, Japan, China and the FSU.

        The Company estimates that its share of U.S. sponge capacity
is approximately 30% and that its share of world capacity is about
5%.  While approximately 15% of the world's sponge production
capacity is located within the U.S., approximately 60% is located
within the FSU.  After the end of the Cold War, sponge produced in
the FSU became available and has been imported into the U.S. at low
prices in ever increasing quantities.  Industry sources estimate
that approximately 11 million pounds of sponge were imported into
the U.S. from the FSU during 1995 and 1994.  This is about 350%
higher than the amount imported during 1993 and it is about 40% of
the estimated 1995 production of the U.S. producers.

        The titanium producers in the FSU are currently working with
several U.S. companies to have their "new production" sponge
qualified for use in critical aerospace applications.  Currently,
FSU sponge is subject to import tariffs of 14% and dumping duties
of 85%.  Requests for a review of the dumping duty by the U.S.
Department of Commerce are pending.  An elimination or reduction of
the dumping duties on sponge from the FSU could result in
additional imports of their product which in turn could reduce the
demand for sponge produced by the Company.

        While the FSU producers have not been significant participants
in the U.S. market for mill products, it is believed that they have
the largest titanium mill products production capacity in the
world.  Imports of titanium ingot from the FSU totalled just under
2 million pounds during 1995.  While this is an increase of almost
250% from the quantity imported from the FSU in 1994, it represents
less than 5% of the estimated 1995 production of the U.S.
producers.  Continued expansion into the U.S. market by FSU
producers could materially affect the operations of the Company.

EMPLOYEE RELATIONS

        As of December 31, 1995, the Company employed 580 employees,
of which 46 were employed outside of the U.S.  All of the hourly
production and maintenance workers (approximately 342) at the
Albany, Oregon and Frackville, Pennsylvania manufacturing
facilities are represented by labor unions.   In August 1994, the
Company and the union representing the Albany, Oregon employees
agreed upon a new labor contract which will continue through July
2000.  This contract can be re-opened after three years to address
economic issues.  The contract covering the Frackville,
Pennsylvania employees was negotiated in September 1994, and will
continue for three years. OREMET considers its relations with its
employees to be good.  

                                                  6
<PAGE>
RESEARCH, TECHNICAL AND PRODUCT DEVELOPMENT

        The Company has a modest research and development staff which
maintains contact with university and government research
facilities and with major end-users of its products to assess new
applications for titanium and the need for new or alternative
alloys and titanium compositions.  The Company develops titanium
alloy systems, processes and procedures for the manufacture of
experimental metal and new products.  The Company also maintains a
staff of employees dedicated to process engineering.  This process
engineering group continually evaluates and identifies potential
improvements in the manufacturing process.  The amount of money
spent on research, technical  and development activities totaled
approximately $1.6 million in 1995, $1.4 million in 1994  and  $0.8
million in 1993.

        OREMET's quality control group tests products for compliance
with customer specifications,  including detailed metallurgical and
chemical analyses, sonic tests and mechanical capability and
property tests. The results of these tests are then  certified for
conformance to specifications and then recorded for future
traceability.

PATENTS AND TRADEMARKS

        The Company possesses a substantial body of trade secrets and
know-how.  While no individual trade secret, patent or item of
know-how is thought to be material to the operations of the
Company, in total this body of knowledge is important to OREMET's
business.                

ENVIRONMENTAL

        The Company is subject to federal, state and local statutes
and regulations concerning environmental matters and land use. 
Although the Company believes it is in material compliance with
these laws, they are frequently modified to be more restrictive and
it is impossible to predict accurately the future effect changes in
these laws may have on the Company.

        Like all titanium producers, the Company generates certain
waste materials and emissions, including materials for which
disposal or emission requires compliance with environmental
protection laws.  The Company conducts its operations at an
industrial site where hazardous materials have been managed for
many years in connection with its operations, including periods
before careful management of these materials was required or
generally believed to be necessary.  Consequently, the Company is
subject to various environmental laws that impose compliance
obligations and can create liability for historical releases of
hazardous substances.

        The Company has entered into a consent order with the Oregon
Department of Environmental Quality pursuant to which the Company
is conducting an investigation of hazardous substances in portions
of the soil and groundwater at its plant site (Albany, Oregon). 
The Company anticipates that its investigation will result in a
determination that at least some remedial action is necessary.  An
estimate of the cost cannot be made at this time.  A neighboring
property owner also is investigating groundwater contamination at
their property that has migrated to Oremet's property and for which
Oremet may have legal claims to recover a portion of its
investigation costs.

        In February 1995, the Oregon Department of Environmental
Quality modified Oremet's waste water discharge permit.  The new
permit imposes more stringent discharge limits according to a
specified schedule.  Oremet has identified several feasible
alternatives for meeting the new limits, the most expensive of
which would require capital expenditures of approximately $700.  
Oremet is working with the Department to explore less expensive
alternatives.

        In connection with the preparation of its application for a
new federal operating permit under Title V of the 1990 Clean Air
Act Amendment, the Company discovered that some of its air
emissions are greater than previously recognized.  The Company has
voluntarily reported these facts to the Oregon Department of
Environmental Quality.  To resolve these issues, the Company has
agreed to undertake an evaluation of its emissions that could
result in requirements to install additional pollution control
equipment.  At this point, the Company is unable to determine
whether additional controls will be required, but the Company does
not believe the cost of such additional controls would have a
material effect on its capital expenditures, earnings or
competitive position.

        In 1991 and in 1993, the Pennsylvania Department of
Environmental Regulation and the Environmental Protection Agency
(EPA) performed site inspections, including soil and water
sampling, at Titanium's site in Frackville, Pennsylvania, in
connection with a regional groundwater investigation of the
Frackville, Pennsylvania area.  While the EPA's investigation is
ongoing, management has not been informed of any pending or
potentially required actions which may arise from this
investigation.

        In conjunction with the sale of Titanium, Kamyr, Inc. (the
seller) has agreed to undertake specified clean-up activities.  In
addition, Kamyr, Inc. has agreed to a substantial indemnification
of the Company in the event damages arise which result from
conditions which were not in compliance with environmental laws and
regulations as they existed at the time Oremet purchased Titanium.

        Although no claims have been filed against the Company, it has
completed engineering studies with regards to the above-mentioned
items and less significant matters.  As a result of these studies,
which are ongoing, the Company made provisions for environmental
expenses of $0, $240 and $970 in 1995, 1994 and 1993, respectively. 
These amounts are in addition to recurring environmental costs
which are expensed as incurred and are included in cost of sales. 
Management cannot reasonably predict when these environment issues
will be resolved at the present time.

ITEM 2.  PROPERTIES

        The Company's principal executive office is located in Albany,
Oregon.  Manufacturing facilities in Albany, Oregon and Frackville,
Pennsylvania are owned and are described in the Products and
Operations portion of Item 1, Section I.  The Company believes that
the plants are adequate and suitable for its operating needs. 
Other than the facility in Birmingham, U.K., the service centers
and sales offices which the Company utilizes are leased.

ITEM 3.  LEGAL PROCEEDINGS

        From time to time, the Company is involved in legal
proceedings which arise in the normal course of business.  The
Company is not currently involved as a defendant in any pending
legal proceedings  where the outcome would have a material adverse
effect on the business or results of operations of the Company. 

                                                  7
<PAGE>
ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDER

        No matters were submitted to a vote of the security holders
during the fourth quarter of 1995.

                                               PART II

ITEM 5.  MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED
SHAREHOLDER MATTERS

        (a)    MARKET INFORMATION:  Registrant's common stock is traded
over the counter, and its NASDAQ symbol is OREM.  Registrant's
stock commenced trading in the National Market System (NMS) on
March 5, 1985.

        Information concerning the market price of Registrant's common
stock is incorporated by reference to the Quarterly Stock Data
Section on page 42 of the 1995 Annual Report to Shareholders.

        (b)    HOLDERS:  At March 8, 1996, there were 2,342  holders of
Registrant's common stock  based on the holders of record as
certified by the transfer agent.  The Company believes that there
are an additional 4 to 5 thousand shareholders who maintain their
ownership in "street name".

        (c)    DIVIDENDS:  There were no dividends declared in either
1995 or 1994.  Under the terms of the Company's bank credit
facility, annual cash dividends are limited to the lesser of 50% of
net income, or $1.8 million per year.

ITEM 6.  SELECTED FINANCIAL DATA

        The information required by this item is contained in the Five
Year Summary of Selected Financial Data Section on page 36 of the
1995 Annual Report to Shareholders and is incorporated herein by
reference.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS

        The information required by this item is contained in the
Management's Discussion and Analysis Section on pages 37 through 41
of the 1995 Annual Report to Shareholders and is incorporated
herein by reference.

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

        The information required by this item is contained on pages 21
through 35 in the 1995 Annual Report to Shareholders and is
incorporated by reference herein as listed in Item 14 hereof.

                                                  8
<PAGE>
ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE

        None.

                                              PART III

ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

        The information required by this item is contained in the
Proxy Statement of Registrant for the Annual Shareholders Meeting
to be held April 25, 1996, in the sections titled "Election of
Directors", "Transactions With Management And Others",  and
"Executive Officers".  The Proxy Statement will be  filed with the
Securities and Exchange Commission within 120 days after the end of
the fiscal year covered by this Report, and the sections specified
in the preceding sentence are incorporated herein by reference.

ITEM 11.  EXECUTIVE COMPENSATION

        The information required by this item is contained in the
Proxy Statement of Registrant for the Annual Shareholders Meeting
to be held April 25, 1996, in the sections titled "Compensation
Policy," "Compensation Policies and Titanium Industries, Inc.,
Acquisition," and "Performance and Compensation."  The Proxy
Statement will be  filed with the Securities and Exchange
Commission within 120 days after the end of the fiscal year covered
by this Report, and the section specified in the preceding sentence
is incorporated herein by reference.

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT

        The information required by this item is contained in the
Proxy Statement of Registrant for the Annual Shareholders Meeting
to be held April 25, 1996 in the section titled "Security Ownership
of Certain Beneficial Owners and Management."  The Proxy Statement
will be filed with the Securities and Exchange Commission within
120 days after the end of the fiscal year covered by this Report,
and the sections specified in the preceding sentence are
incorporated herein by reference.

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

        The information required by this item is contained in the
Proxy Statement of Registrant for the Annual Shareholders Meeting
to be held April 25, 1996, in the section titled "Transactions with
Management and Others".  The Proxy Statement will be filed with the
Securities and Exchange Commission within 120 days after the end of
the fiscal year covered by this Report, and the section specified
in the preceding sentence is incorporated herein by reference.

                                                  9
<PAGE>
                                               PART IV


ITEM 14.       EXHIBITS, FINANCIAL STATEMENTS SCHEDULES, AND REPORTS ON
               FORM 8-K

(a)  The following documents are filed as a part of this Report:

        1.     FINANCIAL STATEMENTS:  The following Financial Statements
               of Oregon Metallurgical Corporation and Report of
               Independent Accountants are incorporated by reference
               from pages 21 through 35 of the Registrant's 1995 Annual
               Report to Shareholders:

               Report of Independent Accountants.

               Consolidated Statements of Operations - For The Years
               Ended December 31, 1995, 1994 and 1993.

               Consolidated Balance Sheets - December 31, 1995 and 1994.

               Consolidated Statements of Shareholders' Equity - For The
               Years Ended December 31, 1995, 1994 and 1993.

               Consolidated Statements of Cash Flows - For The Years
               Ended December 31, 1995, 1994 and 1993.

               Notes to Consolidated Financial Statements,

        2.     FINANCIAL STATEMENT SCHEDULES:  The following financial
               statement schedule of Oregon Metallurgical Corporation
               for the years ended December 31, 1995, 1994 and 1993 is
               filed as part of this Report and should be read in
               conjunction with the Consolidated Financial Statements of
               Oregon Metallurgical Corporation:

                                                          Page

              Report of Independent Accountants on
                 Financial Statement Schedules . . . . . . S-1
               Schedule II : Valuation and Qualifying
                 Accounts. . . . . . . . . . . . . . . . . S-2
               
               Schedules not listed above have been omitted because they
               are not applicable or are not required or the information
               required to be set forth therein is included in the
               Consolidated Financial Statements or Notes thereto.

        3.     EXHIBITS

               The Exhibit Index of this Annual Report on Form 10-K
               lists the exhibits that are filed as part of this Report.

(b)     Reports on Form 8-K:
        No reports on Form 8-K were filed by the Company during the
        year ended December 31, 1995.

                                                 10
<PAGE>
                                             SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) of the
Securities Exchange Act of 1934, this Registrant has duly caused
this Report to be signed on its behalf by the undersigned,
thereunto duly authorized.  

                                              OREGON METALLURGICAL CORPORATION

Date:March 22, 1996                           /s/ Carlos E. Aguirre
     ______________                        _____________________________________
                                           Carlos E. Aguirre, President, Chief
                                           Executive Officer and Director

Pursuant to the requirements of the Securities Exchange Act of
1934, this Report has been signed below by the following persons on
behalf of the Registrant and in the capacities and on the dates
indicated.  

                                              PRINCIPAL FINANCIAL OFFICER,
                                              AND PRINCIPAL ACCOUNTING OFFICER

Date:
     ______________                           __________________________
                                              Dennis P. Kelly, Vice President,
                                              Finance


                                              PRINCIPAL EXECUTIVE OFFICER


Date:March 22, 1996                           /s/ Carlos E. Aguirre
     ______________                           _________________________________
                                              Carlos E. Aguirre, President,
                                              Chief Executive Officer and
                                              Director


                                           BOARD OF DIRECTORS

Date:
     ______________                        ________________________
                                           Howard T. Cusic, Chairman, Board of 
                                           Directors

Date:
     ______________                        ____________________________________
                                           Gilbert E. Bezar, Director

Date:
     ______________                        ___________________________________
                                           Robert P. Booth, Director

Date:
     ______________                        ____________________________________
                                           Roger V. Carter, Director

Date:
    ______________                         ____________________________________
                                           Nicholas P. Collins, Director

Date:
     ______________                        _____________________________________
                                           David H. Leonard, Director

Date:
     ______________                        ____________________________________
                                           James S. Paddock, Director

Date:
     ______________                        ____________________________________
                                           James R. Pate, Director

<PAGE>
                                             SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) of the
Securities Exchange Act of 1934, this Registrant has duly caused
this Report to be signed on its behalf by the undersigned,
thereunto duly authorized.  

                                              OREGON METALLURGICAL CORPORATION

Date:
     ______________                          ___________________________________
                                             Carlos E. Aguirre, President, Chief
                                             Executive Officer and Director

Pursuant to the requirements of the Securities Exchange Act of
1934, this Report has been signed below by the following persons on
behalf of the Registrant and in the capacities and on the dates
indicated.  

                                              PRINCIPAL FINANCIAL OFFICER,
                                              AND PRINCIPAL ACCOUNTING OFFICER

Date:March 22, 1996                           /s/ Dennis P. Kelly
     ______________                           _____________________________
                                              Dennis P. Kelly, Vice President,
                                              Finance


                                              PRINCIPAL EXECUTIVE OFFICER


Date:
     ______________                          __________________________________
                                             Carlos E. Aguirre, President, Chief
                                             Executive Officer and Director


                                              BOARD OF DIRECTORS

Date:
     ______________                          __________________________________
                                              Howard T. Cusic, Chairman, Board
                                              of Directors

Date:
     ______________                           _______________________________
                                              Gilbert E. Bezar, Director

Date:
     ______________                           ________________________________
                                              Robert P. Booth, Director

Date:
     ______________                           ________________________________
                                              Roger V. Carter, Director

Date:
    ______________                            ________________________________
                                              Nicholas P. Collins, Director

Date:
     ______________                           _________________________________
                                              David H. Leonard, Director

Date:
     ______________                           ________________________________
                                              James S. Paddock, Director

Date:
     ______________                           _________________________________
                                              James R. Pate, Director

<PAGE>
                                             SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) of the
Securities Exchange Act of 1934, this Registrant has duly caused
this Report to be signed on its behalf by the undersigned,
thereunto duly authorized.  

                                              OREGON METALLURGICAL CORPORATION

Date:
     ______________                           __________________________________
                                              Carlos E. Aguirre, President,
                                              Chief Executive
                                              Officer and Director

Pursuant to the requirements of the Securities Exchange Act of
1934, this Report has been signed below by the following persons on
behalf of the Registrant and in the capacities and on the dates
indicated.  

                                              PRINCIPAL FINANCIAL OFFICER,
                                              AND PRINCIPAL ACCOUNTING OFFICER

Date:
     ______________                           _________________________________
                                              Dennis P. Kelly, Vice President,
                                              Finance


                                              PRINCIPAL EXECUTIVE OFFICER


Date:
     ______________                           _________________________________
                                              Carlos E. Aguirre, President,
                                              Chief Executive
                                              Officer and Director


                                              BOARD OF DIRECTORS

Date:March 22, 1996                           /s/ Howard T. Cusic
     ______________                           _________________________________
                                              Howard T. Cusic, Chairman,
                                              Board of Directors

Date:
     ______________                           _______________________________
                                              Gilbert E. Bezar, Director

Date:
     ______________                           _________________________________
                                              Robert P. Booth, Director

Date:
     ______________                           _________________________________
                                              Roger V. Carter, Director

Date:
    ______________                            _________________________________
                                              Nicholas P. Collins, Director

Date:
     ______________                           ________________________________
                                              David H. Leonard, Director

Date:
     ______________                           ________________________________
                                              James S. Paddock, Director

Date:
     ______________                           _________________________________
                                              James R. Pate, Director

<PAGE>
                                             SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) of the
Securities Exchange Act of 1934, this Registrant has duly caused
this Report to be signed on its behalf by the undersigned,
thereunto duly authorized.  

                                              OREGON METALLURGICAL CORPORATION

Date:
     ______________                           ________________________________
                                              Carlos E. Aguirre, President,
                                              Chief Executive
                                              Officer and Director

Pursuant to the requirements of the Securities Exchange Act of
1934, this Report has been signed below by the following persons on
behalf of the Registrant and in the capacities and on the dates
indicated.  

                                              PRINCIPAL FINANCIAL OFFICER,
                                              AND PRINCIPAL ACCOUNTING OFFICER

Date:
     ______________                           _________________________________
                                              Dennis P. Kelly, Vice President,
                                              Finance


                                              PRINCIPAL EXECUTIVE OFFICER


Date:
     ______________                           ________________________________
                                              Carlos E. Aguirre, President,
                                              Chief Executive
                                              Officer and Director


                                              BOARD OF DIRECTORS

Date:
     ______________                           _________________________________
                                              Howard T. Cusic, Chairman,
                                              Board of Directors

Date:March 22, 1996                           /s/ Gilbert E. Bezar
     ______________                           _______________________________
                                              Gilbert E. Bezar, Director

Date:
     ______________                           _________________________________
                                              Robert P. Booth, Director

Date:
     ______________                           ________________________________
                                              Roger V. Carter, Director

Date:
    ______________                            _________________________________
                                              Nicholas P. Collins, Director

Date:
    ______________                           __________________________________
                                              David H. Leonard, Director

Date:
     ______________                           _________________________________
                                              James S. Paddock, Director

Date:
     ______________                           _________________________________
                                              James R. Pate, Director

<PAGE>
                                             SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) of the
Securities Exchange Act of 1934, this Registrant has duly caused
this Report to be signed on its behalf by the undersigned,
thereunto duly authorized.  

                                              OREGON METALLURGICAL CORPORATION

Date:
     ______________                           _________________________________
                                              Carlos E. Aguirre, President,
                                              Chief Executive
                                              Officer and Director

Pursuant to the requirements of the Securities Exchange Act of
1934, this Report has been signed below by the following persons on
behalf of the Registrant and in the capacities and on the dates
indicated.  

                                              PRINCIPAL FINANCIAL OFFICER,
                                              AND PRINCIPAL ACCOUNTING OFFICER

Date:
     ______________                           ________________________________
                                              Dennis P. Kelly, Vice President,
                                              Finance


                                              PRINCIPAL EXECUTIVE OFFICER


Date:
     ______________                           _________________________________
                                              Carlos E. Aguirre, President,
                                              Chief Executive
                                              Officer and Director


                                              BOARD OF DIRECTORS

Date:
     ______________                           _________________________________
                                               Howard T. Cusic, Chairman,
                                               Board of Directors

Date:
     ______________                           _________________________________
                                              Gilbert E. Bezar, Director

Date:March 21, 1996                           /s/ Robert P. Booth
     ______________                           ________________________________
                                              Robert P. Booth, Director

Date:
     ______________                           ________________________________
                                              Roger V. Carter, Director

Date:
    ______________                            _________________________________
                                              Nicholas P. Collins, Director

Date:
     ______________                           ________________________________
                                              David H. Leonard, Director

Date:
     ______________                           ________________________________
                                              James S. Paddock, Director

Date:
     ______________                           ________________________________
                                              James R. Pate, Director

<PAGE>
                                             SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) of the
Securities Exchange Act of 1934, this Registrant has duly caused
this Report to be signed on its behalf by the undersigned,
thereunto duly authorized.  

                                              OREGON METALLURGICAL CORPORATION

Date:
     ______________                           _________________________________
                                              Carlos E. Aguirre, President,
                                              Chief Executive
                                              Officer and Director

Pursuant to the requirements of the Securities Exchange Act of
1934, this Report has been signed below by the following persons on
behalf of the Registrant and in the capacities and on the dates
indicated.  

                                              PRINCIPAL FINANCIAL OFFICER,
                                              AND PRINCIPAL ACCOUNTING OFFICER

Date:
     ______________                           ______________________________
                                              Dennis P. Kelly, Vice President,
                                              Finance


                                              PRINCIPAL EXECUTIVE OFFICER


Date:
     ______________                           _________________________________
                                              Carlos E. Aguirre, President, 
                                              Chief Executive
                                              Officer and Director


                                              BOARD OF DIRECTORS

Date:
     ______________                           _________________________________
                                              Howard T. Cusic, Chairman,
                                              Board of Directors

Date:
     ______________                           ________________________________
                                              Gilbert E. Bezar, Director

Date:
     ______________                           ____________________________
                                              Robert P. Booth, Director

Date:March 23, 1996                           /s/ Roger V. Carter
     ______________                           _________________________________
                                              Roger V. Carter, Director

Date:
    ______________                           __________________________________
                                              Nicholas P. Collins, Director

Date:
     ______________                           _________________________________
                                              David H. Leonard, Director

Date:
     ______________                           _________________________________
                                              James S. Paddock, Director

Date:
     ______________                           _________________________________
                                              James R. Pate, Director

<PAGE>
                                             SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) of the
Securities Exchange Act of 1934, this Registrant has duly caused
this Report to be signed on its behalf by the undersigned,
thereunto duly authorized.  

                                              OREGON METALLURGICAL CORPORATION

Date:
     ______________                           _________________________________
                                              Carlos E. Aguirre, President,
                                              Chief Executive
                                              Officer and Director

Pursuant to the requirements of the Securities Exchange Act of
1934, this Report has been signed below by the following persons on
behalf of the Registrant and in the capacities and on the dates
indicated.  

                                              PRINCIPAL FINANCIAL OFFICER,
                                              AND PRINCIPAL ACCOUNTING OFFICER

Date:
     ______________                           _________________________________
                                              Dennis P. Kelly, Vice 
                                              President, Finance


                                              PRINCIPAL EXECUTIVE OFFICER


Date:
     ______________                           _________________________________
                                              Carlos E. Aguirre, President,
                                              Chief Executive
                                              Officer and Director


                                              BOARD OF DIRECTORS

Date:
     ______________                           _________________________________
                                              Howard T. Cusic, Chairman,
                                              Board of Directors

Date:
     ______________                           ______________________________
                                              Gilbert E. Bezar, Director

Date:
     ______________                           _____________________________
                                              Robert P. Booth, Director

Date:
     ______________                           ____________________________
                                              Roger V. Carter, Director

Date:March 24, 1996                           /s/ Nicholas P. Collins
    ______________                            _______________________________
                                              Nicholas P. Collins, Director

Date:
     ______________                           ________________________________
                                              David H. Leonard, Director

Date:
     ______________                           ______________________________
                                              James S. Paddock, Director

Date:
     ______________                           _______________________________
                                              James R. Pate, Director

<PAGE>
                                             SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) of the
Securities Exchange Act of 1934, this Registrant has duly caused
this Report to be signed on its behalf by the undersigned,
thereunto duly authorized.  

                                              OREGON METALLURGICAL CORPORATION

Date:
     ______________                           ________________________________
                                              Carlos E. Aguirre, President,
                                              Chief Executive
                                              Officer and Director

Pursuant to the requirements of the Securities Exchange Act of
1934, this Report has been signed below by the following persons on
behalf of the Registrant and in the capacities and on the dates
indicated.  

                                              PRINCIPAL FINANCIAL OFFICER,
                                              AND PRINCIPAL ACCOUNTING OFFICER

Date:
     ______________                           _____________________________
                                              Dennis P. Kelly, Vice President,
                                              Finance


                                              PRINCIPAL EXECUTIVE OFFICER


Date:
     ______________                           ___________________________
                                              Carlos E. Aguirre, President, 
                                              Chief Executive
                                              Officer and Director


                                              BOARD OF DIRECTORS

Date:
     ______________                           ____________________________
                                              Howard T. Cusic, Chairman, 
                                              Board of Directors

Date:
     ______________                           ___________________________
                                              Gilbert E. Bezar, Director

Date:
    ______________                           _____________________________
                                              Robert P. Booth, Director

Date:
     ______________                           ______________________________
                                              Roger V. Carter, Director

Date:
    ______________                            _____________________________
                                              Nicholas P. Collins, Director

Date:March 21, 1996                           /s/ David H. Leonard
     ______________                           _________________________________
                                              David H. Leonard, Director

Date:
     ______________                          _________________________________
                                              James S. Paddock, Director

Date:
     ______________                           _________________________________
                                              James R. Pate, Director

<PAGE>
                                             SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) of the
Securities Exchange Act of 1934, this Registrant has duly caused
this Report to be signed on its behalf by the undersigned,
thereunto duly authorized.  

                                              OREGON METALLURGICAL CORPORATION

Date:
     ______________                           ________________________________
                                              Carlos E. Aguirre, President,
                                              Chief Executive
                                              Officer and Director

Pursuant to the requirements of the Securities Exchange Act of
1934, this Report has been signed below by the following persons on
behalf of the Registrant and in the capacities and on the dates
indicated.  

                                              PRINCIPAL FINANCIAL OFFICER,
                                              AND PRINCIPAL ACCOUNTING OFFICER

Date:
     ______________                           __________________________
                                              Dennis P. Kelly, Vice President,
                                              Finance


                                              PRINCIPAL EXECUTIVE OFFICER


Date:
    ______________                           ________________________________
                                              Carlos E. Aguirre, President,
                                              Chief Executive
                                              Officer and Director


                                              BOARD OF DIRECTORS

Date:
     ______________                           ____________________________
                                              Howard T. Cusic, Chairman, Board
                                              of Directors

Date:
     ______________                           _________________________________
                                              Gilbert E. Bezar, Director

Date:
     ______________                           _________________________________
                                              Robert P. Booth, Director

Date:
     ______________                           ________________________________
                                              Roger V. Carter, Director

Date:
     ______________                           ___________________________
                                              Nicholas P. Collins, Director

Date:
     ______________                           _____________________________
                                              David H. Leonard, Director

Date:March 22, 1996                           /s/ James S. Paddock
     ______________                           ________________________________
                                              James S. Paddock, Director

Date:
     ______________                          __________________________________
                                              James R. Pate, Director

<PAGE>
COOPERS                           COOPERS & LYBRAND L.L.P.
& LYBRAND                         a professional services firm



         REPORT OF INDEPENDENT ACCOUNTANTS ON
           FINANCIAL STATEMENT SCHEDULES



Our report on the consolidated financial statements of Oregon Metallurgical
Corporation is included in the 1995 Annual Report of Oregon Metallurgical
Corporation (which report and consolidated financial statements are incorporated
by reference in this Annual Report on Form 10-K).  In connection with our audits
of such financial statements, we have also audidted the related financial
statements schedule listed in item 14(a) of this Form 10-K.

In our opinion, the financial statement schedule referred to above, when
considered in relation to the basic financial statements taken as a whole,
present fairly, in all material respects, the information required to be
included therein.


/s/ Coopers & Lybrand LLP


Eugene, Oregon
February 16, 1996, except for the second
paragraph of Note 8, as to which the date
is March 1, 1996



Coopers & Lybrand L.L.P. is a member of Coopers & Lybrand International,
a limited liability association incorporated in Switzerland.

                               S-1
<PAGE>
      OREGON METALLURGICAL CORPORATION

   SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
                (In thousands)


<TABLE>
<CAPTION>
                                 ADDITIONS
                   BALANCE AT    CHARGED TO                      BALANCE
                   BEGINNING     COSTS AND                       AT END OF
DESCRIPTION        OF YEAR       EXPENSES      DEDUCTIONS        YEAR
____________________________________________________________________________

<S>                  <C>         <C>            <C>              <C>
ALLOWANCE FOR
DOUBTFUL ACCOUNTS:

Year ended
December 31, 1995    $1,024      $237           $ (4) (a)       $1,257
                     ______      ____           _____           ______

Year ended
December 31, 1994    $  117      $962           $(55) (a)       $1,024
                     ______      ____           _____           ______

Year ended
December 31, 1993    $  110      $ 39           $(32) (a)       $  117
                     ______      ____           _____           ______


(a) Amounts written off, less recoveries.
</TABLE>

                               S-2
<PAGE>
                                            EXHIBIT INDEX


EXHIBIT
  NO.                  DESCRIPTION
_______                __________________

2.1                            Stock and Asset Purchase Agreement between
                               Kamyr, Inc. and New TI, Inc.  (Filed as
                               exhibit 2.1 to Form 8-K dated September 20,
                               1994)

3.1                            Restated Articles of Incorporation.  (Filed as
                               exhibit 3.1 to Form 10-K for the year ended
                               December 31, 1993)

3.2                            Restated Bylaws.  (Filed as exhibit 3.2 to
                               Form 10.K for the year ended December 31,
                               1994)

3.3                            Amendment to Restated Articles of
                               Incorporation, Dated April 28, 1995.  (Filed
                               as exhibit 3.1 to Form 10-Q for the quarter
                               ended June 30, 1995)

4.1                            Specimen Common Stock Certificate. 
                               (Previously filed)

4.2                            Warrant Agreement (Nontransferable Warrant)
                               between James S. Paddock and the Company,
                               dated September 19, 1994.  (Filed as exhibit
                               4.1 to Form 8-K/A-2 dated September 20, 1994)

10.1                           Employee Stock Ownership Plan of the Company. 
                               (Filed as exhibit 4.3 to Form S-8 Registration
                               Statement 33-18650) *

10.2                           Trust Agreement under Oregon Metallurgical
                               Corporation Employee Stock Ownership Plan. *

10.3                           Employment Agreement dated June 28, 1993 
                               between the Company and Carlos Aguirre. (Filed
                               as exhibit 10.3 to Form 10-K for the year
                               ended December 31, 1994) *

10.4                           Employment Agreement dated October 11, 1993
                               between the Company and Dennis P. Kelly.  
                               (Filed as exhibit 10.4 to Form 10-K for the
                               year ended December 31, 1994) *

10.5                           Employment Agreement dated October 8, 1993
                               between the Company and Steven H. Reichman. 
                               (Filed as exhibit 10.5 to Form 10-K for the
                               year ended December 31, 1994) *

10.6                           Employment Agreement dated February 20, 1995
                               between the Company and John P. Byrne.  (Filed
                               as exhibit 10.6 to Form 10-K for the year
                               ended December 31, 1994) *

10.7                           Loan and Security Agreement dated as of
                               September 19, 1994 among the Company, New TI,
                               Inc. and Bank of America Illinois.  (Filed as
                               exhibit 10.7 to Form 10-K for the year ended
                               December 31, 1994)

10.8                           Sales Agreement between RMI Titanium Company
                               and the Company.  (Filed as exhibit 10 to Form
                               10-Q for the period ended September 30, 1994)

10.9                           Corporate Organization and Shareholders
                               Agreement Among James S. Paddock, the Company
                               and New TI, Inc., dated September 19, 1994. 
                               (Filed as exhibit 10.1 to the Form 8-K/A-2
                               dated September 20, 1994) *

10.10                          OREMET Employment Agreement between James S.
                               Paddock and the Company, dated September 19,
                               1994.  (Filed as exhibit 10.2 to the Form 8-
                               K/A-2 dated September 20, 1994) *

10.11                          Employment Agreement between James S. Paddock
                               and New TI, Inc., dated September 19, 1994. 
                               (Filed as exhibit 10.3 to the Form 8-K/A-2
                               dated September 20, 1994) *

10.12                          Noncompetition and Confidentiality Agreement
                               between James S. Paddock and the Company,
                               dated September 19, 1994.  (Filed as exhibit
                               10.4 to the Form 8-K/A-2 dated September 20,
                               1994) *

10.13                          Noncompetition and Confidentiality Agreement
                               between James S. Paddock and New TI, Inc.,
                               dated September 19, 1994.  (Filed as exhibit
                               10.5 to the Form 8-K/A-2 dated September 20,
                               1994) *

<PAGE>
10.14                          Titanium Tetrachloride Agreement between SCM
                               Chemicals, Inc. and the Company, dated August
                               11, 1990. (Filed as exhibit 10.14 to Form 10-K
                               for the year ended December 31, 1994) 

10.15                          Subordinated promissory note between New TI,
                               Inc. and the former Titanium Industries, Inc.,
                               dated September 19, 1994.  (Filed as exhibit
                               10.15 to Form 10-K for the year ended December
                               31, 1994) 

10.16                          Employment Agreement dated December 18, 1995
                               between the Company and David G. Floyd. *

10.17                          Oregon Metallurgical Corporation Long Term
                               Incentive Compensation Stock Appreciation
                               Rights Plan. *

10.18                          Oregon Metallurgical Corporation Savings Plan.
                               *

10.19                          Trust Agreement Under Oregon Metallurgical
                               Corporation Savings Plan. *

10.20                          Amendment No. 2 Dated as of June 30, 1995, to
                               Loan and Security Agreement with Oregon
                               Metallurgical Corporation and Titanium
                               Industries, Inc., Dated as of September 19,
                               1994.  (Filed as exhibit 10.1 to the Form 10-Q
                               for the quarter ended June 30, 1995)

11.1                           Statement re:  Computation of Per Share
                               Earnings.

13.1                           Portions of the 1995 Annual Report to
                               Shareholders which have been incorporated by
                               reference into this Annual Report on Form 10-
                               K.  Except for such portions expressly
                               incorporated by reference, the 1995 Annual
                               Report to Shareholders is not deemed to be
                               filed as part of this Annual Report on Form
                               10-K.

21.1                           Subsidiaries of the Company.

23.1                           Consent of Independent Accountants.

27                             Financial Data Schedule.



*  Management contract or compensatory plan.