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                                                                       EXHIBIT 3
 
                              CODE OF REGULATIONS
                            AS AMENDED AND RESTATED
                                       OF
                              RMI TITANIUM COMPANY
 
                                   ARTICLE I
 
                             SHAREHOLDERS' MEETINGS
 
Section 1. Annual Meeting.
 
     The annual meeting of shareholders for the election of Directors and the
consideration of reports to be laid before such meeting shall be held at 10
o'clock A M., or at such other hour as may be designated in the notice of said
meeting, on the fourth Thursday in April in each year, if not a legal holiday,
and if a legal holiday, then on the next day not a legal holiday, or at such
other date as the Directors may from time to time determine. Upon due notice,
there may also be considered and acted upon at an annual meeting any matter
which could properly be considered and acted upon at a special meeting, in which
case and for which purpose the annual meeting shall also be considered as, and
shall be, a special meeting. When the annual meeting is not held or Directors
are not elected thereat they may be elected at a special meeting called for that
purpose.
 
     Section 2. Special Meetings.
 
     Special meetings of shareholders may be called by (i) the Chairman of the
Board or the President or a Vice President, (ii) the Directors by action at a
meeting, or by a majority of the Directors acting without a meeting, or (iii)
the holder or holders of fifty percent (50%) of all shares outstanding and
entitled to be voted at said meeting.
 
     Upon request in writing delivered either in person or by registered mail to
the President or Secretary by any person or persons entitled to call a meeting
of shareholders, such officer shall forthwith cause to be given, to the
shareholders entitled thereto, notice of a meeting to be held not less than
seven nor more than 60 days after the receipt of such request, as such officer
shall fix. If such notice is not given within 20 days after the delivery or
mailing of such request, the person or persons calling the meeting may fix the
time of the meeting and give, or cause to be given, notice in the manner
hereinafter provided.
 
     Section 3. Place of Meetings.
 
     Any meeting of shareholders may be held either at the principal office of
the Corporation or at such other place within or without the State of Ohio as
may be designated in the notice of said meeting.
 
     Section 4. Notice of Meetings.
 
     Not more than 60 days nor less than seven days before the date fixed for a
meeting of shareholders, whether annual or special, written notice of the time,
place and purposes of such meeting shall be given by or at the direction of the
President, a Vice President, the Secretary or an Assistant Secretary. Such
notice shall be given either by personal delivery or by mail to each shareholder
of record entitled to notice of such meeting. If such notice is mailed, it shall
be addressed to the shareholders at their respective addresses as they appear on
the records of the Corporation, and notice shall be deemed to have been given on
the day so mailed. Notice of adjournment of a meeting need not be given if the
time and place to which it is adjourned are fixed and announced at such meeting.
 
     Section 5. Shareholders Entitled to Notice and to Vote.
 
     If a record date shall not be fixed pursuant to statutory authority, the
record date for the determination of shareholders who are entitled to notice of,
or who are entitled to vote at, a meeting of shareholders, shall be the close of
business on the date next preceding the day on which notice is given, or the
close of business on the date next preceding the day on which notice is given,
or the close of business on the date next preceding the day on which the meeting
is held, as the case may be.
 
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     Section 6. Inspectors of Election; List of Shareholders.
 
     Inspectors of election may be appointed to act at any meeting of
shareholders in accordance with the Ohio General Corporation Law.
 
     At any meeting of shareholders, an alphabetically arranged list, or
classified lists, of the shareholders of record as of the applicable record date
who are entitled to vote, showing their respective addresses and the number and
classes of shares held by each, shall be produced on the request of any
shareholder.
 
     Section 7. Quorum.
 
     To constitute a quorum at any meeting of shareholders, there shall be
present in person or by proxy shareholders of record entitled to exercise not
less than a majority of the voting power of the Corporation in respect of any
one of the purposes for which the meeting is called.
 
     The holders of a majority of the voting power represented in person or by
proxy at a meeting of shareholders, whether or not a quorum be present, may
adjourn the meeting from time to time.
 
     Section 8. Voting.
 
     In all cases, except as otherwise expressly required by statute, the
Articles of Incorporation of the Corporation or these Regulations, majority of
the votes cast at a meeting of shareholders shall control. An abstention shall
not represent a vote cast.
 
     Section 9. Reports to Shareholders.
 
     At the annual meeting, or the meeting held in lieu thereof, the officers of
the Corporation shall lay before the shareholders a financial statement as
required by the Ohio General Corporation Law.
 
     Section 10. No Action Without a Meeting.
 
     Any action required to be taken at any annual or special meeting of the
stockholders of the Corporation, or any action which may be taken at any annual
or special meeting of the stockholders or otherwise, may not be taken without a
meeting, prior notice and a vote, and stockholders may not act by written
consent.
 
     Section 11. Chairman of Meeting.
 
     The chairman of any meeting of shareholders shall be the Chairman of the
Board or, if the Directors have not elected a Chairman of the Board, the
President of the Corporation. The Chairman of the Board or, if the Directors
have not elected a Chairman of the Board or the Chairman of the Board is
unavailable to do so, the President may appoint any other officer of the
Corporation to act as chairman of any shareholders' meeting. Notwithstanding the
foregoing, the Directors may appoint any individual to act as chairman of any
shareholders' meeting.
 
                                   ARTICLE II
 
                                   DIRECTORS
 
     Section 1. Election, Number and Term of Office.
 
     (a) The Directors shall be elected at the annual meeting of shareholders,
or if not so elected, at a special meeting of shareholders called for that
purpose, and each Director shall hold office until the date fixed by (c) of this
Section, or until his earlier resignation, removal from office or death. At any
meeting of shareholders at which Directors are to be elected, only persons
nominated as candidates shall be eligible for election.
 
     (b) The number of Directors, which shall not be less than three (unless all
of the shares of the Corporation are owned of record by one or two shareholders,
in which case the number of Directors may be less than three but not less than
the number of shareholders) or more than twelve, may be fixed or changed at a
meeting of the shareholders called for the purpose of electing Directors at
which a quorum is present, by the affirmative vote of the holders of majority of
the shares represented at the meeting and entitled to vote on such
 
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proposal or by the Directors at a meeting of the Directors. No reduction in the
number of Directors shall have the effect of removing any Director prior to the
expiration of his term of office.
 
     (c) "Each Director of the Corporation shall hold office until the next
annual meeting of the shareholders and until his successor is elected, or until
his earlier resignation, removal from office or death.
 
     In the case of any increase in the number of Directors of the Corporation,
the additional Director or Directors shall be elected by the Board of
Directors."
 
     (d) In the case of any vacancy in the Board of Directors through death,
resignation, disqualification or other cause, a successor to hold office for the
unexpired portion of the term of the Director whose place shall be vacant, and
until the election of his successor, shall be elected by a majority of the Board
of Directors then in office, though less than a quorum.
 
     (e) A Director of the Corporation may be removed only for cause.
 
     Section 2. Meetings.
 
     Regular meetings of the Directors shall be held immediately after the
annual meeting of shareholders and at such other times and places as may be
fixed by the Directors, and such meetings may be held without further notice.
 
     Special meetings of the Directors may be called by the Chairman of the
Board or by the President or by a Vice President or by the Secretary of the
Corporation, or by not less than one-third of the Directors. Notice of the time
and place of a special meeting shall be served upon or telephoned to each
Director at least 24 hours, or mailed, telegraphed or cabled to each Director at
least 48 hours, prior to the time of the meeting.
 
     Section 3. Quorum and Voting.
 
     A majority of the number of Directors then in office shall be necessary to
constitute a quorum for the transaction of business, but if at any meeting of
the Directors there shall be less than a quorum present, a majority of those
present may adjourn the meeting from time to time without notice other than
announcement at the meeting until a quorum shall attend. In all cases, except as
otherwise expressly required by statute, the Articles of Incorporation of the
Corporation or these Regulations, the act of a majority of the Directors present
at a meeting at which a quorum is present is the act of the Director.
 
     Section 4. Action Without a Meeting.
 
     Any action which may be authorized or taken at a meeting of the Directors
may be authorized or taken without a meeting with the affirmative vote or
approval of, and in a writing or writings signed by, all of the Directors, which
writing or writings shall be filed with or entered upon the records of the
Corporation.
 
     Section 5. Committees.
 
     The Directors may from time to time create a committee or committees of
Directors and may delegate to such committee or committees any of the authority
of the Directors, however conferred, other than that of filling vacancies among
the Directors or in any committee of the Directors. No committee shall consist
of less than three Directors. The Directors may appoint one or more Directors as
alternate members of any such committee, who may take the place of any absent
member or members at any meeting of such committee.
 
     In particular, the Directors may create and define the powers and duties of
an Executive Committee. Except as above provided and except to the extent that
its powers are limited by the Directors, the Executive Committee during the
intervals between meetings of the Directors shall possess and may exercise,
subject to the control and direction of the Directors, all of the power of the
Directors in the management and control of the business of the Corporation,
regardless of whether such powers are specifically conferred by these
Regulations. All actions taken by the Executive Committee shall be reported to
the Directors at their first meeting thereafter.
 
     Unless otherwise ordered by the Directors, a majority of the members of any
committee appointed by the Directors pursuant to this section shall constitute a
quorum at any meeting thereof, and the act of a majority of
 
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the members present at a meeting at which a quorum is present shall be the act
of such committee. Action may be taken by any such committee without a meeting
by a writing or writings signed by all of its members. Any such committee shall
prescribe its own rules for calling and holding meeting and its method of
procedure, subject to any rules prescribed by the Directors, and shall keep a
written record of all action taken by it.
 
                                  ARTICLE III
 
                                    OFFICERS
 
     Section 1. Officers.
 
     The Corporation may have a Chairman of the Board and shall have a
President, a Secretary and a Treasurer (none of whom need to be directors). The
Corporation may also have one or more Vice Presidents and such other officers as
the Directors may deem necessary. All of the officers shall be elected by the
Directors.
 
     Section 2. Authority and Duties of Officers.
 
     The officers of the Corporation shall have such authority and shall perform
such duties as are customarily incident to their respective offices, or as may
be specified from time to time by the Directors, regardless of whether such
authority and duties are customarily incident to such office.
 
                                   ARTICLE IV
 
                         INDEMNIFICATION AND INSURANCE
 
     Section 1. Indemnification.
 
     The corporation shall indemnify, to the full extent then permitted by law,
any person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative or investigative, by reason of the fact that he is or
was a member of the Board of Directors of an officer of the Corporation, or is
or was serving at the request of the corporation as a director, trustee or
officer of another corporation, partnership, joint venture, trust or other
enterprise. The Corporation, shall pay, to the full extent then required by law,
expenses, including attorney's fees, incurred by a member of the Board of
Directors in defending any such action, suit or proceeding as they are incurred,
in advance of the final disposition thereof, and may pay, in the same manner and
to the full extent then permitted by law, such expenses incurred by any other
person. The indemnification and payment of expenses provided hereby shall not be
exclusive of, and shall be in addition to, any other rights granted to those
seeking indemnification under any law, the Articles of Incorporation, any
agreement, vote of shareholders or disinterested members of the Board of
Directors, or otherwise, both as to action in official capacities and as to
action in another capacity while he is a member of the Board of Directors or
officer of the Corporation and shall continue as to a person who has ceased to
be a member of the Board of Directors, trustee or officer and shall inure to the
benefit of the heirs, executors, and administrators of such a person. The
indemnification provided for herein shall not be deemed to restrict the right of
the Company to indemnify employees, agents and other to the extent not
prohibited by applicable law.
 
     Section 2. Insurance.
 
     The Corporation may, to the full extent then permitted by law and
authorized by the Directors, purchase and maintain insurance or furnish similar
protection, including but not limited to trust funds, letters of credit or
self-insurance, on behalf of or for any persons described in Section 1 against
any liability asserted against and incurred by any such person in any such
capacity, or arising out of his status as such, whether or not the Corporation
would have the power to indemnify such person against such liability. Insurance
may be purchased from or maintained with a person in which the Corporation has a
financial interest.
 
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     Section 3. Agreements.
 
     The Corporation, upon approval by the Board of Directors, may enter into
agreements with any persons whom the Corporation may indemnify under these
Regulations or under law and undertake thereby to indemnify such persons and to
pay the expenses incurred by them in defending any action, suit or proceeding
against them, whether or not the Corporation would have the power under these
Regulations or law to indemnify any such person.
 
                                   ARTICLE V
 
                                 MISCELLANEOUS
 
     Section 1. Transfer and Registration of Certificate.
 
     The Directors shall have authority to make such rules and regulations as
they deem expedient concerning the issuance, transfer and registration of
certificates for shares and the shares represented thereby and may appoint
transfer agents and registrars thereof.
 
     Section 2. Voting of Shares Held by the Corporation.
 
     Unless otherwise ordered by the Directors, any officer of the Corporation,
in person or by proxy or proxies appoint by him, shall have full power and
authority on behalf of the Corporation to vote, act and consent with respect to
any shares issued by other corporations which the Corporation may own.
 
     Section 3. Amendments.
 
     Shareholders may adopt, amend and repeal the regulations at any annual or
special meeting of the shareholders by an affirmative vote of two-thirds of the
shares outstanding and entitled to vote thereon, provided that notice of
intention to adopt, amend or repeal the regulations in whole or in part shall
have been included in the notice of the meeting.
 
     Section 4. Substituted Certificates.
 
     Any person claiming a certificate for shares to have been lost, stolen or
destroyed shall make an affidavit or affirmation of that fact, shall give the
Corporation and its registrar or registrars and its transfer agent or agents a
bond of indemnity satisfactory to the Directors or to the Executive Committee or
to the President or a Vice President and the Secretary or the Treasurer, and, if
required by the Directors or the Executive Committee or such officers, shall
advertise the same in such manner as may be required, whereupon a new
certificate may be executed and delivered of the same tenor and for the same
number of shares as the one alleged to have been lost, stolen or destroyed.
 
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