<PAGE>

                                                                    EXHIBIT 99.1

             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Participants and Administrator of
RMI Titanium Company Employee Savings and Investment Plan

In our opinion, the accompanying statement of net assets available for benefits
and the related statement of changes in net assets available for benefits
present fairly, in all material respects, the net assets available for benefits
of RMI Titanium Company Employee Savings and Investment Plan (the "Plan") at
December 31, 2003 and December 31, 2002, and the changes in net assets available
for benefits for the year ended December 31, 2003 in conformity with accounting
principles generally accepted in the United States of America. These financial
statements are the responsibility of the Plan's management. Our responsibility
is to express an opinion on these financial statements based on our audits. We
conducted our audits of these statements in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of assets (held
at end of year) as of December 31, 2003 is presented for the purpose of
additional analysis and is not a required part of the basic financial statements
but is supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. This supplemental schedule is the responsibility of the
Plan's management. The supplemental schedule has been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.

Pittsburgh, Pennsylvania
June 25, 2004

<PAGE>

                              RMI TITANIUM COMPANY
                      EMPLOYEE SAVINGS AND INVESTMENT PLAN
                 STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
                           DECEMBER 31, 2003 AND 2002

<TABLE>
<CAPTION>
                                                2003                          2002
                                            ------------                 ------------
<S>                                         <C>                          <C>
Investments at fair value                   $ 14,947,673                 $ 12,715,602
Employee contributions receivable                 75,933                       45,944
                                            ------------                 ------------
Net assets available for benefits           $ 15,023,606                 $ 12,761,546
                                            ============                 ============
</TABLE>

   THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.

<PAGE>

                              RMI TITANIUM COMPANY
                      EMPLOYEE SAVINGS AND INVESTMENT PLAN
            STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
                      FOR THE YEAR ENDED DECEMBER 31, 2003

<TABLE>
<CAPTION>
                                                                  2003
                                                              -----------
<S>                                                           <C>
Contributions:
         Employee                                             $   929,241
Investment income:
         Interest and dividend income                             306,824
         Net appreciation in fair value of investments          2,126,539
                                                              -----------
Total Investment Income                                         2,433,363
Transfers                                                        (441,106)
                                                              -----------
                 Total increase                                 2,921,498
         Participants' benefits paid                             (659,438)
                                                              -----------
Increase in net assets                                          2,262,060
Net assets available for benefits
         Beginning of year                                     12,761,546
                                                              -----------
         End of year                                          $15,023,606
                                                              ===========
</TABLE>

   THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.

<PAGE>

                              RMI TITANIUM COMPANY
                      EMPLOYEE SAVINGS AND INVESTMENT PLAN
                          NOTES TO FINANCIAL STATEMENTS
                           DECEMBER 31, 2003 AND 2002

NOTE 1 - SUMMARY OF ACCOUNTING POLICIES:

The financial statements of the RMI Titanium Company Employee Savings and
Investment Plan (the Plan) have been prepared in conformity with accounting
principles generally accepted in the United States of America. The following are
the significant accounting policies followed by the Plan:

ACCOUNTING METHOD

The financial statements of the Plan use the accrual method of accounting.

USE OF ESTIMATES

The preparation of the Plan's financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make significant estimates that affect the reported amounts of net
assets available for benefits at the date of the financial statements and the
changes in net assets available for benefits during the reporting period, and
disclosures of contingent assets and liabilities. Actual results could differ
from those estimates.

RISKS AND UNCERTAINTIES

The Plan provides for various investment options in any combination of mutual
funds and other investment securities. The investments are exposed to various
risks, such as interest rate, market, and credit risk. It is at least reasonably
possible that changes in risks, in the near term, would materially affect
participant account balances and the amounts reported in the statement of net
assets available for benefits during the reporting period.

INVESTMENTS

Investments in funds managed by Fidelity Management Trust Company (Fidelity) and
RTI International Metals, Inc. common stock are valued at fair market value
based on public and Fidelity published quotations. Security transactions are
recorded as of the trade date. Participant loans receivable are stated at net
realizable value (total borrowings less repaid principal).

Investments greater than 5% of the net assets available for benefits as of the
end of the Plan year are as follows:

<TABLE>
<CAPTION>
                                              2003              2002
                                          -----------       -----------
<S>                                       <C>               <C>
Fidelity Magellan Fund                    $ 4,783,571       $ 3,740,165
Fidelity Managed Income Portfolio           4,023,176         4,121,843
Fidelity Growth and Income Fund             1,667,086         1,509,487
Fidelity Low Priced Stock Fund              1,534,658         1,041,450
Spartan U.S. Equity Index Fund              1,311,547         1,007,429
</TABLE>

During 2003, the Plan's investments (including gains and losses on investments
bought and sold, as well as held during the year) appreciated in value by $
2,126,539 as follows:

<TABLE>
<CAPTION>
                                               2003
                                           -----------
<S>                                        <C>
Mutual funds                               $ 1,840,019
Common stock                                   286,520
                                           -----------
                                           $ 2,126,539
                                           ===========
</TABLE>

<PAGE>

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NET APPRECIATION (DEPRECIATION) IN FAIR VALUE OF INVESTMENTS

The Plan presents in the statement of changes in net assets available for
benefits the net appreciation (depreciation) in the fair value of investments,
which consists of realized gains and losses from sales of investments and the
unrealized appreciation and depreciation in the fair value of its investments.

FUNDING

The Plan is funded by contributions from participating employees of RMI Titanium
Company (the "Company"). The costs of administering the Plan and the trust are
borne by the Company.

PAYMENT OF BENEFITS

Benefits are recorded when paid.

NOTE 2 - DESCRIPTION OF PLAN

GENERAL

The Company is the Plan Sponsor. The Company is a successor to entities that
have been operating in the titanium industry since 1951.

The following description of the Plan provides only general information.
Participants should refer to the Plan agreement for a more complete description
of the Plan's provisions. Reference should be made to the Plan agreement for
additional information concerning contributions, eligibility, income allocation,
withdrawals and other important features of the Plan.

The Plan is a defined contribution plan covering full-time salaried,
nonrepresented employees who are at least 21 years of age, have completed three
months of service, and are a salaried employee at RMI Titanium Company. The Plan
is subject to the provisions of the Employee Retirement Income Security Act of
1974 (ERISA).

CONTRIBUTIONS

Participants may contribute from 1% to 15% of their salaries through payroll
deductions. Contributions are subject to limitations specified in the Internal
Revenue Code (IRC). Contributions are directed by the participants into any one
or all of the investment options. Changes in allocation of future contributions
and transfers of presently invested contributions are permitted pursuant to the
Plan document. Participants may change their elections of investment funds by
calling the recordkeeper directly or by accessing their accounts via the
internet. Participants are 100% vested in their accounts at all times.

PAYMENT OF BENEFITS

Participants or their beneficiaries are entitled to the full current value of
their account in the Plan upon:

      - Retirement;

      - Termination of employment with the Company; or

      - Death

Participants may also make written application for withdrawal of all or a
portion of their account balance for certain limited situations qualifying as
financial hardships under Internal Revenue Service (IRS) guidelines in effect at
the time of the withdrawal.

<PAGE>

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

PARTICIPANT LOANS RECEIVABLE

Loans are available to all participants subject to provisions set forth in the
Plan document. Participants may borrow from their accounts a minimum of $1,000
up to a maximum equal to 50% of the existing account balance not to exceed
$50,000 in any 12-month period. Loans are treated as a transfer (from) the
investment fund to the Participant Loans Receivable fund. Loan repayment terms
range from one month to five years and are secured by the balance in the
participant's account. Loans bear interest at a rate commensurate with the
current market rate when made. Loans made in 2003 and 2002 bear interest at
6.00% and 6.75%, respectively. Interest rates on previous loans range from 6.75%
to 15.00%. Principal and interest are paid ratably through monthly payroll
deductions. Repayments are transfers to the investment funds (from) the
Participant Loans Receivable fund. Loan terms and repayment policies are
designed to be in compliance with the requirements of the IRC.

TRANSFERS

Transfers represent the net of transfers into the Plan from other plans and out
of the Plan to other plans.

ADMINISTRATION

The Plan is administered by the Company's Retirement Board (the
"Administrator"). The Board establishes the rules and procedures and interprets
the provisions of the Plan. Administrative expenses of the Plan, including legal
and audit fees, are paid by the Company and, as such, are not expenses of the
Plan.

TERMINATION PROVISION

The Company anticipates the Plan will continue without interruption, but
reserves the right to discontinue the Plan at any time. In the event that such
discontinuance results in the termination of the Plan, the Plan provides that
each participant shall be fully vested in his or her individual account which
includes earnings on the participant's contributions. The individual accounts of
the participants shall continue to be administered by the Administrator, or be
distributed in a lump sum to the participants, as deemed appropriate by the
Administrator.

NOTE 3 - INCOME TAXES:

The IRS has determined and informed the Company by a letter dated October 9,
2003, that the Plan and related trust are designed in accordance with the
applicable sections of the IRC. Therefore, no provision for income taxes has
been included in the Plan financial statements.

NOTE 4 - RECORDKEEPING

Individual participant account balances, allocations and investment options are
maintained by Fidelity Investments Institutional Operations Company, Inc., based
on enrollment and payroll information supplied by the Company.

NOTE 5 - RELATED PARTY TRANSACTIONS

Certain investments of the Plan are managed by Fidelity, the trustee of the
Plan. The Plan also invests in common stock of the Company. These represent
party-in-interest transactions.

<PAGE>

                               SCHEDULE H, LINE 4i
                               SCHEDULE OF ASSETS
                             (HELD AT END OF YEAR)
                              RMI TITANIUM COMPANY
                      EMPLOYEE SAVINGS AND INVESTMENT PLAN
                               DECEMBER 31, 2003
                          EIN: 31-0875005, PLAN#: 005

<TABLE>
<CAPTION>
                                                     (c) Description of investment including
      (b) Identity of issue, borrower, lessor or     maturity date, rate of interest, collateral, par,              (e) Current
(a)   similar party                                  or maturity value                                   (d) Cost       Value
<S>   <C>                                            <C>                                                 <C>        <C>
 *    Fidelity Magellan Fund                         Mutual Fund                                                     $ 4,783,571

 *    Fidelity Growth and Income Fund                Mutual Fund                                                       1,667,086

 *    Fidelity Low Priced Stock Fund                 Mutual Fund                                                       1,534,658

 *    Fidelity Worldwide Fund                        Mutual Fund                                                         419,515

 *    Fidelity Mid-Cap Stock Fund                    Mutual Fund                                                         126,129

 *    Fidelity Freedom Income Fund                   Mutual Fund                                                          13,438

 *    Fidelity Freedom 2000 Fund                     Mutual Fund                                                             782

 *    Fidelity Freedom 2010 Fund                     Mutual Fund                                                           5,429

 *    Fidelity Freedom 2020 Fund                     Mutual Fund                                                          15,445

 *    Fidelity Freedom 2030 Fund                     Mutual Fund                                                           4,159

 *    Fidelity Freedom 2040 Fund                     Mutual Fund                                                          15,646

 *    Fidelity Managed Income Portfolio              Mutual Fund                                                       4,023,176

 *    Spartan U.S. Equity Index Fund                 Mutual Fund                                                       1,311,547

 *    Fidelity Ginnie Mae Fund                       Mutual Fund                                                         238,450

 *    RTI International Metals, Inc. Stock Account   Common Stock                                                        656,289

 *    Participant Loans Receivable                   Interest Rates High 15.00%, Low 6.00%                               132,353
                                                                                                                     -----------
                                                                                                         TOTAL:      $14,947,673
                                                                                                                     ===========
</TABLE>

                           * DENOTES PARTY-IN-INTEREST