Document:

EXHIBIT 10.14

                      SECURITIES ACCOUNT CONTROL AGREEMENT

            SECURITIES ACCOUNT CONTROL AGREEMENT dated as of December 30, 2003
among MORGAN STANLEY SPECTRUM TECHNICAL L.P. (the "Lien Grantor"), MORGAN
STANLEY & CO. INCORPORATED (the "Secured Party"), and MORGAN STANLEY DW INC.
(the "Securities Intermediary"). All references herein to the "UCC" refer to the
Uniform Commercial Code as in effect from time to time in [the State of New
York]. Terms defined in the UCC have the same meanings when used herein.

                                   WITNESSETH:

            WHEREAS, the Lien Grantor is the entitlement holder with respect to
the Account (as defined below);

            WHEREAS, the Lien Grantor pursuant to Section 6(f) of a Commodity
Futures Customer Agreement dated as of May 1, 2000 (the "Customer Agreement")
has granted to the Secured Party a continuing security interest (the "Security
Interest") in all right, title and interest of the Lien Grantor in, to and under
the Account, all financial assets credited thereto and all security entitlements
in respect thereof, whether now owned or existing or hereafter acquired or
arising; and

            WHEREAS, the parties hereto are entering into this Agreement in
order to perfect the Security Interest in the Account, all financial assets from
time to time credited thereto and all security entitlements in respect thereof;

            NOW, THEREFORE, the parties hereto agree as follows:

            Section 1. Establishment of Account. The Securities Intermediary
confirms that:

            (i) the Securities Intermediary has established the account numbers
listed on the attached Appendix A (which Appendix may be amended in writing by
the parties from time to time) in the name of "Morgan Stanley Spectrum Technical
L.P." (such account and any successor account, the "Account"),

            (ii) the Account is a "securities account" as defined in Section
8-501 of the UCC,

            (iii) the Securities Intermediary is acting as a "securities
intermediary" (as defined in Section 8-102 of the UCC) in respect of the
Account,

            (iv) the Securities Intermediary shall, subject to the terms of this
Agreement, treat the Lien Grantor as entitled to exercise the rights that
comprise all financial assets from time to time credited to the Account,

            (v) all property delivered to the Securities Intermediary by or on
behalf of the Lien Grantor for credit to the Account will be promptly credited
to the Account, and

            (vi) all financial assets (except cash) credited to the Account will
be registered in the name of the Securities Intermediary, indorsed to the
Securities Intermediary or in blank or credited to another securities account
maintained in the name of the Securities Intermediary and in no case will any
financial asset credited to the Account be registered in the name of the Lien
Grantor, payable to the order of the Lien Grantor or specially indorsed to the
Lien Grantor unless such financial asset has been further indorsed to the
Securities Intermediary or in blank.

            Section 2. "Financial Assets" Election. The parties hereto agree
that each item of property (whether investment property, financial asset,
security, instrument, cash or other property) credited to the Account shall be
treated as a "financial asset" within the meaning of Sections 8-102(a)(9) and
8-103 of the UCC.

            Section 3. Entitlement Orders. The Securities Intermediary agrees to
comply with any "entitlement order" (as defined in Section 8-102 of the UCC)
originated by the Secured Party and relating to the Account or any financial
asset credited thereto without further consent by the Lien Grantor or any other
person. The Lien Grantor consents to the foregoing agreement by the Securities
Intermediary.

            Section 4. Choice of Law. This Agreement shall be construed in
accordance with and governed by the laws of the State of New York. The State of
New York shall be deemed to be the securities intermediary's jurisdiction with
respect to the Account, all financial assets credited thereto and all security
entitlements in respect thereof for purposes of the UCC (including, without
limitation, Section 8-110 thereof).

            Section 5. Amendments. No amendment or modification of this
Agreement or waiver of any right hereunder shall be binding on any party hereto
unless it is in writing and is signed by all the parties hereto.

            Section 6. Notice of Adverse Claims. Except for the claims and
interests of the Secured Party and the Lien Grantor, and security interests in
favor of the Securities Intermediary, the Securities Intermediary does not know
of any claim to, or interest in, the Account, any financial asset credited
thereto or any security entitlement in respect thereof. If any person other than
the Lien Grantor, the Secured Party or the Securities Intermediary asserts any
lien, encumbrance or adverse claim (including any writ, garnishment, judgment,
attachment, execution or similar process) against the Account, any financial
asset credited thereto or any security entitlement in respect thereof, the
Securities Intermediary will promptly notify the Secured Party and the Lien
Grantor thereof.

            Section 7. Maintenance of Account. In addition to, and not in lieu
of, the obligation of the Securities Intermediary to honor entitlement orders as
agreed in Section 3 hereof, the Securities Intermediary agrees to maintain the
Account as follows:

            (i) Lien Grantor Entitlement Orders; Notice of Exclusive Control. So
long as the Securities Intermediary has not received a Notice of Exclusive
Control (as defined below), the Securities Intermediary may, subject to
paragraph (ii) below, comply with entitlement orders of the Lien Grantor or any
duly authorized agent of the Lien Grantor in respect of the Account and any or
all financial assets credited thereto. After the Securities Intermediary
receives a written notice from the Secured Party that it is exercising exclusive
control over the Account (a "Notice of Exclusive Control"), the Securities
Intermediary will cease complying with entitlement orders of the Lien Grantor
and any of its agents.

            (ii) Limits on Free Deliveries From Account. Notwithstanding the
provisions of paragraph (i) above, the Securities Intermediary shall not,
without specific prior written consent of the Secured Party:

            (a) accept or comply with any entitlement order from the Lien
      Grantor, or any agent of the Lien Grantor, withdrawing from the Account,
      or making a free delivery of, any financial asset credited to the Account,

            (b) deliver any such financial asset to the Lien Grantor or

            (c) pay to the Lien Grantor any credit balance or other cash amount
      credited to the Account.

      provided that, until the Securities Intermediary receives a Notice of
      Exclusive Control, the Securities Intermediary may pay to the Lien Grantor
      amounts sufficient to pay all fees and expenses of, and to fund all
      redemptions from, the Lien Grantor in the ordinary course of business.

            (iii) Voting Rights. Until the Securities Intermediary receives a
Notice of Exclusive Control, the Lien Grantor shall be entitled to direct the
Securities Intermediary with respect to the voting of any financial assets
credited to the Account.

            (iv) Statements and Confirmations. The Securities Intermediary will
promptly send copies of all statements, confirmations and other correspondence
concerning the Account and/or any financial assets credited thereto
simultaneously to each of the Lien Grantor and the Secured Party at their
respective addresses specified in Section 12 hereof.

            (v) Tax Reporting. All items of income, gain, expense and loss
recognized in the Account or in respect of any financial assets credited thereto
shall be reported to the Internal Revenue Service and all state and local taxing
authorities under the name and taxpayer identification number of the Lien
Grantor.

            Section 8. Representations, Warranties and Covenants of the
Securities Intermediary. The Securities Intermediary makes the following
representations, warranties and covenants:

            (i) The Account has been established as set forth in Section 1 above
and will be maintained in the manner set forth herein until this Agreement is
terminated. The Securities Intermediary will not change the name or account
number of the Account without the prior written consent of the Secured Party.

            (ii) No financial asset credited to the Account is or will be
registered in the name of the Lien Grantor, payable to the order of the Lien
Grantor, or specially indorsed to the Lien Grantor, unless such financial asset
has been further indorsed by the Lien Grantor to the Securities Intermediary or
in blank.

            (iii) This Agreement is a valid and binding agreement of the
Securities Intermediary enforceable in accordance with its terms.

            (iv) The Securities Intermediary has not entered into, and until the
termination of this Agreement will not enter into, any agreement with any person
(other than the Secured Party) relating to the Account and/or any financial
asset credited thereto pursuant to which it has agreed, or will agree, to comply
with entitlement orders of such person. The Securities Intermediary has not
entered into any other agreement with the Lien Grantor or the Secured Party
purporting to limit or condition the obligation of the Securities Intermediary
to comply with entitlement orders as agreed in Section 3 hereof.

            Section 9. Successors. This Agreement shall be binding upon, and
shall inure to the benefit of, the parties hereto and their respective
successors and assigns.

            Section 10. Notices. Each notice, request or other communication
given to any party hereunder shall be in writing (which term includes facsimile
or other electronic transmission) and shall be effective (i) when delivered to
such party at its address specified below, (ii) when sent to such party by
facsimile or other electronic transmission, addressed to it at its facsimile
number or electronic address specified below, and such party sends back an
electronic confirmation of receipt or (iii) ten days after being sent to such
party by certified or registered United States mail, addressed to it at its
address specified below, with first class or airmail postage prepaid:

            Lien Grantor:  Morgan Stanley Spectrum Technical L.P.
                           c/o Demeter Management Corporation, General Partner
                           825 3rd Avenue, 9th Floor
                           New York, New York 10020

            Secured Party: Morgan Stanley & Co. Incorporated
                           1 Pierrepont Plaza, 8th Floor
                           Brooklyn, New York 11210
                           Attention:  Commodity Operations Manager

            Securities Intermediary:
                           Morgan Stanley DW Inc.
                           Harborside Financial Center
                           Plaza Two - 1st Floor
                           Jersey City, New Jersey 07311
                           Attention:  Managed Futures Department

Any party may change its address, facsimile number and/or e-mail address for
purposes of this Section by giving notice of such change to the other parties in
the manner specified above.

            Section 11. Termination. The rights and powers granted herein to the
Secured Party (i) have been granted in order to perfect the Security Interest,
(ii) are powers coupled with an interest and (iii) will not be affected by any
bankruptcy of the Lien Grantor or any lapse of time. The obligations of the
Securities Intermediary hereunder shall continue in effect until the Secured
Party has notified the Securities Intermediary in writing that the Transaction
Lien has been terminated pursuant to the terms of the Security Agreement.

                                       MORGAN STANLEY SPECTRUM TECHNICAL L.P.
                                          Demeter Management Corporation,
                                          General Partner

                                       By:/s/ Jeffrey Rothman
                                          --------------------------------------
                                          Name:  Jeffrey Rothman
                                          Title:  President

                                       MORGAN STANLEY & CO. INCORPORATED

                                       By:  /s/ Jeffrey Jennings
                                          --------------------------------------
                                          Name:  Jeffrey Jennings
                                          Title:  Managing Director

                                       MORGAN STANLEY DW INC.

                                       By:/s/ Jeffrey Rothman
                                          --------------------------------------
                                          Name:  Jeffrey Rothman
                                          Title:  Executive Director

<PAGE>

                                                                       Exhibit A

                          [Letterhead of Secured Party]

                                     [Date]

[Name and Address of Securities Intermediary]

Attention:  ____________________

      Re: Notice of Exclusive Control

Ladies and Gentlemen:

            As referenced in the Securities Account Control Agreement dated as
of December 30, 2003 among Morgan Stanley Spectrum Technical L.P. (the "Lien
Grantor"), us and you (a copy of which is attached), we notify you that we will
hereafter exercise exclusive control over securities account number ____________
(the "Account"), all financial assets from time to time credited thereto and all
security entitlements in respect thereof. You are instructed not to accept any
directions, instructions or entitlement orders with respect to the Account or
the financial assets credited thereto from the Lien Grantor or any of its agents
unless otherwise ordered by a court of competent jurisdiction.

            You are instructed to deliver a copy of this notice by facsimile
transmission to [name of Lien Grantor].

                                       Very truly yours,

                                       MORGAN STANLEY & CO. INCORPORATED

                                       By:
                                          --------------------------------------
                                          Title:

cc: Morgan Stanley Spectrum Technical L.P.

<PAGE>

                                   Appendix A

Account numbers established by the Securities Intermediary for Morgan Stanley
Spectrum Technical L.P.

1.    779-006015
2.    779-001035
3.    779-002032
4.    779-001034
5.    779-087301Exhibit 10.1 for Haynes 8K

[Execution Version]

AMENDMENT NO. 8 TO CREDIT AGREEMENT 

        This AMENDMENT NO. 8 TO CREDIT
AGREEMENT (this “Amendment>”), dated as of March 5,
2004, is entered into by and among Haynes International, Inc., a Delaware
corporation (the “Borrower”), the financial institutions
party to the below-defined Credit Agreement (the
“Lenders”), Fleet Capital Corporation, in its capacity
as administrative agent for itself as a Lender and the other Lenders (the
“Administrative Agent”). Each capitalized term used
herein and not otherwise defined herein shall have the meaning given to it in
the Credit Agreement.

PRELIMINARY STATEMENTS 

        WHEREAS, the Borrower, the
Lenders and the Administrative Agent are parties to a Credit Agreement, dated as
of November 22, 1999 (as amended, restated, supplemented or otherwise modified
from time to time, the “Credit
Agreement”);

        WHEREAS, the Borrower, the
Lenders and the Administrative Agent have agreed to enter into an amendment to
the Credit Agreement as set forth herein, in each case upon the terms and
conditions contained in this Amendment;

        NOW, THEREFORE, in consideration
of the premises set forth above, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Borrower, the
Lenders and the Administrative Agent hereby agree as follows:

        SECTION
1.    Definitions.    As
used herein, the following terms shall have the meanings set forth below:

        “Suspension
Period” shall mean the period beginning on the date of execution of
this Amendment and ending on the Suspension Termination Event.

        “Suspension
Termination Event” shall mean the earlier to occur of
(a) March 31, 2004 or (b) the existence or occurrence of any one
or more of the following:

        
(i)    The failure of the Borrower to comply with any term,
condition or covenant set forth in this Amendment.

        
(ii)    The occurrence of any Default under the Loan
Documents.

        SECTION
2.     Temporary Suspension of Senior Note Reserve
During Suspension Period.    The Borrower, the
Lenders and the Administrative Agent agree that, notwithstanding anything to the
contrary in the Credit Agreement, immediately upon the effectiveness of this
Amendment, the Senior Note Reserve shall equal $0 at all times during the
Suspension Period only. Upon a Suspension Termination Event, the agreement set
forth in the preceding sentence shall immediately terminate and the reduction of
the Senior Note Reserve to $0 shall have no force or effect, all without the
requirement of any demand, presentment, protest or notice of any kind, all of
which the Borrower hereby waives. Upon a Suspension Termination Event, the
definition of the term “Senior Note Reserve” as set forth in the
Credit Agreement shall be immediately reinstated and shall be in full force and
effect, including, without limitation, for the purposes of calculating the
Borrowing Base and the Borrower’s prepayment obligation under and in
accordance with Section 2.3(B)(i) of the Credit Agreement, and the
Administrative Agent and the Lenders may proceed to exercise any and all of
their rights and remedies as if the Senior Note Reserve had not been reduced to
$0.

        SECTION
3.    Temporary Reduction of Fixed Charge Reserve to
$3,500,000.    The Borrower, the Lenders and the
Administrative Agent agree that, notwithstanding anything to the contrary in the
Credit Agreement, immediately upon the effectiveness of this Amendment, the
Fixed Charge Reserve shall equal $3,500,000 at all times during the Suspension
Period only. Upon a Suspension Termination Event, the agreement set forth in the
preceding sentence shall immediately terminate and the reduction of the Fixed
Charge Reserve to $3,500,000 shall have no force or effect, all without the
requirement of any demand, presentment, protest or notice of any kind, all of
which the Borrower hereby waives. Upon a Suspension Termination Event, the
definition of the term “Fixed Charge Reserve” as set forth in the
Credit Agreement shall be immediately reinstated and shall be in full force and
effect, including, without limitation, for the purposes of calculating the
Borrowing Base and the Borrower’s prepayment obligation under and in
accordance with Section 2.3(B)(i) of the Credit Agreement, and the
Administrative Agent and the Lenders may proceed to exercise any and all of
their rights and remedies as if the Fixed Charge Reserve had not been reduced to
$3,500,000.

        SECTION
4.     Reservation of
Rights.    Notwithstanding any of the foregoing to
the contrary, the Administrative Agent and the Lenders expressly reserve all of
their rights, powers, privileges and remedies under the Credit Agreement and the
other Loan Documents and/or applicable law with respect to any event,
circumstance, act or omission which has occurred or exists or which may occur or
exist on or after the date hereof, in each case whether known or unknown, and
the Administrative Agent’s or any Lender’s failure to exercise any
such rights, powers, privileges or remedies shall not be deemed a waiver of such
rights, powers, privileges or remedies. No oral representations or course of
dealing on the part of the Administrative Agent or any Lender or any of their
officers, employees or agents, and no failure or delay by the Administrative
Agent or any Lender with respect to the exercise of any right, power, privilege
or remedy under the Credit Agreement and the other Loan Documents or applicable
law shall operate as a waiver thereof, and the single or partial exercise of any
such right, power, privilege or remedy shall not preclude any later exercise of
any other right, power, privilege or remedy.

        SECTION
5.    Covenants.    Notwithstanding
anything contained in this Amendment or in any Loan Document to the contrary,
during the Suspension Period (i) neither the Borrower nor any of its
Subsidiaries may make any Permitted Acquisition that would otherwise be
permitted to be made pursuant to Section 7.3(F) of the Credit Agreement
or any Investment in Permitted Acquisition that would otherwise be permitted to
be made pursuant to Section 7.3(D)(vi) of the Credit Agreement,
(ii) neither the Borrower nor any of its Subsidiaries may make any payment
of the Blackstone Monitoring Fees that would otherwise be permitted to be made
pursuant to Section 7.3(E)(iii) of the Credit Agreement, and (iii)
without the prior written consent of the Administrative Agent, neither the
Borrower nor any of its Subsidiaries may sell, assign, transfer, lease, convey
or otherwise dispose of any assets outside of the ordinary course of business
that would otherwise be permitted to be disposed of pursuant to Section
7.3(B)(iii) of the Credit Agreement.

- 2 -

        SECTION
6.    Interest
Expense.    For the avoidance of doubt, the
Borrower, the Administrative Agent and the Lenders acknowledge and agree that
any semi-annual interest payment due on the Senior Notes (including, without
imitation, such interest payment due on March 1, 2004) shall constitute and
shall be deemed to be an Interest Expense under the Credit Agreement, whether
actually paid or not.

        SECTION
7.     Condition
Precedent.    This Amendment shall become effective
as of the date above written, if, and only if, (i) the Administrative Agent
has received an executed copy of this Amendment from the Borrower, the Lenders,
and the Administrative Agent, (ii) the Administrative Agent has
received (for the account of each Lender) a non-refundable and fully earned
amendment fee in immediately available funds equal to such Lender’s Pro
Rata Share of $100,000, provided however that as to only those
Lenders who participate in the restructuring financing with the Borrower, 100%
of such Lender’s Pro Rata Share of the aforementioned $100,000 fee shall be
applied against the fees earned by such Lender under such restructuring
financing, (iii) the Administrative Agent has received from Parent a duly
executed Consent and Reaffirmation in the form of Exhibit A attached
hereto, and (iv) the Administrative Agent has received from Borrower an updated
restructuring budget in form reasonably satisfactory to the Administrative
Agent.

        SECTION
8.    Limited
Waiver.    The Administrative Agent and each Lender
hereby temporarily waive, until the occurrence of a Suspension Termination
Event, any Unmatured Default under the Credit Agreement or any other Loan
Document resulting solely from the failure of the Borrower to pay interest on
the Senior Notes due on March 1, 2004; provided however that
immediately upon the occurrence of a Suspension Termination Event, the temporary
waiver set forth in the preceding sentence shall immediately terminate and such
temporary waiver shall have no force or effect, all without the requirement of
any demand, presentment, protest or notice of any kind, all of which the
Borrower hereby waives, and the Administrative Agent and the Lenders may proceed
to exercise any and all of their rights and remedies as if such temporary waiver
had never existed; provided further however, that if any
holder of Senior Notes, or any Person claiming by, through, or under one or more
such holders, takes any action to collect or otherwise enforce any right or
remedy with respect to the Borrower’s failure to pay interest on the Senior
Notes due on March 1, 2004, then (i) the Borrower shall, promptly after
obtaining knowledge thereof, notify the Administrative Agent of such action (and
the failure to provide such notice as provided herein shall constitute an
immediate Default under the Credit Agreement) and (ii) a Default under the
Credit Agreement shall exist if such action has not, within five (5) Business
Days after Borrower knows or should reasonably know that such action has been
taken, been terminated or dismissed in a manner satisfactory to the
Administrative Agent in its sole and absolute discretion.

- 3 -

        SECTION
9.    Release.     The
Borrower hereby represents and warrants that the Credit Agreement and the other
Loan Documents are enforceable in accordance with their respective terms (except
as the enforcement thereof may be limited by applicable bankruptcy, insolvency
or similar law affecting creditors’ rights generally and by general
principles of equity) and are not subject to any defenses or offsets of any kind
whatsoever (“Defenses”) and that there are no
liabilities, claims, suits, debts, liens, losses, causes of action, demands,
rights, damages or costs, or expenses of any kind, character or nature
whatsoever, known or unknown, fixed or contingent (collectively, the
“Claims”), which the Borrower may have or claim
to have against the Administrative Agent or any Lender, or any of their
respective affiliates, agents, employees, officers, directors, representatives,
attorneys, successors and assigns (collectively, the “Lender Released
Parties”), which might arise out of or be connected with or
related to any act of commission or omission of the Lender Released Parties
existing or occurring on or prior to the date of this Amendment relating to or
arising out of or in connection with the Obligations or any Loan Document or any
other agreement or transaction contemplated thereby. In furtherance of the
foregoing, the Borrower hereby waives, releases, acquits and forever discharges
the Lender Released Parties from any and all (i) Defenses which it may have
as of the date hereof in connection with or relating to the Credit Agreement or
any other Loan Document, and (ii) Claims that the Borrower may have or
claim to have as of the date hereof, relating to or arising out of or in
connection with or relating to the Obligations or any Loan Document or any other
agreement or transaction contemplated thereby or any action taken in connection
therewith from the beginning of time up to and including the date of the
execution and delivery of this Amendment. The Borrower further agrees forever to
refrain from commencing, instituting or prosecuting any lawsuit, action or other
proceeding against any Lender Released Parties with respect to any and all
Claims expressly released herein.

        SECTION
10.    Representations and
Warranties.    The Borrower represents and warrants
that:

        10.1        The
execution, delivery and performance by Borrower of this Amendment have been duly
authorized by all necessary corporate action.

        10.2        This
Amendment and the Credit Agreement, as amended hereby, constitute legal, valid
and binding obligation of the Borrower and are enforceable against the Borrower
in accordance with their terms (except as the enforcement thereof may be limited
by applicable bankruptcy, insolvency or similar law affecting creditors’
rights generally and by general principles of equity).

        10.3        After
giving effect to this Amendment, each of the representations and warranties
contained in the Credit Agreement and the other Loan Documents is true and
correct in all material respects on and as of the date hereof as if made on the
date hereof, except to the extent that such representations and warranties
expressly relate to an earlier date; provided however, that until
the occurrence of a Suspension Termination Event and for purposes of Section
6.12(i) of the Credit Agreement only, the Borrower shall not be deemed to be
in default in the performance, observance or fulfillment of any of the
obligations, covenants or conditions contained in any Contractual Obligation
applicable to it if and only if such default results solely from the failure of
the Borrower to pay interest on the Senior Notes due on March 1,
2004.

- 4 -

        10.4        
Neither the execution, delivery and performance of this Amendment nor the
consummation of the transactions contemplated hereby does or shall contravene,
result in a breach of, or violate (i) any provision of the Borrower’s
certificate or articles of incorporation or bylaws, (ii) any law or regulation,
or any order or decree of any court or government instrumentality, or (iii) any
indenture, mortgage, deed of trust, lease, agreement or other instrument to
which the Borrower is a party or by which Borrower or any of its property is
bound, except in any such case to the extent such conflict or breach has been
waived by a written waiver document, a copy of which has been delivered to Agent
on or before the date hereof; and

        10.5        
After giving effect to this Amendment, no Unmatured Default or Default has
occurred and is continuing under the Loan Documents.

        SECTION
11.    Reference to and Effect on the Credit Agreement
and the other Loan Documents.

        11.1        Neither
the reduction of the Senior Note Reserve to $0 or the Fixed Charge Reserve to
$3,500,000 set forth in Section 2 and Section 3, respectively,
above nor any anything in this Amendment or in any ongoing discussions or
negotiations which may take place between the Administrative Agent, any Lender,
the Borrower or any other Person shall directly or indirectly (i) create
any obligation to defer any enforcement action, (ii) except as expressly
set forth herein, constitute a consent or waiver of any past, present or future
Default or other violation of any provisions of the Credit Agreement and the
other Loan Documents, (iii) amend, modify or operate as a waiver of any
provision of the Credit Agreement and the other Loan Documents, except as
expressly set forth herein, or any right, power, privilege or remedy of the
Administrative Agent and the Lenders thereunder, or (iv) constitute a course of
dealing or other basis for altering any Obligation of the Borrower or any other
Person obligated under the Credit Agreement and the other Loan Documents or any
other contract or instrument.

        11.2        The
reduction of the Senior Note Reserve to $0 and the Fixed Charge Reserve to
$3,500,000 set forth in Section 2 and Section 3, respectively,
above is effective solely during the Suspension Period and such reduction and
the amendments set forth herein are effective solely for the purposes set forth
herein and shall be limited precisely as written, and shall not be deemed to
(i) except as expressly provided in this Amendment, be a consent to any
amendment, waiver or modification of any term or condition of the Credit
Agreement or of any other Loan Document or (ii) prejudice any right or
rights that the Agent or any Lender may now have or may have in the future under
or in connection with the Credit Agreement or any other Loan
Document.

- 5 -

        11.3        This
Amendment shall be construed in connection with and as part of the Credit
Agreement and all terms, conditions, representations, warranties, covenants and
agreements set forth in the Credit Agreement and each other Loan Document,
except as herein amended or waived, are hereby ratified and confirmed and shall
remain in full force and effect.

        11.4        Upon
the effectiveness of this Amendment, each reference in the Credit Agreement to
“this Credit Agreement”, “hereunder”, “hereof”,
“herein” or words of similar import shall mean and be a reference to
the Credit Agreement as amended hereby.

        SECTION
12.    Costs And
Expenses.    As provided in Section 10.7(A)
of the Credit Agreement, the Borrower agrees to reimburse the Administrative
Agent for all reasonable costs, internal charges, and out-of-pocket expenses
(including reasonable attorneys’ and paralegals’ fees and time charges
of attorneys and paralegals) paid or incurred in connection with the
preparation, execution, delivery and administration of this Amendment (and the
other documents to be delivered in connection herewith).

        SECTION
13.    No Third Party
Beneficiaries.    This Amendment does not create,
and shall not be construed as creating, any rights enforceable by any person not
a party to this Amendment.

        SECTION
14.    Loan
Document.    This Amendment shall constitute a Loan
Document.

        SECTION
15.    Severability.    In
case any provision in or obligation under this Amendment shall be invalid,
illegal or unenforceable in any jurisdiction, the validity, legality and
enforceability of the remaining provisions or obligations, or of such provision
or obligation in any other jurisdiction, shall not in any way be affected or
impaired thereby.

        SECTION
16.    Governing
Law.    This Amendment shall be governed and
construed in accordance with the laws (including 735 ILCS Section 105/5-1 et
seq. but otherwise without regard to conflict of law provisions) of the
State of Illinois.

        SECTION
17.    
Headings.    Section headings in this
Amendment are included herein for convenience of reference only and shall not
constitute a part of this Amendment for any other purposes.

        SECTION
18.    Counterparts.    This
Amendment may be executed by one or more of the parties to the Amendment on any
number of separate counterparts and all of said counterparts taken together
shall be deemed to constitute one and the same instrument.

- 6 -

        SECTION
19.    Signatures by
Fax.    Delivery of an executed counterpart of this
Amendment by fax shall have the same force and effect as the delivery of an
original executed counterpart of this Amendment. Any party delivering an
executed counterpart of this Amendment by fax shall also deliver an original
executed counterpart, but the failure to do so shall not affect the validity,
enforceability or binding effect of this Amendment.

[The remainder of this page is internationally blank]

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        IN WITNESS WHEREOF, this
Amendment has been duly executed and delivered on the date first above
written.

	
 	
HAYNES INTERNATIONAL, INC.

By:  /s/ Calvin S. McKay

Print Name:  Calvin S. McKay

Title:  VP-Finance

FLEET CAPITAL CORPORATION,

as a Lender and as Administrative Agent

By:  /s/ Robert J. Lund

Print Name:  Robert J. Lund

Title:  Senior Vice President

THE CIT GROUP/BUSINESS CREDIT, INC.,

as a Lender

By:  /s/ Glenn P. Bartley

Print Name:  Glenn P. Bartley

Title:  Vice President

NATIONAL CITY COMMERCIAL FINANCE, INC.,

as a Lender

By:  /s/ Elizabeth M. Lynch

Print Name:  Elizabeth M. Lynch

Title:  SVP

Signature Page to Amendment

No. 8 To Credit Agreement

EXHIBIT A

CONSENT AND REAFFIRMATION 

        The undersigned hereby
(i) acknowledges receipt of a final, signed copy of the foregoing Amendment
No. 8 to Credit Agreement (the “Amendment”; capitalized
terms used and not defined herein having the meanings assigned thereto in the
Amendment); (ii) consents to the execution and delivery by the Borrower of
the Amendment; (iii) agrees to cause Borrower to comply with the terms and
conditions of the Amendment; and (iv) affirms that nothing contained in the
Amendment shall modify in any respect whatsoever its guaranty of the Obligations
of the Borrower to the Agent for the benefit of the Lenders as provided in that
certain Guaranty, dated as of November 22, 1999 (as amended, restated,
supplemented or otherwise modified from time to time, the
“Guaranty”) or any other Loan Document to which it is a
party and reaffirms that the Guaranty and all other Loan Documents to which it
is a party shall continue to remain in full force and effect. Although the
undersigned have been informed of the matters set forth herein and has
acknowledged and agreed to same, the undersigned understands that neither the
Administrative Agent nor any Lender has any obligation to inform the undersigned
of such matters in the future or to seek either of the undersigned’s
acknowledgment or agreement to future amendments, waivers or consents, and
nothing herein shall create such a duty. 

        IN WITNESS WHEREOF, the
undersigned has executed this Consent and Reaffirmation on and as of the date of
the Agreement.

	 	
HAYNES HOLDINGS, INC., a Delaware corporation

By:  /s/  Calvin S. McKay

Print Name:  Calvin S. McKay

Title:  VP Finance

Exhibti A to Amendment No. 8 To

Credit Agreement

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