Document:

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                                                                    Exhibit 10.2

HAYNES INTERNATIONAL, INC.
Death Benefit Plan
MASTER PLAN DOCUMENT

                           HAYNES INTERNATIONAL, INC.
                               DEATH BENEFIT PLAN
                            Effective January 1, 2003

                                    ARTICLE 1
                            ESTABLISHMENT OF THE PLAN

1.1. ESTABLISHMENT OF THE PLAN. Haynes International, Inc. (the "Company")
     hereby establishes a death benefit only plan for eligible employees of the
     Employer, effective as of January 1, 2003, to be known as the "Haynes
     International, Inc. Death Benefit Plan" (the "Plan"), as set forth in this
     document.

                                    ARTICLE 2
                          ELIGIBILITY AND PARTICIPATION

2.1. ELIGIBILITY AND PARTICIPATION. Participation in the Plan shall be limited
     to only those employees of the Haynes International, Inc. Supplemental
     Executive Retirement Plan. From that group, the Haynes International, Inc.
     Retirement Committee shall select, in its sole discretion, employees to
     participate in the Plan. Any selected employee shall become a participant
     as of the date specified by the Committee. No employee has a right to be
     selected as a participant under this Plan, nor to continue as a participant
     under this Plan indefinitely. The Committee, however, shall comply with the
     terms of any employment agreement entered into by the Company with a
     particular employee in determining the eligibility of that employee to
     participate in this Plan. Subject solely to any individual employment
     agreement, eligibility and participation in this Plan shall cease
     automatically when a participant becomes totally and permanently disabled
     as determined by the Committee, when a participant first begins receiving a
     retirement benefit under any retirement benefit plan maintained by the
     Company for executives, or when otherwise determined by the Committee in
     its sole discretion.

                                    ARTICLE 3
                                 DEATH BENEFITS

3.1. DEATH BENEFITS. If a participant dies while employed by the Company, his or
     her designated beneficiary shall be entitled to receive a death benefit
     equal to the amount determined from time to time by the Committee and set
     forth in Exhibit A to this Plan.

3.2. DESIGNATION OF BENEFICIARY. Upon the commencement of participation in the
     Plan, each participant shall designate in writing on a form provided by the
     Committee and set forth in Exhibit B a beneficiary or beneficiaries to
     receive any death benefits payable under the terms of this Plan. A
     participant may revoke his or her beneficiary designation at any time and
     submit a new designation in writing. Upon the death of the participant, the

                                      - 1 -
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HAYNES INTERNATIONAL, INC.
Death Benefit Plan
MASTER PLAN DOCUMENT

     Committee shall pay the death benefit due under this Plan in accordance
     with the last written beneficiary designation received by the Committee
     prior to the date of the participant's death. If no beneficiary is
     designated, the death benefit shall be paid to the participant's spouse, or
     if none, per stirpes to the participant's descendants living at the time of
     his or her death, or, if none, to the participant's estate.

3.3. METHOD OF PAYMENT. Death benefits provided under this Plan shall be paid as
     set forth in Exhibit A.

                                    ARTICLE 4
                               GENERAL PROVISIONS

4.1. FUNDING. No funds shall be segregated or earmarked for any participant or
     beneficiary. However, the Company may use any means to set aside or
     generate funds necessary to satisfy its obligations under the Plan,
     including the purchase of insurance or the establishment of one or more
     grantor trusts of the type referred to as a "rabbi trust." Any such assets
     that are set aside in the discretion of the Company for purposes of this
     Plan shall at all times be subject to the claims of the Company's general
     creditors in the event of insolvency, and no participant or beneficiary
     shall have any right, title or interest in any fund, any specific sum of
     money, any grantor trust, or any asset that may be acquired by the Company
     with respect to the Company's obligations under this Plan (other than as a
     general creditor of the Company with an unsecured claim against the general
     assets), or in any other assets of the Company by virtue of participation
     in this Plan.

4.2. EMPLOYMENT RIGHTS. Establishment of this Plan shall not be construed to
     give any participant the right to be retained by the Company, or to any
     benefits not specifically provided by the Plan.

4.3. EFFECT ON OTHER BENEFIT PLANS. Amounts paid under this Plan shall not be
     considered to be compensation for the purposes of any qualified retirement
     plan maintained by the Company. The treatment of such amounts under other
     employee benefit plans shall be pursuant to the provisions of each plan.

4.4. APPLICABLE LAW. This Plan shall be construed under the laws of the State of
     Indiana, and shall be binding upon and inure to the benefit of the
     participant and' the Company and any successor company of the Company by
     way of merger, reorganization, acquisition, or sale by the Company of
     substantially all of its assets.

                                      - 2 -
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HAYNES INTERNATIONAL, INC.
Death Benefit Plan
MASTER PLAN DOCUMENT

                                    ARTICLE 5
                           AMENDMENT AND TERMINATION,

5.1. AMENDMENT AND TERMINATION. The Company reserves the right to amend the Plan
     or terminate the Plan at any time. However, no such amendment or
     termination shall adversely affect the rights of a beneficiary already
     receiving payments under the Plan.

     IN WITNESS WHEREOF, the Company has signed this Plan document as of
January 1, 2003.

                                        HAYNES INTERNATIONAL, INC., a Delaware
                                        corporation

                                        By: /s/ FRANCIS J. PETRO
                                           -------------------------------------
                                        Title: PRESIDENT & CEO
                                              ----------------------------------

     [Exhibit A - Determination of Death Benefit Amount and Exhibit B -
Beneficiary Form have been omitted from the Plan as filed with the Securities
and Exchange Commission (the "SEC"). The omitted information is considered
immaterial from an investor's perspective. The Registrant will furnish
supplementally a copy of any of the omitted exhibits to the SEC upon request
from the SEC.]

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                                                                    Exhibit 10.3

                              AMENDMENT NUMBER ONE
                                     TO THE
                  HAYNES INTERNATIONAL, INC. DEATH BENEFIT PLAN

     The Haynes International, Inc. Death Benefit Plan ("Plan") is hereby
amended by Haynes International, Inc. (the "Corporation") as hereinafter
provided.

                                   BACKGROUND

     The Corporation reserved the right to amend the Plan pursuant to SECTION
5.1 of the Plan and now desires to amend the Plan to modify EXHIBIT A attached
to the Plan in order to remove restrictions and further qualify certain death
benefits payable by the Corporation under the Plan.

                                    AMENDMENT

     The Plan is hereby amended, effective as of the dates indicated herein, as
follows:

     1.   The phrase "$1,600,000 payable from 10/01/03 to 9/30/04" set forth in
EXHIBIT A attached to the Plan is hereby deleted in its entirety and replaced
with the following language:

          "$1,600,000 payable from 10/01/03 until such time as Frances Petro
          ("Petro") shall retire from employment with the Company
          ("Retirement"); provided, however, that any death benefits to be
          provided to Petro under this Plan prior to Retirement shall be reduced
          by the SERP Benefit (as defined in the SERP Plan) Petro (or his
          beneficiary) has previously received or has become entitled to
          receive, whether in cash or otherwise, under the Haynes International,
          Inc. Supplemental Executive Retirement Plan, effective January 1, 2002
          (the "SERP Plan")."

     2.   The phrase "Agreement terminates 10/01/04 unless continued by mutual
consent of the parties" set forth in EXHIBIT A attached to the Plan is hereby
deleted in its entirety.

     3.   This Amendment may be executed in multiple counterparts, each of which
shall be deemed an original, but all of which shall constitute one and the same
instrument. The validity, meaning and effect of this Amendment shall be
determined in accordance with the laws of the State of Indiana applicable to
contracts made and to be performed in that State.

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     4.   This Amendment amends the Plan to the extent provided herein only and
all other provisions thereof shall remain in full force and effect.

     The Amendment Number One to the Haynes International, Inc. Death Benefit
Plan is executed as of the 30th day of August, 2004.

               "Corporation"

               HAYNES INTERNATIONAL, INC.

               By: /s/ Jean C. Neel
                   -------------------------------------------------------------

               Title: Vice President , Corporate Affairs and Corporate Secretary
                      ----------------------------------------------------------

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