Document:

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                                                                    Exhibit 10.8

January 1, 2002

Mr. Francis J. Petro
2308 Executive Drive
Kokomo, Indiana  46902

Dear Francis:

         Haynes International, Inc. (the "Company") previously entered into a
legally binding letter agreement with you, dated January 9, 1999, regarding your
employment relationship with the Company (the "Employment Letter"). The
Employment Letter contemplated the subsequent execution of a definitive
employment agreement on terms consistent with those of the Employment Letter,
but we have never entered into that definitive employment agreement.

         The purpose of this letter is to reflect our agreement that (a) the
Employment Letter is no longer in effect, (b) the parties do not intend to enter
into the definitive employment agreement contemplated by the Employment Letter,
and (c) you shall remain employed as Chief Executive Officer of the Company as
long as you are employed by the Company. It is also agreed that either the
Company or you may terminate your employment by the Company at any time, with or
without cause, by sending written notice thereof to the other party.

         Your base salary for 2002 will be $440,000 and for any periods
therafter you base salary will be mutually agreed upon by the Company and you.
Your target bonus for each calendar year of employment will be 60% of your base
salary, and the payment of the bonus (or portion thereof) will be subject to
achievement of such criteria as are agreed upon by the Company and you. During
the period you are employed by the Company, you will also be entitled to the
perquisites that the Company has provided to you in the past and to participate
in all employee benefit plans and programs generally maintained for senior
executives of the Company. It is also agreed that upon separation from service
with the Company regardless of the reason therefor, the Company shall provide to
you a single life annuity for your life providing an annual benefit equal to the
product of (a) your years (full and partial years rounded to the nearest full
day) of service with the Company and (b) 3% of your Final Average Compensation.
Your Final Average Compensation shall be the product of (a) twelve times (b) the
sum of all base salary and annual bonus compensation you received from the
Company (including amounts withheld from your base salary as elective
contributions to the Haynes International, Inc. Combined Profit Sharing and
Savings Plan and the Haynes International, Inc. Flexible Benefit Plan) during
your final sixty completed months of service with the Company divided by sixty.
If you have completed less than five years of service with the Company, your
Final Average Compensation shall be the product of (a) twelve times (b) the sum
of all base salary and annual bonus compensation you received from the Company
(including amounts withheld from your base salary as elective contributions to
the Haynes International, Inc. Combined Profit Sharing and Savings Plan and the
Haynes International, Inc. Flexible Benefit Plan) during your period of service
with the Company, divided by your completed months of service with the Company.
Notwithstanding the foregoing, for purposes of determining Final Average
Compensation, any partial months of service and compensation received for such
partial months shall be

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disregarded. The benefit contemplated hereby will be provided by an annuity
contract to be paid in full by the Company promptly following your separation
from service with the Company, and the annuity contract shall be issued by a
reputable insurance company mutually agreed upon by the Company and you.

         If the foregoing accurately reflects the agreement that has been
reached with respect to your continued employment by the Company, please so
indicate by signing a copy of this letter in the appropriate place set forth
below.

                                            Haynes International, Inc.

                                            By: /s/ Richard C. Lappin
                                                ---------------------

                                            By: /s/ Chinh E. Chu
                                                ----------------

Agreed and accepted as pf the date first written above:

  /s/ Francis J. Petro
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                                                                    Exhibit 10.9

                              AMENDMENT NUMBER ONE
                                     TO THE
                                 PLAN AGREEMENT

     THIS AMENDMENT NUMBER ONE TO PLAN AGREEMENT ("AMENDMENT") is made and
entered into, as of this 30th day of August, 2004 (the "EFFECTIVE DATE"), by and
between Haynes International, Inc. (the "COMPANY") and Francis J. Petro (the
"PARTICIPANT").

                                   WITNESSETH:

     WHEREAS, the Company previously established the Haynes International, Inc.
Supplemental Executive Retirement Plan, effective January 1, 2002 (the "PLAN"),
whereby a select group of management and highly compensated employees of the
Company are entitled to receive specified benefits under the Plan;

     WHEREAS, the Participant was selected to participate in the Plan and as a
result the Company and the Participant previously entered into that certain Plan
Agreement, dated December 13, 2002, a copy of which is attached hereto and
incorporated herein as EXHIBIT A (the "PLAN AGREEMENT");

     WHEREAS, the Company and the Participant previously entered into that
certain Executive Employment Agreement, dated as of January 1, 2003 which shall
be amended and restated by a certain Amended and Restated Executive Employment
Agreement (the "EMPLOYMENT AGREEMENT");

     WHEREAS, the parties hereto desire to amend the Plan Agreement upon the
terms and conditions set forth in this Amendment; and

     WHEREAS, capitalized terms used herein but not defined herein shall have
the meanings specified in the Plan;

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     NOW, THEREFORE, in consideration of the mutual promises, covenants and
agreements contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows:

                                   AMENDMENTS

     1.   Paragraph 4 of the Plan Agreement is hereby deleted in its entirety
          and replaced with the following:

          "4.  SERP BENEFIT. The Participant's SERP Benefit shall be a monthly
     amount, payable for the life of the Participant commencing as of the date
     determined in accordance with Article 3 of the Plan Document, equal to the
     product of:

               (a)  Three percent (3%), MULTIPLIED BY

               (b)  the product of (i) the Participant's Years of Service,
          MULTIPLIED BY (ii) the Participant's Average Compensation; and reduced
          by

               (c)  The Actuarial Equivalent value of any amounts that the
          Participant is entitled to under the Haynes International, Inc.
          Pension Plan or any successor defined benefit pension plan.

     For the purposes of this Plan Agreement, the consummation of a plan of
     reorganization of the Company and the transactions contemplated thereby as
     approved by the Bankruptcy Court for the Southern District of Indiana with
     respect to the filing of a voluntary petition for bankruptcy by the Company
     under Chapter 11 of Title 11 of the U.S. Code (11 USC Section 101, ET.
     SEQ.) in the U.S. Bankruptcy Court for the Southern District of Indiana
     shall not constitute a Change in Control.

     2.   Paragraph 8 is hereby inserted as a new paragraph in the Plan
Agreement immediately following Paragraph 7 and shall be as follows:

          "8.  ACKNOWLEDGEMENT AND AGREEMENT. The Participant hereby
     acknowledges and agrees that the provisions of this Agreement, and the
     Company's obligations hereunder, fully satisfy the Company's obligations
     under SECTION 1(e)(vii) of the Employment Agreement.

     3.   This Amendment may be executed in two (2) counterparts, each of which
shall be deemed an original, but both of which shall constitute one and the same
instrument. The validity,

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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.

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

     IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the
Effective Date.

                                       "PARTICIPANT"

                                         /s/ Francis J. Petro
                                        --------------------------------
                                        Francis J. Petro

                                        "COMPANY"

                                        HAYNES INTERNATIONAL, INC.

                                        Compensation Committee

                                        /s/ Richard C. Lappin
                                        --------------------------------
                                        Signature of Committee Member

                                          Richard C. Lappin
                                        --------------------------------
                                        Type or Print Name

     [Exhibit A - Plan Agreement under the Supplemental Executive Retirement
Plan Agreement has been omitted from the Agreement as filed with the Securities
and Exchange Commission (the "SEC"). The omitted information is filed as Exhibit
10.08 to the Registration Statement. The Registrant will furnish supplementally
a copy of any of the omitted exhibit to the SEC upon request from the SEC.]

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