Document:

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                                                                    Exhibit 10.4

HAYNES INTERNATIONAL, INC.
Supplemental Executive Retirement Plan
PLAN DOCUMENT

                            EFFECTIVE JANUARY 1, 2002

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HAYNES INTERNATIONAL, INC.
Supplemental Executive Retirement Plan
PLAN DOCUMENT

                                TABLE OF CONTENTS

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                                                                                                        PAGE
                                                                                                        ----
PURPOSE

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ARTICLE I.     Definitions................................................................................4

ARTICLE II.    Eligibility................................................................................8

     2.1.      Selection by Committee.....................................................................8
     2.2.      Enrollment Requirements....................................................................8
     2.3.      Commencement of Participation..............................................................8

ARTICLE III.   Benefits...................................................................................8

     3.1.      Normal Benefit.............................................................................8
     3.2.      Change in Control Benefit..................................................................8
     3.3.      Death Prior to the Commencement of Benefits................................................8
     3.4.      Death After the Commencement of Benefits...................................................9
     3.5.      Limitation on Benefits.....................................................................9
     3.6.      Withholding and Payroll Taxes..............................................................9

ARTICLE IV.    Forms of Benefit Payment...................................................................9

     4.1.      Normal Forms of Benefit....................................................................9
     4.2.      Optional Forms of Benefit..................................................................9
     4.3.      Automatic Lump Sum Benefit.................................................................9

ARTICLE V.     Termination, Amendment or Modification of the Plan........................................10

     5.1.      Termination...............................................................................10
     5.2.      Amendment.................................................................................10
     5.3.      Plan Agreement............................................................................10
     5.4.      Effect of Payment.........................................................................10

ARTICLE VI.    Other Benefits and Agreements.............................................................10

     6.1.      Coordination with Other Benefits..........................................................10

ARTICLE VII.   Administration of the Plan................................................................11

     7.1.      Committee Duties..........................................................................11
     7.2.      Agents....................................................................................11
     7.3.      Binding Effect of Decisions...............................................................11
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HAYNES INTERNATIONAL, INC.
Supplemental Executive Retirement Plan
PLAN DOCUMENT

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     7.4.      Indemnity of Committee....................................................................11
     7.5.      Employer Information......................................................................11

ARTICLE VIII.  Claims Procedures.........................................................................11

     8.1.      Presentation of Claim.....................................................................11
     8.2.      Notification of Decision..................................................................12
     8.3.      Review of a Denied Claim..................................................................12
     8.4.      Decision on Review........................................................................13
     8.5.      Legal Action..............................................................................13

ARTICLE IX.    Beneficiary Designation...................................................................14

     9.1.      Beneficiary...............................................................................14
     9.2.      Beneficiary Designation; Change...........................................................14
     9.3.      Acknowledgment............................................................................14
     9.4.      No Beneficiary Designation................................................................14
     9.5.      Doubt as to Beneficiary...................................................................14
     9.6.      Discharge of Obligations..................................................................14

ARTICLE X.     Trust.....................................................................................15

     10.1.     Establishment of the Trust................................................................15
     10.2.     Interrelationship of the Plan and the Trust...............................................15
     10.3.     Distributions From the Trust..............................................................15

ARTICLE XI.    Miscellaneous.............................................................................15

     11.1.     Status of the Plan........................................................................15
     11.2.     Unsecured General Creditor................................................................15
     11.3.     Employer's Liability......................................................................15
     11.4.     Nonassignability..........................................................................15
     11.5.     Not a Contract of Employment..............................................................16
     11.6.     Furnishing Information....................................................................16
     11.7.     Terms.....................................................................................16
     11.8.     Captions..................................................................................16
     11.9.     Governing Law.............................................................................16
     11.10.    Notice....................................................................................16
     11.11.    Successors................................................................................17
     11.12.    Spouse's Interest.........................................................................17
     11.13.    Validity..................................................................................17
     11.14.    Incompetent...............................................................................17
     11.15.    Court Order...............................................................................17
</Table>

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HAYNES INTERNATIONAL, INC.
Supplemental Executive Retirement Plan
PLAN DOCUMENT

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     11.16.    Distribution in the Event of Taxation.....................................................18
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HAYNES INTERNATIONAL, INC.
Supplemental Executive Retirement Plan
PLAN DOCUMENT

                           HAYNES INTERNATIONAL, INC.
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

                            EFFECTIVE JANUARY 1, 2002

                                     PURPOSE

        The purpose of this Plan, as hereinafter defined, is to provide
specified benefits to a select group of management and highly compensated
employees of Haynes International, Inc., a Delaware corporation, and its
subsidiaries, if any, that sponsor this Plan. This Plan shall be unfunded for
tax purposes and for purposes of Title I of ERISA.

                                    ARTICLE I.
                                   DEFINITIONS

        For purposes hereof, unless otherwise clearly apparent from the context,
the following phrases or terms shall have the following indicated meanings:

1.1     "Actuarial Equivalent" shall mean a benefit or benefits, or a payment or
        payments, which are of equal value to the benefits for which they are to
        be substituted. Equivalence of value is determined from actuarial
        calculations based on certain actuarial assumptions as to mortality,
        interest and return of assets, which will be determined by the most
        recent actuarial report of the Haynes International, Inc. Defined
        Pension Benefit Plan, applied with respect to the particular Form, as
        hereinafter defined, of payment under this Plan.

1.2     "Average Compensation" shall mean the average of a Participant's, as
        hereinafter defined, Compensation, as hereinafter defined, for his or
        her last sixty (60) full calendar months of employment with an Employer,
        as hereinafter defined, (or, if the Participant has been employed for
        less than sixty (60) full calendar months, the actual number of the
        Participant's full calendar months of employment) prior to the
        Determination Date, as hereinafter defined.

1.3     "Beneficiary" shall mean the individual designated in accordance with
        Article 9 that is entitled to receive benefits under this Plan upon the
        death of a Participant.

1.4     "Beneficiary Designation Form" shall mean the form established from time
        to time by the Committee that a Participant completes, signs and returns
        to the Committee to designate one or more Beneficiaries.

1.5     "Board" shall mean the board of directors of the Company, as hereinafter
        defined.

1.6     "Change in Control" shall mean the first to occur of any of the
        following events:

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HAYNES INTERNATIONAL, INC.
Supplemental Executive Retirement Plan
PLAN DOCUMENT

        (a)     Any "person" (as that term is used in Section 13 and 14(d)(2) of
                the Securities Exchange Act of 1934, as amended ("Exchange
                Act")) becomes the beneficial owner (as that term is used in
                Section 13(d) of the Exchange Act), directly or indirectly, of
                fifty percent (50%) or more of the Company's capital stock
                entitled to vote in the election of directors;

        (b)     During any period of not more than two consecutive years, not
                including any period prior to the adoption of this Plan,
                individuals who, at the beginning of such period constitute the
                Board, and any new director (other than a director designated by
                a person who has entered into an agreement with the Company to
                effect a transaction described in clause (a), (c), (d) or (e) of
                this Section 1.6) whose election by the Board or nomination for
                election by the Company's stockholders was approved by a vote of
                at least three-fourths (3/4ths) of the directors then still in
                office, who either were directors at the beginning of the period
                or whose election or nomination for election was previously so
                approved, cease for any reason to constitute at least a majority
                thereof;

        (c)     The shareholders of the Company approve any consolidation or
                merger of the Company, other than a consolidation or merger of
                the Company in which the holders of the common stock of the
                Company immediately prior to the consolidation or merger hold
                more than fifty percent (50%) of the voting rights of the
                surviving corporation immediately after the consolidation or
                merger;

        (d)     The shareholders of the Company approve any plan or proposal for
                the liquidation or dissolution of the Company; or

        (e)     The shareholders of the Company approve the sale or transfer of
                all or substantially all of the assets of the Company to parties
                that are not within a "controlled group of corporations" (as
                defined in Code, as hereinafter defined, Section 1563) in which
                the Company is a member.

1.7     "Change in Control Benefit" shall mean the benefits set forth in
        Section 3.2.

1.8     "Claimant" shall have the meaning set forth in Section 8.1.

1.9     "Code" shall mean the Internal Revenue Code of 1986, as amended from
        time to time.

1.10    "Committee" shall mean the Committee described in Article 7.

1.11    "Company" shall mean Haynes International, Inc., a Delaware Corporation,
        and any successor to all or substantially all of the Company's assets or
        business.

1.12    "Compensation" shall mean the annual base salary and bonus paid to a
        Participant under any Employer's annual bonus or cash incentive plans,
        but excluding commissions,

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HAYNES INTERNATIONAL, INC.
Supplemental Executive Retirement Plan
PLAN DOCUMENT

        overtime, fringe benefits, stock options, relocation expenses,
        non-monetary awards, director fees and other fees, and automobile and
        other allowances (whether or not such allowances are included in the
        Employee's, as hereinafter defined, gross income). Annual base salary
        and bonus amounts shall be calculated before reduction for compensation
        deferred pursuant to all qualified, non-qualified and Code Section 125
        plans of any Employer; provided, however, that all such amounts will be
        included in compensation only to the extent that had there been no such
        plan, the amount would have been payable in cash to the Employee.

1.13    "Death Benefit" shall mean the benefits due, if any, to the
        Participant's Beneficiary pursuant to Article 3 upon the Participant's
        death.

1.14    "Determination Date" shall mean, for purposes of calculating the SERP
        Benefit, as hereinafter defined, the earlier of (i) date on which a
        Change in Control occurs, (ii) the date on which the Participant dies
        while employed by an Employer, or (iii) the date on which the
        Participant experiences a Termination of Employment, as hereinafter
        defined.

1.15    "Election Form" shall mean the form established from time to time by the
        Committee that a Participant completes, signs and returns to the
        Committee to make an election under the Plan.

1.16    "Employee" shall mean any individual employed by an Employer.

1.17    "Employer(s)" shall mean the Company and/or any of its subsidiaries (now
        in existence or hereafter formed or acquired) that have been selected by
        the Board to participate in the Plan and have adopted the Plan as a
        sponsor.

1.18    "ERISA" shall mean the Employee Retirement Income Security Act of 1974,
        as it may be amended from time to time.

1.19    "Form" shall mean form of payment as described in Article 4.

1.20    "Life Annuity" shall mean a benefit that is payable monthly in the form
        of an annuity for the life of the Participant and that is equal to the
        Participant's SERP Benefit.

1.21    "Lump Sum" shall mean a benefit that is payable in a lump sum and that
        is the Actuarial Equivalent of the Participant's SERP Benefit.

1.22    "Normal Benefit" shall mean the benefits set forth in Section 3.1.

1.23    "Participant" shall mean any Employee (i) who is selected to participate
        in the Plan, (ii) who elects to participate in the Plan, (iii) who signs
        a Plan Agreement and a Beneficiary Designation Form, (iv) whose signed
        Plan Agreement and Beneficiary Designation Form

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HAYNES INTERNATIONAL, INC.
Supplemental Executive Retirement Plan
PLAN DOCUMENT

        are accepted by the Committee, (v) who commences participation in the
        Plan, and (vi) whose Plan Agreement has not terminated.

1.24    "Plan" shall mean the Company's Supplemental Executive Retirement Plan,
        which shall be evidenced by this instrument and by each Plan Agreement,
        as amended from time to time.

1.25    "Plan Agreement" shall mean a written agreement, as may be amended from
        time to time, which is entered into by and between an Employer and a
        Participant. Each Plan Agreement executed by a Participant shall provide
        for the entire benefit to which such Participant is entitled under the
        Plan; should there be more than one Plan Agreement, the Plan Agreement
        bearing the latest date of acceptance by the Employer shall supercede
        all previous Plan Agreements in their entirety and shall govern such
        entitlement. The terms of any Plan Agreement may be different for any
        Participant, and any Plan Agreement may provide additional benefits not
        set forth in the Plan or limit the benefits otherwise provided under the
        Plan; provided, however, that any such additional benefits or benefit
        limitations must be agreed to by both the Employer and the Participant.

1.26    "SERP Benefit" shall have the meaning set forth in each Participant's
        Plan Agreement.

1.27    "Term Certain and Life Annuity" shall mean a benefit that is payable
        monthly in the form of an annuity for the greater of (i) ten (10) years,
        or (ii) the life of the Participant, and that is the Actuarial
        Equivalent of the Participant's SERP Benefit. If the Participant dies
        prior to the receipt of the guaranteed monthly payments, then the
        balance of the guaranteed monthly payments shall be paid to the
        Participant's designated Beneficiary and shall continue until the total
        guaranteed monthly payments have been made to the Participant and his or
        her Beneficiary.

1.28    "Termination of Employment" or "Terminates Employment" shall mean
        severance from employment with all Employers, voluntarily or
        involuntarily, for any reason, including retirement or disability, but
        excluding death.

1.29    "Trust" shall mean the trust, if any, established by the Company as set
        forth in Article 10.

1.30    "Year(s) of Service" shall mean the total number of full years plus
        whole calendar months in which a Participant has been employed by one or
        more Employers, computed as of the Determination Date. For purposes of
        this definition, a year of employment shall be a 365 day period (or 366
        day period in the case of a leap year) that, for the first year of
        employment, commences on the Employee's date of hiring and that, for any
        subsequent year, commences on an anniversary of that hiring date.

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HAYNES INTERNATIONAL, INC.
Supplemental Executive Retirement Plan
PLAN DOCUMENT

                                   ARTICLE II.
                                   ELIGIBILITY

2.1.    SELECTION BY COMMITTEE. Participation in the Plan shall be limited to a
        select group of management and highly compensated Employees of the
        Employers, as determined by the Committee in its sole discretion. From
        that group, the Committee shall select, in its sole discretion,
        Employees to participate in the Plan.

2.2.    ENROLLMENT REQUIREMENTS. As a condition to participation, each selected
        Employee shall complete, execute and return to the Committee a Plan
        Agreement and a Beneficiary Designation Form, all within the time period
        specified by the Committee. In addition, the Committee shall establish
        from time to time such other enrollment requirements as it determines in
        its sole discretion are necessary.

2.3.    COMMENCEMENT OF PARTICIPATION. Provided an Employee selected to
        participate in the Plan has met all enrollment requirements set forth in
        this Plan and required by the Committee, including returning all
        required documents to the Committee within the specified time period,
        that Employee shall commence participation in the Plan on the date
        specified by the Committee. If a selected Employee fails to meet all
        such requirements within the period required, in accordance with Section
        2.2, that Employee shall not be eligible to participate in the Plan
        until the completion of those requirements.

                                  ARTICLE III.
                                    BENEFITS

3.1.    NORMAL BENEFIT. A Participant who experiences a Termination of
        Employment shall receive, as his or her Normal Benefit, a SERP Benefit
        which shall commence on the first day of the month following the date he
        or she Terminates Employment. The benefit shall be payable in the form
        set forth in Article 4.

3.2.    CHANGE IN CONTROL BENEFIT. If a Change in Control occurs, the
        Participant shall receive, as his or her Change in Control Benefit, a
        SERP Benefit. The Participant will receive his or her Change in Control
        Benefit in the form of a Lump Sum. The Lump Sum payment will be made on
        the first day of the month coinciding with or next following the date on
        which the Change in Control occurs.

3.3.    DEATH PRIOR TO THE COMMENCEMENT OF BENEFITS. If a Participant dies prior
        to the commencement of his or her benefits, then his or her Beneficiary
        shall receive, as a Death Benefit, a Lump Sum computed as if the
        Participant experienced a Termination of Employment on the date of his
        or her death. The Lump Sum payment shall be made to the Participant's
        Beneficiary on the first day of the month coinciding with or next
        following the date of the Participant's death.

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Supplemental Executive Retirement Plan
PLAN DOCUMENT

3.4.    DEATH AFTER THE COMMENCEMENT OF BENEFITS. Upon the death of a
        Participant after his or her SERP Benefits commence, the Form in which
        such Participant's benefit is paid shall determine (i) the amount, if
        any; and (ii) the Form of the Death Benefit payable, to such
        Participant's Beneficiary.

3.5.    LIMITATION ON BENEFITS. Notwithstanding the foregoing provisions of this
        Article 3, in no event shall a Participant or his or her Beneficiary
        receive more than one Form of benefit under this Article 3.

3.6.    WITHHOLDING AND PAYROLL TAXES. The Participant's Employer shall withhold
        from any and all benefits made under this Article 3, all federal, state
        and local income, employment and other taxes required to be withheld by
        such Participant's Employer in connection with the benefits hereunder,
        in amounts to be determined in the sole discretion of the Employer.

                                   ARTICLE IV.
                            FORMS OF BENEFIT PAYMENT

4.1.    NORMAL FORMS OF BENEFIT. A Participant who is entitled to receive a SERP
        Benefit as a Normal Benefit will receive such benefits in the Form of a
        Life Annuity.

4.2.    OPTIONAL FORMS OF BENEFIT. A Participant may elect to receive his or her
        Normal Benefit in a form other than a Life Annuity or a Lump Sum, as the
        case may be. A Participant may elect to receive his or her Normal
        Benefit in the form of (i) a 10 Year Term Certain and Life Annuity, (ii)
        a Life Annuity, or (iii) a Lump Sum; provided, however, that if such
        form is other than a Life Annuity, the Participant's SERP Benefit will
        be increased or decreased, as the case may be, to be a benefit which is
        the Actuarial Equivalent and which reflects the actual form of benefit
        payment elected by the Participant pursuant to this Section 4.2. A
        Participant may make such an election by submitting an Election Form to
        the Committee; provided, however, that in order for the Election Form to
        be valid, it must be both submitted to and accepted by the Committee in
        its sole discretion at least thirteen (13) months prior to the
        Participant's Termination of Employment. The Election Form most recently
        accepted by the Committee shall govern the payout of the Participant's
        Normal Benefit.

4.3.    AUTOMATIC LUMP SUM BENEFIT. If a Participant or his or her Beneficiary
        becomes eligible to receive a distribution under this Plan or is
        currently receiving distributions from the Plan, and the value of the
        remaining unpaid benefit is less than $5,000 when expressed on an
        Actuarial Equivalent basis as a lump sum, the Committee, in its sole
        discretion, may pay the remaining unpaid benefit in a lump sum, despite
        any elections the Participant may have made regarding the form of
        benefit payments.

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Supplemental Executive Retirement Plan
PLAN DOCUMENT

                                   ARTICLE V.
               TERMINATION, AMENDMENT OR MODIFICATION OF THE PLAN

5.1.    TERMINATION. Each Employer reserves the right to terminate the Plan at
        any time with respect to its participating Employees by the actions of
        its Board. The termination of the Plan shall not adversely affect any
        Participant or his or her Beneficiary who has become entitled to the
        payment of any benefits under the Plan as of the date of termination;
        provided, however, that the Employer shall have the right to accelerate
        payments by paying the Actuarial Equivalent value of such payments. For
        all other Participants, upon the termination of the Plan, all Plan
        Agreements shall terminate and the Actuarial Equivalent of a
        Participant's SERP Benefit shall be paid out in a Lump Sum. For this
        purpose, each covered Participant shall be deemed to have Terminated
        Employment on the date of the Plan's Termination Date, and his or her
        SERP benefit shall be calculated as of such Termination Date.

5.2.    AMENDMENT. Any Employer may, at any time, amend or modify the Plan in
        whole or in part with respect to its participating Employees by the
        actions of its board of directors; provided, however, that no amendment
        or modification shall be effective to decrease or restrict a
        Participant's then SERP Benefit, determined on an Actuarial Equivalent
        basis. The amendment or modification of the Plan shall not affect any
        Participant or his or her Beneficiary who has become entitled to the
        payment of benefits under the Plan as of the date of the amendment or
        modification; provided, however, that the Employer shall have the right
        to accelerate payments by paying the Actuarial Equivalent value of such
        payments in a Lump Sum.

5.3.    PLAN AGREEMENT. Despite the provisions of Sections 5.1 and 5.2 above, if
        a Participant's Plan Agreement contains benefits or limitations that are
        not in this Plan document, the Employer may only amend or terminate such
        provisions with the written consent of the Participant.

5.4.    EFFECT OF PAYMENT. Absent the earlier termination, modification or
        amendment of the Plan, the full payment of the applicable benefit as
        provided under Articles 3 and 4 of the Plan shall completely discharge
        all obligations to a Participant and his or her designated Beneficiaries
        under this Plan and the Participant's Plan Agreement shall terminate.

                                   ARTICLE VI.
                          OTHER BENEFITS AND AGREEMENTS

6.1.    COORDINATION WITH OTHER BENEFITS. The benefits provided for a
        Participant under this Plan are in addition to any other benefits
        available to such Participant under any other plan or program for
        Employees. The Plan shall supplement and shall not supersede, modify or
        amend any other such plan or program except as may otherwise be
        expressly provided.

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Supplemental Executive Retirement Plan
PLAN DOCUMENT

                                  ARTICLE VII.
                           ADMINISTRATION OF THE PLAN

7.1.    COMMITTEE DUTIES. This Plan shall be administered by the Compensation
        Committee of the Board, or such designees as the Board shall appoint.
        Members of the Committee may be Participants under this Plan. The
        Committee shall also have the discretion and authority to (i) make,
        amend, interpret and enforce all appropriate rules and regulations for
        the administration of the Plan and (ii) decide or resolve any and all
        questions including interpretations of the Plan, as may arise in
        connection with the Plan. Any individual serving on the Committee who is
        a Participant shall not vote or act on any matter relating solely to
        himself or herself. When making a determination or calculation, the
        Committee shall be entitled to rely on information furnished by a
        Participant or the Company.

7.2.    AGENTS. In the administration of this Plan, the Committee may, from time
        to time, employ agents and delegate to them such administrative duties
        as it sees fit (including acting through a duly appointed
        representative) and may from time to time consult with counsel who may
        be counsel to any Employer.

7.3.    BINDING EFFECT OF DECISIONS. The decision or action of the Committee
        with respect to any question arising out of or in connection with the
        administration, interpretation and application of the Plan and the rules
        and regulations promulgated hereunder subject to the review of the
        Board, which shall then be final and conclusive and binding upon persons
        having any interest in the Plan.

7.4.    INDEMNITY OF COMMITTEE. All Employers shall indemnify and hold harmless
        the members of the Committee against any and all claims, losses,
        damages, expenses or liabilities arising from any action or failure to
        act with respect to this Plan, except in the case of willful misconduct
        by the Committee or any of its members.

7.5.    EMPLOYER INFORMATION. To enable the Committee to perform its functions,
        each Employer shall supply full and timely information to the Committee
        on all matters relating to the compensation of its Participants, the
        date and circumstances of the death or Termination of Employment of its
        Participants and such other pertinent information as the Committee may
        reasonably require.

                                  ARTICLE VIII.
                                CLAIMS PROCEDURES

8.1.    PRESENTATION OF CLAIM. Any Participant or the Beneficiary of a deceased
        Participant (such Participant or Beneficiary being referred to below as
        a "Claimant") may deliver to the Committee a written claim for a
        determination with respect to the amounts distributable to such Claimant
        from the Plan. If such a claim relates to the contents of a

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Supplemental Executive Retirement Plan
PLAN DOCUMENT

        notice received by the Claimant, the claim must be made within sixty
        (60) days after such notice was received by the Claimant. All other
        claims must be made within 180 days of the date on which the event that
        caused the claim to arise occurred. The claim must state with
        particularity the determination desired by the Claimant.

8.2.    NOTIFICATION OF DECISION. The Committee shall consider a Claimant's
        claim within a reasonable time, but no later than ninety (90) days after
        receiving the claim. If the Committee determines that special
        circumstances require an extension of time for processing the claim,
        written notice of the extension shall be furnished to the Claimant prior
        to the termination of the initial ninety (90) day period. In no event
        shall such extension exceed a period of ninety (90) days from the end of
        the initial period. The extension notice shall indicate the special
        circumstances requiring an extension of time and the date by which the
        Committee expects to render a benefit determination. The Committee shall
        notify the Claimant in writing:

        (a)     that the Claimant's requested determination has been made, and
                that the claim has been allowed in full; or

        (b)     that the Committee has reached a conclusion contrary, in whole
                or in part, to the Claimant's requested determination, and such
                notice must set forth in a manner calculated to be understood by
                the Claimant:

                (i)     the specific reason(s) for the denial of the claim, or
                        any part of it;

                (ii)    specific reference(s) to pertinent provisions of the
                        Plan upon which such denial was based;

                (iii)   a description of any additional material or information
                        necessary for the Claimant to perfect the claim, and an
                        explanation of why such material or information is
                        necessary;

                (iv)    an explanation of the claim review procedure set forth
                        in Section 8.3 below; and

                (v)     a statement of the Claimant's right to bring a civil
                        action under ERISA Section 502(a) following an adverse
                        benefit determination on review.

8.3.    REVIEW OF A DENIED CLAIM. On or before sixty (60) days after receiving a
        notice from the Committee that a claim has been denied, in whole or in
        part, a Claimant (or the Claimant's duly authorized representative) may
        file with the Committee a written request for a review of the denial of
        the claim. The Claimant (or the Claimant's duly authorized
        representative):

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Supplemental Executive Retirement Plan
PLAN DOCUMENT

        (a)     may, upon request and free of charge, have reasonable access to,
                and copies of, all documents, records and other information
                relevant to the claim for benefits;

        (b)     may submit written comments or other documents; and/or

        (c)     may request a hearing, which the Committee, in its sole
                discretion, may grant.

8.4.    DECISION ON REVIEW. The Committee shall render its decision on review
        promptly, and no later than sixty (60) days after the Committee receives
        the Claimant's written request for a review of the denial of the claim.
        If the Committee determines that special circumstances require an
        extension of time for processing the claim, written notice of the
        extension shall be furnished to the Claimant prior to the termination of
        the initial sixty (60) day period. In no event shall such extension
        exceed a period of sixty (60) days from the end of the initial period.
        The extension notice shall indicate the special circumstances requiring
        an extension of time and the date by which the Committee expects to
        render the benefit determination. In rendering its decision, the
        Committee shall take into account all comments, documents, records and
        other information submitted by the Claimant relating to the claim,
        without regard to whether such information was submitted or considered
        in the initial benefit determination. The decision must be written in a
        manner calculated to be understood by the Claimant, and it must contain:

        (a)     specific reasons for the decision;

        (b)     specific reference(s) to the pertinent Plan provisions upon
                which the decision was based;

        (c)     a statement that the Claimant is entitled to receive, upon
                request and free of charge, reasonable access to and copies of,
                all documents, records and other information relevant (as
                defined in applicable ERISA regulations) to the Claimant's claim
                for benefits; and

        (d)     a statement of the Claimant's right to bring a civil action
                under ERISA Section 502(a).

8.5.    LEGAL ACTION. A Claimant's compliance with the foregoing provisions of
        this Article 8 is a mandatory prerequisite to a Claimant's right to
        commence any legal action with respect to any claim for benefits under
        this Plan. In any event, a Participant or his or her Beneficiary must
        bring a lawsuit within 180 days after final resolution of a claim or
        forfeit any and all rights with respect to such claim.

                                       13
<Page>

HAYNES INTERNATIONAL, INC.
Supplemental Executive Retirement Plan
PLAN DOCUMENT

                                   ARTICLE IX.
                             BENEFICIARY DESIGNATION

9.1.    BENEFICIARY. Each Participant shall have the right, at any time, to
        designate his or her Beneficiary(ies) (both primary as well as
        contingent) to receive any Death Benefits payable under the Plan to the
        Participant's Beneficiary upon the death of a Participant. The
        Beneficiary designated under this Plan may be the same as or different
        from the Beneficiary designation under any other plan of an Employer in
        which the Participant has an interest .

9.2.    BENEFICIARY DESIGNATION; CHANGE. A Participant shall designate his or
        her Beneficiary by completing and signing the Beneficiary Designation
        Form and returning it to the Committee or its designated agent. A
        Participant shall have the right to change a Beneficiary by completing,
        signing and otherwise complying with the terms of the Beneficiary
        Designation Form and the Committee's rules and procedures, as in effect
        from time to time. Upon the acceptance by the Committee of a new
        Beneficiary Designation Form, all Beneficiary designations previously
        filed shall be cancelled. The Committee shall be entitled to rely on the
        last Beneficiary Designation Form filed by the Participant and accepted
        by the Committee prior to his or her death.

9.3.    ACKNOWLEDGMENT. No designation or change in designation of a Beneficiary
        shall be effective until received, accepted and acknowledged in writing
        by the Committee or its designated agent.

9.4.    NO BENEFICIARY DESIGNATION. If a Participant fails to designate a
        Beneficiary as provided in Sections 9.1, 9.2, and 9.3 above, or if all
        designated Beneficiaries predecease the Participant or die prior to
        complete distribution of the Participant's benefits, the benefits
        remaining under the Plan shall be payable to the executor or personal
        representative of the Participant's estate.

9.5.    DOUBT AS TO BENEFICIARY. If the Committee has any doubt as to the proper
        Beneficiary to receive payments pursuant to this Plan, the Committee
        shall have the right, exercisable in its discretion, to cause the
        Participant's Employer to withhold such payments until this matter is
        resolved to the Committee's satisfaction.

9.6.    DISCHARGE OF OBLIGATIONS. The payment of benefits under the Plan to a
        Beneficiary shall fully and completely discharge all Employers and the
        Committee from all further obligations under the Plan with respect to
        the Participant, and that Participant's Plan Agreement shall terminate
        upon such full payment of benefits.

                                       14
<Page>

HAYNES INTERNATIONAL, INC.
Supplemental Executive Retirement Plan
PLAN DOCUMENT

                                   ARTICLE X.
                                      TRUST

10.1.   ESTABLISHMENT OF THE TRUST. In order to provide assets from which to
        fulfill the obligations of the Participants and their Beneficiaries
        under the Plan, the Company may establish a Trust by a trust agreement
        with a third party. Each Employer may, in its discretion, contribute
        cash or other property, including securities issued by the Company, to
        the Trust in order to provide for the benefit payments under the Plan.

10.2.   INTERRELATIONSHIP OF THE PLAN AND THE TRUST. The provisions of the Plan
        and the Plan Agreement shall govern the rights of a Participant to
        receive distributions pursuant to the Plan. The provisions of the Trust,
        if any, shall govern the rights of the Employers, Participants and the
        creditors of the Employers to the assets transferred to the Trust. Each
        Employer shall at all times remain liable to carry out its obligations
        under the Plan.

10.3.   DISTRIBUTIONS FROM THE TRUST. Each Employer's obligations under the Plan
        may be satisfied with Trust assets distributed pursuant to the terms of
        the Trust, if any, and any such distribution shall reduce the Employer's
        obligations under this Agreement.

                                   ARTICLE XI.
                                  MISCELLANEOUS

11.1.   STATUS OF THE PLAN. The Plan is intended to be a plan that is not
        qualified within the meaning of Code Section 401 (a) and that is
        unfunded and is maintained by an employer primarily for the purpose of
        providing deferred compensation for a select group of management or
        highly compensated employees within the meaning of ERISA Sections
        201(2), 301(a)(3) and 401(a)(1). The Plan shall be administered and
        interpreted to the extent possible in a manner consistent with that
        intent.

11.2.   UNSECURED GENERAL CREDITOR. Participants, their Beneficiaries, heirs,
        successors and assigns shall have no legal or equitable rights,
        interests or claims in any property or assets of an Employer. For
        purposes of the payment of benefits under this Plan, any and all of an
        Employer's assets shall be, and remain, the general, unpledged
        unrestricted assets of the Employer. An Employer's obligation under the
        Plan shall be merely that of an unfunded and unsecured promise to pay
        money in the future.

11.3.   EMPLOYER'S LIABILITY. An Employer's liability for the payment of
        benefits shall be defined only by the Plan and the Plan Agreement, as
        entered into between the Employer and a Participant. An Employer shall
        have no obligation to a Participant under the Plan except as expressly
        provided in the Plan and his or her Plan Agreement.

11.4.   NONASSIGNABILITY. Neither a Participant nor any other person shall have
        any right to commute, sell, assign, transfer, pledge, anticipate,
        mortgage or otherwise encumber,

                                       15
<Page>

HAYNES INTERNATIONAL, INC.
Supplemental Executive Retirement Plan
PLAN DOCUMENT

        transfer, hypothecate, alienate or convey in advance of actual receipt,
        the amounts, if any, payable hereunder, or any part thereof, which are,
        and all rights to which are, expressly declared to be, unassignable and
        non-transferable. No part of the amounts payable shall, prior to actual
        payment, be subject to seizure, attachment, garnishment or sequestration
        for the payment of any debts, judgments, alimony or separate maintenance
        owed by a Participant or any other person, be transferable by operation
        of law in the event of a Participant's or any other person's bankruptcy
        or insolvency or be transferable to a spouse as a result of a property
        settlement or otherwise.

11.5.   NOT A CONTRACT OF EMPLOYMENT. The terms and conditions of this Plan
        shall not be deemed to constitute a contract of employment between any
        Employer and the Participant. Such employment is hereby acknowledged to
        be an "at will" employment relationship that can be terminated at any
        time for any reason, or no reason, with or without cause, and with or
        without notice, unless expressly provided in a written employment
        agreement. Nothing in this Plan shall be deemed to give a Participant
        the right to be retained in the service of any Employer or to interfere
        with the right of any Employer to discipline or discharge the
        Participant at any time.

11.6.   FURNISHING INFORMATION. A Participant or his or her Beneficiary will
        cooperate with the Committee by furnishing any and all information
        requested by the Committee and take such other actions as may be
        requested in order to facilitate the administration of the Plan and the
        payments of benefits hereunder.

11.7.   TERMS. Whenever any words are used herein in the masculine, they shall
        be construed as though they were in the feminine in all cases where they
        would so apply; and wherever any words are used herein in the singular
        or in the plural, they shall be construed as though they were used in
        the plural or the singular, as the case may be, in all cases where they
        would so apply.

11.8.   CAPTIONS. The captions of the articles, sections and paragraphs of this
        Plan are for convenience only and shall not control or affect the
        meaning or construction of any of its provisions.

11.9.   GOVERNING LAW. Subject to ERISA, the provisions of this Plan shall be
        construed and interpreted according to the internal laws of the State of
        Indiana without regard to its conflict of laws principles.

11.10.  NOTICE. Any notice or filing required or permitted to be given to the
        Committee under this Plan shall be sufficient if in writing and
        hand-delivered, or sent by registered or certified mail, to both of the
        addresses below:

<Table>
        <S>                                                 <C>
         Jean Neel                                          WITH A CARBON COPY TO:
        ---------------------------------------------
         Vice President, Corporate Affairs                  Compensation Committee, Board of Directors
        ---------------------------------------------       --------------------------------------------
</Table>

                                       16
<Page>

HAYNES INTERNATIONAL, INC.
Supplemental Executive Retirement Plan
PLAN DOCUMENT

<Table>
        <S>                                                 <C>
         Haynes International, Inc.                          Haynes International, Inc.
        ---------------------------------------------       --------------------------------------------
         1020 Park Avenue                                    1020 Park Avenue
        ---------------------------------------------       --------------------------------------------
         Kokomo, Indiana 46904                               Kokomo, Indiana 46904
        ---------------------------------------------       --------------------------------------------
</Table>

        Such notice shall be deemed given as of the date of delivery or, if
        delivery is made by mail, as of the date shown on the postmark on the
        receipt for registration or certification.

        Any notice or filing required or permitted to be given to a Participant
        under this Plan shall be sufficient if in writing and hand-delivered, or
        sent by mail, to the last known address of the Participant.

11.11.  SUCCESSORS. The provisions of this Plan shall bind and inure to the
        benefit of the Participant's Employer and its successors and assigns and
        the Participant and the Participant's Beneficiary.

11.12.  SPOUSE'S INTEREST. The interest in the benefits hereunder of a spouse of
        a Participant who has predeceased the Participant shall automatically
        pass to the Participant and shall not be transferable by such spouse in
        any manner, including but not limited to such spouse's will, nor shall
        such interest pass under the laws of intestate succession.

11.13.  VALIDITY. In case any provision of this Plan shall be illegal or invalid
        for any reason, said illegality or invalidity shall not affect the
        remaining parts hereof, but this Plan shall be construed and enforced as
        if such illegal and invalid provision had never been inserted herein.

11.14.  INCOMPETENT. If the Committee determines in its discretion that a
        benefit under this Plan is to be paid to a minor, a person declared
        incompetent or to a person incapable of handling the disposition of that
        person's property, the Committee may direct payment of such benefit to
        the guardian, legal representative or person having the care and custody
        of such minor, incompetent or incapable person. The Committee may
        require proof of minority, incompetency, incapacity or guardianship as
        it may deem appropriate prior to distribution of the benefit. Any
        payment of a benefit shall be a payment for the account of the
        Participant and the Participant's Beneficiary, as the case may be, and
        shall be a complete discharge of any liability under the Plan for such
        payment amount.

11.15.  COURT ORDER. The Committee is authorized to make any payments directed
        by court order in any action in which the Plan or Committee has been
        named as a party. In addition, if a court determines that a spouse or
        former spouse of a Participant has an interest in the Participant's
        benefits under the Plan in connection with a property settlement or
        otherwise, the Committee, in its sole discretion, shall have the right,
        notwithstanding any election made by a Participant, to immediately
        distribute the spouse's or former spouse's interest in the Participant's
        benefits under the Plan to that spouse or former spouse.

                                       17
<Page>

HAYNES INTERNATIONAL, INC.
Supplemental Executive Retirement Plan
PLAN DOCUMENT

11.16.  DISTRIBUTION IN THE EVENT OF TAXATION. If, for any reason, all or any
        portion of a Participant's benefit under this Plan becomes taxable to
        the Participant prior to receipt, a Participant may petition the
        Committee for a distribution of that portion of his or her benefit that
        has become taxable. Upon the grant of such a petition, which shall not
        be unreasonably withheld, a Participant's Employer shall distribute to
        the Participant immediately available funds in an amount equal to the
        taxable portion of his or her benefit (which amount shall not exceed a
        Participant's unpaid SERP Benefit under the Plan). If the petition is
        granted, the distribution shall be made within ninety (90) days of the
        date when the Participant's petition is granted. Such a distribution
        shall affect and reduce the benefits to be paid under this Plan.

IN WITNESS WHEREOF, FRANCIS PETRO has signed this Plan document on December 13,
2002.

                              "Company"

                              Haynes International, Inc., a Delaware corporation

                              By:     /s/ FRANCIS J. PETRO
                                      ------------------------------------------

                              Title:  PRESIDENT & CEO
                                      ------------------------------------------

                                       18<Page>

                                                                    Exhibit 10.5

                              AMENDMENT NUMBER ONE
                                     TO THE
                           HAYNES INTERNATIONAL, INC.
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

     The Haynes International, Inc. Supplemental Executive Retirement Plan
("Plan") is hereby amended by Haynes International, Inc. (the "Company") as
hereinafter provided.

                                   BACKGROUND

     The Company reserved the right to amend the Plan pursuant to SECTION 5.2 of
the Plan and now desires to amend the Plan to (i) delete all provisions
pertaining to a Change in Control Benefit (as defined in the Plan) such that a
Change in Control Benefit shall no longer be available under the Plan, and (ii)
modify the definition of "Compensation". For the avoidance of doubt, the
consummation of a plan of reorganization of the Company and the transactions
contemplated thereby as approved by the U.S. Bankruptcy Court for the Southern
District of Indiana on August 16, 2004 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 for
purposes of the Plan.
                                    AMENDMENT

     The Plan is hereby amended, effective as of August 30, 2004, as follows:

     1.   SECTION 1.6, SECTION 1.7 and SECTION 3.2 of the Plan are hereby
deleted in their entirety.

     2.   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.

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

<Page>

     This Amendment to the Plan is executed as of the 30th day of August, 2004.

                           "COMPANY"

                           HAYNES INTERNATIONAL, INC.

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

                           Printed: Jean C. Neel
                                    -----------------------------------------

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

                                      - 2 -

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