Ruben Giro

Titanium Metals Is Going Down

While I have to agree that operating margins might not be sustainable, the inventory build up seems business as normal to me. As a % of revenue, TIE had 182M of inventory or 50% of revenue in 2002, 166M in 2003 or 43% of revenue, 267M in 2004 or 53% of revenue, 366M in 2005 for 49% and 502M in 06 for 42% of revenue, very much in line with previous years