JANUARY 7TH, 2013

Precision Castparts Completes Subsequent Offering Period for Timet Shares

PORTLAND, Ore., Jan. 7, 2013 (GLOBE NEWSWIRE) — Precision Castparts Corp. (NYSE:PCP) (PCC) announced today the completion of the subsequent offering period relating to the tender offer through its wholly owned subsidiary, ELIT Acquisition Sub Corp. (Purchaser), for all of the outstanding shares of common stock of Titanium Metals Corporation (NYSE:TIE) (Timet) (the “Shares”) at a purchase price of $16.50 per Share without interest and less any applicable withholding of taxes. Timet has been a subsidiary of PCC since December 21, 2012, and Timet’s results from that date forward are reported as part of PCC’s Forged Products segment.

The depositary for the Offer has informed PCC that, as of the expiration of the subsequent offering period at 5:00 p.m., New York City time, on Friday, January 4, 2013, 7,711,288 additional Shares (representing approximately 4.4% of the outstanding Shares) were validly tendered in the subsequent offering period. In accordance with the terms of the Offer, Purchaser has accepted for payment all such Shares validly tendered. Together with the Shares purchased in the initial offering period, Purchaser now owns 158,231,903 Shares (representing approximately 90.4% of the outstanding Shares).