858655--11/18/2010--HAYNES_INTERNATIONAL

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Our revenues may fluctuate widely based upon changes in demand for our customers' products. Profitability in the high-performance alloy industry is highly sensitive to changes in sales volumes. We are subject to risks associated with global economic and political uncertainties We Operate in Cyclical Markets. Aerospace demand is dependent on primarily two manufacturers. Our operations are dependent on production levels at our Kokomo facility. During periods of lower demand in other alloy markets, some of our competitors may use their available capacity to produce higher volumes of high-performance alloys, which leads to increased competition in the high-performance alloy market. Rapid fluctuations in the price of nickel may materially adversely affect our operating results. Our business is dependent on a number of raw materials that are subject to volatility in price and availability. Failure to successfully develop, commercialize, market and sell new applications and new products could adversely affect our business. An interruption in energy services may cause manufacturing curtailments or shutdowns. We may be adversely affected by environmental, health and safety laws, regulations, costs and other liabilities. Our manufacturing processes, and the manufacturing processes of many of our suppliers and customers, are energy intensive and generate carbon dioxide and other "Greenhouse Gases", and pending legislation or regulation of Greenhouse Gases, if enacted or adopted in an onerous form, could have a material adverse impact on our results of operations, financial condition and cash flows. We could be required to make additional contributions to our defined benefit pension plans as a result of adverse changes in interest rates and the capital markets. If we are unable to recruit, hire and retain skilled and experienced personnel, our ability to effectively manage and expand our business will be harmed. The risks inherent in our international operations may adversely impact our revenues, results of operations and financial condition. Although a collective bargaining agreement is in place for certain employees, union or labor disputes could still disrupt the manufacturing process. Product liability and product warranty risks could adversely affect our operating results. Our stock price is subject to fluctuations as a result of being traded on a public exchange which may not be related to our performance. Payment of dividends will depend on our future financial condition and performance. Provisions of our certificate of incorporation and by-laws could discourage potential acquisition proposals and could deter or prevent a change in control.

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858655--11/18/2010--HAYNES_INTERNATIONAL_INC