858655--12/12/2007--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. Our operations are dependent on production levels at our Kokomo facility. Capital expenditures are required to continue to improve operating efficiencies. Although capital upgrades will allow us to produce 23.5 million pounds of high-performance alloys annually, our ability to increase net revenues and profitability depends upon our success in effectively utilizing this new capacity. During periods of lower demand in other alloy markets, some of our competitors, whose primary products are other alloys but who also produce some high-performance alloys, 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 increases in the price of nickel may materially adversely affect our operating results. Increases in energy costs and raw material costs may have a negative impact on our performance and financial condition. Failure to successfully develop, commercialize, market and sell new applications and new products could adversely affect our business. We may be adversely affected by environmental, health and safety laws, regulations, costs and other liabilities. 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. U.S. and world economic and political conditions, including acts or threats of terrorism and/or war, could adversely affect our business. 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. 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. You may not receive a return on investment through dividend payments nor upon the sale of your shares of our common stock. Provisions of our certificate of incorporation and by-laws could discourage potential acquisition proposals and could deter or prevent a change in control. Our historical financial information is not comparable to our current financial information.

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858655--12/12/2007--HAYNES_INTERNATIONAL_INC