Summary of TITANIUM METALS CORP

Item 1.01 Entry into a Material Definitive Agreement.

On September 21, 2009, CompX International Inc., a publicly held corporation that is related to the registrant ("CompX"), certain of its subsidiaries, Wachovia Bank, National Association ("Wachovia") and Comerica Bank entered into to a Third Amendment to Credit Agreement (the "Third Amendment"). The Third Amendment amended the Credit Agreement dated December 23, 2005 among CompX, certain of its subsidiaries and the lenders from time to time that are a party to such agreement, as such agreement had been amended (collectively as amended to date, the "Credit Agreement"). Pursuant to the Third Amendment:

· Wachovia, as administrative agent for the benefit of the lenders under the Credit Agreement, and TIMET Finance Management Company, a wholly owned subsidiary of the registrant ("TFMC"), executed a First Amendment to Subordination Agreement dated September 21, 2009 (the "Subordination Agreement Amendment"); and

· CompX and TFMC executed an Amended and Restated Subordinated Term Loan Promissory Note dated September 21, 2009 in the original principal amount of $42,230,190 payable to the order of TFMC (the "Amended and Restated TFMC Note").

The descriptions of the Subordination Agreement Amendment and the Amended and Restated TFMC Note set forth under Items 1.01 and 2.03 of the Current Report on Form 8-K that CompX (Commission File No. 1-13905) filed with the U.S. Securities and Exchange Commission on September 24, 2009 is incorporated herein by reference.

Item 9.01           Financial Statements and Exhibits.

(d)  Exhibits

      Item No.                        Description

     10.1            First Amendment to Subordination Agreement
                     dated as of the September 21, 2009 by TIMET
                     Finance Management Company and Wachovia Bank,
                     National Association (incorporated by
                     reference to Exhibit 10.2 to the Current
                     Report on Form 8-K filed by CompX
                     International Inc. (Commission File
                     No. 1-13905) on September 24, 2009 - Appendix
                     A to Exhibit A to this Exhibit 10.1 has been
                     filed as Exhibit 10.3 to such current report
                     filed by CompX International Inc.). The rest
                     of Exhibit A has been omitted, and upon
                     request, the registrant will furnish
                     supplementally to the SEC a copy of the
                     omitted part of Exhibit A to this Exhibit
                     10.1.

     10.2            Amended and Restated Subordinated Term Loan
                     Promissory Note dated September 21, 2009 in
                     the original principal amount of $42,230,190
                     payable to the order of TIMET Finance
                     Management Company by CompX International
                     Inc. (incorporated by reference to Exhibit
                     10.3 to the Current Report on Form 8-K filed
                     by CompX International Inc. (Commission File
                     No. 1-13905) on September 24, 2009).