Weak economy means lower sales and earnings at RTI

The weakening economy led to lower third-quarter sales and earnings at RTI International Metals.

The Pittsburgh-based company, which employs more than 400 at an office and titanium mill in Weathersfield Township, said Tuesday that it earned $11.3 million in the third quarter, compared with $24.7 million in the same quarter last year. Sales for the third quarter were $150.6 million, down from $163.4 million a year ago.

Despite a strong day on Wall Street, RTI stock fell $1.63, or 10 percent, Tuesday to close at $15.05. The stock was trading at more than $76 last December.

RTI said it lost some production at three plants in Texas because of Hurricane Ike, but a softening of the titanium market also is hurting the company.

Read more in Wednesday’s Vindicator and Vindy.com