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26Jan200610413109 26JAN200610413109 January 27, 2012 To our stockholders, In fiscal 2011, our end markets continued to strengthen. As a result of the strengthening of our core end markets and the Company’s continuous improvement efforts, we were able to: • increase revenue to $542.9 million, from $381.5 million in fiscal 2010; • more than triple net income to $31.1 million, from $8.9 million in fiscal 2010; • improve inventory turns to 1.5 from 1.04 in the prior year; • invest over $14.0 million in capital upgrades and additions to our plants to meet the needs of our customers; • expand gross margin to 17.3%, from 14.1% in fiscal 2010; • finish the year with over $180.0 million in available liquidity, which includes $60.1 million in cash and no debt; and • increase our quarterly cash dividend 10% to $0.22 per share of outstanding common stock. As mentioned in several of our investor updates and earnings calls, we recognize the fragility of the world economy, but we are also optimistic about both the short- and long-term prospects for our core markets and the new markets we are developing. The Right Products for The Right Markets Our business in aerospace products improved 47.1% over fiscal 2010 to $203.6 million. HAYNES↧ 282 alloy continued to gain traction in qualification trials for new commercial and military platforms, and our core strategy of service via cut parts continues to solidify our position in customers’ supply chains. In addition, Boeing and Airbus announced aggressive production ramp-ups which are expected to drive demand in aero-engines and aero-structures over the next decade. Our land-based gas turbine business had net revenues of $98.2 million in fiscal 2011, up 32.4% over fiscal 2010. Core product production and new product development activities, especially for hotter high-efficiency engines, are increasing, and Haynes is participating in these innovations with numerous customers. Our chemical processing business increased 71.0% in fiscal 2011 to $150.0 million, driven by strong growth for new alloys and new applications. HASTELLOY C-22HS won a key new application in the oil and gas area, and it is in testing in several applications that require its strength and high corrosion resistance. HASTELLOY G-35 continues to win applications in wet phosphoric acid production. As the market seeks greater efficiencies in alternative energy using our existing alloys, we continue to develop new alloys and applications. In all of these areas, as well as in our smaller markets such as industrial heat-treating and flue gas desulphurization, our key to success and growth is our commitment to application engineering and alloy and product development. Haynes has patented over 20 alloys since the 1980s and developed scores of new applications with customers for these alloys, as well as older alloys. In fiscal 2011, 32% of revenue dollars and 44% of margin dollars were derived from these new alloys and applications. At Haynes, we are committed to continuing to develop new materials that enable our customers’ new technologies to come to life. Manufacturing Excellence In fiscal 2011, our safety record remained near the top of our industry. Our manufacturing group shipped a record 23.6 million pounds of product. We also implemented a ‘‘supermarket pull system’’ to increase efficiency in high volume products and identified and reduced bottlenecks in critical 26JAN200610413109 operations. We invested over $14.0 million in upgrading our facilities as part of the $85.0 million, January 27, 2012 five-year project we announced last year. We are expanding that project to $95.0 million over the same period as we have found greater opportunities to increase our effective capacity and improve our Dear Stockholders of Haynes International, Inc.: working capital management, customer responsiveness and production planning with a new IT infrastructure. You are cordially invited to attend the Annual Meeting of Stockholders of Haynes International, Inc. (‘‘Haynes’’) to be held Monday, February 27, 2012 at 10:00 a.m. (EST) at the In addition to $30.0 million in planned investments over a five-year period for capital upgrades to Conrad Indianapolis, located at 50 West Washington Street, Indianapolis, Indiana 46204. our Steckel mill operation, we are also engaged in process engineering work in our cold-rolling facilities to increase capacity. Our new strand annealing furnace and capstan Morgan mill are operating in our The business to be discussed and voted upon by the Stockholders at the Annual Meeting is wire facility in North Carolina, giving us higher quality, better through-put and greater available described in the accompanying Notice of Annual Meeting and Proxy Statement. capacity. We enhanced our Louisiana tubular facility with investments in the pilger mills, chemical We hope you are able to attend the Annual Meeting personally, and we look forward to meeting cleaning and inspection/testing equipment in order to meet growing demand. with you. Whether or not you attend, it is important that your stock be represented and voted at the meeting. I urge you to please complete, date and return the proxy card in the enclosed envelope. The Financial Strength & 100 Years of Innovation vote of each Stockholder is very important. You may revoke your proxy at any time before it is voted at Financially, we believe we have the reserves and flexibility to fund our growth objectives and meet the Annual Meeting by giving written notice to the Secretary of Haynes, by filing a properly executed the growing needs of our customers. We believe our financial strength will allow us to stay in front of proxy bearing a later date or by attending the Annual Meeting and voting in person. the efficiency and innovation curves for our customers, providing them a better, more differentiated On behalf of the Board of Directors and management of Haynes, I thank you for your continued product. Financial strength also allows us to provide a more stable workplace for our employees and to support. return value to our stockholders. th In fiscal 2012, Haynes will celebrate its 100 anniversary. Started in 1912 by Elwood Haynes as the Sincerely, Haynes Stellite Works, our company was rooted in producing innovative new materials from the outset. Haynes International, Inc. One hundred years later, we still embrace that original charter of innovation. We believe Elwood Haynes would be proud to see the company he started 100 years ago inventing, manufacturing and distributing materials around the world. Thank you for your support of Haynes. Although we are 100 years old, all of us at Haynes today feel our story is just beginning. 13JAN200911071278 Mark M. Comerford Sincerely, President and Chief Executive Officer 13JAN200911071278 Mark M. Comerford President and Chief Executive Officer Haynes International, Inc. Safe Harbor Statement Please refer to the Safe Harbor Statement in the Form 10-K included within for information about factors which could cause future results to differ materially from forward-looking statements, expectations and assumptions expressed or implied in this letter to stockholders or elsewhere in this publication. 26JAN200610413109 HAYNES INTERNATIONAL, INC. NOTICE OF ANNUAL MEETING OF STOCKHOLDERS TO BE HELD FEBRUARY 27, 2012 Stockholders of Haynes International, Inc.: The Annual Meeting of Stockholders of Haynes International, Inc. (‘‘Haynes’’) will be held at the Conrad Indianapolis, located at 50 West Washington Street, Indianapolis, Indiana 46204 on Monday, February 27, 2012 at 10:00 a.m. (EST) for the following purposes: 1. To elect Paul J. Bohan as a director of Haynes to serve for a one-year term; 2. To elect Donald C. Campion as a director of Haynes to serve for a one-year term; 3. To elect Mark M. Comerford as a director of Haynes to serve for a one-year term; 4. To elect John C. Corey as a director of Haynes to serve for a one-year term; 5. To elect Robert H. Getz as a director of Haynes to serve for a one-year term; 6. To elect Timothy J. McCarthy as a director of Haynes to serve for a one-year term; 7. To elect William P. Wall as a director of Haynes to serve for a one-year term; 8. To ratify the appointment of Deloitte & Touche, LLP as Haynes’ independent registered public accounting firm for the fiscal year ending September 30, 2012; 9. To hold an advisory vote on executive compensation; and 10. To transact such other business as may properly come before the meeting. Only stockholders of record at the close of business on January 9, 2012 are entitled to notice of, and to vote at, the Annual Meeting. YOUR VOTE IS IMPORTANT. IF YOU DO NOT EXPECT TO ATTEND THE ANNUAL MEETING, OR IF YOU DO PLAN TO ATTEND BUT WISH TO VOTE BY PROXY, PLEASE DATE, SIGN AND PROMPTLY MAIL THE ENCLOSED PROXY. A RETURN ENVELOPE IS PROVIDED FOR THIS PURPOSE. By Order of the Board of Directors, 9JAN201215140161 Janice C. Wilken Corporate Secretary January 27, 2012 Kokomo, Indiana HAYNES INTERNATIONAL, INC. PROXY STATEMENT TABLE OF CONTENTS Page 26JAN200610413109 GENERAL INFORMATION .................................................. 1 ANNUAL MEETING OF STOCKHOLDERS PROPOSALS FOR 2013 ANNUAL MEETING ..................................... 2 TO BE HELD FEBRUARY 27, 2012 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS ...................... 3 GENERAL INFORMATION SECURITY OWNERSHIP OF MANAGEMENT .................................... 3 This proxy statement is furnished in connection with the solicitation by the Board of Directors of PROPOSALS TO BE VOTED UPON ............................................ 6 Haynes International, Inc. (‘‘Haynes’’ or the ‘‘Company’’) of proxies to be voted at the Annual Meeting of Stockholders to be held at 10:00 a.m. (EST) on Monday, February 27, 2012, and at any adjournment ELECTION OF DIRECTORS ................................................. 6 thereof. The meeting will be held at the Conrad Indianapolis, located at 50 West Washington Street, Nominees .............................................................
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