Haynes International (HAYN) 10-K 16 Nov 17 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Sep. 30, 2017	Nov. 16, 2017	Mar. 31, 2017
Document and Entity Information
Entity Registrant Name	HAYNES INTERNATIONAL INC
Entity Central Index Key	858,655
Document Type	10-K
Document Period End Date	Sep. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 339,017,581
Entity Common Stock, Shares Outstanding		12,509,757
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2017	Sep. 30, 2016
Current assets:
Cash and cash equivalents	$ 46,328	$ 59,297
Restricted cash (Note 21)		5,446
Accounts receivable, less allowance for doubtful accounts of $402 and $620 at September 30, 2016 and September 30, 2017, respectively	61,602	61,612
Inventories	244,457	236,558
Income taxes receivable		538
Other current assets	2,781	2,809
Total current assets	355,168	366,260
Property, plant and equipment, net	192,556	199,182
Deferred income taxes	58,133	71,010
Other assets	5,107	1,798
Goodwill	4,789	4,789
Other intangible assets, net	6,066	6,562
Total assets	621,819	649,601
Current liabilities:
Accounts payable	32,802	29,925
Accrued expenses	14,108	12,880
Income taxes payable	195
Accrued pension and postretirement benefits	5,095	5,095
Deferred revenue—current portion	2,500	7,488
Total current liabilities	54,700	55,388
Long-term obligations (less current portion) (Note 18)	7,896	8,256
Deferred revenue (less current portion)	20,329	22,829
Deferred income taxes	1,741	1,578
Accrued pension benefits (less current portion)	90,957	130,134
Accrued postretirement benefits (less current portion)	112,424	120,117
Total liabilities	288,047	338,302
Commitments and contingencies (Notes 9 and 10)
Stockholders' equity:
Common stock, $0.001 par value (40,000,000 shares authorized, 12,520,308 and 12,544,933 shares issued and 12,491,149 and 12,509,757 outstanding at September 30, 2016 and September 30, 2017, respectively)	13	12
Preferred stock, $0.001 par value (20,000,000 shares authorized, 0 shares issued and outstanding)
Additional paid-in capital	248,733	246,625
Accumulated earnings	159,366	180,565
Treasury stock, 29,159 shares at September 30, 2016 and 35,176 shares at September 30, 2017	(1,646)	(1,380)
Accumulated other comprehensive loss	(72,694)	(114,523)
Total stockholders' equity	333,772	311,299
Total liabilities and stockholders' equity	$ 621,819	$ 649,601

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2017	Sep. 30, 2016
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 620	$ 402
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	12,544,933	12,520,308
Common stock, shares outstanding (in shares)	12,509,757	12,491,149
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury stock, shares (in shares)	35,176	29,159

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
CONSOLIDATED STATEMENTS OF OPERATIONS
Net revenues	$ 395,209	$ 406,359	$ 487,635
Cost of sales	365,499	358,779	393,971
Gross profit	29,710	47,580	93,664
Selling, general and administrative expense	42,393	39,684	42,572
Research and technical expense	3,855	3,698	3,598
Operating income (loss)	(16,538)	4,198	47,494
Interest income	(186)	(108)	(94)
Interest expense	865	555	412
Income (loss) before income taxes	(17,217)	3,751	47,176
Provision for (benefit from) income taxes	(7,027)	(1,269)	16,690
Net income (loss)	$ (10,190)	$ 5,020	$ 30,486
Net income (loss) per share:
Basic (in dollars per share)	$ (0.83)	$ 0.40	$ 2.45
Diluted (in dollars per share)	$ (0.83)	$ 0.40	$ 2.45
Weighted Average Common Shares Outstanding
Weighted average common shares outstanding - Basic	12,397,099	12,361,483	12,331,805
Weighted average common shares outstanding - Diluted	12,397,099	12,366,197	12,344,209
Dividend declared per common share (in dollars per share)	$ 0.88	$ 0.88	$ 0.88

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ (10,190)	$ 5,020	$ 30,486
Other comprehensive income (loss), net of tax:
Pension and postretirement	39,624	(19,569)	(21,958)
Foreign currency translation adjustment	2,205	(7,001)	(4,167)
Other comprehensive income (loss)	41,829	(26,570)	(26,125)
Comprehensive income (loss)	$ 31,639	$ (21,550)	$ 4,361

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Earnings	Treasury Stock	AOCI Attributable to Parent	Total
Balance at Sep. 30, 2014	$ 12	$ 242,387	$ 166,999	$ (840)	$ (61,828)	$ 346,730
Balance (in shares) at Sep. 30, 2014	12,418,471
Increase (Decrease) in Stockholders' Equity
Net income (loss)			30,486			30,486
Dividends paid ($0.88, $0.88 and $0.88 per share for the year ended September 30, 2015, 2016 and 2017, respectively)			(10,952)			(10,952)
Other comprehensive income (loss)					(26,125)	(26,125)
Tax impact of forfeited vested options		(28)				(28)
Tax impact of dividends on restricted stock		(55)				(55)
Issue restricted stock (less forfeitures) (in shares)	32,750
Purchase of treasury stock				(251)		(251)
Purchase of treasury stock (in shares)	(5,221)
Stock compensation		2,184				2,184
Balance at Sep. 30, 2015	$ 12	244,488	186,533	(1,091)	(87,953)	341,989
Balance (in shares) at Sep. 30, 2015	12,446,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)			5,020			5,020
Dividends paid ($0.88, $0.88 and $0.88 per share for the year ended September 30, 2015, 2016 and 2017, respectively)			(10,988)			(10,988)
Other comprehensive income (loss)					(26,570)	(26,570)
Exercise of stock options		310				310
Exercise of stock options (in shares)	10,000
Tax impact of forfeited vested options		(114)				(114)
Tax impact of dividends on restricted stock		(39)				(39)
Issue restricted stock (less forfeitures) (in shares)	42,810
Purchase of treasury stock				(289)		(289)
Purchase of treasury stock (in shares)	(7,661)
Stock compensation		1,980				1,980
Balance at Sep. 30, 2016	$ 12	246,625	180,565	(1,380)	(114,523)	311,299
Balance (in shares) at Sep. 30, 2016	12,491,149
Increase (Decrease) in Stockholders' Equity
Net income (loss)			(10,190)			(10,190)
Dividends paid ($0.88, $0.88 and $0.88 per share for the year ended September 30, 2015, 2016 and 2017, respectively)			(11,009)			(11,009)
Other comprehensive income (loss)					41,829	41,829
Issue restricted stock (less forfeitures)	$ 1	(1)
Issue restricted stock (less forfeitures) (in shares)	24,625
Purchase of treasury stock				(266)		(266)
Purchase of treasury stock (in shares)	(6,017)
Stock compensation		2,109				2,109
Balance at Sep. 30, 2017	$ 13	$ 248,733	$ 159,366	$ (1,646)	$ (72,694)	$ 333,772
Balance (in shares) at Sep. 30, 2017	12,509,757

CONSOLIDATED STATEMENTS OF STO7

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Dividend paid (in dollars per share)	$ 0.88	$ 0.88	$ 0.88

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net income (loss)	$ (10,190)	$ 5,020	$ 30,486
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	21,601	20,533	18,997
Amortization	496	503	511
Pension and post-retirement expense - U.S. and U.K.	23,435	19,048	12,592
Change in long-term obligations	(15)	73	(498)
Stock compensation expense	2,109	1,980	2,184
Excess tax expense from restricted stock vesting		153	55
Deferred revenue	(7,488)	2,488	(2,500)
Deferred income taxes	(10,072)	1,428	2,810
Loss on disposition of property	612	438	399
Change in assets and liabilities:
Restricted cash	5,446	(5,446)
Accounts receivable	755	10,965	(5,011)
Inventories	(6,982)	6,611	4,073
Other assets	287	237	117
Accounts payable and accrued expenses	3,476	(1,782)	(8,685)
Income taxes	709	3,773	(99)
Accrued pension and postretirement benefits	(11,052)	(12,035)	(7,036)
Net cash provided by operating activities	13,127	53,987	48,395
Cash flows from investing activities:
Additions to property, plant and equipment	(15,006)	(31,633)	(18,546)
Acquisition of Leveltek – LaPorte assets			(14,600)
Net cash used in investing activities	(15,006)	(31,633)	(33,146)
Cash flows from financing activities:
Dividends paid	(11,009)	(10,988)	(10,952)
Proceeds from exercise of stock options		310
Payment for purchase of treasury stock	(266)	(289)	(251)
Excess tax expense from restricted stock vesting		(153)	(55)
Payment for debt issuance cost		(291)
Payment on long-term obligation	(166)	(91)	(173)
Net cash used in financing activities	(11,441)	(11,502)	(11,431)
Effect of exchange rates on cash	351	(600)	(644)
Increase (decrease) in cash and cash equivalents:	(12,969)	10,252	3,174
Cash and cash equivalents:
Beginning of period	59,297	49,045	45,871
End of period	46,328	59,297	49,045
Supplemental disclosures of cash flow information:
Interest (net of capitalized interest)	807	486	347
Income taxes paid (refunded), net	2,335	(6,471)	14,017
Capital expenditures incurred but not yet paid	1,910	$ 1,869	1,741
Lease obligation incurred	$ 4,100		$ 4,500

Background and Organization

Background and Organization	12 Months Ended
	Sep. 30, 2017
Background and Organization
Background and Organization	Note 1. Background and Organization Description of Business Haynes International, Inc. and its subsidiaries (the “Company”, “Haynes”, “we”, “our” or “us”) develops, manufactures, markets and distributes technologically advanced, high-performance alloys primarily for use in the aerospace, industrial gas turbine and chemical processing industries. The Company’s products are high-temperature resistant alloys (“HTA”) and corrosion-resistant alloys (“CRA”). The Company’s HTA products are used by manufacturers of equipment that is subjected to extremely high temperatures, such as jet engines for the aerospace industry, gas turbine engines for power generation, waste incineration and industrial heating equipment. The Company’s CRA products are used in applications that require resistance to extreme corrosion, such as chemical processing, power plant emissions control and hazardous waste treatment. The Company produces its high-performance alloys primarily in sheet, coil and plate forms. In addition, the Company produces its products as seamless and welded tubulars, and in slab, bar, billets and wire forms. High-performance alloys are characterized by highly engineered, often proprietary, metallurgical formulations primarily of nickel, cobalt and other metals with complex physical properties. The complexity of the manufacturing process for high-performance alloys is reflected in the Company’s relatively high average selling price per pound, compared to the average selling price of other metals, such as carbon steel sheet, stainless steel sheet and aluminum. The high-performance alloy industry has significant barriers to entry such as the combination of (i) demanding end-user specifications, (ii) a multi-stage manufacturing process and (iii) the technical sales, marketing and manufacturing expertise required to develop new applications.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Sep. 30, 2017
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2 Summary of Significant Accounting Policies A. The consolidated financial statements include the accounts of Haynes International, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances are eliminated. The Company has manufacturing facilities in Kokomo, Indiana; Mountain Home, North Carolina; and Arcadia, Louisiana with service centers in Lebanon, Indiana; LaPorte, Indiana; LaMirada, California; Houston, Texas; Windsor, Connecticut; Openshaw, England; Lenzburg, Switzerland; Shanghai, China; and sales offices in Paris, France; Zurich, Switzerland; Singapore; Milan, Italy; and Tokyo, Japan. B. The Company considers all highly liquid investment instruments, including investments with original maturities of three months or less at acquisition, to be cash equivalents, the carrying value of which approximates fair value due to the short maturity of these investments. C. The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company markets its products to a diverse customer base, both in the United States of America and overseas. Trade credit is extended based upon evaluation of each customer’s ability to perform its obligation, which is updated periodically. The Company purchases credit insurance for certain foreign trade receivables. D. The Company recognizes revenue when collectability is reasonably assured and when title passes to the customer, which is generally at the time of shipment with freight terms of free on board (FOB) shipping point or at a foreign port for certain export customers. Allowances for sales returns are recorded as a component of net sales in the periods in which the related sales are recognized. The Company determines this allowance based on historical experience. Additionally, the Company recognizes revenue attributable to an up-front fee received from Titanium Metals Corporation (TIMET) as a result of a twenty-year agreement, entered into on November, 17, 2006 to provide conversion services to TIMET. See Note 15 Deferred Revenue for a description of accounting treatment relating to this up-front fee. E. Inventories are stated at the lower of cost or market. The cost of inventories is determined using the first-in, first-out (FIFO) method. The Company writes down its inventory for estimated obsolescence or unmarketable inventory in an amount equal to the difference between the cost of inventory and the estimated market or scrap value, if applicable, based upon assumptions about future demand and market conditions. F. The Company has goodwill, patents, trademarks, customer relationships and other intangibles. As the patents and customer relationships have a definite life, they are amortized over lives ranging from two to sixteen years. The Company reviews patents and customer relationships for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the assets is measured by a comparison of the carrying amount of the asset to the undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount exceeds the fair value of the asset. Goodwill and trademarks (indefinite lived) are tested for impairment at least annually as of January 31 for goodwill and August 31 for trademarks (the annual impairment testing dates), or more frequently if impairment indicators exist. If the carrying value of the trademarks exceeds the fair value (determined using an income approach, based upon a discounted cash flow of an assumed royalty rate), impairment of the trademark may exist resulting in a charge to earnings to the extent of the impairment. The impairment test for goodwill is performed by comparing the fair value of a reporting unit with its carrying amount and recognizing an impairment loss in the event that the carrying amount is greater than the fair value. Any goodwill impairment loss recognized would not exceed the total carrying amount of goodwill allocated to that reporting unit. No impairment was recognized in the years ended September 30, 2015, 2016 or 2017 because the fair value exceeded the carrying values. During fiscal 2017, there were no changes in the carrying amount of goodwill. Amortization of the patents, non-competes, customer relationships and other intangibles was $511, $503 and $496 for the years ended September 30, 2015, 2016 and 2017, respectively. The following represents a summary of intangible assets at September 30, 2016 and 2017: Gross Accumulated Carrying September 30, 2016 Amount Amortization Amount Patents $ 4,030 $ (3,370) $ 660 Trademarks 3,800 — 3,800 Customer relationships 2,100 (275) 1,825 Other 291 (14) 277 $ 10,221 $ (3,659) $ 6,562 Gross Accumulated Carrying September 30, 2017 Amount Amortization Amount Patents $ 4,030 $ (3,656) $ 374 Trademarks 3,800 — 3,800 Customer relationships 2,100 (426) 1,674 Other 291 (73) 218 $ 10,221 $ (4,155) $ 6,066 Estimated future Aggregate Amortization Expense: Year Ended September 30, 2018 $ 527 2019 256 2020 198 2021 180 2022 133 Thereafter 972 G. Additions to property, plant and equipment are recorded at cost with depreciation calculated primarily by using the straight-line method based on estimated economic useful lives, which are generally as follows: Buildings and improvements 40 years Machinery and equipment 5 — 14 years Land improvements 20 years Expenditures for maintenance and repairs and minor renewals are charged to expense; major renewals are capitalized. Upon retirement or sale of assets, the cost of the disposed assets and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is credited or charged to operations. The Company records capitalized interest for long-term construction projects to capture the cost of capital committed prior to the placed in service date as a part of the historical cost of acquiring the asset. Interest is not capitalized when balance on the revolver is zero. The Company reviews long-lived assets for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of the asset to the undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount exceeds the fair value of the asset. No impairment was recognized during the years ended September 30, 2015, 2016 or 2017. H. When it is probable that a liability has been incurred or an asset of the Company has been impaired, a loss is recognized assuming the amount of the loss can be reasonably estimated. The measurement of environmental liabilities by the Company is based on currently available facts, present laws and regulations and current technology. Such estimates take into consideration the expected costs of post-closure monitoring based on historical experience. I. The Company has defined benefit pension and postretirement plans covering most of its current and former employees. Significant elements in determining the assets or liabilities and related income or expense for these plans are the expected return on plan assets, the discount rate used to value future payment streams, expected trends in health care costs and other actuarial assumptions. Annually, the Company evaluates the significant assumptions to be used to value its pension and postretirement plan assets and liabilities based on current market conditions and expectations of future costs. If actual results are less favorable than those projected by management, additional expense may be required in future periods. Salaried employees hired after December 31, 2005 and hourly employees hired after June 30, 2007 are not covered by the pension plan; however, they are eligible for an enhanced matching program of the defined contribution plan (401(k)). Effective December 31, 2007, the U.S. pension plan was amended to freeze benefits for all non-union employees in the U.S. Effective September 30, 2009, the U.K. pension plan was amended to freeze benefits for employees in the plan. Effective January 1, 2007, a plan amendment of the postretirement medical plan caps the Company’s liability related to retiree health care costs at $5,000 annually. J. The Company’s foreign operating entities’ financial statements are denominated in the functional currencies of each respective country, which are the local currencies. All assets and liabilities are translated to U.S. dollars using exchange rates in effect at the end of the year, and revenues and expenses are translated at the weighted average rate for the year. Translation gains or losses are recorded as a separate component of comprehensive income (loss) and transaction gains and losses are reflected in the consolidated statements of operations. K. Research and technical costs related to the development of new products and processes are expensed as incurred. Research and technical costs for the years ended September 30, 2015, 2016 and 2017 were $3,598, $3,698 and $3,855, respectively. L. The Company accounts for deferred tax assets and liabilities using enacted tax rates for the effect of temporary differences between book and tax basis of recorded assets and liabilities. A valuation allowance is required if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The determination of whether or not a valuation allowance is needed is based upon an evaluation of both positive and negative evidence. In its evaluation of the need for a valuation allowance, the Company utilizes prudent and feasible tax planning strategies. The ultimate amount of deferred tax assets realized could be different from those recorded, as influenced by potential changes in enacted tax laws and the availability of future taxable income. The Company records uncertain tax positions on the basis of a two-step process whereby (1) it is determined whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the related tax authority (See Note 6, Income Taxes). M. As described in Note 11, the Company has incentive compensation plans that provide for the issuance of restricted stock, restricted stock units, performance shares, stock options and stock appreciation rights to key employees and non-employee directors. The Company recognizes compensation expense under the fair-value based method as a component of operating expenses. N. The Company may periodically enter into forward currency exchange contracts to minimize the variability in the Company’s operating results arising from foreign exchange rate movements. The Company does not engage in foreign currency speculation. At September 30, 2016 and 2017, the Company had no foreign currency exchange contracts outstanding. Financial instruments which potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and accounts receivable. At September 30, 2017, and periodically throughout the year, the Company has maintained cash balances in excess of federally insured limits. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the relatively short maturity of these instruments. During 2015, 2016 and 2017, the Company did not have sales to any group of affiliated customers that were greater than 10% of net revenues. The Company generally does not require collateral with the exception of letters of credit with certain foreign sales. Credit losses have been within management’s expectations. In addition, the Company purchases credit insurance for certain foreign trade receivables. The Company does not believe it is significantly vulnerable to the risk of near-term severe impact from business concentrations with respect to customers, suppliers, products, markets or geographic areas. O. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments, including those related to bad debts, inventories, income taxes, asset impairment, retirement benefits and environmental matters. The process of determining significant estimates is fact specific and takes into account factors such as historical experience, current and expected economic conditions, product mix, pension asset mix and in some cases, actuarial techniques, and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The Company routinely reevaluates these significant factors and makes adjustments where facts and circumstances dictate. Actual results may differ from these estimates under different assumptions or conditions. P. The Company accounts for earnings per share using the two-class method. The two-class method is an earnings allocation that determines net income per share for each class of common stock and participating securities according to participation rights in undistributed earnings. Non-vested restricted stock awards that include non-forfeitable rights to dividends are considered participating securities. Per share amounts are computed by dividing net income attributable to common shareholders by the weighted average shares outstanding during each period. Basic earnings per share is computed by dividing net income available to common stockholders for the period by the weighted average number of common shares outstanding for the period. The computation of diluted earnings per share is similar to basic earnings per share, except the denominator is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. Basic and diluted net income per share were computed as follows: Years ended September 30, (in thousands, except share and per share data) 2015 2016 2017 Numerator: Basic and Diluted Net income (loss) $ 30,486 $ 5,020 $ (10,190) Dividends paid (10,952) (10,988) (11,009) Undistributed income (loss) 19,534 (5,968) (21,199) Percentage allocated to common shares (a) 99.1 % 99.0 % 100.0 % Undistributed income (loss) allocated to common shares 19,358 (5,910) (21,199) Dividends paid on common shares outstanding 10,853 10,881 10,905 Net income (loss) available to common shares 30,211 4,971 (10,294) Denominator: Basic and Diluted Weighted average common shares outstanding 12,331,805 12,361,483 12,397,099 Adjustment for dilutive potential common shares 12,404 4,714 — Weighted average shares outstanding - Diluted 12,344,209 12,366,197 12,397,099 Basic net income (loss) per share $ 2.45 $ 0.40 $ (0.83) Diluted net income (loss) per share $ 2.45 $ 0.40 $ (0.83) Number of stock option shares excluded as their effect would be anti-dilutive 289,130 378,852 310,417 Number of restrictive stock shares excluded as their effect would be anti-dilutive 111,450 121,285 107,854 (a) Percentage allocated to common shares - weighted average Common shares outstanding 12,331,805 12,361,483 12,397,099 Unvested participating shares 112,275 121,185 — 12,444,080 12,482,668 12,397,099 Q. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) . The objective of the update is to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2015-14 deferred the effective date of the update to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company is currently evaluating the methods of adoption allowed by the new standard and the effect, if any, on its consolidated financial statements. In May, 2015, the FASB issued ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). This update removes the requirements to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share. The amendment is effective for annual and interim periods within those annual periods beginning after December 15, 2015. Beginning in fiscal 2017, the Company has removed investments in which fair value is measured using net asset value from the fair value hierarchy table within the footnotes to the consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330) . The objective of this update was to simplify the measurement of inventory valuation at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. It is effective for annual reporting periods beginning after December 15, 2016 and interim periods within fiscal years beginning after December 15, 2017. The adoption of these changes is not expected to have a material impact to the Company’s consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of interest (Subtopic 835-30) : The guidance requires entities to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of that debt liability. In August 2015, the clarification was released (ASU 2015-15) to address presentation and subsequent measurement of debt issuance costs related to line-of-credit arrangements. This amendment allows for the reporting entity to defer and present debt issuance costs as an asset and subsequently amortize the debt issuance costs over the term of the line-of-credit agreement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement, including interim periods within that reporting period. It was implemented in the first quarter of fiscal 2017 and did not result in a material impact to the Company’s consolidated financial statements or the related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . This new guidance will require that a lessee recognize assets and liabilities on the balance sheet for all leases with a lease term of more than twelve months, with the result being the recognition of a right of use asset and a lease liability. The new lease accounting requirements are effective for fiscal years beginning after December 18, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and other (Topic 350) . This new guidance simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill, which is currently required if a reporting unit with goodwill fails a Step 1 test comparing the fair value of the reporting unit to its carrying value including goodwill. Under this new guidance, an entity should perform its annual, or interim, goodwill impairment test using only the Step 1 test of comparing the fair value of a reporting unit with its carrying amount. Any goodwill impairment, representing the amount by which the carrying amount exceeds the reporting unit’s fair value, is determined using this Step 1 test. Any goodwill impairment loss recognized would not exceed the total carrying amount of goodwill allocated to that reporting unit. This new guidance is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company adopted this new guidance in 2017. Adoption of this guidance did not result in a material impact to the Company’s consolidated financial statements or the related disclosures. In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718) : Improvements to Employee Share-Based Payment Accounting. The objective of this update was to simplify the accounting for share-based payment transactions, including the income tax consequences of awards as either equity or liabilities, and classification on the statement of cash flows. The new share-based compensation accounting requirements are effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. The Company adopted this new guidance in fiscal 2017, and the impact on the consolidated financial statements and notes was immaterial. In March 2017, the FASB issued ASU 2017-07, Compensation – Retirement Benefits (Topic 715) . This new guidance requires entities to (1) disaggregate the service cost component from the other components of net benefit cost and present it with other current compensation costs for related employees in the income statement and (2) present the other components elsewhere in the income statement and outside of income from operations if that subtotal is presented. In addition, the ASU requires entities to disclose the income statement lines that contain the other components if they are not presented on appropriately described separate lines. This new guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements.

Inventories

Inventories	12 Months Ended
	Sep. 30, 2017
Inventories
Inventories	Note 3. Inventories Inventories are stated at the lower of cost or market. The cost of inventories is determined using the first-in, first-out (“FIFO”) method. The following is a summary of the major classes of inventories: September 30, 2016 2017 Raw Materials $ 21,587 $ 18,731 Work-in-process 118,822 130,019 Finished Goods 94,772 94,331 Other 1,377 1,376 $ 236,558 $ 244,457

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Sep. 30, 2017
Property, Plant and Equipment
Property, Plant and Equipment	Note 4. Property, Plant and Equipment The following is a summary of the major classes of property, plant and equipment: September 30, 2016 2017 Land and land improvements $ 7,207 $ 9,345 Buildings and improvements 37,343 44,705 Machinery and equipment 262,717 289,035 Construction in process 28,562 5,692 335,829 348,777 Less accumulated depreciation (136,647) (156,221) $ 199,182 $ 192,556 As of September 30, 2017, the Company has $275 of assets under a capital lease for equipment related to the service center operation in Shanghai, China and $7,913 of assets under capital or finance leases for two buildings at the LaPorte, Indiana service center.

Accrued Expenses

Accrued Expenses	12 Months Ended
	Sep. 30, 2017
Accrued Expenses
Accrued Expenses	Note 5. Accrued Expenses The following is a summary of the major classes of accrued expenses: September 30, 2016 2017 Employee compensation $ 7,394 $ 7,791 Taxes, other than income taxes 2,264 2,422 Utilities 992 909 Professional fees 615 746 Capital lease obligation, current 383 926 Other 1,232 1,314 $ 12,880 $ 14,108

Income Taxes

Income Taxes	12 Months Ended
	Sep. 30, 2017
Income Taxes
Income Taxes	Note 6. Income Taxes The components of income (loss) before provision for income taxes and the provision for income taxes are as follows: Year Ended September 30, 2015 2016 2017 Income (loss) before income taxes: U.S. $ 36,327 $ (4,160) $ (25,090) Foreign 10,849 7,911 7,873 Total $ 47,176 $ 3,751 $ (17,217) Provision for (benefit from) income taxes: Current: U.S. Federal $ 11,207 $ (4,427) $ 933 Foreign 1,690 1,368 1,652 State 686 (141) 401 Total 13,583 (3,200) 2,986 Deferred: U.S. Federal (79) 4,582 (8,781) Foreign 690 (105) — State 2,368 (2,954) (1,427) Valuation allowance 128 408 195 Total 3,107 1,931 (10,013) Total provision for (benefit from) income taxes $ 16,690 $ (1,269) $ (7,027) The provision for income taxes applicable to results of operations differed from the U.S. federal statutory rate as follows: Year Ended September 30, 2015 2016 2017 Statutory federal tax rate 35 % 35 % 35 % Tax provision for income taxes at the statutory rate $ 16,512 $ 1,313 $ (6,026) Foreign tax rate differentials (1,417) (1,505) (1,103) Provision for state taxes, net of federal taxes 818 778 (371) U.S. tax on distributed and undistributed earnings of foreign subsidiaries 419 523 452 Manufacturer’s deduction (1,213) (98) — Tax credits (240) (1,198) (409) State tax rate change impact on deferred tax asset 1,565 (1,819) 192 Change in valuation allowance 128 408 195 Other, net 118 329 43 Provision for income taxes at effective tax rate $ 16,690 $ (1,269) $ (7,027) Effective tax rate 35.4 % (33.8) % 40.8 % During fiscal 2015, the Company’s effective tax rate was higher than the statutory rate, primarily due to a change in the Indiana tax law that was enacted in May 2015, which decreased the deferred tax asset and increased tax expense. During fiscal 2016, the Company’s effective tax rate was negative relative to the statutory rate, primarily due to an increase in the value of the Company’s deferred tax assets driven by a higher state tax rate and research credits. Additionally, the Company earned a greater proportion of profitability in foreign jurisdictions. During fiscal 2017, the Company’s effective tax rate was higher than the statutory rate, primarily due to the Company incurring a pre-tax loss in the United States and pre-tax income in the United Kingdom which has a lower effective tax rate than the statutory rate. When incurring a pre-tax loss, the effective tax rate of the Company will be higher than the statutory rate if certain tax jurisdictions with lower tax rates incur pre-tax income as a partial offset to the pre-tax loss in the United States. Deferred tax assets (liabilities) are comprised of the following: September 30, 2016 2017 Deferred tax assets: Pension and postretirement benefits $ 93,238 $ 74,602 TIMET Agreement 9,361 8,417 Inventories 3,405 2,080 Accrued compensation and benefits 2,264 2,107 Accrued expenses and other 3,132 5,277 Tax attributes 1,642 11,579 Valuation allowance (532) (1,017) Total deferred tax assets $ 112,510 $ 103,045 Deferred tax liabilities: Property, plant and equipment, net $ (41,645) $ (45,155) Intangible and other (1,433) (1,498) Total deferred tax liabilities $ (43,078) $ (46,653) Net deferred tax assets (liabilities) $ 69,432 $ 56,392 As of September 30, 2017, the Company had federal net operating loss carryforwards of $21,530, state tax net operating loss carryforwards of $11,666, tax credits of $3,205 and foreign net operating loss carryforwards of $2,249. As of September 30, 2016, the Company had state tax net operating loss carryforwards of $3,453, tax credits of $1,198 and foreign net operating loss carryforwards of $349. The Company has recorded a valuation allowance against the foreign net operating loss carryforwards of $1,539 and U.S. tax credits of $504 because management does not believe that it is more likely than not that net operating loss carryforwards will be realized prior to their expiration. Undistributed earnings of certain of the Company’s foreign subsidiaries amounted to approximately $62,497 at September 30, 2017. The Company considers those earnings reinvested indefinitely and, accordingly, no provision for U.S. income taxes has been provided. Determination of the amount of unrecognized deferred U.S. income tax liability is not practicable because of the complexities associated with its hypothetical calculation. As of September 30, 2017, the Company was open to examination in the U.S. federal income tax jurisdiction for the 2014 through 2017 tax years and in various foreign jurisdictions from 2012 through 2017. The Company is also open to examination in various states in the U.S., none of which were individually material.

Debt

Debt	12 Months Ended
	Sep. 30, 2017
Debt
Debt	Note 7. Debt U.S. revolving credit facility The Company and Wells Fargo Capital Finance, LLC (“Wells Fargo”) entered into a Third Amended and Restated Loan and Security Agreement (the “Amended Agreement”) with certain other lenders with an effective date of July 14, 2011. On July 7, 2016, the Company amended the agreement to, among other things, extend the term through July 7, 2021 and reduce unused line fees and certain administrative fees. The maximum revolving loan amount under the Amended Agreement is $120.0 million, subject to a borrowing base formula and certain reserves. The Amended Agreement permits an increase in the maximum revolving loan amount from $120.0 million up to an aggregate amount of $170.0 million at the request of the borrower. Borrowings under the U.S. revolving credit facility bear interest, at the Company’s option, at either Wells Fargo’s “prime rate,” plus up to 0.75% per annum, or the adjusted Eurodollar rate used by the lender, plus up to 2.0% per annum. As of September 30, 2017, the U.S. revolving credit facility had a zero balance. In addition, the Company must pay monthly, in arrears, a commitment fee of 0.20% per annum on the unused amount of the U.S. revolving credit facility total commitment. For letters of credit, the Company must pay 1.5% per annum on the daily outstanding balance of all issued letters of credit, plus customary fees for issuance, amendments and processing. The Company is subject to certain covenants such as fixed charge coverage ratios and other customary covenants, including covenants restricting the incurrence of indebtedness, the granting of liens and the sale of assets. The covenant pertaining to fixed charge coverage ratios is only effective in the event the amount of excess availability under the revolver is less than 10.0% of the maximum credit revolving loan amount. The Company is permitted to pay dividends and repurchase common stock if certain financial metrics are met (which do not apply in the case of regular quarterly dividends less than $20.0 million in the aggregate in a year and repurchases in connection with the vesting of shares of restricted stock). Borrowings under the U.S. revolving credit facility are collateralized by a pledge of substantially all of the U.S. assets of the Company, including the equity interests in its U.S. subsidiaries, but excluding the four-high Steckel rolling mill and related assets, which are pledged to Titanium Metals Corporation (“TIMET”) to secure the performance of the Company’s obligations under a Conversion Services Agreement with TIMET (see discussion of TIMET at Note 15 in the Company’s Notes to Consolidated Financial Statements in this Annual Report on Form 10-K). The U.S. revolving credit facility is also secured by a pledge of a 65% equity interest in each of the Company’s direct foreign subsidiaries. The Company’s U.K. subsidiary (Haynes International Ltd.) has an overdraft facility of 1,700 Pounds Sterling ($2,278), all of which was available on September 30, 2017. The Company’s French subsidiary (Haynes International, S.A.R.L.) has an overdraft banking facility of 240 Euro ($283), all of which was available on September 30, 2017. The Company’s Swiss subsidiary (Haynes International AG) has an overdraft banking facility of 400 Swiss Francs ($413), all of which was available on September 30, 2017.

Pension Plan and Retirement Ben

Pension Plan and Retirement Benefits	12 Months Ended
	Sep. 30, 2017
Pension Plan and Retirement Benefits
Pension Plan and Retirement Benefits	Note 8. Pension Plan and Retirement Benefits Defined Contribution Plans The Company sponsors a defined contribution plan (401(k)) for substantially all U.S. employees. The Company contributes an amount equal to 50% of an employee’s contribution to the plan up to a maximum contribution of 3% of the employee’s salary, except for all salaried employees and certain hourly employees (those hired after June 30, 2007 that are not eligible for the U.S. pension plan). The Company contributes an amount equal to 60% of an employee’s contribution to the plan up to a maximum contribution of 6% of the employee’s salary for these groups. Expenses associated with this plan for the years ended September 30, 2015, 2016 and 2017 totaled $1,598, $1,652 and $1,590, respectively. The Company sponsors certain profit sharing plans for the benefit of employees meeting certain eligibility requirements. There were no contributions to these plans for the years ended September 30, 2015, 2016 and 2017. Defined Benefit Plans The Company has non-contributory defined benefit pension plans which cover most employees in the U.S. and the U.K. Benefits provided under the Company’s U.S. defined benefit pension plan are based on years of service and the employee’s final compensation. The Company’s funding policy is to contribute annually an amount deductible for federal income tax purposes based upon an actuarial cost method using actuarial and economic assumptions designed to achieve adequate funding of benefit obligations. The Company has non-qualified pensions for former executives of the Company. Non-qualified pension plan expense for the years ended September 30, 2015, 2016 and 2017 was $140, $91 and $19, respectively. Accrued liabilities in the amount of $854 and $777 for these benefits are included in accrued pension and postretirement benefits liability at September 30, 2016 and 2017, respectively. In addition to providing pension benefits, the Company provides certain health care and life insurance benefits for retired employees. Substantially all domestic employees become eligible for these benefits, if they reach normal retirement age while working for the Company. The Company’s liability related to total retiree health care costs is limited to $5,000 annually. The Company made contributions of $1,500, $6,000, and $6,000 to fund its domestic Company-sponsored pension plan for the years ended September 30, 2015, 2016 and 2017, respectively. The Company’s U.K. subsidiary made contributions of $909, $778 and $804 for the years ended September 30, 2015, 2016 and 2017, respectively, to the U.K. pension plan. During the fourth quarter of fiscal 2016, the Company offered a lump sum or annuity pension distribution option to terminated vested participants of the U.S. pension plan. This option was accepted by 146 participants who received distributions totaling $8,688. The individuals who accepted the lump sum option were no longer participants in the pension plan as of September 30, 2016. The Company uses a September 30 measurement date for its plans. The status of employee pension benefit plans and other postretirement benefit plans is summarized below: Defined Benefit Postretirement Pension Plans Health Care Benefits Year Ended Year Ended September 30, September 30, 2016 2017 2016 2017 Change in Benefit Obligation: Projected benefit obligation at beginning of year $ 311,943 $ 337,338 $ 110,534 $ 125,117 Service cost 4,080 6,282 232 350 Interest cost 12,050 10,577 4,595 4,292 Actuarial losses 32,370 (27,246) 15,283 (8,072) Benefits paid (23,105) (14,682) (5,527) (4,263) Administrative expenses — (1,466) — — Projected benefit obligation at end of year $ 337,338 $ 310,803 $ 125,117 $ 117,424 Change in Plan Assets: Fair value of plan assets at beginning of year $ 205,498 $ 207,963 $ — $ — Actual return on assets 18,792 25,475 — — Employer contributions 6,778 6,804 5,527 4,263 Benefits paid (23,105) (14,682) (5,527) (4,263) Administrative expenses - (1,466) — — Fair value of plan assets at end of year $ 207,963 $ 224,094 $ — $ — Funded Status of Plan: Unfunded status $ (129,375) $ (86,709) $ (125,117) $ (117,424) Amounts recognized in the consolidated balance sheets are as follows: Defined Benefit Postretirement Non-Qualified All Plans Pension Plans Health Care Benefits Pension Plans Combined September 30, September 30, September 30, September 30, 2016 2017 2016 2017 2016 2017 2016 2017 Accrued pension and postretirement benefits: Current $ — $ — $ (5,000) $ (5,000) $ (95) $ (95) $ (5,095) $ (5,095) Non - current (129,375) (86,709) (120,117) (112,424) (759) (682) (250,251) (199,815) Accrued pension and postretirement benefits $ (129,375) $ (86,709) $ (125,117) $ (117,424) $ (854) $ (777) $ (255,346) $ (204,910) Accumulated other comprehensive loss: Net loss 116,388 66,819 47,636 35,286 — — 164,024 102,105 Prior service cost 3,020 2,213 — — — — 3,020 2,213 Total accumulated other comprehensive loss $ 119,408 $ 69,032 $ 47,636 $ 35,286 $ — $ — $ 167,044 $ 104,318 Amounts expected to be recognized from AOCI into the statement of operations in the following year: Amortization of net loss $ 11,268 $ 4,910 $ 4,278 $ 2,999 $ — $ — $ 15,546 $ 7,909 Amortization of prior service cost 808 374 — — — — 808 374 $ 12,076 $ 5,284 $ 4,278 $ 2,999 $ — $ — $ 16,354 $ 8,283 The non-current portion of the defined benefit pension plan portion of accrued pension and postretirement benefits amounts to $86,709 in fiscal 2017. This amount comprises the UK pension plan net pension asset of $3,566 and is included in Other assets on the consolidated balance sheet as well as the US pension plan accrued pension liability of $90,275 which is recorded in accrued pension benefit (less current portion) on the consolidated balance sheet. The accumulated benefit obligation for the pension plans was $317,754 and $299,197 at September 30, 2016 and 2017, respectively. The cost of the Company’s postretirement benefits is accrued over the years employees provide service to the date of their full eligibility for such benefits. The Company’s policy is to fund the cost of claims on an annual basis. The components of net periodic pension cost and postretirement health care benefit cost are as follows: Defined Benefit Pension Plans Year Ended September 30, 2015 2016 2017 Service cost $ 3,898 $ 4,080 $ 6,282 Interest cost 11,203 12,050 10,577 Expected return on assets (15,117) (14,380) (14,419) Amortization of prior service cost 808 808 808 Recognized actuarial loss 4,645 8,838 11,267 Net periodic cost $ 5,437 $ 11,396 $ 14,515 Postretirement Health Care Benefits Year Ended September 30, 2015 2016 2017 Service cost $ 337 $ 232 $ 350 Interest cost 4,385 4,595 4,292 Recognized actuarial loss 2,433 2,825 4,278 Net periodic cost $ 7,155 $ 7,652 $ 8,920 Assumptions A 5.0% ( 5.0%-2016) annual rate of increase for the costs of covered health care benefits for ages under 65 and a 5.0% ( 5.0%-2016) annual rate of increase for ages over 65 were assumed for 2017 and remained at 5.0% for the under 65 and over 65 age groups in the years thereafter. A one percentage point change in assumed health care cost trend rates would have no effect on the total of service and interest cost components of postretirement health care expense in fiscal 2017 or on the accumulated postretirement benefit obligation as of September 30, 2017. The effect on total of service and interest cost components and the effect on accumulated postretirement benefit obligation is zero due to the plan amendment that caps the Company costs at $5,000 on an undiscounted basis per year. The actuarial present value of the projected pension benefit obligation and postretirement health care benefit obligation for the plans at September 30, 2016 and 2017 were determined based on the following assumptions: September 30, September 30, 2016 2017 Discount rate (postretirement health care) 3.50 % 3.75 % Discount rate (U.S. pension plan) 3.25 % 3.63 % Discount rate (U.K. pension plan) 2.30 % 2.50 % Rate of compensation increase (U.S. pension plan only) 3.50 % 2.50 % The net periodic pension and postretirement health care benefit costs for the plans were determined using the following assumptions: Defined Benefit Pension and Postretirement Health Care Plans Year Ended September 30, 2015 2016 2017 Discount rate (postretirement health care plan) 4.25 % 4.25 % 3.50 % Discount rate (U.S. pension plan) 4.00 % 4.00 % 3.25 % Discount rate (U.K. pension plan) 3.90 % 3.70 % 2.30 % Expected return on plan assets (U.S. pension plan) 7.50 % 7.50 % 7.50 % Expected return on plan assets (U.K. pension plan) 4.40 % 4.10 % 2.70 % Rate of compensation increase (U.S. pension plan only) 3.50 % 3.50 % 3.50 % Plan Assets and Investment Strategy The Company’s pension plan assets by level within the fair value hierarchy at September 30, 2016 and 2017, are presented in the table below. The pension plan assets were accounted for at fair value. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Investments in U.S and International equities, and Fixed Income are held in mutual funds and common / collective funds which are valued using net asset value (NAV) provided by the administrator of the fund. For more information on a description of the fair value hierarchy, see Note 16. The Company adopted the guidance included in ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) which requires entities to remove investments in which fair value is measured using net asset value from the fair value hierarchy table. September 30, 2016 Level 1 Active Level 2 Markets for Other Identical Observable Assets Inputs NAV Total U.S. Pension Plan Assets: U.S. common stock mutual funds $ — $ — $ 64,333 $ 64,333 Common /collective funds Bonds — — 75,686 75,686 U.S. common stock — — 39,735 39,735 International equity — — 9,461 9,461 Total U.S. $ — $ — $ 189,215 $ 189,215 U.K. Plan Assets: Equities $ — $ — $ 7,499 $ 7,499 Bonds — — 9,187 9,187 Other — — 2,062 2,062 Total U.K. $ — $ — $ 18,748 $ 18,748 Total pension plan assets $ — $ — $ 207,963 $ 207,963 September 30, 2017 Level 1 Active Level 2 Markets for Other Identical Observable Assets Inputs NAV Total U.S. Pension Plan Assets: U.S. common stock mutual funds $ — $ — $ 73,430 $ 73,430 Common /collective funds Bonds — — 81,702 81,702 U.S. common stock — — 32,784 32,784 International equity — — 16,341 16,341 Total U.S. $ — $ — $ 204,257 $ 204,257 U.K. Plan Assets: Equities $ — $ — $ 8,913 $ 8,913 Bonds — — 7,750 7,750 Other — — 3,174 3,174 Total U.K. $ — $ — $ 19,837 $ 19,837 Total pension plan assets $ — $ — $ 224,094 $ 224,094 The primary financial objectives of the plans are to minimize cash contributions over the long term and preserve capital while maintaining a high degree of liquidity. A secondary financial objective is, where possible, to avoid significant downside risk in the short run. The objective is based on a long-term investment horizon so that interim fluctuations should be viewed with appropriate perspective. It is the policy of the U.S. pension plan to invest assets with an allocation to equities as shown below. The balance of the assets is maintained in fixed income investments, and in cash holdings, to the extent permitted by the plan documents. Asset classes as a percent of total assets: Asset Class Target (1) Equity 60 % Fixed Income 40 % Real Estate and Other — % (1) From time to time the Company may adjust the target allocation by an amount not to exceed 10%. In determining the expected rate of return on U.S. plan assets, the Company takes into account the target plan’s allocation at September 30, 2017 of 60% equities and 40% fixed income. The Company assumes an approximately 3.00% to 4.00% equity risk premium above the broad bond market yields of 5.00% to 7.00%. Note that over very long historical periods, the realized risk premium has been higher. The Company believes that its assumption of a 7.5% long-term rate of return on plan assets is comparable to other companies, given the target allocation of the plan assets; however, there exists the potential for the use of a lower rate in the future. The U.K. pension plan assets follow a more conservative investment objective due to the higher funding status of the plan. Contributions and Benefit Payments The Company has not yet determined the amounts to contribute to its domestic pension plans, domestic other postretirement benefit plans and the U.K. pension plan in fiscal 2018. Pension and postretirement health care benefits, which include expected future service, are expected to be paid out of the respective plans as follows: Postretirement Fiscal Year Ending September 30 Pension Health Care 2018 $ 15,358 $ 5,000 2019 15,649 5,000 2020 16,161 5,000 2021 16,564 5,000 2022 17,120 5,000 2023 - 2027 (in total) 90,470 25,000

Commitments

Commitments	12 Months Ended
	Sep. 30, 2017
Commitments
Commitments	Note 9. Commitments The Company leases certain transportation vehicles, warehouse facilities, office space and machinery and equipment under cancelable and non-cancelable leases, most of which expire within 10 years and may be renewed by the Company. Rent expense under such arrangements totaled $3,403, $3,726 and $4,082 for the years ended September 30, 2015, 2016 and 2017, respectively. Rent expense does not include income from sub-lease rentals totaling $105, $120 and $153 for the years ended September 30, 2015, 2016 and 2017, respectively. Future minimum rental commitments under non-cancelable operating leases at September 30, 2017, are as follows: Operating 2018 $ 2,978 2019 1,859 2020 1,243 2021 232 2022 100 2023 and thereafter — $ 6,412 Future minimum rental commitments under non-cancelable operating leases have not been reduced by minimum sub-lease rentals of $79 due in the future.

Legal, Environmental and Other

Legal, Environmental and Other Contingencies	12 Months Ended
	Sep. 30, 2017
Legal, Environmental and Other Contingencies
Legal, Environmental and Other Contingencies	Note 10. Legal, Environmental and Other Contingencies Legal The Company is regularly involved in litigation, both as a plaintiff and as a defendant, relating to its business and operations, including environmental, commercial, employment and federal and/or state Equal Employment Opportunity Commission administrative actions. Future expenditures for environmental, employment, intellectual property and other legal matters cannot be determined with any degree of certainty; however, based on the facts presently known, management does not believe that such costs will have a material effect on the Company’s financial position, results of operations or cash flows. The Company is currently, and has in the past been, subject to claims involving personal injuries allegedly relating to its products and processes. For example, the Company is presently involved in two actions involving welding rod-related injuries, which were filed in California state court against numerous manufacturers, including the Company, in May 2006 and February 2007, respectively, alleging that the welding-related products of the defendant manufacturers harmed the users of such products through the inhalation of welding fumes containing manganese. The Company (together with a number of other manufacturer defendants) is also involved in one action alleging that asbestos in its facilities harmed the plaintiffs. The Company believes that it has defenses to these allegations and that, if the Company were to be found liable, the cases would not have a material effect on its financial position, results of operations or liquidity. The Company expects to amend its Amended and Restated By-Laws effective upon receipt of the affirmative vote of a majority of its stockholders at the Company’s 2018 Annual Meeting of Stockholders. The proposed amendment would remove the requirement that stockholders electing to remove a director must show cause in order to do so. This proposed amendment is in response to a recent decision by the Delaware Court of Chancery Environmental The Company has received permits from the Indiana Department of Environmental Management and the North Carolina Department of Environment and Natural Resources to close and provide post‑closure environmental monitoring and care for certain areas of its Kokomo and Mountain Home, North Carolina facilities, respectively. The Company is required to, among other things, monitor groundwater and to continue post‑closure maintenance of the former disposal areas at each site. As a result, the Company is aware of elevated levels of certain contaminants in the groundwater, and additional testing and corrective action by the Company could be required. The Company is unable to estimate the costs of any further corrective action at these sites, if required. Accordingly, the Company cannot assure that the costs of any future corrective action at these or any other current or former sites would not have a material effect on the Company’s financial condition, results of operations or liquidity. As of September 30, 2017, the Company has accrued $633 for post-closure monitoring and maintenance activities, of which $531 is included in long-term obligations as it is not due within one year. Accruals for these costs are calculated by estimating the cost to monitor and maintain each post-closure site and multiplying that amount by the number of years remaining in the post-closure monitoring. Expected maturities of post-closure monitoring and maintenance activities (discounted) included in long-term obligations are as follows at September 30, 2017. 2019 $ 54 2020 52 2021 60 2022 50 2023 and thereafter 315 $ 531 On February 11, 2016, the Company voluntarily reported to the Louisiana Department of Environmental Quality a leak that it discovered in one of its chemical cleaning operations at its Arcadia, Louisiana facility. As a result of the discovery, the Company is working with that department to determine the extent of the issue and appropriate remediation.

Stock-based Compensation

Stock-based Compensation	12 Months Ended
	Sep. 30, 2017
Stock-based Compensation
Stock-based Compensation	Note 11. Stock - based Compensation Restricted Stock Plan On February 23, 2009, the Company adopted a restricted stock plan that reserved 400,000 shares of common stock for issuance. Additionally, on March 1, 2016, the Company adopted the 2016 Incentive Compensation Plan which provides for grants of restricted stock, restricted stock units and performance shares, among other rewards. Up to 275,000 shares of restricted stock, restricted stock units and performance shares may be granted in the aggregate under this plan. Coinciding with the adoption of the 2016 Incentive Compensation Plan, the Company is no longer granting awards from the 2009 restricted stock plan, although awards remain outstanding thereunder. Grants of restricted stock may be comprised of shares of the Company’s common stock subject to transfer restrictions, which vest in accordance with the terms and conditions established by the Compensation Committee. The Compensation Committee may set vesting requirements based on the achievement of specific performance goals or the passage of time. Restricted shares are subject to forfeiture if employment or service terminates prior to the vesting date or if any applicable performance goals are not met. The Company will assess, on an ongoing basis, the probability of whether relevant performance criteria will be achieved. The Company will recognize compensation expense over the performance period if it is deemed probable that the goals will be achieved. The fair value of the Company’s restricted stock is determined based upon the fair value of the Company’s common stock on the grant date, which is determined based upon the closing price of the Company’s common stock on the trading date immediately preceding the grant date. The plan provides for the adjustment of the number of shares covered by an outstanding grant and the maximum number of shares for which restricted stock may be granted in the event of a stock split, extraordinary dividend or distribution or similar recapitalization event. The shares of time-based restricted stock granted to employees will vest on the third anniversary of their grant date if the recipient is still an employee of the Company on such date. The shares of restricted stock granted to non-employee directors will vest on the earlier of (a) the first anniversary of the date of grant or (b) the failure of such non-employee director to be re-elected at an annual meeting of the stockholders of the Company as a result of such non-employee director being excluded from the nominations for any reason other than cause. The following table summarizes the activity under the 2009 restricted stock plan and the 2016 Incentive Compensation Plan with respect to restricted stock for the year ended September 30, 2017: Weighted Average Fair Number of Value At Shares Grant Date Unvested at September 30, 2016 121,010 $ 44.51 Granted 37,275 $ 40.86 Forfeited / Canceled (12,650) $ 52.32 Vested (38,425) $ 47.20 Unvested at September 30, 2017 107,210 $ 41.36 Expected to vest 80,293 $ 40.98 Compensation expense related to restricted stock for the years ended September 30, 2015, 2016 and 2017 was $1,650, $1,466, and $1,340, respectively. The remaining unrecognized compensation expense related to restricted stock at September 30, 2017 was $1,266, to be recognized over a weighted average period of 0.62 years. During fiscal 2017, the Company repurchased 6,017 shares of stock from employees at an average purchase price of $44.15 to satisfy required withholding taxes upon vesting of restricted stock-based compensation. Performance Shares On November 22, 2016, the Company granted a target of 19,000 performance share awards to certain key employees. The number of performance shares that will ultimately be earned, as well as the number of shares that will be distributed in settling those earned performance shares, if any, will not be determined until the end of the performance period. Performance shares earned will depend on the calculated total shareholder return of the Company at the end of the three-year period ending September 30, 2019, as compared to the total shareholder return of the Company’s peer group, as defined by the Compensation Committee. The fair value of the performance shares is $60.09 per share, which is estimated as of the date of the grant using a Monte Carlo simulation model. Compensation expense related to the performance shares for the year ended September 30, 2017 was $336. No performance share awards were outstanding prior to the year ended September 30, 2017. The remaining unrecognized compensation expense related to performance shares at September 30, 2017 was $806, to be recognized over a weighted average period of 2.00 years. Stock Option Plans The Company’s 2016 Incentive Compensation Plan and its two previous stock option plans authorize, or formerly authorized, the granting of non-qualified stock options to certain key employees and non-employee directors for the purchase of a maximum of 1,925,000 shares of the Company’s common stock. The first option plan was adopted in August 2004 and provided for the grant of options to purchase up to 1,000,000 shares of the Company’s common stock. In January 2007, the Company’s Board of Directors adopted a second option plan that provides for the grant of options to purchase up to 500,000 shares of the Company’s common stock. Coinciding with the adoption of the 2016 Incentive Compensation Plan, the Company is no longer granting awards from these plans, although awards remain outstanding thereunder. On March 1, 2016, the Company adopted the 2016 Incentive Compensation Plan which provides for grants of up to 425,000 stock options and stock appreciation rights. Each plan provides for the adjustment of the maximum number of shares for which options may be granted in the event of a stock split, extraordinary dividend or distribution or similar recapitalization event. Unless the Compensation Committee determines otherwise, options are exercisable for a period of ten years from the date of grant and vest 33 1 / 3 % per year over three years from the grant date. The amount of compensation cost recognized in the financial statements is measured based upon the grant date fair value. The fair value of option grants is estimated as of the date of the grant . The Company has elected to use the Black-Scholes option pricing model, which incorporates various assumptions including volatility, expected life, risk-free interest rates, and dividend yields. The volatility is based on historical volatility of the Company’s common stock over the most recent period commensurate with the estimated expected term of the stock option granted. The Company uses historical volatility because management believes such volatility is representative of prospective trends. The expected term of an award is based on historical exercise data. The risk-free interest rate assumption is based upon observed interest rates appropriate for the expected term of the awards. The dividend yield assumption is based on the Company’s history and expectations regarding dividend payouts at the time of the grant. The following assumptions were used for grants in the first quarter of fiscal 2017: Fair Dividend Risk-free Expected Expected Grant Date Value Yield Interest Rate Volatility Life November 22, 2016 $ % % 37 % 5 years November 24, 2015 $ 8.37 2.33 % 1.70 % 30 % 5 years November 25, 2014 $ 8.17 1.90 % 0.96 % 28 % 3 years The stock-based employee compensation expense for stock options for the years ended September 30, 2015, 2016 and 2017 was $534, $514 and $433, respectively. The remaining unrecognized compensation expense at September 30, 2017 was $827, to be recognized over a weighted average vesting period of 1.98 years. The following table summarizes the activity under the stock option plans for the year ended September 30, 2017: Weighted Aggregate Weighted Average Intrinsic Average Remaining Number of Value Exercise Contractual Shares (000s) Prices Life Outstanding at September 30, 2016 428,401 $ 48.47 Granted 47,925 $ Exercised — $ Canceled (51,000) $ Outstanding at September 30, 2017 425,326 $ 242 $ yrs. Vested or expected to vest 391,469 $ 242 $ yrs. Exercisable at September 30, 2017 297,167 $ 242 $ yrs. In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . The objective of this update was to simplify the accounting for share-based payment transactions, including the income tax consequences of awards as either equity or liabilities, and classification on the statement of cash flows. As permitted, the Company early adopted this standard prospectively for the fiscal year beginning October 1, 2016. Prior periods were not retrospectively adjusted.

Quarterly Data (unaudited)

Quarterly Data (unaudited)	12 Months Ended
	Sep. 30, 2017
Quarterly Data (unaudited)
Quarterly Data (unaudited)	Note 12. Quarterly Data (unaudited) The unaudited quarterly results of operations of the Company for years ended September 30, 2016 and 2017 are as follows: 2016 Quarter Ended December 31 March 31 June 30 September 30 Net revenues $ 95,070 $ 102,511 $ 101,255 $ 107,523 Gross profit 12,088 8,905 13,265 13,322 Net income (loss) Net income (loss) per share: Basic $ 0.02 $ (0.09) $ 0.22 $ 0.25 Diluted $ 0.02 $ (0.09) $ 0.22 $ 0.25 2017 Quarter Ended December 31 March 31 June 30 September 30 Net revenues $ 93,355 $ 103,112 $ 97,977 $ 100,765 Gross profit 10,487 9,788 3,662 5,773 Net income (loss) (672) (1,890) (3,967) (3,661) Net income (loss) per share: Basic $ (0.06) $ (0.15) $ (0.32) $ (0.30) Diluted $ (0.06) $ (0.15) $ (0.32) $ (0.30)

Segment Reporting

Segment Reporting	12 Months Ended
	Sep. 30, 2017
Segment Reporting
Segment Reporting	Note 13. Segment Reporting The Company operates in one business segment: the design, manufacture, marketing and distribution of technologically advanced, high-performance alloys for use in the aerospace, industrial gas turbine, chemical processing and other industries. The Company has operations in the United States, Europe and Asia, which are summarized below. Sales between geographic areas are made at negotiated selling prices. Revenues from external customers are attributed to the geographic areas presented based on the destination of product shipments. Year Ended September 30, 2015 2016 2017 Net Revenue by Geography: United States $ 287,722 $ 233,612 $ 235,500 Europe 110,659 101,853 98,096 China 28,140 13,808 18,997 Other 61,114 57,086 42,616 Net Revenues $ 487,635 $ 406,359 $ 395,209 Net Revenue by Product Group: High-temperature resistant alloys $ 370,603 $ 329,151 $ 320,119 Corrosive-resistant alloys 117,032 77,208 75,090 Net revenues $ 487,635 $ 406,359 $ 395,209 September 30, 2016 2017 Long - lived Assets by Geography: United States $ 191,915 $ 185,413 Europe 6,935 6,879 China 332 264 Total long-lived assets $ 199,182 $ 192,556

Valuation and Qualifying Accoun

Valuation and Qualifying Accounts	12 Months Ended
	Sep. 30, 2017
Valuation and Qualifying Accounts
Valuation and Qualifying Accounts	Note 14. Valuation and Qualifying Accounts Balance at Charges Balance at Beginning (credits) to End of of Period Expense Deductions (1) Period Allowance for doubtful accounts receivables: September 30, 2017 402 228 (10) 620 September 30, 2016 869 (156) (311) 402 September 30, 2015 861 317 (309) 869 (1) Uncollectible accounts written off net of recoveries.

Deferred Revenue

Deferred Revenue	12 Months Ended
	Sep. 30, 2017
Deferred Revenue
Deferred Revenue	Note 15. Deferred Revenue On November 17, 2006, the Company entered into a twenty-year agreement to provide conversion services to Titanium Metals Corporation (TIMET) for up to ten million pounds of titanium metal annually. TIMET paid the Company a $50,000 up-front fee and will also pay the Company for its processing services during the term of the agreement (20 years) at prices established by the terms of the agreement. TIMET may exercise an option to have ten million additional pounds of titanium converted annually, provided that it offers to loan up to $12,000 to the Company for certain capital expenditures which may be required to expand capacity. In addition to the volume commitment, the Company has granted TIMET a first priority security interest in its four-high Steckel rolling mill, along with rights of access if the Company enters into bankruptcy or defaults on any financing arrangements. The Company has agreed not to manufacture titanium products (other than cold reduced titanium tubing). The Company has also agreed not to provide titanium hot-rolling conversion services to any entity other than TIMET for the term of the Conversion Services Agreement. The agreement contains certain default provisions which could result in contract termination and damages, including liquidated damages of $25.0 million and the Company being required to return the unearned portion of the up-front fee. The Company considered each provision and the likelihood of the occurrence of a default that would result in liquidated damages. Based on the nature of the events that could trigger the liquidated damages clause, and the availability of the cure periods set forth in the agreement, the Company determined and continues to believe that none of these circumstances are reasonably likely to occur. Therefore, events resulting in liquidated damages have not been factored in as a reduction to the amount of revenue recognized over the life of the contract. The cash received of $50,000 is recognized in income on a straight-line basis over the 20-year term of the agreement. If an event of default occurred and was not cured within any applicable grace period, the Company would recognize the impact of the liquidated damages in the period of default and re-evaluate revenue recognition under the contract for future periods. The portion of the up-front fee not recognized in income is shown as deferred revenue on the consolidated balance sheet. As of September 30, 2016, the Company had deferred revenue of $4,988 related to the receipt of advance payments from customers which was recorded as revenue in fiscal 2017 upon shipment.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Sep. 30, 2017
Fair Value Measurements
Fair Value Measurements	Note 16. Fair Value Measurements The fair value hierarchy has three levels based on the inputs used to determine fair value: · Level 1—Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; · Level 2—Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly; and · Level 3—Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. When available, the Company uses unadjusted quoted market prices to measure fair value. If quoted market prices are not available, fair value is based upon internally-developed models that use, where possible, current market-based or independently-sourced market parameters such as interest rates and currency rates. Items valued using internally-generated models are classified according to the lowest level input or value driver that is significant to the valuation. The valuation model used depends on the specific asset or liability being valued. U.S and International equities, Fixed Income, and Other Investments held in the Company’s pension plan are held in mutual funds and common / collective funds which are valued using net asset value (NAV) provided by the administrator of the fund. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding. These investments are not classified in the fair value hierarchy in accordance with guidance included in ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) . The fair value of Cash and Cash Equivalents is determined using Level 1 information. The following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2016 and 2017: September 30, 2016 Fair Value Measurements at Reporting Date Using: Level 1 Level 2 NAV Total Assets: Pension plan assets $ — $ — $ 207,963 $ 207,963 Total fair value $ — $ — $ 207,963 $ 207,963 September 30, 2017 Fair Value Measurements at Reporting Date Using: Level 1 Level 2 NAV Total Assets: Pension plan assets $ — $ — $ 224,094 $ 224,094 Total fair value $ — $ — $ 224,094 $ 224,094 The Company had no Level 2 or Level 3 assets or liabilities as of September 30, 2016 or 2017.

Comprehensive Income (Loss) and

Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component	12 Months Ended
	Sep. 30, 2017
Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component
Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component	Note 17. Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component Comprehensive income (loss) includes changes in equity that result from transactions and economic events from non-owner sources. Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss) items, including pension and foreign currency translation adjustments, net of tax when applicable. Comprehensive Income (Loss) Year Ended September 30, 2015 2016 2017 Pre-tax Tax Net Pre-tax Tax Net Pre-tax Tax Net Net income (loss) $ 30,486 $ 5,020 $ (10,190) Other comprehensive income (loss): Pension and postretirement: Net gain (loss) arising during period $ (26,515) $ 9,595 (16,920) $ (18,299) $ 6,609 (11,690) $ 46,401 $ (17,095) 29,306 Amortization of prior service cost (808) 298 (510) (808) 299 (509) 808 (298) 510 Amortization of (gain) loss (7,160) 2,632 (4,528) (11,663) 4,293 (7,370) 15,517 (5,709) 9,808 Foreign currency translation adjustment (4,167) — (4,167) (7,001) — (7,001) 2,205 — 2,205 Other comprehensive income (loss) $ (38,650) $ 12,525 (26,125) $ (37,771) $ 11,201 (26,570) $ 64,931 $ (23,102) 41,829 Total comprehensive income (loss) $ 4,361 $ (21,550) $ 31,639 Accumulated Other Comprehensive Income (Loss) Year Ended September 30, 2016 Pension Postretirement Foreign Plan Plan Exchange Total Accumulated other comprehensive income (loss) as of September 30, 2015 $ (62,985) $ (21,773) $ (3,195) $ (87,953) Other comprehensive income (loss) before reclassifications (17,855) (9,593) (7,001) (34,449) Amounts reclassified from accumulated other comprehensive income (loss) Amortization of Pension and Postretirement Plan items (a) 808 — — 808 Actuarial losses (a) 8,838 2,825 — 11,663 Tax benefit (3,548) (1,044) — (4,592) Net current-period other comprehensive income (loss) (11,757) (7,812) (7,001) (26,570) Accumulated other comprehensive income (loss) as of September 30, 2016 $ (74,742) $ (29,585) $ (10,196) $ (114,523) Year Ended September 30, 2017 Pension Postretirement Foreign Plan Plan Exchange Total Accumulated other comprehensive income (loss) as of September 30, 2016 $ (74,742) $ (29,585) $ (10,196) $ (114,523) Other comprehensive income (loss) before reclassifications 24,109 5,197 2,205 31,511 Amounts reclassified from accumulated other comprehensive income (loss) Amortization of Pension and Postretirement Plan items (a) 808 — — 808 Actuarial losses (a) 11,239 4,278 — 15,517 Tax benefit (4,426) (1,581) — (6,007) Net current-period other comprehensive income (loss) 31,730 7,894 2,205 41,829 Accumulated other comprehensive loss as of September 30, 2017 $ (43,012) $ (21,691) $ (7,991) $ (72,694) (a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost.

Long-term Obligation

Long-term Obligation	12 Months Ended
	Sep. 30, 2017
Long-term Obligation
Long-term Obligations	Note 18. Long-term Obligation On January 1, 2015, the company entered into a capital lease agreement for the building that houses the assets and operations of LaPorte Custom Metal Processing (LCMP). The capital asset and obligation are recorded at the present value of the minimum lease payments. The asset is included in Property, plant and equipment, net on the Consolidated Balance Sheet and is depreciated over the 20 year lease term. The long term component of the capital lease obligation is included in Long term obligations. The Company entered into a twenty-year “build-to-suit” lease for a building that will house the assets and operations of the service center to be located in LaPorte, Indiana that is being relocated from Lebanon, Indiana (See Note 20). During the first quarter of fiscal 2017, the Company took occupancy of the building. The Company retained substantially all of the construction risk and was deemed to be the owner of the facility for accounting purposes, even though it is not the legal owner. Construction costs incurred relative to the buildout of the facility of approximately $4,100 are included in Property, plant and equipment, net on the Consolidated Balance Sheet and will be depreciated over the 20-year lease term. The Company accounts for the related build-to-suit liability as a financing obligation. As of September 30, 2017, future minimum lease rental payments applicable to the lease obligations were as follows. 2018 $ 983 2019 988 2020 995 2021 1,000 2022 1,012 Thereafter 13,634 Total minimum lease payments 18,612 Less amounts representing interest (10,320) Present value of net minimum lease payments 8,292 Less current obligation (926) Total long-term lease obligation $ 7,366 The lease obligations is included in Long-term obligations (less current portion) on the Consolidated Balance Sheet. September 30, September 30, 2016 2017 Capital lease rental payments $ 4,331 $ 4,275 Finance lease rental payments 3,700 4,017 Environmental post-closure monitoring and maintenance activities 683 633 Less amounts due within one year (458) (1,029) Long-term obligations (less current portion) $ 8,256 $ 7,896

Acquisition

Acquisition	12 Months Ended
	Sep. 30, 2017
Acquisition
Acquisition	Note 19. Acquisition On January 7, 2015, the Company acquired the assets and operations of Leveltek Processing, LLC located in LaPorte, Indiana for $14,600 in cash. The acquisition of the LaPorte assets provides the Company control of sheet stretching, leveling, slitting and cut-to-length operations that were previously outsourced functions. The acquired business is being operated by LaPorte Custom Metal Processing, LLC (LCMP), a wholly-owned subsidiary of the Company. The following is a summary of the purchase price allocation in connection with the LCMP acquisition. The determination of fair value for acquired assets includes the use of Level 3 inputs, such as the condition and utilization of the property, plant and equipment acquired, management’s projected financial results for LCMP and the discount rate used to determine the present value of anticipated future cash flows. Purchase Price Allocation Property, plant and equipment, net 7,563 Customer relationships 2,100 Inventory 148 Total identifiable net assets 9,811 Goodwill 4,789 Total purchase price 14,600 The goodwill recognized in connection with the Leveltek-LaPorte assets consists of the value associated with the addition of the stretching and leveling capabilities as well as increased capacity in slitting and cut-to-length operations to meet customer demand and is tax deductible. The complementary asset capabilities are expected to lead to operating cost synergies as well as expand the Company’s commercial offerings.

Expansion of LaPorte, Indiana O

Expansion of LaPorte, Indiana Operations	12 Months Ended
	Sep. 30, 2017
Expansion of LaPorte, Indiana Operations
Expansion of LaPorte, Indiana Operations	Note 20. Expansion of LaPorte, Indiana Operations The Company announced on May 2, 2016 its decision to expand and streamline its distribution footprint by investing in new plant and equipment at its processing facility located in LaPorte, Indiana. In connection with the expansion, the Company is relocating its service center operations in Lebanon, Indiana to LaPorte. The project began in the first quarter of fiscal 2017 and is expected to be completed by the end of the second quarter of fiscal 2018. Costs associated with the project are estimated to consist of approximately $1,800 to $2,500 relating to equipment relocation and approximately $500 to $1,100 in other costs, including one-time termination benefits, relocation expenses and lease termination costs, for a total of approximately $2,300 to $3,600 in total costs relating to the move. Approximately $340 and $1,100 of these costs were expensed in fiscal 2016 and 2017, respectively. The remainder is expected to be expensed over the remainder of the project period.

Restricted Cash

Restricted Cash	12 Months Ended
	Sep. 30, 2017
Restricted Cash
Restricted Cash	Note 21. Restricted Cash As of September 30, 2016, the Company had cash of $5,446 held in an account that was restricted from use awaiting the fulfillment of a customer order. The remaining obligations to ship were fulfilled during fiscal 2017 at which time the remaining funds were released from restriction.

Summary of Significant Accoun30

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Sep. 30, 2017
Summary of Significant Accounting Policies
Principles of Consolidation and Nature of Operations	A. The consolidated financial statements include the accounts of Haynes International, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances are eliminated. The Company has manufacturing facilities in Kokomo, Indiana; Mountain Home, North Carolina; and Arcadia, Louisiana with service centers in Lebanon, Indiana; LaPorte, Indiana; LaMirada, California; Houston, Texas; Windsor, Connecticut; Openshaw, England; Lenzburg, Switzerland; Shanghai, China; and sales offices in Paris, France; Zurich, Switzerland; Singapore; Milan, Italy; and Tokyo, Japan.
Cash and Cash Equivalents	B. The Company considers all highly liquid investment instruments, including investments with original maturities of three months or less at acquisition, to be cash equivalents, the carrying value of which approximates fair value due to the short maturity of these investments.
Accounts Receivable	C. The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company markets its products to a diverse customer base, both in the United States of America and overseas. Trade credit is extended based upon evaluation of each customer’s ability to perform its obligation, which is updated periodically. The Company purchases credit insurance for certain foreign trade receivables.
Revenue Recognition	D. The Company recognizes revenue when collectability is reasonably assured and when title passes to the customer, which is generally at the time of shipment with freight terms of free on board (FOB) shipping point or at a foreign port for certain export customers. Allowances for sales returns are recorded as a component of net sales in the periods in which the related sales are recognized. The Company determines this allowance based on historical experience. Additionally, the Company recognizes revenue attributable to an up-front fee received from Titanium Metals Corporation (TIMET) as a result of a twenty-year agreement, entered into on November, 17, 2006 to provide conversion services to TIMET. See Note 15 Deferred Revenue for a description of accounting treatment relating to this up-front fee.
Inventories	E. Inventories are stated at the lower of cost or market. The cost of inventories is determined using the first-in, first-out (FIFO) method. The Company writes down its inventory for estimated obsolescence or unmarketable inventory in an amount equal to the difference between the cost of inventory and the estimated market or scrap value, if applicable, based upon assumptions about future demand and market conditions.
Goodwill and Other Intangible Assets	F. The Company has goodwill, patents, trademarks, customer relationships and other intangibles. As the patents and customer relationships have a definite life, they are amortized over lives ranging from two to sixteen years. The Company reviews patents and customer relationships for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the assets is measured by a comparison of the carrying amount of the asset to the undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount exceeds the fair value of the asset. Goodwill and trademarks (indefinite lived) are tested for impairment at least annually as of January 31 for goodwill and August 31 for trademarks (the annual impairment testing dates), or more frequently if impairment indicators exist. If the carrying value of the trademarks exceeds the fair value (determined using an income approach, based upon a discounted cash flow of an assumed royalty rate), impairment of the trademark may exist resulting in a charge to earnings to the extent of the impairment. The impairment test for goodwill is performed by comparing the fair value of a reporting unit with its carrying amount and recognizing an impairment loss in the event that the carrying amount is greater than the fair value. Any goodwill impairment loss recognized would not exceed the total carrying amount of goodwill allocated to that reporting unit. No impairment was recognized in the years ended September 30, 2015, 2016 or 2017 because the fair value exceeded the carrying values. During fiscal 2017, there were no changes in the carrying amount of goodwill. Amortization of the patents, non-competes, customer relationships and other intangibles was $511, $503 and $496 for the years ended September 30, 2015, 2016 and 2017, respectively. The following represents a summary of intangible assets at September 30, 2016 and 2017: Gross Accumulated Carrying September 30, 2016 Amount Amortization Amount Patents $ 4,030 $ (3,370) $ 660 Trademarks 3,800 — 3,800 Customer relationships 2,100 (275) 1,825 Other 291 (14) 277 $ 10,221 $ (3,659) $ 6,562 Gross Accumulated Carrying September 30, 2017 Amount Amortization Amount Patents $ 4,030 $ (3,656) $ 374 Trademarks 3,800 — 3,800 Customer relationships 2,100 (426) 1,674 Other 291 (73) 218 $ 10,221 $ (4,155) $ 6,066 Estimated future Aggregate Amortization Expense: Year Ended September 30, 2018 $ 527 2019 256 2020 198 2021 180 2022 133 Thereafter 972
Property, Plant and Equipment	G. Additions to property, plant and equipment are recorded at cost with depreciation calculated primarily by using the straight-line method based on estimated economic useful lives, which are generally as follows: Buildings and improvements 40 years Machinery and equipment 5 — 14 years Land improvements 20 years Expenditures for maintenance and repairs and minor renewals are charged to expense; major renewals are capitalized. Upon retirement or sale of assets, the cost of the disposed assets and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is credited or charged to operations. The Company records capitalized interest for long-term construction projects to capture the cost of capital committed prior to the placed in service date as a part of the historical cost of acquiring the asset. Interest is not capitalized when balance on the revolver is zero. The Company reviews long-lived assets for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of the asset to the undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount exceeds the fair value of the asset. No impairment was recognized during the years ended September 30, 2015, 2016 or 2017.
Environmental Remediation	H. When it is probable that a liability has been incurred or an asset of the Company has been impaired, a loss is recognized assuming the amount of the loss can be reasonably estimated. The measurement of environmental liabilities by the Company is based on currently available facts, present laws and regulations and current technology. Such estimates take into consideration the expected costs of post-closure monitoring based on historical experience.
Pension and Postretirement Benefits	I. The Company has defined benefit pension and postretirement plans covering most of its current and former employees. Significant elements in determining the assets or liabilities and related income or expense for these plans are the expected return on plan assets, the discount rate used to value future payment streams, expected trends in health care costs and other actuarial assumptions. Annually, the Company evaluates the significant assumptions to be used to value its pension and postretirement plan assets and liabilities based on current market conditions and expectations of future costs. If actual results are less favorable than those projected by management, additional expense may be required in future periods. Salaried employees hired after December 31, 2005 and hourly employees hired after June 30, 2007 are not covered by the pension plan; however, they are eligible for an enhanced matching program of the defined contribution plan (401(k)). Effective December 31, 2007, the U.S. pension plan was amended to freeze benefits for all non-union employees in the U.S. Effective September 30, 2009, the U.K. pension plan was amended to freeze benefits for employees in the plan. Effective January 1, 2007, a plan amendment of the postretirement medical plan caps the Company’s liability related to retiree health care costs at $5,000 annually.
Foreign Currency Exchange	J. The Company’s foreign operating entities’ financial statements are denominated in the functional currencies of each respective country, which are the local currencies. All assets and liabilities are translated to U.S. dollars using exchange rates in effect at the end of the year, and revenues and expenses are translated at the weighted average rate for the year. Translation gains or losses are recorded as a separate component of comprehensive income (loss) and transaction gains and losses are reflected in the consolidated statements of operations.
Research and Technical Costs	K. Research and technical costs related to the development of new products and processes are expensed as incurred. Research and technical costs for the years ended September 30, 2015, 2016 and 2017 were $3,598, $3,698 and $3,855, respectively.
Income Taxes	L. The Company accounts for deferred tax assets and liabilities using enacted tax rates for the effect of temporary differences between book and tax basis of recorded assets and liabilities. A valuation allowance is required if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The determination of whether or not a valuation allowance is needed is based upon an evaluation of both positive and negative evidence. In its evaluation of the need for a valuation allowance, the Company utilizes prudent and feasible tax planning strategies. The ultimate amount of deferred tax assets realized could be different from those recorded, as influenced by potential changes in enacted tax laws and the availability of future taxable income. The Company records uncertain tax positions on the basis of a two-step process whereby (1) it is determined whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the related tax authority (See Note 6, Income Taxes).
Stock Based Compensation	M. As described in Note 11, the Company has incentive compensation plans that provide for the issuance of restricted stock, restricted stock units, performance shares, stock options and stock appreciation rights to key employees and non-employee directors. The Company recognizes compensation expense under the fair-value based method as a component of operating expenses.
Financial Instruments and Concentrations of Risk	N. The Company may periodically enter into forward currency exchange contracts to minimize the variability in the Company’s operating results arising from foreign exchange rate movements. The Company does not engage in foreign currency speculation. At September 30, 2016 and 2017, the Company had no foreign currency exchange contracts outstanding. Financial instruments which potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and accounts receivable. At September 30, 2017, and periodically throughout the year, the Company has maintained cash balances in excess of federally insured limits. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the relatively short maturity of these instruments. During 2015, 2016 and 2017, the Company did not have sales to any group of affiliated customers that were greater than 10% of net revenues. The Company generally does not require collateral with the exception of letters of credit with certain foreign sales. Credit losses have been within management’s expectations. In addition, the Company purchases credit insurance for certain foreign trade receivables. The Company does not believe it is significantly vulnerable to the risk of near-term severe impact from business concentrations with respect to customers, suppliers, products, markets or geographic areas.
Accounting Estimates	O. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments, including those related to bad debts, inventories, income taxes, asset impairment, retirement benefits and environmental matters. The process of determining significant estimates is fact specific and takes into account factors such as historical experience, current and expected economic conditions, product mix, pension asset mix and in some cases, actuarial techniques, and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The Company routinely reevaluates these significant factors and makes adjustments where facts and circumstances dictate. Actual results may differ from these estimates under different assumptions or conditions.
Earnings Per Share	P. The Company accounts for earnings per share using the two-class method. The two-class method is an earnings allocation that determines net income per share for each class of common stock and participating securities according to participation rights in undistributed earnings. Non-vested restricted stock awards that include non-forfeitable rights to dividends are considered participating securities. Per share amounts are computed by dividing net income attributable to common shareholders by the weighted average shares outstanding during each period. Basic earnings per share is computed by dividing net income available to common stockholders for the period by the weighted average number of common shares outstanding for the period. The computation of diluted earnings per share is similar to basic earnings per share, except the denominator is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. Basic and diluted net income per share were computed as follows: Years ended September 30, (in thousands, except share and per share data) 2015 2016 2017 Numerator: Basic and Diluted Net income (loss) $ 30,486 $ 5,020 $ (10,190) Dividends paid (10,952) (10,988) (11,009) Undistributed income (loss) 19,534 (5,968) (21,199) Percentage allocated to common shares (a) 99.1 % 99.0 % 100.0 % Undistributed income (loss) allocated to common shares 19,358 (5,910) (21,199) Dividends paid on common shares outstanding 10,853 10,881 10,905 Net income (loss) available to common shares 30,211 4,971 (10,294) Denominator: Basic and Diluted Weighted average common shares outstanding 12,331,805 12,361,483 12,397,099 Adjustment for dilutive potential common shares 12,404 4,714 — Weighted average shares outstanding - Diluted 12,344,209 12,366,197 12,397,099 Basic net income (loss) per share $ 2.45 $ 0.40 $ (0.83) Diluted net income (loss) per share $ 2.45 $ 0.40 $ (0.83) Number of stock option shares excluded as their effect would be anti-dilutive 289,130 378,852 310,417 Number of restrictive stock shares excluded as their effect would be anti-dilutive 111,450 121,285 107,854 (a) Percentage allocated to common shares - weighted average Common shares outstanding 12,331,805 12,361,483 12,397,099 Unvested participating shares 112,275 121,185 — 12,444,080 12,482,668 12,397,099
Recently Issued Accounting Pronouncements	Q. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) . The objective of the update is to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2015-14 deferred the effective date of the update to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company is currently evaluating the methods of adoption allowed by the new standard and the effect, if any, on its consolidated financial statements. In May, 2015, the FASB issued ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). This update removes the requirements to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share. The amendment is effective for annual and interim periods within those annual periods beginning after December 15, 2015. Beginning in fiscal 2017, the Company has removed investments in which fair value is measured using net asset value from the fair value hierarchy table within the footnotes to the consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330) . The objective of this update was to simplify the measurement of inventory valuation at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. It is effective for annual reporting periods beginning after December 15, 2016 and interim periods within fiscal years beginning after December 15, 2017. The adoption of these changes is not expected to have a material impact to the Company’s consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of interest (Subtopic 835-30) : The guidance requires entities to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of that debt liability. In August 2015, the clarification was released (ASU 2015-15) to address presentation and subsequent measurement of debt issuance costs related to line-of-credit arrangements. This amendment allows for the reporting entity to defer and present debt issuance costs as an asset and subsequently amortize the debt issuance costs over the term of the line-of-credit agreement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement, including interim periods within that reporting period. It was implemented in the first quarter of fiscal 2017 and did not result in a material impact to the Company’s consolidated financial statements or the related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . This new guidance will require that a lessee recognize assets and liabilities on the balance sheet for all leases with a lease term of more than twelve months, with the result being the recognition of a right of use asset and a lease liability. The new lease accounting requirements are effective for fiscal years beginning after December 18, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and other (Topic 350) . This new guidance simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill, which is currently required if a reporting unit with goodwill fails a Step 1 test comparing the fair value of the reporting unit to its carrying value including goodwill. Under this new guidance, an entity should perform its annual, or interim, goodwill impairment test using only the Step 1 test of comparing the fair value of a reporting unit with its carrying amount. Any goodwill impairment, representing the amount by which the carrying amount exceeds the reporting unit’s fair value, is determined using this Step 1 test. Any goodwill impairment loss recognized would not exceed the total carrying amount of goodwill allocated to that reporting unit. This new guidance is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company adopted this new guidance in 2017. Adoption of this guidance did not result in a material impact to the Company’s consolidated financial statements or the related disclosures. In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718) : Improvements to Employee Share-Based Payment Accounting. The objective of this update was to simplify the accounting for share-based payment transactions, including the income tax consequences of awards as either equity or liabilities, and classification on the statement of cash flows. The new share-based compensation accounting requirements are effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. The Company adopted this new guidance in fiscal 2017, and the impact on the consolidated financial statements and notes was immaterial. In March 2017, the FASB issued ASU 2017-07, Compensation – Retirement Benefits (Topic 715) . This new guidance requires entities to (1) disaggregate the service cost component from the other components of net benefit cost and present it with other current compensation costs for related employees in the income statement and (2) present the other components elsewhere in the income statement and outside of income from operations if that subtotal is presented. In addition, the ASU requires entities to disclose the income statement lines that contain the other components if they are not presented on appropriately described separate lines. This new guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements.

Summary of Significant Accoun31

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Sep. 30, 2017
Summary of Significant Accounting Policies
Summary of intangible assets	Gross Accumulated Carrying September 30, 2016 Amount Amortization Amount Patents $ 4,030 $ (3,370) $ 660 Trademarks 3,800 — 3,800 Customer relationships 2,100 (275) 1,825 Other 291 (14) 277 $ 10,221 $ (3,659) $ 6,562 Gross Accumulated Carrying September 30, 2017 Amount Amortization Amount Patents $ 4,030 $ (3,656) $ 374 Trademarks 3,800 — 3,800 Customer relationships 2,100 (426) 1,674 Other 291 (73) 218 $ 10,221 $ (4,155) $ 6,066
Schedule of estimated future aggregate amortization expense	Estimated future Aggregate Amortization Expense: Year Ended September 30, 2018 $ 527 2019 256 2020 198 2021 180 2022 133 Thereafter 972
Schedule of estimated economic useful lives of property, plant and equipment	Buildings and improvements 40 years Machinery and equipment 5 — 14 years Land improvements 20 years
Schedule of basic and diluted net income per share	Years ended September 30, (in thousands, except share and per share data) 2015 2016 2017 Numerator: Basic and Diluted Net income (loss) $ 30,486 $ 5,020 $ (10,190) Dividends paid (10,952) (10,988) (11,009) Undistributed income (loss) 19,534 (5,968) (21,199) Percentage allocated to common shares (a) 99.1 % 99.0 % 100.0 % Undistributed income (loss) allocated to common shares 19,358 (5,910) (21,199) Dividends paid on common shares outstanding 10,853 10,881 10,905 Net income (loss) available to common shares 30,211 4,971 (10,294) Denominator: Basic and Diluted Weighted average common shares outstanding 12,331,805 12,361,483 12,397,099 Adjustment for dilutive potential common shares 12,404 4,714 — Weighted average shares outstanding - Diluted 12,344,209 12,366,197 12,397,099 Basic net income (loss) per share $ 2.45 $ 0.40 $ (0.83) Diluted net income (loss) per share $ 2.45 $ 0.40 $ (0.83) Number of stock option shares excluded as their effect would be anti-dilutive 289,130 378,852 310,417 Number of restrictive stock shares excluded as their effect would be anti-dilutive 111,450 121,285 107,854 (a) Percentage allocated to common shares - weighted average Common shares outstanding 12,331,805 12,361,483 12,397,099 Unvested participating shares 112,275 121,185 — 12,444,080 12,482,668 12,397,099

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Sep. 30, 2017
Inventories
Summary of major classes of inventories	September 30, 2016 2017 Raw Materials $ 21,587 $ 18,731 Work-in-process 118,822 130,019 Finished Goods 94,772 94,331 Other 1,377 1,376 $ 236,558 $ 244,457

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Sep. 30, 2017
Property, Plant and Equipment
Summary of the major classes of property, plant and equipment	September 30, 2016 2017 Land and land improvements $ 7,207 $ 9,345 Buildings and improvements 37,343 44,705 Machinery and equipment 262,717 289,035 Construction in process 28,562 5,692 335,829 348,777 Less accumulated depreciation (136,647) (156,221) $ 199,182 $ 192,556

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Sep. 30, 2017
Accrued Expenses
Summary of the major classes of accrued expenses	September 30, 2016 2017 Employee compensation $ 7,394 $ 7,791 Taxes, other than income taxes 2,264 2,422 Utilities 992 909 Professional fees 615 746 Capital lease obligation, current 383 926 Other 1,232 1,314 $ 12,880 $ 14,108

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Sep. 30, 2017
Income Taxes
Schedule of components of income before provision for income taxes	Year Ended September 30, 2015 2016 2017 Income (loss) before income taxes: U.S. $ 36,327 $ (4,160) $ (25,090) Foreign 10,849 7,911 7,873 Total $ 47,176 $ 3,751 $ (17,217) Provision for (benefit from) income taxes: Current: U.S. Federal $ 11,207 $ (4,427) $ 933 Foreign 1,690 1,368 1,652 State 686 (141) 401 Total 13,583 (3,200) 2,986 Deferred: U.S. Federal (79) 4,582 (8,781) Foreign 690 (105) — State 2,368 (2,954) (1,427) Valuation allowance 128 408 195 Total 3,107 1,931 (10,013) Total provision for (benefit from) income taxes $ 16,690 $ (1,269) $ (7,027)
Schedule of provision for income taxes applicable to results of operations differed from the U.S. federal statutory rate	Year Ended September 30, 2015 2016 2017 Statutory federal tax rate 35 % 35 % 35 % Tax provision for income taxes at the statutory rate $ 16,512 $ 1,313 $ (6,026) Foreign tax rate differentials (1,417) (1,505) (1,103) Provision for state taxes, net of federal taxes 818 778 (371) U.S. tax on distributed and undistributed earnings of foreign subsidiaries 419 523 452 Manufacturer’s deduction (1,213) (98) — Tax credits (240) (1,198) (409) State tax rate change impact on deferred tax asset 1,565 (1,819) 192 Change in valuation allowance 128 408 195 Other, net 118 329 43 Provision for income taxes at effective tax rate $ 16,690 $ (1,269) $ (7,027) Effective tax rate 35.4 % (33.8) % 40.8 %
Schedule of deferred tax assets (liabilities)	September 30, 2016 2017 Deferred tax assets: Pension and postretirement benefits $ 93,238 $ 74,602 TIMET Agreement 9,361 8,417 Inventories 3,405 2,080 Accrued compensation and benefits 2,264 2,107 Accrued expenses and other 3,132 5,277 Tax attributes 1,642 11,579 Valuation allowance (532) (1,017) Total deferred tax assets $ 112,510 $ 103,045 Deferred tax liabilities: Property, plant and equipment, net $ (41,645) $ (45,155) Intangible and other (1,433) (1,498) Total deferred tax liabilities $ (43,078) $ (46,653) Net deferred tax assets (liabilities) $ 69,432 $ 56,392

Pension Plan and Retirement B36

Pension Plan and Retirement Benefits (Tables)	12 Months Ended
	Sep. 30, 2017
Pension Plan and Retirement Benefits
Schedule of status of employee pension benefit plans and other postretirement benefit plans	Defined Benefit Postretirement Pension Plans Health Care Benefits Year Ended Year Ended September 30, September 30, 2016 2017 2016 2017 Change in Benefit Obligation: Projected benefit obligation at beginning of year $ 311,943 $ 337,338 $ 110,534 $ 125,117 Service cost 4,080 6,282 232 350 Interest cost 12,050 10,577 4,595 4,292 Actuarial losses 32,370 (27,246) 15,283 (8,072) Benefits paid (23,105) (14,682) (5,527) (4,263) Administrative expenses — (1,466) — — Projected benefit obligation at end of year $ 337,338 $ 310,803 $ 125,117 $ 117,424 Change in Plan Assets: Fair value of plan assets at beginning of year $ 205,498 $ 207,963 $ — $ — Actual return on assets 18,792 25,475 — — Employer contributions 6,778 6,804 5,527 4,263 Benefits paid (23,105) (14,682) (5,527) (4,263) Administrative expenses - (1,466) — — Fair value of plan assets at end of year $ 207,963 $ 224,094 $ — $ — Funded Status of Plan: Unfunded status $ (129,375) $ (86,709) $ (125,117) $ (117,424)
Schedule of amounts recognized in the consolidated balance sheets and amounts expected to be recognized from AOCI into the statement of operations in the following year	Defined Benefit Postretirement Non-Qualified All Plans Pension Plans Health Care Benefits Pension Plans Combined September 30, September 30, September 30, September 30, 2016 2017 2016 2017 2016 2017 2016 2017 Accrued pension and postretirement benefits: Current $ — $ — $ (5,000) $ (5,000) $ (95) $ (95) $ (5,095) $ (5,095) Non - current (129,375) (86,709) (120,117) (112,424) (759) (682) (250,251) (199,815) Accrued pension and postretirement benefits $ (129,375) $ (86,709) $ (125,117) $ (117,424) $ (854) $ (777) $ (255,346) $ (204,910) Accumulated other comprehensive loss: Net loss 116,388 66,819 47,636 35,286 — — 164,024 102,105 Prior service cost 3,020 2,213 — — — — 3,020 2,213 Total accumulated other comprehensive loss $ 119,408 $ 69,032 $ 47,636 $ 35,286 $ — $ — $ 167,044 $ 104,318 Amounts expected to be recognized from AOCI into the statement of operations in the following year: Amortization of net loss $ 11,268 $ 4,910 $ 4,278 $ 2,999 $ — $ — $ 15,546 $ 7,909 Amortization of prior service cost 808 374 — — — — 808 374 $ 12,076 $ 5,284 $ 4,278 $ 2,999 $ — $ — $ 16,354 $ 8,283
Schedule of components of net periodic pension and postretirement benefit cost	Defined Benefit Pension Plans Year Ended September 30, 2015 2016 2017 Service cost $ 3,898 $ 4,080 $ 6,282 Interest cost 11,203 12,050 10,577 Expected return on assets (15,117) (14,380) (14,419) Amortization of prior service cost 808 808 808 Recognized actuarial loss 4,645 8,838 11,267 Net periodic cost $ 5,437 $ 11,396 $ 14,515 Postretirement Health Care Benefits Year Ended September 30, 2015 2016 2017 Service cost $ 337 $ 232 $ 350 Interest cost 4,385 4,595 4,292 Recognized actuarial loss 2,433 2,825 4,278 Net periodic cost $ 7,155 $ 7,652 $ 8,920
Schedule of assumptions used to determine actuarial present value of the projected pension benefit obligation and postretirement health care benefit obligation for the plans	September 30, September 30, 2016 2017 Discount rate (postretirement health care) 3.50 % 3.75 % Discount rate (U.S. pension plan) 3.25 % 3.63 % Discount rate (U.K. pension plan) 2.30 % 2.50 % Rate of compensation increase (U.S. pension plan only) 3.50 % 2.50 %
Schedule of assumptions used to determine net periodic pension and postretirement health care benefit costs for the plans	Defined Benefit Pension and Postretirement Health Care Plans Year Ended September 30, 2015 2016 2017 Discount rate (postretirement health care plan) 4.25 % 4.25 % 3.50 % Discount rate (U.S. pension plan) 4.00 % 4.00 % 3.25 % Discount rate (U.K. pension plan) 3.90 % 3.70 % 2.30 % Expected return on plan assets (U.S. pension plan) 7.50 % 7.50 % 7.50 % Expected return on plan assets (U.K. pension plan) 4.40 % 4.10 % 2.70 % Rate of compensation increase (U.S. pension plan only) 3.50 % 3.50 % 3.50 %
Schedule of plan assets by level within the fair value hierarchy	September 30, 2016 Level 1 Active Level 2 Markets for Other Identical Observable Assets Inputs NAV Total U.S. Pension Plan Assets: U.S. common stock mutual funds $ — $ — $ 64,333 $ 64,333 Common /collective funds Bonds — — 75,686 75,686 U.S. common stock — — 39,735 39,735 International equity — — 9,461 9,461 Total U.S. $ — $ — $ 189,215 $ 189,215 U.K. Plan Assets: Equities $ — $ — $ 7,499 $ 7,499 Bonds — — 9,187 9,187 Other — — 2,062 2,062 Total U.K. $ — $ — $ 18,748 $ 18,748 Total pension plan assets $ — $ — $ 207,963 $ 207,963 September 30, 2017 Level 1 Active Level 2 Markets for Other Identical Observable Assets Inputs NAV Total U.S. Pension Plan Assets: U.S. common stock mutual funds $ — $ — $ 73,430 $ 73,430 Common /collective funds Bonds — — 81,702 81,702 U.S. common stock — — 32,784 32,784 International equity — — 16,341 16,341 Total U.S. $ — $ — $ 204,257 $ 204,257 U.K. Plan Assets: Equities $ — $ — $ 8,913 $ 8,913 Bonds — — 7,750 7,750 Other — — 3,174 3,174 Total U.K. $ — $ — $ 19,837 $ 19,837 Total pension plan assets $ — $ — $ 224,094 $ 224,094
Schedule of asset classes as a percent of total assets	Asset Class Target (1) Equity 60 % Fixed Income 40 % Real Estate and Other — % (1) From time to time the Company may adjust the target allocation by an amount not to exceed 10%.
Schedule of expected benefit payments	Postretirement Fiscal Year Ending September 30 Pension Health Care 2018 $ 15,358 $ 5,000 2019 15,649 5,000 2020 16,161 5,000 2021 16,564 5,000 2022 17,120 5,000 2023 - 2027 (in total) 90,470 25,000

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Sep. 30, 2017
Commitments
Schedule of future minimum rental commitments under non-cancelable operating leases	Operating 2018 $ 2,978 2019 1,859 2020 1,243 2021 232 2022 100 2023 and thereafter — $ 6,412

Legal, Environmental and Othe38

Legal, Environmental and Other Contingencies (Tables)	12 Months Ended
	Sep. 30, 2017
Legal, Environmental and Other Contingencies
Schedule of expected maturities of post-closure monitoring and maintenance activities (discounted)	2019 $ 54 2020 52 2021 60 2022 50 2023 and thereafter 315 $ 531

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Sep. 30, 2017
Stock-based Compensation
Summary of activity under the restricted stock plan	Weighted Average Fair Number of Value At Shares Grant Date Unvested at September 30, 2016 121,010 $ 44.51 Granted 37,275 $ 40.86 Forfeited / Canceled (12,650) $ 52.32 Vested (38,425) $ 47.20 Unvested at September 30, 2017 107,210 $ 41.36 Expected to vest 80,293 $ 40.98
Schedule of fair value assumptions used for grants under the stock option plan	Fair Dividend Risk-free Expected Expected Grant Date Value Yield Interest Rate Volatility Life November 22, 2016 $ % % 37 % 5 years November 24, 2015 $ 8.37 2.33 % 1.70 % 30 % 5 years November 25, 2014 $ 8.17 1.90 % 0.96 % 28 % 3 years
Summary of activity under the stock option plans	Weighted Aggregate Weighted Average Intrinsic Average Remaining Number of Value Exercise Contractual Shares (000s) Prices Life Outstanding at September 30, 2016 428,401 $ 48.47 Granted 47,925 $ Exercised — $ Canceled (51,000) $ Outstanding at September 30, 2017 425,326 $ 242 $ yrs. Vested or expected to vest 391,469 $ 242 $ yrs. Exercisable at September 30, 2017 297,167 $ 242 $ yrs.

Quarterly Data (unaudited) (Tab

Quarterly Data (unaudited) (Tables)	12 Months Ended
	Sep. 30, 2017
Quarterly Data (unaudited)
Schedule of unaudited quarterly results of operations of the Company	2016 Quarter Ended December 31 March 31 June 30 September 30 Net revenues $ 95,070 $ 102,511 $ 101,255 $ 107,523 Gross profit 12,088 8,905 13,265 13,322 Net income (loss) Net income (loss) per share: Basic $ 0.02 $ (0.09) $ 0.22 $ 0.25 Diluted $ 0.02 $ (0.09) $ 0.22 $ 0.25 2017 Quarter Ended December 31 March 31 June 30 September 30 Net revenues $ 93,355 $ 103,112 $ 97,977 $ 100,765 Gross profit 10,487 9,788 3,662 5,773 Net income (loss) (672) (1,890) (3,967) (3,661) Net income (loss) per share: Basic $ (0.06) $ (0.15) $ (0.32) $ (0.30) Diluted $ (0.06) $ (0.15) $ (0.32) $ (0.30)

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Sep. 30, 2017
Segment Reporting
Schedule of revenues from external customers attributable to geographic areas	Year Ended September 30, 2015 2016 2017 Net Revenue by Geography: United States $ 287,722 $ 233,612 $ 235,500 Europe 110,659 101,853 98,096 China 28,140 13,808 18,997 Other 61,114 57,086 42,616 Net Revenues $ 487,635 $ 406,359 $ 395,209 Net Revenue by Product Group: High-temperature resistant alloys $ 370,603 $ 329,151 $ 320,119 Corrosive-resistant alloys 117,032 77,208 75,090 Net revenues $ 487,635 $ 406,359 $ 395,209
Schedule of long-lived assets by geographic areas	September 30, 2016 2017 Long - lived Assets by Geography: United States $ 191,915 $ 185,413 Europe 6,935 6,879 China 332 264 Total long-lived assets $ 199,182 $ 192,556

Valuation and Qualifying Acco42

Valuation and Qualifying Accounts (Tables)	12 Months Ended
	Sep. 30, 2017
Valuation and Qualifying Accounts
Schedule of changes in valuation and qualifying accounts	Balance at Charges Balance at Beginning (credits) to End of of Period Expense Deductions (1) Period Allowance for doubtful accounts receivables: September 30, 2017 402 228 (10) 620 September 30, 2016 869 (156) (311) 402 September 30, 2015 861 317 (309) 869 (1) Uncollectible accounts written off net of recoveries.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Sep. 30, 2017
Fair Value Measurements
Schedule of company's fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis	September 30, 2016 Fair Value Measurements at Reporting Date Using: Level 1 Level 2 NAV Total Assets: Pension plan assets $ — $ — $ 207,963 $ 207,963 Total fair value $ — $ — $ 207,963 $ 207,963 September 30, 2017 Fair Value Measurements at Reporting Date Using: Level 1 Level 2 NAV Total Assets: Pension plan assets $ — $ — $ 224,094 $ 224,094 Total fair value $ — $ — $ 224,094 $ 224,094

Comprehensive Income (Loss) a44

Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component (Tables)	12 Months Ended
	Sep. 30, 2017
Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component
Schedule of comprehensive income (loss)	Year Ended September 30, 2015 2016 2017 Pre-tax Tax Net Pre-tax Tax Net Pre-tax Tax Net Net income (loss) $ 30,486 $ 5,020 $ (10,190) Other comprehensive income (loss): Pension and postretirement: Net gain (loss) arising during period $ (26,515) $ 9,595 (16,920) $ (18,299) $ 6,609 (11,690) $ 46,401 $ (17,095) 29,306 Amortization of prior service cost (808) 298 (510) (808) 299 (509) 808 (298) 510 Amortization of (gain) loss (7,160) 2,632 (4,528) (11,663) 4,293 (7,370) 15,517 (5,709) 9,808 Foreign currency translation adjustment (4,167) — (4,167) (7,001) — (7,001) 2,205 — 2,205 Other comprehensive income (loss) $ (38,650) $ 12,525 (26,125) $ (37,771) $ 11,201 (26,570) $ 64,931 $ (23,102) 41,829 Total comprehensive income (loss) $ 4,361 $ (21,550) $ 31,639
Schedule of accumulated other comprehensive income (loss)	Year Ended September 30, 2016 Pension Postretirement Foreign Plan Plan Exchange Total Accumulated other comprehensive income (loss) as of September 30, 2015 $ (62,985) $ (21,773) $ (3,195) $ (87,953) Other comprehensive income (loss) before reclassifications (17,855) (9,593) (7,001) (34,449) Amounts reclassified from accumulated other comprehensive income (loss) Amortization of Pension and Postretirement Plan items (a) 808 — — 808 Actuarial losses (a) 8,838 2,825 — 11,663 Tax benefit (3,548) (1,044) — (4,592) Net current-period other comprehensive income (loss) (11,757) (7,812) (7,001) (26,570) Accumulated other comprehensive income (loss) as of September 30, 2016 $ (74,742) $ (29,585) $ (10,196) $ (114,523) Year Ended September 30, 2017 Pension Postretirement Foreign Plan Plan Exchange Total Accumulated other comprehensive income (loss) as of September 30, 2016 $ (74,742) $ (29,585) $ (10,196) $ (114,523) Other comprehensive income (loss) before reclassifications 24,109 5,197 2,205 31,511 Amounts reclassified from accumulated other comprehensive income (loss) Amortization of Pension and Postretirement Plan items (a) 808 — — 808 Actuarial losses (a) 11,239 4,278 — 15,517 Tax benefit (4,426) (1,581) — (6,007) Net current-period other comprehensive income (loss) 31,730 7,894 2,205 41,829 Accumulated other comprehensive loss as of September 30, 2017 $ (43,012) $ (21,691) $ (7,991) $ (72,694) These accumulated other comprehensive income components are included in the computation of net periodic pension cost.

Long-term Obligation (Tables)

Long-term Obligation (Tables)	12 Months Ended
	Sep. 30, 2017
Long-term Obligation
Schedule of future minimum lease rental payments applicable to the capital lease	As of September 30, 2017, future minimum lease rental payments applicable to the lease obligations were as follows. 2018 $ 983 2019 988 2020 995 2021 1,000 2022 1,012 Thereafter 13,634 Total minimum lease payments 18,612 Less amounts representing interest (10,320) Present value of net minimum lease payments 8,292 Less current obligation (926) Total long-term lease obligation $ 7,366
Schedule of long-term obligations	September 30, September 30, 2016 2017 Capital lease rental payments $ 4,331 $ 4,275 Finance lease rental payments 3,700 4,017 Environmental post-closure monitoring and maintenance activities 683 633 Less amounts due within one year (458) (1,029) Long-term obligations (less current portion) $ 8,256 $ 7,896

Acquisition (Tables)

Acquisition (Tables)	12 Months Ended
	Sep. 30, 2017
Acquisition
Summary of the purchase price allocation	Purchase Price Allocation Property, plant and equipment, net 7,563 Customer relationships 2,100 Inventory 148 Total identifiable net assets 9,811 Goodwill 4,789 Total purchase price 14,600

Summary of Significant Accoun47

Summary of Significant Accounting Policies - Revenue Recognition (Details)	Nov. 17, 2006
Conversion Services Agreement
Revenue Recognition
Term of agreement to provide conversion services	20 years

Summary of Significant Accoun48

Summary of Significant Accounting Policies - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Intangible Assets
Goodwill impairment charges	$ 0	$ 0	$ 0
Change to goodwill	0
Amortization of customer relationships, patents, non-competes and other intangibles	496	503	$ 511
Total intangible assets, Gross Amount	10,221	10,221
Finite-lived intangible assets, Accumulated Amortization	(4,155)	(3,659)
Carrying Amount	$ 6,066	6,562
Minimum
Intangible Assets
Useful life	2 years
Maximum
Intangible Assets
Useful life	16 years
Patents
Intangible Assets
Finite-lived intangible assets Gross Amount	$ 4,030	4,030
Finite-lived intangible assets, Accumulated Amortization	(3,656)	(3,370)
Finite-lived intangible assets, Carrying Amount	374	660
Customer relationships
Intangible Assets
Finite-lived intangible assets Gross Amount	2,100	2,100
Finite-lived intangible assets, Accumulated Amortization	(426)	(275)
Finite-lived intangible assets, Carrying Amount	1,674	1,825
Other Intangible Assets
Intangible Assets
Finite-lived intangible assets Gross Amount	291	291
Finite-lived intangible assets, Accumulated Amortization	(73)	(14)
Finite-lived intangible assets, Carrying Amount	218	277
Trademarks
Intangible Assets
Indefinite-lived intangible assets	$ 3,800	$ 3,800

Summary of Significant Accoun49

Summary of Significant Accounting Policies - Amortization Expense (Details) $ in Thousands	Sep. 30, 2017USD ($)
Estimate of Aggregate Amortization Expense:
2,018	$ 527
2,019	256
2,020	198
2,021	180
2,022	133
Thereafter	$ 972

Summary of Significant Accoun50

Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Property, Plant and Equipment
Impairment recognized	$ 0	$ 0	$ 0
Buildings and improvements
Property, Plant and Equipment
Estimated economic useful lives	40 years
Machinery and equipment | Minimum
Property, Plant and Equipment
Estimated economic useful lives	5 years
Machinery and equipment | Maximum
Property, Plant and Equipment
Estimated economic useful lives	14 years
Land improvements
Property, Plant and Equipment
Estimated economic useful lives	20 years

Summary of Significant Accoun51

Summary of Significant Accounting Policies - Pension and Postretirement Benefits (Details) $ in Thousands	Jan. 01, 2007USD ($)
Postretirement Health Care Benefits
Pension and Postretirement Benefits
Maximum liability related to total retiree health care costs under plan amendment	$ 5,000

Summary of Significant Accoun52

Summary of Significant Accounting Policies - Research and Technical Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Research and Technical Costs
Research and technical expense	$ 3,855	$ 3,698	$ 3,598

Summary of Significant Accoun53

Summary of Significant Accounting Policies - Financial Instruments (Details) - item	Sep. 30, 2017	Sep. 30, 2016
Financial Instruments
Foreign currency exchange contracts outstanding	0	0

Summary of Significant Accoun54

Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Numerator: Basic and Diluted
Net income (loss)	$ (3,661)	$ (3,967)	$ (1,890)	$ (672)	$ 3,162	$ 2,792	$ (1,162)	$ 228	$ (10,190)	$ 5,020	$ 30,486
Dividends paid									(11,009)	(10,988)	(10,952)
Undistributed loss - Basic									(21,199)	(5,968)	19,534
Undistributed loss - Diluted									$ (21,199)	$ (5,968)	$ 19,534
Percentage allocated to common shares									100.00%	99.00%	99.10%
Undistributed income (loss) allocated to common shares - Basic									$ (21,199)	$ (5,910)	$ 19,358
Undistributed income (loss) allocated to common shares - Diluted									(21,199)	(5,910)	19,358
Dividends paid on common shares outstanding									10,905	10,881	10,853
Net income (loss) available to common shares - Basic									(10,294)	4,971	30,211
Net income (loss) available to common shares - Diluted									$ (10,294)	$ 4,971	$ 30,211
Denominator: Basic and Diluted
Weighted average common shares outstanding - Basic									12,397,099	12,361,483	12,331,805
Adjustment for dilutive potential common shares										4,714	12,404
Weighted average shares - Diluted									12,397,099	12,366,197	12,344,209
Basic net income (loss) per share (in dollars per share)	$ (0.30)	$ (0.32)	$ (0.15)	$ (0.06)	$ 0.25	$ 0.22	$ (0.09)	$ 0.02	$ (0.83)	$ 0.40	$ 2.45
Diluted net income (loss) per share (in dollars per share)	$ (0.30)	$ (0.32)	$ (0.15)	$ (0.06)	$ 0.25	$ 0.22	$ (0.09)	$ 0.02	$ (0.83)	$ 0.40	$ 2.45

Summary of Significant Accoun55

Summary of Significant Accounting Policies - Anti-dilutive Securities (Details) - shares	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Employee and Directors Stock Options
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	310,417	378,852	289,130
Restricted Stock
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	107,854	121,285	111,450

Summary of Significant Accoun56

Summary of Significant Accounting Policies - Weighted Average Common Shares (Details) - shares	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Percentage allocated to common shares - weighted average
Common shares outstanding	12,397,099	12,361,483	12,331,805
Unvested participating shares		121,185	112,275
Total	12,397,099	12,482,668	12,444,080

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Sep. 30, 2016
Inventories
Raw Materials	$ 18,731	$ 21,587
Work-in-process	130,019	118,822
Finished Goods	94,331	94,772
Other	1,376	1,377
Total	$ 244,457	$ 236,558

Property, Plant and Equipment58

Property, Plant and Equipment (Details) $ in Thousands	Sep. 30, 2017USD ($)item	Sep. 30, 2016USD ($)
Property, plant and equipment
Gross amount	$ 348,777	$ 335,829
Less accumulated depreciation	(156,221)	(136,647)
Net amount	192,556	199,182
Shanghai
Property, plant and equipment
Assets under a capital lease	275
La Porte
Property, plant and equipment
Assets under a capital lease	$ 7,913
Number of leased buildings | item	2
Land and land improvements
Property, plant and equipment
Gross amount	$ 9,345	7,207
Buildings and improvements
Property, plant and equipment
Gross amount	44,705	37,343
Machinery and equipment
Property, plant and equipment
Gross amount	289,035	262,717
Construction in process
Property, plant and equipment
Gross amount	$ 5,692	$ 28,562

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Sep. 30, 2016
Accrued Expenses
Employee compensation	$ 7,791	$ 7,394
Taxes, other than income taxes	2,422	2,264
Utilities	909	992
Professional Fees	746	615
Capital lease obligation, current	926	383
Other	1,314	1,232
Total accrued expenses	$ 14,108	$ 12,880

Income Taxes - Provision (Detai

Income Taxes - Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Income (loss) before income taxes:
U.S.	$ (25,090)	$ (4,160)	$ 36,327
Foreign	7,873	7,911	10,849
Income (loss) before income taxes	(17,217)	3,751	47,176
Current:
U.S. Federal	933	(4,427)	11,207
Foreign	1,652	1,368	1,690
State	401	(141)	686
Total	2,986	(3,200)	13,583
Deferred:
U.S. Federal	(8,781)	4,582	(79)
Foreign		(105)	690
State	(1,427)	(2,954)	2,368
Valuation allowance	195	408	128
Total	(10,013)	1,931	3,107
Total provision for (benefit from) income taxes	$ (7,027)	$ (1,269)	$ 16,690

Income Taxes - Rate (Details)

Income Taxes - Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Effective income tax rate reconciliation
Statutory federal tax rate (as a percent)	35.00%	35.00%	35.00%
Tax provision for income taxes at the statutory rate	$ (6,026)	$ 1,313	$ 16,512
Foreign tax rate differentials	(1,103)	(1,505)	(1,417)
Provision for state taxes, net of federal taxes	(371)	778	818
U.S. tax on distributed and undistributed earnings of foreign subsidiaries	452	523	419
Manufacturer's deduction		(98)	(1,213)
Tax credits	(409)	(1,198)	(240)
State tax rate change impact on deferred tax asset	192	(1,819)	1,565
Change in valuation allowance	195	408	128
Other, net	43	329	118
Total provision for (benefit from) income taxes	$ (7,027)	$ (1,269)	$ 16,690
Effective tax rate (as a percent)	40.80%	(33.80%)	35.40%

Income Taxes - Deferred Taxes (

Income Taxes - Deferred Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Sep. 30, 2016
Deferred tax assets:
Pension and postretirement benefits	$ 74,602	$ 93,238
Inventories	2,080	3,405
Accrued compensation and benefits	2,107	2,264
Accrued expenses and other	5,277	3,132
Tax attributes	11,579	1,642
Valuation allowance	(1,017)	(532)
Total deferred tax assets	103,045	112,510
Deferred tax liabilities:
Property, plant and equipment, net	(45,155)	(41,645)
Intangible and other	(1,498)	(1,433)
Total deferred tax liabilities	(46,653)	(43,078)
Net deferred tax assets (liabilities)	56,392	69,432
Conversion Services Agreement
Deferred tax assets:
TIMET Agreement	$ 8,417	$ 9,361

Income Taxes - NOL (Details)

Income Taxes - NOL (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Sep. 30, 2016
Net operating loss carryforwards
Net operating loss carryforwards	$ 21,530
Tax credit		$ 504
Undistributed losses of foreign subsidiaries	62,497
Undistributed losses of foreign subsidiaries taxes	0
State
Net operating loss carryforwards
Net operating loss carryforwards	11,666	3,453
Tax credit	3,205	1,198
Foreign
Net operating loss carryforwards
Net operating loss carryforwards	$ 2,249	349
Net operating loss carryforward valuation allowance		$ 1,539

Debt - US Credit Facility (Deta

Debt - US Credit Facility (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Jul. 06, 2016
Domestic Line of Credit
Debt
Maximum revolving loan amount under the Amended Agreement		$ 120,000
Increased maximum revolving loan amount at the request of the borrowers		$ 170,000
Outstanding balance	$ 0
Commitment fee (as a percent)	0.20%
Excess availability, percentage, maximum	10.00%
Maximum aggregate amount of annual dividends which the Company may pay before certain financial metrics must be met	$ 20,000
Percentage of equity interest in direct foreign subsidiaries pledged as collateral for borrowings	65.00%
Domestic Line of Credit | Maximum | Prime rate
Debt
Basis spread on variable rate (as a percent)	0.75%
Domestic Line of Credit | Maximum | Eurodollar rate
Debt
Basis spread on variable rate (as a percent)	2.00%
Letters of credit
Debt
Commitment fee (as a percent)	1.50%

Debt - Overdraft Facilities (De

Debt - Overdraft Facilities (Details) - Sep. 30, 2017 € in Thousands, £ in Thousands, SFr in Thousands, $ in Thousands	EUR (€)	GBP (£)	CHF (SFr)	USD ($)
Haynes International Ltd. overdraft facility
Debt and long-term obligations
Maximum borrowing capacity		£ 1,700		$ 2,278
Available borrowing capacity		£ 1,700		2,278
Haynes International S.A.R.L. overdraft facility
Debt and long-term obligations
Maximum borrowing capacity	€ 240			283
Available borrowing capacity	€ 240			283
Haynes International AG overdraft facility
Debt and long-term obligations
Maximum borrowing capacity			SFr 400	413
Available borrowing capacity			SFr 400	$ 413

Pension Plan and Retirement B66

Pension Plan and Retirement Benefits - Defined Contribution Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
401(k)
Defined Contribution Plans
Expenses associated with plan	$ 1,590	$ 1,652	$ 1,598
401(k) | Employees with exceptions
Defined Contribution Plans
Percentage employer matches of the employee's percentage contribution matched.	50.00%
401(k) | Employees with exceptions | Maximum
Defined Contribution Plans
Percentage of employees' gross pay for which the employer contributes a matching contribution	3.00%
401(k) | Certain employees not eligible for U.S. pension plan
Defined Contribution Plans
Percentage employer matches of the employee's percentage contribution matched.	60.00%
401(k) | Certain employees not eligible for U.S. pension plan | Maximum
Defined Contribution Plans
Percentage of employees' gross pay for which the employer contributes a matching contribution	6.00%
Profit sharing plans
Defined Contribution Plans
Expenses associated with plan	$ 0	$ 0	$ 0

Pension Plan and Retirement B67

Pension Plan and Retirement Benefits - Defined Benefit Plans - Expense (Details) $ in Thousands	Jan. 01, 2007USD ($)	Sep. 30, 2017USD ($)person	Sep. 30, 2017USD ($)person	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)
Pension Plan and Retirement Benefits
Accrued pension and postretirement benefits		$ 204,910	$ 204,910	$ 255,346
Defined Benefit Pension Plans
Pension Plan and Retirement Benefits
Pension plan expense			14,515	11,396	$ 5,437
Accrued pension and postretirement benefits		$ 86,709	86,709	129,375
Contribution to plan			6,804	6,778
U.S. pension plan
Pension Plan and Retirement Benefits
Contribution to plan			$ 6,000	6,000	1,500
Number of participants that received distribution | person		146	146
Amount of distributions		$ 8,688,000
U.K. pension plan
Pension Plan and Retirement Benefits
Contribution to plan			$ 804	778	909
Non-qualified pension plan
Pension Plan and Retirement Benefits
Pension plan expense			19	91	140
Accrued pension and postretirement benefits		777	777	854
Postretirement Health Care Benefits
Pension Plan and Retirement Benefits
Pension plan expense			8,920	7,652	$ 7,155
Accrued pension and postretirement benefits		$ 117,424	117,424	125,117
Maximum liability related to total retiree health care costs under plan amendment	$ 5,000
Contribution to plan			$ 4,263	$ 5,527

Pension Plan and Retirement B68

Pension Plan and Retirement Benefits - Defined Benefit Plans - Status (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Defined Benefit Pension Plans
Change in Benefit Obligation:
Projected benefit obligation at beginning of year	$ 337,338	$ 311,943
Service cost	6,282	4,080	$ 3,898
Interest cost	10,577	12,050	11,203
Actuarial losses (gains)	(27,246)	32,370
Benefits paid	(14,682)	(23,105)
Administrative expenses	(1,466)
Projected benefit obligation at end of year	310,803	337,338	311,943
Change in Plan Assets:
Fair value of plan assets at beginning of year	207,963	205,498
Actual return on assets	25,475	18,792
Contribution to plan	6,804	6,778
Benefits paid	(14,682)	(23,105)
Administrative expenses	(1,466)
Fair value of plan assets at end of year	224,094	207,963	205,498
Funded Status of Plan:
Unfunded status	(86,709)	(129,375)
Postretirement Health Care Benefits
Change in Benefit Obligation:
Projected benefit obligation at beginning of year	125,117	110,534
Service cost	350	232	337
Interest cost	4,292	4,595	4,385
Actuarial losses (gains)	(8,072)	15,283
Benefits paid	(4,263)	(5,527)
Projected benefit obligation at end of year	117,424	125,117	$ 110,534
Change in Plan Assets:
Contribution to plan	4,263	5,527
Benefits paid	(4,263)	(5,527)
Funded Status of Plan:
Unfunded status	$ (117,424)	$ (125,117)

Pension Plan and Retirement B69

Pension Plan and Retirement Benefits - Defined Benefit Plans - Recognized in BS (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Accrued pension and postretirement benefits:
Current	$ (5,095)	$ (5,095)
Non-current	(199,815)	(250,251)
Accrued pension and postretirement benefits	(204,910)	(255,346)
Accumulated other comprehensive loss:
Net (gain) loss	102,105	164,024
Prior service cost	2,213	3,020
Total accumulated other comprehensive loss	104,318	167,044
Amounts expected to be recognized from AOCI into the statement of operations in the following year:
Amortization of net loss	7,909	15,546
Amortization of prior service cost	374	808
Total	8,283	16,354
Accumulated benefit obligation	299,197	317,754
Defined Benefit Pension Plans
Accrued pension and postretirement benefits:
Non-current	(86,709)	(129,375)
Accrued pension and postretirement benefits	(86,709)	(129,375)
Accumulated other comprehensive loss:
Net (gain) loss	66,819	116,388
Prior service cost	2,213	3,020
Total accumulated other comprehensive loss	69,032	119,408
Amounts expected to be recognized from AOCI into the statement of operations in the following year:
Amortization of net loss	4,910	11,268
Amortization of prior service cost	374	808
Total	5,284	12,076
U.S. pension plan | Accrued pension benefits
Accrued pension and postretirement benefits:
Non-current	(90,275)
U.K. pension plan | Other assets | U.K. subsidiary
Accrued pension and postretirement benefits:
Noncurrent assets	3,566
Postretirement Health Care Benefits
Accrued pension and postretirement benefits:
Current	(5,000)	(5,000)
Non-current	(112,424)	(120,117)
Accrued pension and postretirement benefits	(117,424)	(125,117)
Accumulated other comprehensive loss:
Net (gain) loss	35,286	47,636
Total accumulated other comprehensive loss	35,286	47,636
Amounts expected to be recognized from AOCI into the statement of operations in the following year:
Amortization of net loss	2,999	4,278
Total	2,999	4,278
Non-qualified pension plan
Accrued pension and postretirement benefits:
Current	(95)	(95)
Non-current	(682)	(759)
Accrued pension and postretirement benefits	$ (777)	$ (854)

Pension Plan and Retirement B70

Pension Plan and Retirement Benefits - Defined Benefit Plans - Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Defined Benefit Pension Plans
Components of net periodic pension cost and postretirement health care benefit cost
Service cost	$ 6,282	$ 4,080	$ 3,898
Interest cost	10,577	12,050	11,203
Expected return on assets	(14,419)	(14,380)	(15,117)
Amortization of prior service cost	808	808	808
Recognized actuarial loss	11,267	8,838	4,645
Net periodic cost	14,515	11,396	5,437
Postretirement Health Care Benefits
Components of net periodic pension cost and postretirement health care benefit cost
Service cost	350	232	337
Interest cost	4,292	4,595	4,385
Recognized actuarial loss	4,278	2,825	2,433
Net periodic cost	$ 8,920	$ 7,652	$ 7,155

Pension Plan and Retirement B71

Pension Plan and Retirement Benefits - Benefit Obligation Assumptions (Details) - USD ($) $ in Thousands	Jan. 01, 2007	Sep. 30, 2017	Sep. 30, 2016
U.S. pension plan
Assumptions used to determine benefit obligation
Discount rate (as a percent)		3.63%	3.25%
Rate of compensation increase (as a percent)		2.50%	3.50%
U.K. pension plan
Assumptions used to determine benefit obligation
Discount rate (as a percent)		2.50%	2.30%
Postretirement Health Care Benefits
Assumptions relating to health care cost trend rates
Annual rate of increase for the costs of covered health care benefits on the basis of age (as a percent)		5.00%
Effect of one percentage point change in assumed health care cost trend rates
Effect on total of service and interest cost components of one percent increase		$ 0
Effect on total of service and interest cost components of one percent decrease		0
Effect on accumulated postretirement benefit obligation of one percent increase		0
Effect on accumulated postretirement benefit obligation of one percent decrease		$ 0
Maximum liability related to total retiree health care costs under plan amendment	$ 5,000
Assumptions used to determine benefit obligation
Discount rate (as a percent)		3.75%	3.50%
Postretirement Health Care Benefits | Minimum
Assumptions relating to health care cost trend rates
Employee age required to participate in the plan		65 years
Postretirement Health Care Benefits | Maximum
Assumptions relating to health care cost trend rates
Employee age required to participate in the plan		65 years
Postretirement Health Care Benefits | Under 65 age group
Assumptions relating to health care cost trend rates
Annual rate of increase for the costs of covered health care benefits on the basis of age (as a percent)		5.00%	5.00%
Postretirement Health Care Benefits | Over 65 age group
Assumptions relating to health care cost trend rates
Annual rate of increase for the costs of covered health care benefits on the basis of age (as a percent)		5.00%	5.00%

Pension Plan and Retirement B72

Pension Plan and Retirement Benefits - Cost Assumptions (Details)	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Postretirement Health Care Benefits
Assumptions used to determine net periodic benefit cost
Discount rate (as a percent)	3.50%	4.25%	4.25%
U.S. pension plan
Assumptions used to determine net periodic benefit cost
Discount rate (as a percent)	3.25%	4.00%	4.00%
Expected return on plan assets (as a percent)	7.50%	7.50%	7.50%
Rate of compensation increase (as a percent)	3.50%	3.50%	3.50%
U.K. pension plan
Assumptions used to determine net periodic benefit cost
Discount rate (as a percent)	2.30%	3.70%	3.90%
Expected return on plan assets (as a percent)	2.70%	4.10%	4.40%

Pension Plan and Retirement B73

Pension Plan and Retirement Benefits - Plan Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Defined Benefit Pension Plans
Fair value measurement of plan assets
Total pension plan assets	$ 224,094	$ 207,963	$ 205,498
Defined Benefit Pension Plans | NAV
Fair value measurement of plan assets
Total pension plan assets	224,094	207,963
U.S. pension plan
Fair value measurement of plan assets
Total pension plan assets	204,257	189,215
U.S. pension plan | U.S. common stock mutual funds
Fair value measurement of plan assets
Total pension plan assets	73,430	64,333
U.S. pension plan | Bonds
Fair value measurement of plan assets
Total pension plan assets	81,702	75,686
U.S. pension plan | U.S. common stock
Fair value measurement of plan assets
Total pension plan assets	32,784	39,735
U.S. pension plan | International equity
Fair value measurement of plan assets
Total pension plan assets	16,341	9,461
U.S. pension plan | NAV
Fair value measurement of plan assets
Total pension plan assets	204,257	189,215
U.S. pension plan | NAV | U.S. common stock mutual funds
Fair value measurement of plan assets
Total pension plan assets	73,430	64,333
U.S. pension plan | NAV | Bonds
Fair value measurement of plan assets
Total pension plan assets	81,702	75,686
U.S. pension plan | NAV | U.S. common stock
Fair value measurement of plan assets
Total pension plan assets	32,784	39,735
U.S. pension plan | NAV | International equity
Fair value measurement of plan assets
Total pension plan assets	16,341	9,461
U.K. pension plan
Fair value measurement of plan assets
Total pension plan assets	19,837	18,748
U.K. pension plan | Bonds
Fair value measurement of plan assets
Total pension plan assets	7,750	9,187
U.K. pension plan | Equity
Fair value measurement of plan assets
Total pension plan assets	8,913	7,499
U.K. pension plan | Other
Fair value measurement of plan assets
Total pension plan assets	3,174	2,062
U.K. pension plan | NAV
Fair value measurement of plan assets
Total pension plan assets	19,837	18,748
U.K. pension plan | NAV | Bonds
Fair value measurement of plan assets
Total pension plan assets	7,750	9,187
U.K. pension plan | NAV | Equity
Fair value measurement of plan assets
Total pension plan assets	8,913	7,499
U.K. pension plan | NAV | Other
Fair value measurement of plan assets
Total pension plan assets	$ 3,174	$ 2,062

Pension Plan and Retirement B74

Pension Plan and Retirement Benefits - Investment Strategy (Details) - U.S. pension plan	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Asset allocation
Plan's return on assets assumption (as a percent)	7.50%	7.50%	7.50%
Minimum
Asset allocation
Equity risk premium above broad bond market yields (as a percent)	3.00%
Broad bond market yields (as a percent)	5.00%
Maximum
Asset allocation
Equity risk premium above broad bond market yields (as a percent)	4.00%
Broad bond market yields (as a percent)	7.00%
Amount of adjustment to target allocation (as a percent)	10.00%
Equity
Asset allocation
Target plan asset allocation (as a percent)	60.00%
Fixed Income
Asset allocation
Target plan asset allocation (as a percent)	40.00%

Pension Plan and Retirement B75

Pension Plan and Retirement Benefits - Expected benefit payments (Details) $ in Thousands	Sep. 30, 2017USD ($)
Defined Benefit Pension Plans
Expected benefit payments
2,018	$ 15,358
2,019	15,649
2,020	16,161
2,021	16,564
2,022	17,120
2023-2027 (in total)	90,470
Postretirement Health Care Benefits
Expected benefit payments
2,018	5,000
2,019	5,000
2,020	5,000
2,021	5,000
2,022	5,000
2023-2027 (in total)	$ 25,000

Commitments (Details)

Commitments (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Commitments
Lease term	10 years
Rent expense	$ 4,082	$ 3,726	$ 3,403
Income from sub-lease rentals	153	$ 120	$ 105
Future minimum rental commitments under non-cancelable operating leases
2,018	2,978
2,019	1,859
2,020	1,243
2,021	232
2,022	100
Total	6,412
Minimum sub-lease rentals due in the future	$ 79

Legal, Environmental and Othe77

Legal, Environmental and Other Contingencies - Overview (Details) - Pending litigation	Sep. 30, 2017action
Welding rod-related injuries
Legal, Environmental and Other Contingencies
Number of actions in which the entity is involved	2
Asbestos in facilities
Legal, Environmental and Other Contingencies
Number of actions in which the entity is involved	1

Legal, Environmental and Othe78

Legal, Environmental and Other Contingencies - Schedule of Maturities (Details) $ in Thousands	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Feb. 11, 2016item
Environmental post-closure monitoring and maintenance activities	$ 633	$ 683
Maturities of long-term obligations (discounted)
Number of leaks reported in entity's chemical cleaning operations | item			1
Long Term Obligations
Maturities of long-term obligations (discounted)
2,019	54
2,020	52
2,021	60
2,022	50
2023 and thereafter	315
Long-term obligations (less current portion)	531
Pending litigation
Environmental post-closure monitoring and maintenance activities	$ 633

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015	Mar. 01, 2016	Feb. 23, 2009
Restricted Stock
Restricted stock plan activity, number of shares
Unvested at beginning of the period (in shares)	121,010
Granted (in shares)	37,275
Forfeited / Canceled (in shares)	(12,650)
Vested (in shares)	(38,425)
Unvested at end of the period (in shares)	107,210	121,010
Expected to vest (in shares)	80,293
Restricted stock plan activity, Weighted Average Fair Value at Grant Date
Unvested at beginning of the period (in dollars per share)	$ 44.51
Granted (in dollars per share)	40.86
Forfeited / Canceled (in dollars per share)	52.32
Vested (in dollars per share)	47.20
Unvested at end of the period (in dollars per share)	41.36	$ 44.51
Expected to vest (in dollars per share)	$ 40.98
Restricted stock plan activity, other disclosures
Compensation expense	$ 1,340	$ 1,466	$ 1,650
Remaining unrecognized compensation expense	$ 1,266
Weighted average period for recognition	7 months 13 days
Restricted Stock | Employees
Restricted stock plan activity, other disclosures
Repurchase of stock from employees (in shares)	6,017
Average purchase price (in dollars per share)	$ 44.15
Restricted Stock | 2009 Restricted Stock Plan
Stock-Based Compensation
Number of shares authorized under the plan					400,000
Restricted Stock, Restricted Stock Units and Performance Shares | 2016 Restricted Stock, Restricted Stock Units and Performance Shares Plan
Stock-Based Compensation
Number of shares authorized under the plan				275,000

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance Shares and Stock Option Plans (Details) $ / shares in Units, $ in Thousands	Nov. 22, 2016$ / sharesshares	Nov. 24, 2015$ / shares	Nov. 25, 2014$ / shares	Sep. 30, 2017USD ($)plan$ / sharesshares	Sep. 30, 2016USD ($)$ / sharesshares	Sep. 30, 2015USD ($)
Employee and Directors Stock Options
Information relating to stock options
Number of plans | plan				2
Number of shares authorized				1,925,000
Expiration period				10 years
Vesting of awards per year (as a percent)				33.33%
Award vesting period				3 years
Fair value assumptions
Fair Value (in dollars per share) | $ / shares	$ 11.50	$ 8.37	$ 8.17
Dividend Yield (as a percent)	2.15%	2.33%	1.90%
Risk-Free Interest Rate (as a percent)	1.79%	1.70%	0.96%
Expected Volatility (as a percent)	37.00%	30.00%	28.00%
Expected Life	5 years	5 years	3 years
Stock-based employee compensation expense | $				$ 433	$ 514	$ 534
Remaining unrecognized compensation expense | $				$ 827
Weighted average period for recognition				1 year 11 months 23 days
Activity under stock option plans, number of shares
Outstanding at beginning of the period (in shares)				428,401
Granted (in shares)				47,925
Canceled (in shares)				(51,000)
Outstanding at end of the period (in shares)				425,326	428,401
Vested or expected to vest (in shares)				391,469
Exercisable at end of period (in shares)				297,167
Outstanding at end of period, Aggregate Intrinsic Value | $				$ 242
Vested or expected to vest, Aggregate Intrinsic Value | $				242
Exercisable at end of the period, Aggregate Intrinsic Value | $				$ 242
Weighted Average Exercise Prices
Outstanding at beginning of the period (in dollars per share) | $ / shares				$ 48.47
Granted (in dollars per share) | $ / shares				40.86
Exercised (in dollars per share) | $ / shares				0
Canceled (in dollars per share) | $ / shares				70.89
Outstanding at end of period (in dollars per share) | $ / shares				44.93	$ 48.47
Vested or expected to vest (in dollars per share) | $ / shares				44.94
Exercisable at end of the period (in dollars per share) | $ / shares				$ 46.70
Outstanding at end of the period, Weighted Average Remaining Contractual Life				5 years 7 months 6 days
Vested or expected to vest, Weighted Average Remaining Contractual Life				5 years 5 months 27 days
Exercisable at end of the period, Weighted Average Remaining Contractual Life				4 years 5 months 1 day
Employee and Directors Stock Options | Stock Option Plan Adopted in August 2004
Information relating to stock options
Number of shares authorized				1,000,000
Employee and Directors Stock Options | Stock Option Plan Adopted in January 2007
Information relating to stock options
Number of shares authorized				500,000
Employee and Directors Stock Options | Stock Option Plan Adopted In March 2016
Information relating to stock options
Number of shares authorized				425,000
Performance Shares
Information relating to stock options
Number of shares authorized	19,000
Award vesting period	3 years
Fair value assumptions
Fair Value (in dollars per share) | $ / shares	$ 60.09
Stock-based employee compensation expense | $				$ 336
Remaining unrecognized compensation expense | $				$ 806
Weighted average period for recognition				2 years

Quarterly Data (unaudited) (Det

Quarterly Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Quarterly Data (unaudited)
Net revenues	$ 100,765	$ 97,977	$ 103,112	$ 93,355	$ 107,523	$ 101,255	$ 102,511	$ 95,070	$ 395,209	$ 406,359	$ 487,635
Gross profit	5,773	3,662	9,788	10,487	13,322	13,265	8,905	12,088	29,710	47,580	93,664
Net income (loss) - Basic	$ (3,661)	$ (3,967)	$ (1,890)	$ (672)	$ 3,162	$ 2,792	$ (1,162)	$ 228	$ (10,190)	$ 5,020	$ 30,486
Net income (loss) per share:
Basic (in dollars per share)	$ (0.30)	$ (0.32)	$ (0.15)	$ (0.06)	$ 0.25	$ 0.22	$ (0.09)	$ 0.02	$ (0.83)	$ 0.40	$ 2.45
Diluted (in dollars per share)	$ (0.30)	$ (0.32)	$ (0.15)	$ (0.06)	$ 0.25	$ 0.22	$ (0.09)	$ 0.02	$ (0.83)	$ 0.40	$ 2.45

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2017USD ($)segment	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)
Segment Reporting
Number of Business Segment | segment									1
Net revenues	$ 100,765	$ 97,977	$ 103,112	$ 93,355	$ 107,523	$ 101,255	$ 102,511	$ 95,070	$ 395,209	$ 406,359	$ 487,635
Long-lived assets	192,556				199,182				192,556	199,182
High-temperature resistant alloys
Segment Reporting
Net revenues									320,119	329,151	370,603
Corrosive-resistant alloys
Segment Reporting
Net revenues									75,090	77,208	117,032
United States
Segment Reporting
Net revenues									235,500	233,612	287,722
Long-lived assets	185,413				191,915				185,413	191,915
Europe
Segment Reporting
Net revenues									98,096	101,853	110,659
Long-lived assets	6,879				6,935				6,879	6,935
China
Segment Reporting
Net revenues									18,997	13,808	28,140
Long-lived assets	$ 264				$ 332				264	332
Other
Segment Reporting
Net revenues									$ 42,616	$ 57,086	$ 61,114

Valuation and Qualifying Acco83

Valuation and Qualifying Accounts (Details) - Allowance for doubtful accounts receivables - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Movement in valuation and qualifying accounts
Balance at Beginning of Period	$ 402	$ 869	$ 861
Charges (credits) to Expense	228	(156)	317
Deductions	(10)	(311)	(309)
Balance at End of Period	$ 620	$ 402	$ 869

Deferred Revenue (Details)

Deferred Revenue (Details) $ in Thousands, lb in Millions	Nov. 17, 2006USD ($)lb	Sep. 30, 2016USD ($)
Deferred revenue
Revenue to be recorded when product ships		$ 4,988
Conversion Services Agreement
Deferred revenue
Term of agreement to provide conversion services	20 years
Up Front Fees Received	$ 50,000
Additional volume of titanium metal to be converted on exercise of option by service receiver (in pounds) | lb	10
Liquidated damages	$ 25,000
Revenue recognition period	20 years
Conversion Services Agreement | Maximum
Deferred revenue
Annual volume of titanium metal to be converted (in pounds) | lb	10
Amount of loan offered by counterparty	$ 12,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair value measurements on recurring basis - Total - USD ($) $ in Thousands	Sep. 30, 2017	Sep. 30, 2016
Assets:
Total fair value	$ 224,094	$ 207,963
Defined Benefit Pension Plans
Assets:
Total fair value	224,094	207,963
NAV
Assets:
Total fair value	224,094	207,963
NAV | Defined Benefit Pension Plans
Assets:
Total fair value	$ 224,094	$ 207,963

Comprehensive Income (Loss) a86

Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component - Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Comprehensive Income (Loss)
Net loss	$ (3,661)	$ (3,967)	$ (1,890)	$ (672)	$ 3,162	$ 2,792	$ (1,162)	$ 228	$ (10,190)	$ 5,020	$ 30,486
Other comprehensive income (loss), Pre-tax									64,931	(37,771)	(38,650)
Other comprehensive income (loss), Tax									(23,102)	11,201	12,525
Other comprehensive income (loss)									41,829	(26,570)	(26,125)
Comprehensive income (loss)									31,639	(21,550)	4,361
Pension and postretirement: Net gain (loss) arising during period
Comprehensive Income (Loss)
Other comprehensive income (loss), Pre-tax									46,401	(18,299)	(26,515)
Other comprehensive income (loss), Tax									(17,095)	6,609	9,595
Other comprehensive income (loss)									29,306	(11,690)	(16,920)
Pension and postretirement: Less: amortization of prior service cost
Comprehensive Income (Loss)
Other comprehensive income (loss), Pre-tax									808	(808)	(808)
Other comprehensive income (loss), Tax									(298)	299	298
Other comprehensive income (loss)									510	(509)	(510)
Pension and postretirement: Less: amortization of gain (loss)
Comprehensive Income (Loss)
Other comprehensive income (loss), Pre-tax									15,517	(11,663)	(7,160)
Other comprehensive income (loss), Tax									(5,709)	4,293	2,632
Other comprehensive income (loss)									9,808	(7,370)	(4,528)
Accumulated Translation Adjustment
Comprehensive Income (Loss)
Other comprehensive income (loss), Pre-tax									2,205	(7,001)	(4,167)
Other comprehensive income (loss)									$ 2,205	$ (7,001)	$ (4,167)

Comprehensive Income (Loss) a87

Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Accumulated other comprehensive income (loss)
Balance	$ 311,299	$ 341,989	$ 346,730
Other comprehensive income (loss)	41,829	(26,570)	(26,125)
Balance	333,772	311,299	341,989
AOCI Attributable to Parent
Accumulated other comprehensive income (loss)
Balance	(114,523)	(87,953)	(61,828)
Other comprehensive income (loss) before reclassifications	31,511	(34,449)
Amounts reclassified from accumulated other comprehensive income (loss), Tax benefit	(6,007)	(4,592)
Other comprehensive income (loss)	41,829	(26,570)	(26,125)
Balance	(72,694)	(114,523)	(87,953)
Accumulated Defined Benefit Plans Adjustment | Defined Benefit Pension Plans
Accumulated other comprehensive income (loss)
Balance	(74,742)	(62,985)
Other comprehensive income (loss) before reclassifications	24,109	(17,855)
Amounts reclassified from accumulated other comprehensive income (loss), Tax benefit	(4,426)	(3,548)
Other comprehensive income (loss)	31,730	(11,757)
Balance	(43,012)	(74,742)	(62,985)
Accumulated Defined Benefit Plans Adjustment | Postretirement Health Care Benefits
Accumulated other comprehensive income (loss)
Balance	(29,585)	(21,773)
Other comprehensive income (loss) before reclassifications	5,197	(9,593)
Amounts reclassified from accumulated other comprehensive income (loss), Tax benefit	(1,581)	(1,044)
Other comprehensive income (loss)	7,894	(7,812)
Balance	(21,691)	(29,585)	(21,773)
Pension and postretirement: Less: amortization of prior service cost
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	808	808
Other comprehensive income (loss)	510	(509)	(510)
Pension and postretirement: Less: amortization of prior service cost | Defined Benefit Pension Plans
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	808	808
Pension and postretirement: Less: amortization of gain (loss)
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	15,517	11,663
Other comprehensive income (loss)	9,808	(7,370)	(4,528)
Pension and postretirement: Less: amortization of gain (loss) | Defined Benefit Pension Plans
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	11,239	8,838
Pension and postretirement: Less: amortization of gain (loss) | Postretirement Health Care Benefits
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	4,278	2,825
Accumulated Translation Adjustment
Accumulated other comprehensive income (loss)
Balance	(10,196)	(3,195)
Other comprehensive income (loss) before reclassifications	2,205	(7,001)
Other comprehensive income (loss)	2,205	(7,001)	(4,167)
Balance	$ (7,991)	$ (10,196)	$ (3,195)

Long-term Obligation - Minimum

Long-term Obligation - Minimum Lease Rental Payments (Details) - USD ($) $ in Thousands	Jan. 01, 2015	Sep. 30, 2017	Sep. 30, 2016
Long-term Obligation
Lease term	20 years
Future minimum lease rental payments
2,018		$ 983
2,019		988
2,020		995
2,021		1,000
2,022		1,012
Thereafter		13,634
Total minimum lease payments		18,612
Less amounts representing interest		(10,320)
Present value of net minimum lease payments		8,292
Less current obligation		(926)	$ (383)
Total long term lease obligation		7,366
Long-term obligations (less current portion)
Capital lease rental payments		4,275	4,331
Finance lease rental payments		4,017	3,700
Environmental post-closure monitoring and maintenance activities		633	683
Less amounts due within one year		(1,029)	(458)
Long-term obligations (less current portion) (Note 18)		$ 7,896	$ 8,256

Long-term Obligation - Buildout

Long-term Obligation - Buildout of facility (Details) - USD ($) $ in Thousands	Jan. 01, 2015	Sep. 30, 2017
Capital lease
Lease term	20 years
Property Plant And Equipment
Construction costs related to buildout of the facility
Build-to-suit liability		$ 4,100

Acquisition (Details)

Acquisition (Details) - USD ($) $ in Thousands	Jan. 07, 2015	Sep. 30, 2017	Sep. 30, 2016
Purchase Price Allocation
Goodwill		$ 4,789	$ 4,789
Leveltek Processing, LLC
Acquisition
Acquisition price	$ 14,600
Purchase Price Allocation
Property, plant and equipment, net	7,563
Inventory	148
Total identifiable net assets	9,811
Goodwill	4,789
Total purchase price	14,600
Customer relationships | Leveltek Processing, LLC
Purchase Price Allocation
Customer relationships	$ 2,100

Expansion of LaPorte, Indiana91

Expansion of LaPorte, Indiana Operations (Details) - Expansion of LaPorte, Indiana Operations - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Costs associated with project
Costs expensed in current period	$ 1,100	$ 340
Minimum
Costs associated with project
Estimated costs	2,300
Minimum | Equipment relocation
Costs associated with project
Estimated costs	1,800
Minimum | Other costs
Costs associated with project
Estimated costs	500
Maximum
Costs associated with project
Estimated costs	3,600
Maximum | Equipment relocation
Costs associated with project
Estimated costs	2,500
Maximum | Other costs
Costs associated with project
Estimated costs	$ 1,100

Restricted Cash (Details)

Restricted Cash (Details) $ in Thousands	Sep. 30, 2016USD ($)
Restricted Cash
Restricted cash	$ 5,446