On this page of StockholderLetter.com we present the latest annual shareholder letter from HAYNES INTERNATIONAL INC — ticker symbol HAYN. Reading current and past HAYN letters to shareholders can bring important insights into the investment thesis.

 •  1/9/2024 Letter Continued (Full PDF)
 •  More "Miscellaneous" Category Stockholder Letters
 •  HAYN Benford's Law Stock Score = 92

HAYN Shareholder/Stockholder Letter Transcript:

January 9, 2024
To My Fellow Stockholders,
Haynes produces high value differentiated nickel and cobalt-based high-performance alloys. While our alloy names
may be familiar to only those in our industry, the impact that our alloys have on improving the technology of the world is
widely recognized. We have been inventing new, game-changing alloys for over 100 years. Alloys invented by Haynes
helped power Charles Lindbergh and Amelia Earhart flights, flew on every Apollo and space shuttle mission, and
assisted with the landing of the Perseverance Rover and the ongoing exploration of Mars. Today, our research and
application engineering groups are developing new alloys that we believe will continue to improve application
performance due to their exceptional ability to withstand higher temperatures, improve efficiency, enhance corrosion
resistance and, in some cases, reduce greenhouse gas emissions in the aerospace, power generation, and chemical
processing industries, along with new applications in emerging technologies. We do not just react to industry needs; we
help define them and expand end user expectations on performance.
The future for Haynes is bright because of our dedicated and customer focused workforce, our top of class alloy and
application development, our distinct combination of our production facilities and company owned worldwide valueadded distribution facilities, our unquestioned quality, and our outstanding sales and customer service.
Our business continues to grow and strengthen. We   ve transformed our Company as shown by the following
significant accomplishments.

We have lowered our volume breakeven point by 25%.

We achieved record backlog levels in fiscal 2023.

Revenue increased 20% compared to fiscal 2022, driven by record revenues in both our Aerospace and
Industrial Gas Turbine markets.

Our pricing for the high-value differentiated products we provide our customers, and our cost reduction actions,
along with a continued rise in volumes during fiscal 2022 and fiscal 2023, helped improve gross margins
significantly after adjusting for a neutral raw material cost impact.

U.S. pension and retiree medical net liabilities were reduced over the past 36 months by $133 million, or 67%,
taking the funding percentage for the pension plan to 94%.

Our team continues with our efforts to further enhance our safety processes and to update our social policies
and programs to support our employees and our communities. We also continue with our strong focus on ESG.
Haynes alloy and applications development supports worldwide efforts to reduce greenhouse gases. In our
efforts to utilize more sustainable sources of energy, we have installed a 1MW solar array at our North Carolina
manufacturing facility and a 300KW rooftop solar array at our Arcadia, Louisiana Tubular facility.
As we look to the future, our major markets are projected to continue to grow and our performance improvement is
expected to continue. Specifically,

The outlook for commercial aircraft deliveries remains strong, with significant year-over-year growth expected
through the remainder of this decade. Our proprietary alloys, including HAYNES   282   alloy and HAYNES  
233   alloy have allowed gas turbines to operate at higher temperatures for much longer service intervals.

The industrial gas turbine market is expected to grow at a steady pace through the 2030   s due to worldwide
demand for increased energy, higher efficiency, and improved reliability. Our proprietary alloys can improve
the efficiency and power generation capability of these turbines.


Within the chemical processing market, our new alloy development initiatives are expanding, including the
application of HASTELLOY   G35   AND HASTELLOY   HYBRID-BC1   into the chemical,
pharmaceutical and agrichemical industries.

We plan to incrementally improve our top tier gross margins, driven by the alloy, product, and service
differentiation we provide to our customers and end users, along with our continued drive to increase volumes,
improve yields, and reduce variable costs.

We are at an inflection point for cash generation and expect momentum in cash conversion to grow significantly
as we progress through fiscal 2024.
Finally, to our stockholders, thank you for your interest in and support of Haynes. We believe that we have
momentum within our major markets, along with the actions in place to continue to improve the performance of our
business and enhance future stockholder value.
Sincerely,
Michael L. Shor
President and Chief Executive Officer

January 9, 2024
Dear Stockholders of Haynes International, Inc.:
You are cordially invited to attend the Annual Meeting of Stockholders (the    Annual Meeting   ) of Haynes
International, Inc. (   Haynes   ) to be held Wednesday, February 21, 2024, at 9:30 a.m. (EST). This year   s Annual Meeting
will be a virtual meeting of stockholders. You may attend the meeting online, including submitting questions, at
www.virtualshareholdermeeting.com/HAYN2024 when you enter your 16-digit control number set forth on your Notice
of Internet Availability of Proxy Materials (your    E-Proxy Notice   ) or, if you received a printed copy of our proxy
materials, your proxy card or voting instruction form. Instructions on how to attend and participate in the Annual
Meeting via the webcast are posted at www.virtualshareholdermeeting.com/HAYN2024. You will be able to vote your
shares while attending the Annual Meeting by following the instructions on the website.
Prior to the date of the virtual Annual Meeting, you will be able to vote over the Internet at www.proxyvote.com, by
mail or by telephone as described in the accompanying Notice of Annual Meeting of Stockholders. The proposals to be
voted upon are described in the accompanying Notice of Annual Meeting of Stockholders and Proxy Statement.
We hope you are able to attend the Annual Meeting virtually. Whether or not you attend, it is important that your
stock be represented and voted at the meeting. I urge you to please visit www.proxyvote.com to vote your shares
electronically or, if you received a printed copy of our proxy materials, to vote by telephone or to complete, date, sign
and return the proxy card or voting instruction form in the enclosed envelope, as described in the attached Notice of
Annual Meeting of Stockholders. The vote of each stockholder is very important. You may revoke your proxy at any
time before it is voted at the Annual Meeting by giving written notice to the Corporate Secretary of Haynes, by
submitting a properly executed proxy card or voting instruction form bearing a later date or by attending the Annual
Meeting virtually and voting online during the meeting. Stockholders may also revoke their proxies by entering a new
vote over the Internet or by telephone.
On behalf of the Board of Directors and management of Haynes, I thank you for your continued support.
Sincerely,
Haynes International, Inc.
Michael L. Shor
President and Chief Executive Officer

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HAYNES INTERNATIONAL, INC.
NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
TO BE HELD FEBRUARY 21, 2024
Stockholders of Haynes International, Inc.:
The Annual Meeting of Stockholders of Haynes International, Inc. (   Haynes   ) will be held virtually at
www.virtualshareholdermeeting.com/HAYN2024 on Wednesday, February 21, 2024, at 9:30 a.m. EST for the following
purposes:
1.
To elect Robert H. Getz as a director of Haynes to serve for a one-year term;
2.
To elect Dawne S. Hickton as a director of Haynes to serve for a one-year term;
3.
To elect Alicia B. Masse as a director of Haynes to serve for a one-year term;
4.
To elect Brian R. Shelton as a director of Haynes to serve for a one-year term;
5.
To elect Michael L. Shor as a director of Haynes to serve for a one-year term;
6.
To elect Larry O. Spencer as a director of Haynes to serve for a one-year term;
7.
To hold an advisory vote on executive compensation;
8.
To ratify the appointment of Deloitte & Touche LLP as Haynes    independent registered public accounting firm
for the fiscal year ending September 30, 2024; and
9.
To transact such other business as may properly come before the meeting.
Only stockholders of record at the close of business on December 29, 2023, are entitled to notice of, and to vote at,
the Annual Meeting.
YOUR VOTE IS IMPORTANT. EVEN IF YOU EXPECT TO ATTEND THE ANNUAL MEETING VIRTUALLY,
PLEASE VOTE YOUR PROXY OVER THE INTERNET BY VISITING WWW.PROXYVOTE.COM OR, IF YOU
RECEIVED A PRINTED COPY OF OUR PROXY MATERIALS, BY TELEPHONE OR BY DATING, SIGNING
AND PROMPTLY MAILING THE ENCLOSED PROXY CARD OR VOTING INSTRUCTION FORM, AS
DESCRIBED BELOW.
You can attend the Annual Meeting online and vote shares electronically during the Annual Meeting by visiting
www.virtualshareholdermeeting.com/HAYN2024 at the time of the meeting. Online check-in will begin at 9:15 a.m.
EST, and you should allow approximately 15 minutes for the online check-in procedure. Please have the 16-digit control
number on your Notice of Internet Availability of Proxy Materials or, if you received a printed copy of our proxy
materials, on your proxy card or voting instruction form available for check-in. Prior to the date of the Annual Meeting,
you will be able to vote over the Internet at www.proxyvote.com, and the proxy materials will be available at that site.
You may also vote prior to the date of the meeting by telephone by calling 1-800-690-6903. Please consult your proxy
card or voting instruction form for additional information regarding these alternative methods.
You may revoke your written proxy at any time before it is voted at the Annual Meeting by giving written notice to
the Corporate Secretary of Haynes, by submitting a properly executed proxy card or voting instruction form bearing a
later date or by attending the Annual Meeting virtually and voting online during the meeting. Stockholders may also
revoke their proxies by entering a new vote over the Internet or by telephone.



 1/9/2024 Letter Continued (Full PDF)