FOR IMMEDIATE RELEASE:                CONTACT:
Valhi, Inc.                           Bobby D. O'Brien
Three Lincoln Centre                  Vice President and Chief Financial Officer
5430 LBJ Freeway, Suite 1700          (972) 233-1700
Dallas, Texas  75240-2697

   VALHI, INC. ANNOUNCES PURCHASE OF 6 5/8% CONVERTIBLE PREFERRED SECURITIES,
                        BENEFICIAL UNSECURED CONVERTIBLE
              SECURITIES, OF TIMET CAPITAL TRUST I IN TENDER OFFER

         DALLAS,  TEXAS. . . June 3, 2003 . . . Valhi,  Inc.  (NYSE:  VHI) today
announced  the  completion  of its  tender  offer  to  purchase  for  cash up to
1,000,000  6  5/8%  convertible  preferred   securities,   beneficial  unsecured
convertible securities, of TIMET Capital Trust I, for a purchase price of $10.00
per security. The securities include the associated guarantee by Titanium Metals
Corporation  (NYSE:  TIE). The tender offer expired at 12:00 midnight,  New York
City time, on June 2, 2003.

         Based on  information  provided by  Computershare  Trust Company of New
York, the depositary for the offer, as of 12:00 midnight, New York City time, on
June 2, 2003, Valhi purchased 14,700 securities that had been tendered.

         This news release is not an offer to purchase, nor a solicitation of an
offer to sell securities  with respect to any  securities.  The tender offer may
only be made  pursuant to the Offer to Purchase and the  accompanying  Letter of
Transmittal.  Valhi has filed with the SEC a tender offer  statement on Schedule
TO (including an offer to purchase,  letter of  transmittal  and related  tender
offer    documents)   and   Titanium    Metals    Corporation    has   filed   a
solicitation/recommendation  statement on Schedule 14D-9.  These  documents,  as
amended,  contain  important  information  and  security  holders are advised to
carefully  read these  documents  before making any decision with respect to the
tender offer.  These documents may be obtained at no charge from the information
agent  or  at  the  website  of  the  Securities  and  Exchange   Commission  at
www.sec.gov.