A new five-year supply agreement between Boeing Co. and Titanium Metals Corp. (Timet) has been signed at a point in the market cycle when leverage appears to have swung back to the buyer's side.

Dallas-based Timet said this week it has entered into a new long-term agreement (LTA) to supply Boeing with titanium that runs from Jan. 1, 2011, to Dec. 31, 2015. No specific details or terms of the agreement were disclosed, and a Timet executive couldn't be reached for comment.

Timet did say the two companies have amended the terms of their...