TIMETAL 54M (Ti-5Al-4V-0.6Mo-0.4Fe) is an alpha-beta titanium alloy that was developed to improve upon the overall production costs of Ti-6Al-4V while providing similar properties.  TIMET has produced significant quantities of 54M via Electron-Beam Single-Melting (EBSM).  The alloy is being evaluated for both aerospace and non-aerospace applications. Prior studies have shown that 54M provides improved drill machinability using conventional carbide tools, indicating that 54M may enable improved cutting tool life and/or accommodate increased cutting speeds.  In a recent trial, a beta-extruded 54M shape was machined alongside a production Ti-6Al-4V airframe component; this experience reinforced the machinability benefit of 54M.  Mechanical properties of the machined component are comparable to typical properties for similarly processed Ti-6Al-4V.