: Thus, an iron or steel alloy made using titanium would have many of the properties that a mitrhil crafted object was preported to have. However, mithril was extremely rare, existing in quantity only in Khazad Dum and (supposedly) Numenor, whereas titanium is actually quite abundant, I believe it is the ninth most abundant mineral in the earth's crust.

: -RR

But quite possibly the dwarves were only able to extract Titanium from only one particular compound, and that particular compound was quite rare.