-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 KTbD89OBHCqFYIiGAtsICCwcK1op1sM7+n1iCvM2ugOjGNcpdDGtLor5xdXETvGR
 UwfUo3pJKe7C4gkk9T5IyQ==

<SEC-DOCUMENT>0001005477-04-000317.txt : 20040120
<SEC-HEADER>0001005477-04-000317.hdr.sgml : 20040119
<ACCEPTANCE-DATETIME>20040120153940
ACCESSION NUMBER:		0001005477-04-000317
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040114
FILED AS OF DATE:		20040120

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			NOWAK JOSEPH
		CENTRAL INDEX KEY:			0001173732

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12068
		FILM NUMBER:		04532578

	BUSINESS ADDRESS:	
		STREET 1:		47603 HALYARD DR
		CITY:			PLYMOUTH
		STATE:			MI
		ZIP:			48170
		BUSINESS PHONE:		7342076200

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			METALDYNE CORP
		CENTRAL INDEX KEY:			0000745448
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLE PARTS & ACCESSORIES [3714]
		IRS NUMBER:				382513957
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		47659 HALYARD DRIVE
		CITY:			PLYMOUTH
		STATE:			MI
		ZIP:			48170
		BUSINESS PHONE:		734-207-6200

	MAIL ADDRESS:	
		STREET 1:		47659 HALYARD DRIVE
		CITY:			PLYMOUTH
		STATE:			MI
		ZIP:			48170

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MASCOTECH INC
		DATE OF NAME CHANGE:	19930629

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MASCO INDUSTRIES INC
		DATE OF NAME CHANGE:	19930629
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar123.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
    <periodOfReport>2004-01-14</periodOfReport>
    <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000745448</issuerCik>
        <issuerName>METALDYNE CORP</issuerName>
        <issuerTradingSymbol>NONE</issuerTradingSymbol>
    </issuer>

    <reportingOwner>

        <reportingOwnerId>
            <rptOwnerCik>0001173732</rptOwnerCik>
            <rptOwnerName>NOWAK JOSEPH</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>47603 HALYARD DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>PLYMOUTH</rptOwnerCity>
            <rptOwnerState>MI</rptOwnerState>
            <rptOwnerZipCode>48170</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
        <isDirector>0</isDirector>
        <isOfficer>1</isOfficer>
        <isTenPercentOwner>0</isTenPercentOwner>
        <isOther>0</isOther>
        <officerTitle>President-Chassis Group</officerTitle>
    </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>

        <securityTitle>
            <value>Common Stock</value>
        </securityTitle>

        <transactionDate>
            <value>2004-01-14</value>
        </transactionDate>
    <transactionCoding>
        <transactionFormType>4</transactionFormType>
        <transactionCode>M</transactionCode>
        <equitySwapInvolved>0</equitySwapInvolved>
    </transactionCoding>
        <transactionAmounts>

            <transactionShares>
                <value>7152</value>
            </transactionShares>

            <transactionPricePerShare>
                <value>20.28</value>
            </transactionPricePerShare>

            <transactionAcquiredDisposedCode>
                <value>A</value>
            </transactionAcquiredDisposedCode>
        </transactionAmounts>
        <postTransactionAmounts>

            <sharesOwnedFollowingTransaction>
                <value>0</value>
            </sharesOwnedFollowingTransaction>
        </postTransactionAmounts>
        <ownershipNature>

            <directOrIndirectOwnership>
                <value>D</value>
            </directOrIndirectOwnership>
        </ownershipNature>
        </nonDerivativeTransaction>

        <nonDerivativeTransaction>

        <securityTitle>
            <value>Common Stock</value>
        </securityTitle>

        <transactionDate>
            <value>2004-01-14</value>
        </transactionDate>
    <transactionCoding>
        <transactionFormType>4</transactionFormType>
        <transactionCode>D</transactionCode>
        <equitySwapInvolved>0</equitySwapInvolved>
    </transactionCoding>
        <transactionAmounts>

            <transactionShares>
                <value>7152</value>
            </transactionShares>

            <transactionPricePerShare>
                <value>20.28</value>
            </transactionPricePerShare>

            <transactionAcquiredDisposedCode>
                <value>D</value>
            </transactionAcquiredDisposedCode>
        </transactionAmounts>
        <postTransactionAmounts>

            <sharesOwnedFollowingTransaction>
                <value>2384</value>
            </sharesOwnedFollowingTransaction>
        </postTransactionAmounts>
        <ownershipNature>

            <directOrIndirectOwnership>
                <value>D</value>
            </directOrIndirectOwnership>
        </ownershipNature>
        </nonDerivativeTransaction>

    </nonDerivativeTable>
    <derivativeTable>
        <derivativeTransaction>

        <securityTitle>
            <value>Restricted Stock</value>
        </securityTitle>

        <conversionOrExercisePrice>
            <value>20.28</value>
        </conversionOrExercisePrice>

        <transactionDate>
            <value>2004-01-14</value>
        </transactionDate>
    <transactionCoding>
        <transactionFormType>4</transactionFormType>
        <transactionCode>M</transactionCode>
        <equitySwapInvolved>0</equitySwapInvolved>
    </transactionCoding>
        <transactionAmounts>

            <transactionShares>
                <value>7152</value>
            </transactionShares>

            <transactionPricePerShare>
                <value>0</value>
            </transactionPricePerShare>

            <transactionAcquiredDisposedCode>
                <value>D</value>
            </transactionAcquiredDisposedCode>
        </transactionAmounts>

        <exerciseDate>
            <value>2004-01-14</value>
        </exerciseDate>

        <expirationDate>
            <value>2004-01-14</value>
        </expirationDate>
        <underlyingSecurity>

            <underlyingSecurityTitle>
                <value>Common Stock</value>
            </underlyingSecurityTitle>

            <underlyingSecurityShares>
                <value>7152</value>
            </underlyingSecurityShares>
        </underlyingSecurity>
        <postTransactionAmounts>

            <sharesOwnedFollowingTransaction>
                <value>0</value>
                <footnoteId id="F1"/>
            </sharesOwnedFollowingTransaction>
        </postTransactionAmounts>
        <ownershipNature>

            <directOrIndirectOwnership>
                <value>D</value>
            </directOrIndirectOwnership>
        </ownershipNature>
        </derivativeTransaction>

        <derivativeTransaction>

        <securityTitle>
            <value>Stock Option</value>
        </securityTitle>

        <conversionOrExercisePrice>
            <value>16.90</value>
        </conversionOrExercisePrice>

        <transactionDate>
            <value>2004-01-15</value>
        </transactionDate>
    <transactionCoding>
        <transactionFormType>4</transactionFormType>
        <transactionCode>D</transactionCode>
        <equitySwapInvolved>0</equitySwapInvolved>
    </transactionCoding>
        <transactionAmounts>

            <transactionShares>
                <value>45922</value>
            </transactionShares>

            <transactionPricePerShare>
                <footnoteId id="F2"/>
            </transactionPricePerShare>

            <transactionAcquiredDisposedCode>
                <value>D</value>
            </transactionAcquiredDisposedCode>
        </transactionAmounts>

        <exerciseDate>
            <footnoteId id="F3"/>
        </exerciseDate>

        <expirationDate>
            <value>2011-03-08</value>
        </expirationDate>
        <underlyingSecurity>

            <underlyingSecurityTitle>
                <value>Common Stock</value>
            </underlyingSecurityTitle>

            <underlyingSecurityShares>
                <value>45922</value>
            </underlyingSecurityShares>
        </underlyingSecurity>
        <postTransactionAmounts>

            <sharesOwnedFollowingTransaction>
                <value>0</value>
            </sharesOwnedFollowingTransaction>
        </postTransactionAmounts>
        <ownershipNature>

            <directOrIndirectOwnership>
                <value>D</value>
            </directOrIndirectOwnership>
        </ownershipNature>
        </derivativeTransaction>

        <derivativeTransaction>

        <securityTitle>
            <value>Stock Option</value>
        </securityTitle>

        <conversionOrExercisePrice>
            <value>16.90</value>
        </conversionOrExercisePrice>

        <transactionDate>
            <value>2004-01-15</value>
        </transactionDate>
    <transactionCoding>
        <transactionFormType>4</transactionFormType>
        <transactionCode>D</transactionCode>
        <equitySwapInvolved>0</equitySwapInvolved>
    </transactionCoding>
        <transactionAmounts>

            <transactionShares>
                <value>45922</value>
            </transactionShares>

            <transactionPricePerShare>
                <footnoteId id="F2"/>
            </transactionPricePerShare>

            <transactionAcquiredDisposedCode>
                <value>D</value>
            </transactionAcquiredDisposedCode>
        </transactionAmounts>

        <exerciseDate>
            <footnoteId id="F4"/>
        </exerciseDate>

        <expirationDate>
            <value>2011-11-01</value>
        </expirationDate>
        <underlyingSecurity>

            <underlyingSecurityTitle>
                <value>Common Stock</value>
            </underlyingSecurityTitle>

            <underlyingSecurityShares>
                <value>45922</value>
            </underlyingSecurityShares>
        </underlyingSecurity>
        <postTransactionAmounts>

            <sharesOwnedFollowingTransaction>
                <value>0</value>
            </sharesOwnedFollowingTransaction>
        </postTransactionAmounts>
        <ownershipNature>

            <directOrIndirectOwnership>
                <value>D</value>
            </directOrIndirectOwnership>
        </ownershipNature>
        </derivativeTransaction>

    </derivativeTable>
    <footnotes>
        <footnote id="F1">On January 14, 2004, the reporting person elected, pursuant to the terms of
     his restricted stock, to receive $20.28/share in cash.</footnote>
        <footnote id="F2">On January 15, 2004, pursuant to a voluntary stock option exchange program,
     the Company cancelled all options previously granted to the reporting
     person. In exchange, subject to continuing eligibility, the reporting
     person received: 1) the right to receive, on July 16, 2004, new options for
     shares equal to 95% of the shares underlying the cancelled options, with an
     exercise price equal to the fair market value of the Company's common stock
     on that date, subject to vesting 40% on that date and 30% annually
     thereafter and otherwise substantially similar to the cancelled options;
     and 2) one restricted stock unit (&quot;RSU&quot;) for every 40 shares underlying
     cancelled options, with each RSU representing the right to receive: a) one
     share of stock on August 15, 2004, subject to optional deferral, and b) a
     vested reload option exercisable for 90 days in the event a Change in
     Control occurs on or before July 15, 2004.</footnote>
        <footnote id="F3">The canceled option provided for vesting in five annual installments
     beginning on December 15, 2001.
</footnote>
        <footnote id="F4">The canceled option provided for vesting in five annual installments
     beginning on November 1, 2002.
</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Joseph Nowak by Paul N. Edwards, Esq. Attorney-in-Fact</signatureName>
        <signatureDate>2004-01-16</signatureDate>
    </ownerSignature>

</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----