Exhibit 99.1 -- Comments of Alfred M. Rankin, Jr., Chairman, President and
Chief Executive Officer, at the NACCO Industries, Inc. Annual Meeting of
Stockholders May 9, 2001

         I will begin my remarks by noting that some of my comments include
forward-looking statements. Risks and uncertainties that could cause actual
results to differ materially from those expressed in these forward looking
statements are described in our press release dated April 19, 2001.
                                      # # #
         NACCO Industries reported a 12 percent revenue increase in 2000 to a
record $2.9 billion. The Company reported net income of $67.7 million, which
included an extraordinary gain and a special charge at our Bellaire
non-operating subsidiary, and special charges at both NACCO Materials Handling
Group and North American Coal. On a comparable year-to-year basis, excluding the
extraordinary gain and special charges, net income for 2000 was $53.6 million
compared to $54.3 million in 1999.

         Several factors affected results in each of our businesses in 2000.

         At NACCO Materials Handling Group, comparable net income increased 53
percent to $36.3 million in the year 2000. Results benefited from record lift
truck shipments, increased parts sales and manufacturing efficiencies at NMHG's
Wholesale operations, which had an increase in comparable net income of 33
percent to $52 million. For the second consecutive year, however, adverse
currency exchange rates in Europe had a negative impact on the results of both
NMHG Wholesale and Retail. NMHG Retail's operations were also affected by costs
associated with efforts to strengthen retail distribution capabilities for our
Hyster(R) and Yale(R) brands in low market share countries. Those efforts led to
losses in Retail operations of $15.7 million in 2000, including intercompany
eliminations.
         At NACCO Housewares Group, intense price competition and increased
costs for commodities such as resins, packaging and diesel fuel reduced margins
which, in combination with continuing start-up inefficiencies in Mexico,
resulted in a decline in comparable net income to $10.4 million for 2000.
Revenues, however, increased 9 percent to $650 million.
         At North American Coal, increased costs at our San Miguel mine and
lower royalty payments contributed to a decline in comparable net income to
$14.8 million for 2000.
         While financial results in 2000 did not meet our expectations, we had
other very positive developments in each of our businesses.
          At North American Coal, the acquisition of assets from Phillips Coal
Company gave the Company 100 percent ownership of both the Red River mine in
Louisiana and the new Red Hills mine in Mississippi. Previously, North American
Coal owned a 50 percent interest in the Red River mine and a 25 percent interest
in the Red Hills mine.
         In addition, very significantly, North American Coal also acquired the
undeveloped coal reserves associated with these mines and 560 million tons of
additional undeveloped reserves in Texas, Mississippi and Tennessee. North
American Coal now owns 2.8 billion tons of coal reserves with 1.3 billion tons
committed to customers through long-term contacts.
         Also in 2000, North American Coal withdrew from two potential coal
mine-power plant projects in Turkey as a result of the unfavorable economic
conditions in that country. We are focusing our international efforts on a
potential project in India.
           At NACCO Materials Handling Group, a comprehensive Gap Closure
program was undertaken to help achieve our goal of a 9 percent operating profit
before goodwill amortization. This program includes the continuation of the
already successful Demand Flow(R) Technology and Value Improvement Programs.
However, Gap Closure goes much further. We are phasing out manufacturing
activities this year at the Danville, Illinois, plant and transferring them to
other NMHG plants. We doubled the size of our Mexican component plant and are
using the latest technology to achieve a low-cost structure for manufacturing
lift truck frames and other fabricated parts for our U.S. assembly operations.
We are also changing the way we design and develop new lift truck products by
using innovative product definition and engineering design methods to provide
customers with enhanced solutions to their material handling needs at lower
manufacturing costs.
         Also in 2000, we continued to strengthen our network of company owned
dealerships by acquiring the Brambles Equipment Division's lift truck rental
business in Australia. With this acquisition, we have assembled a comprehensive
Hyster(R) and Yale(R) new units, parts and rental business in Australia. We are
now shifting our focus there to increasing our professionalism and
economy-of-scale structure in a way that should ultimately provide a road map
for our evolving worldwide, largely independently owned, distribution system.
         At Hamilton Beach/Proctor-Silex, we developed and introduced a line of
products under the General Electric brand exclusively for Wal-Mart. The first
phase of this program began last fall with the introduction of 13 products.
Additional GE-branded products were introduced this spring and more products are
expected to be added over the next two years.
         Last year we also successfully test marketed a promising new home odor
eliminator product called TrueAir(R). We launched the product nationally in the
first quarter of 2001 with a broad-based television advertising campaign.
         In January of this year, we announced the appointment of Dr. Michael
Morecroft as president and chief executive officer of Hamilton
Beach/Proctor-Silex. Mike joined Hamilton Beach in 1990 and has led the
company's product development and engineering activities since 1991. Mike is
focusing his considerable management skills on strengthening, and then
executing, the company's operational and business strategies.
         In the first quarter of 2001, NACCO Industries faced an extremely
challenging business environment. Consumer confidence in the economy declined
rapidly as falling stock prices erased nearly one-third of the value of the U.S.
equity markets; business confidence mirrored falling consumer confidence.
         Against this backdrop, NACCO Industries last month nevertheless
reported a third consecutive quarter of improved operating results. Revenues for
the first quarter of 2001 increased 5 percent to $717.2 million. Income
before the cumulative effect of accounting changes for the first quarter of 2001
increased 57 percent to $14.4 million, or $1.76 per share. Net income after the
cumulative effect of accounting changes increased 42 percent to $13.1 million,
or $1.60 per share.
         Our improved results were due primarily to increased net income at
North American Coal and NACCO Materials Handling Group compared to the first
quarter of 2000. These results were partially offset by reduced net income at
NACCO Housewares Group.
         Despite improved first quarter results, however, signs of a slowing
U.S. economy were evident in the first quarter. Lift truck backlog fell from the
fourth quarter of 2000 at NACCO Materials Handling Group and sales at NACCO
Housewares Group were sluggish on a comparable basis.
         With this perspective on our 2000 and first quarter 2001 results, I
will now turn to the outlook for the remainder of the year. At NACCO Materials
Handling Group, we are watching the overall lift truck market very carefully to
ensure that we respond quickly to emerging market trends in this uncertain
economic environment. We are acting in an extremely cautious manner. We are
emphasizing cost reduction programs, putting in place enhanced budget controls,
reducing capital expenditures and managing working capital very carefully.
         Also, the phase-out of the Danville manufacturing plant, made possible
largely by our Demand Flow(R) Technology program, which consolidated space and
opened up manufacturing capacity at other lift truck assembly plants, is
proceeding ahead of schedule. We are hopeful that the program's one-time
expenses will be put behind us more quickly and that the benefits will flow
through sooner. We now expect after-tax expenses of $7.1 million in 2001 and
$1.5 million in 2002 and estimated after-tax cost savings of $9.3 million
annually in 2002 and thereafter.
         In Europe, the pound-euro currency relationship has slipped after a
period of improvement. On the other hand, our sourcing costs in Japan have
improved with the weakening of the yen. The result is that currency is still a
mixed situation for us with the greatest negative impact on our European
business.
           Our key objective at our NMHG Retail operations is to improve the
operations and reduce the losses of our wholly owned dealers in Europe. Over the
long term, our objective is to have strong Hyster(R) and Yale(R) distribution
throughout the world mainly through experienced and strong independent dealers
as our partners.
         At Hamilton Beach/Proctor-Silex, we expect overall unit volume and
revenue growth in 2001 as a result of the General Electric-branded program for
Wal-Mart and the recently introduced TrueAir(R) home odor eliminator product.
There are also significant opportunities for reducing inventory and improving
manufacturing and distribution efficiencies. In particular, the expansion of the
Memphis warehouse is expected to be completed by mid-year.
         At Kitchen Collection, we expect to continue opening a modest number of
new stores. The most important program will be the continued testing of the new
Gadgets and More(R) store format.
         At North American Coal, the power plant at the Red Hills mine in
Mississippi is expected to begin full operation around mid-year. Further, we
anticipate a more favorable environment for new coal-burning power plants in the
United States. North American Coal's 1.5 billion tons of uncommitted coal
reserves make it well-positioned to provide lignite under long-term contracts.
         In closing, I want to emphasize that our overall long-term objectives
remain focused on building the intrinsic value of our businesses, achieving our
return objectives of at least a 14 percent return on equity, and deploying free
cash flow for reinvestment in our businesses, debt reduction, acquisitions,
share repurchases and moderate dividend increases, depending on the Company's
needs and opportunities.
                                      # # #
         I will now be happy to answer your questions.

         The statements contained in these comments that are not historical
facts are "forward looking statements" within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
These forward-looking statements are made subject to certain risks and
uncertainties which could cause actual results to differ materially from those
presented in these forward-looking statements. Readers are cautioned not to
place undue reliance on these forward-looking statements. The Company undertakes
no obligation to publicly revise these forward-looking statements to reflect
events or circumstances that arise after the date hereof. Such risks and
uncertainties with respect to each subsidiary's operations include, without
limitation:
         NACCO Materials Handling Group: (1) changes in demand for lift trucks
and related service parts on a worldwide basis, including reduced demand
resulting from a downturn in the U.S. economy, (2) changes in sales prices, (3)
delays in delivery or changes in costs of raw materials or sourced products and
labor, (4) delays in manufacturing and delivery schedules, (5) exchange rate
fluctuations, changes in foreign import tariffs and monetary policies and other
changes in the regulatory climate in the foreign countries in which NMHG
operates and/or sells products, (6) delays in or increased costs of the
Danville, Illinois, manufacturing plant phase-out, (7) product liability or
other litigation, warranty claims or other returns of products, (8) acquisitions
of dealerships by NMHG, (9) costs related to the integration of acquisitions and
(10) increased competition, foreign currency exchange movements and/or changes
in operating costs attributable to the euro.
         NACCO Housewares Group: (1) changes in the sales prices, product mix or
levels of consumer purchases of kitchenware and small electric appliances, (2)
bankruptcy of or loss of major retail customers or suppliers, (3) changes in
costs of raw materials, including petroleum-based resins used in manufacturing,
or sourced products, (4) exchange rate fluctuations, changes in the foreign
import tariffs and monetary policies and other changes in the regulatory climate
in the foreign countries in which Hamilton Beach/Proctor-Silex buys, operates
and/or sells products, (5) product liability, regulatory reviews or other
litigation, warranty claims or returns of products, (6) increased competition,
(7) customer acceptance, changes in costs or delays in the development of the
GE-branded products to be sold to Wal-Mart and of new home environment
products and (8) weather conditions or further changes in gasoline prices that
would affect the number of customers visiting Kitchen Collection stores.
         North American Coal: (1) weather conditions and other events that would
change the level of customers' fuel requirements, (2) weather or equipment
problems that could affect lignite deliveries to customers, (3) changes in
maintenance, fuel or other similar costs, (4) costs to pursue international
opportunities and (5) delays in lignite production at the Red Hills Mine or
further delays in the start-up of the Red Hills power plant.