Exhibit 99.1


[HAWK CORPORATION LOGO]



           HAWK COMPLETES OFFERING OF $110 MILLION 8 3/4% SENIOR NOTES
                        AND NEW $30 MILLION BANK FACILITY

Cleveland, Ohio - November 1, 2004 - Hawk Corporation (AMEX: HWK) announced
today that it has completed two financing transactions to replace its existing
debt instruments.

In the first transaction, Hawk completed its previously disclosed private
offering of $110.0 million 8 3/4% Senior Notes due 2014. The Notes represent
senior unsecured obligations of Hawk and are guaranteed by Hawk's domestic
subsidiaries. Interest is payable semi-annually and the Notes mature in November
2014.

Concurrently with the completion of the Notes offering, Hawk closed a new five
year, senior secured credit facility with KeyBank National Association. The new
bank facility has a maximum revolving credit commitment of $30.0 million.

Hawk will use the initial borrowings under its new bank facility along with
proceeds of the Notes to refinance all of its outstanding 12% Senior Notes due
2006, to repay loans under its previous bank facility and to pay fees and
expenses related to these transactions. Hawk will use its new bank facility to
finance its ongoing working capital requirements and for general corporate
purposes.

"We are pleased to have extended the maturity of our high yield bonds to ten
years with a very attractive fixed interest rate and covenant terms," stated
Joseph J. Levanduski, the Vice President - CFO of Hawk. "This, combined with our
new bank facility, will provide Hawk with ample liquidity and flexibility to
continue its long-term growth initiatives."

THE COMPANY

Hawk Corporation is a leading worldwide supplier of highly engineered products.
Its friction products group is a leading supplier of friction materials for
brakes, clutches and transmissions used in airplanes, trucks, construction
equipment, farm equipment and recreational and performance automotive vehicles.
Through its precision components group, Hawk is a leading supplier of powder
metal and metal injected molded components used in industrial, consumer and
other applications, such as pumps, motors and transmissions, lawn and garden
equipment, appliances, small hand tools, trucks and telecommunications
equipment. Hawk's performance racing group manufactures clutches and gearboxes
for motorsport applications and performance automotive markets. Headquartered in
Cleveland, Ohio, Hawk has approximately 1,600 employees and 16 manufacturing,
research and administrative sites in five countries at its continuing
operations.

FORWARD-LOOKING STATEMENTS

This press release may include forward-looking statements. Forward-looking
statements are necessarily subject to risks, uncertainties and other factors,
many of which are outside the control



of Hawk, that could cause actual results to differ materially from such
statements. As noted, actual results and events may differ significantly from
those projected in the forward-looking statements. Reference is made to Hawk's
filings with the Securities and Exchange Commission, including its annual report
on Form 10-K for the year ended December 31, 2003, its quarterly reports on Form
10-Q, and other periodic filings, for a description of the foregoing and other
factors that could cause actual results to differ materially from those in the
forward-looking statements. Any forward-looking statement speaks only as of the
date that such statement is made, and Hawk undertakes no obligation to update
any forward-looking statement, whether as a result of new information, future
events or otherwise.

COMPANY CONTACT INFORMATION

Ronald E. Weinberg, Chairman, CEO and President
(216) 861-3553

Thomas A. Gilbride, Vice President - Finance
(216) 861-3553

Hawk Corporation is online at:  www.hawkcorp.com