Wescast Awarded Two Jaguar Programs

    BRANTFORD, Ontario--Feb. 5, 2001--Wescast Industries

    Wescast Industries Inc. has been chosen to supply Jaguar with two new programs.
    "We are really pleased about this new business. It represents our first business with Jaguar, one of the world's leading luxury brands," said Ray Finnie, Wescast President and CEO.
    Production will begin in February 2001 for the machined iron exhaust manifolds for Jaguar's new compact sports sedan. The manifolds will be cast at Wescast's new North Huron location and machined at its Wingham facility.
    Jaguar has also selected Wescast to supply fully cast and machined stainless steel exhaust manifolds for all V8 Jaguar programs starting in January 2002. These engines manufactured in Lima, Ohio and Bridgend, U.K. engine plants will be used in the Jaguar XJ8, XK8, S-type and Lincoln LS platforms.
    "We are proud to provide Jaguar with exhaust manifolds for this prestigious line of luxury vehicles," stated Finnie. "Our significant investment in cast steel manifold technology has resulted in a competitive alternative to fabricated manifolds for high performance engines. This new technology provides for greater flexibility in engine design, durability, and ultimately, performance."
    The new steel program, one of the largest in existence, will be at full volume in 2003. The program will be cast and machined at the Company's stainless steel operation in Stratford, Ontario. Wescast will invest an additional $10 million in preparation for this program, adding 14,600 square feet. The expansion of our fully integrated casting and machining facility will allow for high volume production of these stainless steel parts. This is the second major stainless steel manifold program awarded to Stratford. The 8.1L manifold for GM commenced production last year.
    "The decision to acquire the Magalloy pump business was part of our strategic plan. It allowed us to develop our expertise in stainless steel manifolds and also represented a potentially attractive diversification opportunity." stated Finnie. "It now appears that the market opportunity for stainless steel manifolds is very attractive and offers significantly greater growth potential than the pump business. As a result, the current stainless steel pump programs will be phased out by March 2001."
    Wescast Industries Inc. is the world's largest supplier of exhaust manifolds for passenger cars and light trucks. The Company designs, develops, casts, and machines high-quality iron and steel exhaust manifolds for automotive OEMs. Wescast operates seven production facilities in North America, and three sales and design offices in North America and Europe. The Company is recognized worldwide for its quality products, innovative design solutions, and highly committed workforce.

Advisory
    Certain information regarding the Company set forth in this document, including management's assessment of the Company's future plans and operations, may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with the automotive industry, production, marketing, and transportation such as loss of market, volatility of prices, currency fluctuations, environmental risks, competition from other producers and ability to access sufficient capital from internal and external sources; as a consequence, actual results may differ materially from those anticipated in the forward-looking statements.