Hawk Corporation Announces Stock Repurchase Plan

12 November 1998
Hawk Corporation Announces Stock Repurchase Plan
    CLEVELAND, Nov. 12 -- The Board of Directors of Hawk
Corporation today announced that it has authorized the Company to
repurchase up to $2 million dollars of its common stock.  The Company expects
to purchase the shares from time to time in the open market, as market
conditions warrant.  All shares repurchased will be held as treasury shares
available for reissue in connection with the Company's stock option plan and
for general corporate purposes.
    "The repurchase authorization reflects the Board's continuing confidence
that Hawk's recent stock price has not been reflective of the Company's true
long-term value and demonstrates the Board's optimism in the Company's
future," said Norman C. Harbert, Hawk Corporation's chairman and CEO.  "This
action confirms both the Board's and management's commitment to enhance
shareholder value and their belief that a stock repurchase program is an
excellent use of the Company's cash flow."
    Ronald E. Weinberg, chairman of Hawk's executive committee stated, "While
the Board has authorized this share repurchase, Hawk will continue to seek
acquisitions and invest in growth that increase shareholder value, expands our
business internationally, and is in complementary businesses."
    Hawk Corporation, based in Cleveland, is a leading worldwide supplier of
friction products for brakes, clutches and transmissions used in airplanes,
trucks, tractors and recreational vehicles.  Hawk is also a leading supplier
of powder metal components for industrial applications, including pump, motor
and transmission elements; gears; pistons; and anti-lock brake sensor rings.
The Company also designs and manufactures die-cast aluminum rotors for small
electric motors used in appliances, business equipment and exhaust fans.
    This press release includes forward-looking statements that involve risks
and uncertainties.  These risks and uncertainties could cause actual results
to differ materially.  Such risks and uncertainties include the Company's
ability to execute its business plans, changes in economic conditions in the
markets in which the Company operates and other risks detailed in the
Company's annual report on Form 10-K for the year ended December 31, 1997, its
quarterly report on Form 10-Q for the quarter ended June 30, 1998 and other
periodic filings.
    Hawk Corporation news releases are available on-line at:
http://www.hawkcorp.com.