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EXHIBIT 99.2




|First Quarter 2006 Earnings Presentation

June 8, 2006
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|Forward Looking Statements

THIS PRESENTATION CONTAINS FORWARD LOOKING STATEMENTS WITH RESPECT TO THE
FINANCIAL CONDITION, RESULTS OF OPERATIONS, AND BUSINESS OF THE COMPANY. THESE
FORWARD LOOKING STATEMENTS INVOLVE CERTAIN RISKS AND UNCERTAINTIES. OUR ACTUAL
RESULTS MAY DIFFER SIGNIFICANTLY FROM THOSE PROJECTED IN THE FORWARD LOOKING
STATEMENTS. FACTORS THAT MAY CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM
THOSE CONTEMPLATED BY SUCH FORWARD LOOKING STATEMENTS INCLUDE, AMONG OTHERS,
THE FOLLOWING POSSIBILITIES: (1) COMPETITIVE PRESSURE IN THE COMPANY'S INDUSTRY; (2)
FLUCTUATIONS IN THE PRICE OF STEEL, ALUMINUM AND OTHER RAW MATERIALS; (3) GENERAL
ECONOMIC CONDITIONS ARE LESS FAVORABLE THAN EXPECTED; (4) THE COMPANY'S
DEPENDENCE ON THE AUTOMOTIVE INDUSTRY (WHICH HAS HISTORICALLY BEEN CYCLICAL); (5)
PRICING PRESSURE FROM AUTOMOTIVE INDUSTRY CUSTOMERS AND THE POTENTIAL FOR RE-
SOURCING OF BUSINESS TO LOWER-COST PROVIDERS OVERSEAS; (6) CHANGES IN THE
FINANCIAL MARKETS AFFECTING THE COMPANY'S FINANCIAL STRUCTURE AND THE COMPANY'S
COST OF CAPITAL AND BORROWED MONEY; (7) THE UNCERTAINTIES INHERENT IN
INTERNATIONAL OPERATIONS AND FOREIGN CURRENCY FLUCTUATIONS; AND (8) THE RISKS
DESCRIBED IN OUR MOST RECENT ANNUAL REPORT ON FORM 10-K.  YOU ARE CAUTIONED NOT
TO PLACE UNDUE RELIANCE ON THE FORWARD-LOOKING STATEMENTS. THE COMPANY HAS NO
DUTY TO UPDATE THE FORWARD LOOKING STATEMENTS IN THIS PRESENTATION AND THE
COMPANY DOES NOT INTEND TO PROVIDE SUCH UPDATES.
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|Agenda

Company Highlights & Strategy

Curt Clawson, President, CEO & Chairman of the Board

Financial Review

Jim Yost, Vice President of Finance & CFO
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|Never Compromise on Integrity, Safety, Quality or Customers

BE A PREMIER AUTOMOTIVE SUPPLIER

Be the
lowest cost
producer

Have the
best people
in the
industry

Grow
through
maximizing
our customer
satisfaction

Our Vision
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|Strategy Summary

Aluminum Wheels Targeted Growth

Steel Wheels = Cash Generation with Selective
Strategic Reinvestment

Product Leadership = Flex

Restructuring: Components and North American
Wheels


Retain position as leading global manufacturer of
automotive and commercial wheels
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|Short Term Execution

Goals   for 2006

Execute operating plan



Focus capex in growth areas



Maintain adequate liquidity



Drive towards positive free cash flow
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|Execute Operating Plan-

Restructuring Initiatives Announced


First Quarter

Restructured U.S. employee compensation

Included wage reductions up to 7.5%, suspended company
contributions and 401K matching programs and restructured
short-term incentive compensation and gainsharing programs

Expected to save $25M in 2006 and $10M on-going

Business unit restructuring expected to save $25M in on-going
savings

Announced consolidation of North American and International
wheels businesses and the closure of our Huntington, IN
aluminum wheel facility

Announced consolidation of Suspension and Powertain & Brakes
businesses and reductions in Ferndale, MI technical center

Cost savings primarily impact subsequent quarters
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|Execute Operating Plan-

Launches Proceeding on Schedule

First Quarter

Chihuahua, Mexico aluminum wheel facility now running at full capacity

Plant expansion complete ~1.2M wheels

Services local Mexican market and exports wheels to U.S. market

Key platforms include the Ford Fusion, Lincoln Zephyr, Mercury Milan
and Honda Accord

Remainder of 2006

Grand opening of Turkish aluminum wheel facility in June 2006

Initial capacity of 500K units installed, plan to expand to 1.2M units

Indian steel truck wheel facility to expand capacity by 30%

Serves local markets and exports to Asia

Key launches in second and third quarters

Over 80% of launches for the year occur in Q2 and Q3
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|Focus Capex in Growth Areas

Investment mix shifting from U.S. to overseas growth opportunities

$153M

$156M

$124M

$12M

40%

60%

59%

41%

54%

46%

62%

38%
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|Maintain Adequate Liquidity


First Quarter 2006

Obtained favorable modifications to key covenants of credit
agreement

Provides additional financial flexibility to execute
strategic initiatives and reduce risk of revolving credit
constraint

Modified leverage, interest coverage, fixed charge
coverage and restructuring baskets

Recent Developments

Restructured North American accounts receivable
securitization program

New $65M program established on May 31st to replace
previous program

Provides Hayes with $30M of incremental liquidity

Previous program had been limited by certain customer
concentration limits
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|Drive Toward Positive Free Cash Flow -


First Quarter

Sales of $573M - down 2.8% or $16M from Q1 2005

Strong growth in international wheels was partially offset by lower U.S. volumes

Sale of Cadillac, MI iron foundry and Equipment & Engineering businesses in 2005,
reduced year-over-year sales $10M

EBIT of $7.4M - decrease of $5.8M from Q1 2005

Strong productivity and lower depreciation were offset by higher utilities, metal
costs, price give-backs, foreign exchange

Free Cash Flow excl. A/R Securitization ($0.4M) - better than Q1 by  $30M
Driven by significantly lower capital expenditures and a reduction in working capital usage

2006 Outlook

Continue to focus on driving toward positive free cash flow

Adjusted EBITDA expected to exceed 2005 results

Capital expenditures <$100M
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|Financials
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|Summary -

Q1 2006 vs. Q1 20051

1 2005 financials have been adjusted to reflect Hubs & Drums as discontinued operations.  Please see the appendix for the quarterly 2005 financials, excluding
Hubs & Drums

2 Please refer to the appendix for a reconciliation of this non-GAAP financial measure.
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|2005

2006

Change

$589

$573

($16)

Volume

Metal

FX

Other

$2

($10)

$9

($7)

Q1 2006 vs. Q1 2005

Change in Net Sales

Int'l $11M

U.S.: ($9M)

Primarily aluminum
pass-through
pricing

1Businesses sold in 2005 were the Cadillac, MI iron foundry and Equipment & Engineering business in Au Gres, MI.  Please note
that Hubs & Drums is treated as discontinued operation and is excluded from the above analysis.

Sale of
Businesses1

($10)

Primarily
price  / mix
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|2005

2006

Change

$7.4

$13.2

($5.8)

Gross
Profit

Other

MG&A
/ R&D

($5.5)

$1.2

($1.5)

Q1 2006 vs. Q1 2005

 Change in EBIT



Volume/price/mix  ($9M)

Metal ($4M)

Foreign exchange ($2M)

Depreciation $9M




Primarily lower employee
costs and a reduction in
outside services



Primarily restructuring costs
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|Segment Summary-

 Q1 2006 vs. Q1 2005
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|Free Cash Flow

1 Please refer to the appendix for an explanation of why the Company's management believes this financial measure
provides useful information to investors.
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|Capital Structure

Capital Structure as of April 30, 2006

Debt Maturities

($ in millions)

($ in millions)


*2006 excludes debt maturity of  $25M German A/R program, which we expect to
renew annually.

*Excludes pre-payments
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|Liquidity Overview

Excludes the impact of the new U.S.
A/R securitization program -
which increases liquidity $30M
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|2006 Outlook

Summary

Continued strong international performance

North America expected to remain weak

Restructuring initiatives to have significant impact in subsequent quarters





Financial Targets

Sales of $2 billion

Adjusted EBITDA and earnings from operations, excluding impairments, expected to
improve compared to 2005 results

Significantly reduced capital expenditures: 2006 capex <$100M

Continued focus on cash generation and improving Free Cash Flow
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|Appendix
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|Non-GAAP Financial Information

Adjusted EBITDA1

1 Please refer to slide 24 for an explanation of why the Company's management believes this financial measure provides
useful information to investors.
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|2005 Financials by Quarter

The following financials have been updated to reflect Hubs & Drums as
discontinued operations.  These will be used as the basis for future
year-over-year comparisons.

(unaudited)
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|Financial Measures



Adjusted EBITDA:

 EBITDA, a measure used by management to measure operating performance, is defined as earnings
from operations plus depreciation and amortization. Adjusted EBITDA is defined as EBITDA further
adjusted to exclude: (i) asset impairment losses and other restructuring charges; (ii) reorganization
items; and (iii) other items. We reference these non-GAAP financial measures as a management group
frequently in our decision making because they provide supplemental information that facilitates
internal comparisons to historical operating performance of prior periods and external comparisons to
competitors' historical operating performance. Institutional investors generally look to Adjusted EBITDA
in measuring performance, among other things. We use Adjusted EBITDA to facilitate quantification of
planned business activities and enhance subsequent follow-up with comparisons of actual to planned
Adjusted EBITDA. In addition, incentive compensation for management is based on Adjusted EBITDA.
We are disclosing these non-GAAP financial measures in order to provide transparency to investors.

     Adjusted EBITDA is not a recognized term under GAAP and does not purport to be an alternative to
earnings from operations as an indicator of operating performance or to cash flows from operating
activities as a measure of liquidity. Because not all companies use identical calculations, these
presentations of Adjusted EBITDA may not be comparable to other similarly titled measures of other
companies. Additionally, Adjusted EBITDA is not intended to be a measure of free cash flow for
management's discretionary use, as it does not consider certain cash requirements such as interest
payments, tax payments and debt service requirements.
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|Non -  GAAP

Financial Measures



Free Cash Flow:

 Free cash flow is used by management as a non-GAAP financial measure because it
identifies the amount of cash available to meet principal debt amortization requirements,
pay dividends to stockholders, or make corporate investments.
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