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EXHIBIT 99.1




|2005 Financials

April 19, 2006
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|Forward Looking Statements

THIS PRESENTATION CONTAINS FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 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 UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 TO UPDATE THE
FORWARD LOOKING STATEMENTS IN THIS PRESENTATION AND THE COMPANY DOES NOT
INTEND TO PROVIDE SUCH UPDATES.
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|Financials
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|Summary -

Fiscal 2005 vs. Fiscal 2004

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

4
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|2005 Impairments

Non-cash impairment charges in 2005
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|2004

2005

Change

$2,137

$2,277

$140

Volume /
Mix

Steel

FX

Other

($29)

$30

$150

($11)

Fiscal 2005 vs. Fiscal 2004

Change in Net Sales 1

Int'l vol/ mix $48M

North American vol/mix ($77M)

1Hubs & Drums is reflected as discontinued operations and is excluded from above.  Hubs & Drums results were previously reported in
the Other segment.
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|2004

2005

Change

($15)

$22

($37)

Gross
Profit

Other

MG&A
/ R&D

($16)

($8)

($13)

Fiscal 2005 vs. Fiscal 2004

 Change in EBIT, excl. Impairments 1, 2

Vol/price/mix ($44M)

FX ($4M)

Pension & retiree medical ($3M)

Productivity/other $22M

Depreciation $13M

Primarily:

2004 credit for pre-petition
liabilities ($3M)

FX ($3M)

A/R securitization fees ($2M)

Primarily :

Loss on asset sales ($5M)

Amortization ($3M)

Restructuring ($1M)

Lower misc. income ($4M)

1 Hubs & Drums is reflected as discontinued operations and is excluded from above.  Hubs & Drums results were previously reported in
the Other segment.

2 Please see the appendix for reconciliation to GAAP earnings from operations on a segment basis.
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|Segment Summary-

Fiscal 2005 vs. Fiscal 2004

1 Hubs & Drums is reflected as discontinued operations and is excluded from above.  Hubs & Drums results were previously reported in
the other segment.

2 Please see the appendix for reconciliation to GAAP earnings from operations on a segment basis.

8
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|Capital Structure

Capital Structure as of January 31, 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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|Free Cash Flow

The difference between Free Cash Flow guidance and the actual Free Cash Flow is the result of
differences in the actual vs. forecasted impact of divestitures and acquisitions
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|Liquidity Overview

Continuing to pursue

additional liquidity initiatives

11
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|Bank Amendment - March 2006

Favorable modifications to key covenants

Leverage, interest coverage, fixed charge coverage

Restructuring basket

Additional financial flexibility to execute strategic initiatives
and reduces risk of revolving credit constraint

Revised pricing:

Term B: libor +350bps

Term C: libor +600bps

Lending group continues to support Hayes

12
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|2006 Outlook

Summary

Continued strong international performance

North America expected to remain weak

Restructuring initiatives to have immediate and significant impact



Financial Targets

Sales of $2 billion

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


13
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|Appendix
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|Summary -

4th Quarter Fiscal 2005 vs. 2004
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|Free Cash Flow

4th Quarter Fiscal 2005 vs. 2004
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|Impairment by Segment
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|Non-GAAP Financial Information

Adjusted EBITDA1

1 Please refer to slide 19 for an explanation of why the Company's management believes this financial measure provides
useful information to investors.
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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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