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Exhibit 1





Wescast Industries Inc.

RENEWAL ANNUAL INFORMATION FORMFor the Year Ended December 28, 2003

May 3, 2004





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Presentation of Information
Unless otherwise indicated, all information in
this Annual Information Form ("AIF") is presented as at and for the year ended
December 28, 2003 and amounts are expressed in Canadian dollars.Financial information is
presented in accordance with Canadian generally accepted accounting principles.

Documents Incorporated by Reference

The following documents are incorporated by reference into
this AIF: (i) Wescast Industries Inc.'s Management's Discussion and Analysis for
the year ended December 28, 2003, and (ii) Wescast Industries Inc.'s
consolidated financial statements and accompanying notes for the year ended
December 28, 2003. These documents have been filed with applicable securities
regulators in Canada and may be accessed at

|Forward-Looking StatementsThe contents of this Annual Information Form (and the documents
      incorporated by reference) contain statements which, to the extent that
      they are not recitations of historical fact may constitute forward-looking
      information made pursuant to the "safe harbor" provisions of the United
      StatesPrivate Securities Litigation Reform Act of 1995.
      Such forward-looking statements may include financial and other
      projections as well as statements regarding Wescast Industries Inc.'s ("Wescast")
      future plans, objectives, performance or the Company's underlying
      assumptions. The words "expect," "anticipate," "intend", "estimate" and
      "believe" or other similar words and phrases are intended to identify
      forward-looking statements. Persons reading this Annual Information Form
      are cautioned that such statements are only predictions, and that
      Wescast's actual future results or performance may be materially
      different. 
      Such forward-looking statements involve known and unknown risks,
      uncertainties and other factors which may cause actual results to differ
      materially from those expressed or implied by such forward-looking
      statements. These risks and uncertainties include, but are not limited to,
      global economic and industry conditions causing changes to production
      volumes, changes in raw material and other input costs, price reduction
      pressures, dependence on certain vehicles and major Original Equipment
      Manufacturer (OEM) customers, program launch delays, currency exposure,
      contract negotiations with the unionized workforce, failures in
      implementing Wescast's strategy, technological developments by Wescast's
      competitors, government and regulatory policies and changes in the
      competitive environment in which Wescast operates. Wescast does not
      undertake any obligation to update or release any revisions to these
      forward-looking statements to reflect events or circumstances after the
      date of this Annual Information Form or to reflect the occurrence of
      unanticipated events, except as required by law.
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TABLE OF CONTENTSCORPORATE
      STRUCTURE
      
      4Name and
      Incorporation
      
      4Intercorporate Relationships
      
      4GENERAL DEVELOPMENT OF
      THE BUSINESS
      5DESCRIPTION OF
      THE BUSINESS
      8General
      
      8Sources, Pricing
      and Availability of Raw Materials
      9Seasonality
      
      9Recent Trends in the
      Automotive Industry
      10Competition
      
      11Research and
      Development Activities
      12Environmental
      
      13Human Resources
      
      13Principal
      Properties
      
      14Risk Factors
      
      15SELECTED
      CONSOLIDATED FINANCIAL INFORMATION
      16Dividend Policy
      
      17MANAGEMENT'S DISCUSSION AND
      ANALYSIS
      17MARKET FOR
      SECURITIES
      
      17Takeover Bid
      Protection
      
      17DIRECTORS AND
      OFFICERS
      
      18Directors
      
      18Audit Committee
      Financial Expert
      19Officers
      
      20CODE OF ETHICS
      
      20PRINCIPAL
      AUDITOR FEES AND SERVICES
      21Audit
      Committee Pre-Approval Policies & Procedures
      21ADDITIONAL INFORMATION
      22


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CORPORATE
STRUCTURE
Name and IncorporationPursuant to articles of amalgamation dated October 31, 1994,
Wescast Industries Inc. amalgamated with Western Machining Inc. and LFT
Investments Ltd. under theBusiness Corporations Act(Ontario) to form Wescast Industries Inc. ("Wescast"). References to "Wescast"
or the "Company" in this Annual Information Form ("AIF") include Wescast
Industries Inc. and its subsidiaries. Wescast's corporate office is located at
150 Savannah Oaks Drive, Brantford, Ontario, N3T 5L8. Wescast's registered
office is located at 200 Water Street, Wingham, Ontario, N0G 1N0.

Intercorporate Relationships

The following is a list of subsidiaries of Wescast Industries
Inc. as of December 28, 2003 and their respective jurisdictions of
incorporation. The corporate structure of Wescast Industries Inc., including its
direct and indirect subsidiaries with the jurisdiction of incorporation of each
indicated in italics is shown below. Unless otherwise indicated, all
subsidiaries are 100 per cent owned.



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GENERALDEVELOPMENT OF THE BUSINESS

Wescastis the successor
to a company founded in 1901. The Company currently operates in the automotive
industry, where substantially all of its revenues are generated through the sale
of exhaust manifolds and brake and suspension components.

On November 1, 1994, Wescast completed an initial public
offering of Class A Subordinate Voting Shares and began trading its shares on
the NASDAQ Stock Market.

In January 1996, Wescast's Class A Subordinate Voting Shares
commenced trading on the Toronto Stock Exchange.

In early 1998, Wescast acquired a 49% joint
venture interest in United Machining Inc. ("UMI"). The Michigan Minority
Business Development Council certified UMI as a "minority" supply source. This
certification enables UMI to bid on business that it might otherwise not be able
to.

Since 1998, Wescast has established sales and
product development centres in the United States, Germany and in the United
Kingdom as well as sales representation in France. These initiatives were
intended to support the Company's present and future customers and to assist in
continued growth.

In 2000, a state of the art casting facility in Wingham,
Ontario was successfully launched. Also in 2000, Wescast moved its US joint
venture, UMI, into a new expanded production facility to accommodate increased
volumes. In 2000, an addition to the Wingham machining facility was completed to
provide for additional machine lines to accommodate new programs.

During 2001, the Company continued expansion
of its global sales network as well as its technology, design and research and
development capabilities. In addition, Wescast invested resources in new product
development of hot-end solutions and turbocharger housings.

In 2001, Weslin Industries Inc., a joint
venture between Wescast and Linamar Corporation, commissioned a state of the art
foundry and integrated machining facility. This facility is located in Oroszlany,
Hungary.

During 2001, the decision was made to close
Wescast's stainless steel facility in Stratford. As of June 30, 2002, all
production programs of the stainless steel business were transferred to other
manufacturers. Several of the related manufacturing assets have been transferred
to other operating facilities and we are currently pursuing buyers for the
remainder of the assets.

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In 2002, Wescast became one of the first
foundries to achieve ISO/TS 16949 certification at all five of its Ontario
manufacturing facilities. This certification recognizes Wescast's strong
commitment to customer requirements and quality.
On September 12, 2002, Wescast entered the
chassis segment with the acquisition of 100% of Georgia Ductile Foundries, LLC
(renamed Wescast Industries Cordele, LLC, "Cordele"). Cordele is a manufacturer
of sand cast iron components primarily for the automotive industry, focusing on
suspension and brake components. The total purchase price, including the
assumption of debt, was $123 million. The Company believes that this acquisition
can provide strategic value by accelerating Wescast's diversification strategy
into non-powertrain components.
During 2002, Wescast completed construction of
a new Technical Development Centre and Corporate Office ("TDC"). The TDC is the
home for the corporate support group including the technical teams which have
been relocated from various facilities. It consolidates all of the Company's
research and development, product design and testing activities in one state-of-
the- art facility. The TDC also houses a mini-foundry and a machine shop for
making prototypes and for advanced engineering projects.
A sales and design office located in Yokohama,
Japan, opened in late October, 2003. Wescast believes that increasing its
presence with full-time local support will provide benefits to current and new
customers within the Asian market. This office is expected to network with the
Company's other sales and design centres in North America and Europe to design
and develop cast products and systems for the powertrain and chassis segments.
During the fourth quarter of 2003, the Company
completed its impairment test of the goodwill acquired in conjunction with the
2002 acquisition of Cordele. The impairment test was carried out to determine
whether the fair value of the Cordele operation supported the carrying value of
the operations' net assets including goodwill. As a result of the review, it was
concluded that the goodwill was fully impaired. The Company recorded a pre-tax
non-cash goodwill impairment charge of $41.5 million ($27.4 million, after tax)
related to its chassis segment. The goodwill impairment charge reflects the
ongoing volatility associated with the business outlook for the chassis segment.
Some of the key factors that had an impact on the impairment test and affect the
outlook include:
challenging market conditions that include a
  growing amount of open foundry capacity in the industry, combined with
  increased offshore competition based in low-cost countries and pricing
  pressures;
  the escalation in raw material and
  electricity costs; and
  inconsistent operating performance of
  equipment.On March 10, 2004, Wescast and Linamar Corporation announced
Wescast's intention to sell its 50% interest in Weslin Industries Inc. to
Linamar Corporation, pursuant to the terms of the

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joint-venture agreement between the parties. As of March 10,
2004, negotiations between the parties are ongoing; as a result the financial
impact of the transaction is not yet known.
In 2004, the Company expects that the focus of
the core powertrain segment in North America will continue to be to become more
cost-competitive in an effort to address the significant pressure on pricing
that is being exerted by customers. This pressure has intensified with the
growing threat from competitors based in low-cost countries, especially China.
To meet this challenge, the Company intends to continue to pursue aggressive
year-over-year cost-reduction targets in these operations. Progress has been
made toward achieving these targets by applying the Company's HEART
participative management process (discussed below under "Description of the
Business - Human Resources") and continuous improvement focus. To date, many
cost-reduction initiatives have been proposed and are being implemented.
The Company intends to also continue to focus on growth and
diversification through the expansion of its customer base, product offerings
and geographic coverage.
The Company believes that the efficiency gains
targeted in the Company's core powertrain segment will create available foundry
capacity that can be utilized to support the production needs of automakers with
operations in North America who are not current customers of the Company, or can
be utilized to produce new products that fit the focus of these manufacturing
operations. In 2003, a dedicated team was assembled to review and develop
business case recommendations on specific products meeting these criteria. This
team will continue to evaluate new opportunities in 2004.
The Company plans to maintain its commitment
to fund research and development activities, specifically:
the deployment to customers of the "hot-end
  solutions" strategy;
  the continued development of
  high-temperature alloys; and
  the validation of new product opportunities
  that can utilize existing foundry-capacity.The Company expects that the focus of the
chassis segment in 2004 will be on improving manufacturing efficiencies and
demonstrating consistent operating performance. The continued investment in the
growth initiatives in the Company's chassis segment is expected to impact
earnings in 2004. This operation, while expected to demonstrate improved
performance, is not expected to be profitable in 2004 as it continues to ramp up
production.
The Company plans to continue to evaluate both
the threat and opportunities that may exist in the emerging automotive industry
in Asia, especially China. A cross-functional team visited many customers and
prospective business partners in Asia in 2003 and continues to review specific
opportunities that would enable Wescast to participate in this market.

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DESCRIPTION OF THE BUSINESSGeneralWescast designs, casts, machines and assembles
high-quality engineered iron products for the automotive industry. Its resources
are strategically aligned to meet the unique customer-specific requirements
within two product segments, powertrain and chassis components. The Company
believes that the combination of its design and high-quality manufacturing
creates unique value for the customers in the markets that it serves.
The exhaust manifold is a critical engine
component because its design affects overall engine performance, including fuel
efficiency, output horsepower, effectiveness of the catalytic converter,
environmental emissions and engine sound volume. The production of exhaust
manifolds is essentially a two-step process consisting of: (1) casting, which is
the pouring of molten iron into sand molds; and (2) machining, which is the
finishing of the raw exhaust manifold by milling, drilling, tapping, assembling
and testing by highly-automated machines to prepare the exhaust manifold for
final assembly on the engine. Wescast's exhaust manifolds are made of ductile
iron or high alloy SiMo ductile iron, cast at modern foundries in Brantford and
Wingham, Ontario and in Oroszlany, Hungary. They are machined in Wingham and
Strathroy, Ontario, Sterling Heights, Michigan and in Oroszlany, Hungary. The
manifolds are designed, engineered and manufactured in close collaboration with
the Company's customers to meet their performance, pricing and quality
requirements.
The powertrain segment is focused on the
design and manufacturing of exhaust system components for sale primarily to the
Ford Motor Company, General Motors and DaimlerChrysler ("the Domestic Big 3") as
well as Tier 1 customers for car and light truck markets in North America and
Europe. The Company's powertrain operations in North America are well
established and in 2003 represented 87% of consolidated sales.
The segment's European operations are
conducted through Weslin Industries Inc. ("Weslin"), a relatively new operation
constructed and jointly owned by Wescast and Linamar Corporation. The European
operation, which was in pre-production mode in 2002, represents a developing
business and comprised 4.3% of the Company's consolidated sales in 2003. On
March 10, 2004, the Company and Linamar Corporation announced Wescast's
intention to sell its 50% interest in Weslin Industries Inc. to Linamar
Corporation, pursuant to the terms of the joint-venture agreement between the
parties. As of March 10, 2004, negotiations between the parties are ongoing; as
a result the financial impact of the transaction is not yet known.
The chassis segment is focused on the design
and manufacture of brake and suspension components for sale to the Domestic Big
3 and Tier 1 customers in the car and light truck markets. This segment
manufactures front and rear ductile iron knuckles which connect the wheels,
brake calipers, brake rotors, control arms, and steering arms to the chassis of
the vehicle. The marriage between these components allows the suspension to
turn, move up and down, hold the brake from rotating, and allows the wheel to
spin. The chassis segment also manufactures ductile iron brake calipers, brake
anchors and brake adaptors used in disc brake

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assemblies. The caliper is attached to the
brake anchor/adaptor and holds the brake disc pad. Brake adaptors also have
application for rear disc brake assemblies with parking brakes. The production
of these brake and suspension components is essentially the same as for
manifolds which involves the pouring of molten iron into sand molds. The Company
does not currently machine any of these cast components.
The Company entered the chassis segment on
September 12, 2002 with its acquisition of Cordele. This business, which was
acquired while it was still in a start-up phase, is also a developing business,
serving a North American customer base. In 2003, the chassis segment represented
8.7% of the Company's consolidated sales.
In 2003, Wescast's operations were conducted
primarily in Canada, the United States and Hungary; however, most of its
products were exported to the United States and the United Kingdom
(approximately 94.2% and 5.6% of total revenues in 2003, respectively, compared
to 97.3% and 2.7% of total revenues in 2002, respectively). For the 2003 fiscal
year, consolidated sales to the Company's three largest customers, Ford Motor
Company, General Motors and DaimlerChrysler amounted to 84% (compared to 95% of
consolidated sales in 2002).Sources, Pricing and Availability of Raw
MaterialsThe Company's production costs are dependent on the price of
certain raw materials and other commodities, including scrap steel, molybdenum
("moly") and electricity. Increases in any or all of these costs will cause the
cost of production to rise. Under current sales contracts the Company can pass
only a portion of these cost increases on to customers. For reference purposes,
a CDN$10.00 increase in the per ton price of scrap steel, or a US$1.00 per pound
increase in the price of moly, would be expected to result in annualized
increases in operating costs, net of recoveries from customers, of CDN $0.5
million and CDN $1.0 million, respectively. Scrap steel prices have increased
from CDN $150 per ton in 2001 to CDN $227 per ton in 2003. Moly prices have
increased from US $3.27 per pound in 2001 to US $6.78 per pound in 2003. The
inability to maintain current sources for raw materials or energy or to develop
alternate sources at competitive prices and quality could adversely affect the
Company's financial condition and results of operations.SeasonalityHistorically, Wescast's sales and production volumes are
generally lower in the months of July and August of each year due to summer
shutdowns and model changeovers by the OEMs. Also, North American production
volumes are usually lower during the months of December and January of each year
because of the Domestic Big 3 shutdowns associated with the Christmas and New
Year's holiday season.

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Recent Trends in the Automotive IndustryThe Company believes that the following industry trends are driving
opportunity and placing demands on suppliers.Increasing pricing pressure on automotive suppliersLowest cost has become the single most important deciding
factor by the Domestic Big 3 in sourcing new business to automotive suppliers.
This has been caused by the fierce competition amongst themselves and the
extreme financial pressure and loss of market share that the Domestic Big 3 have
been experiencing. Increasing price reduction pressures from the Company's
customers could reduce profit margins. Historically, the Company has entered
into, and will continue to enter into, supply agreements with its customers that
provide for, among other things, price concessions over the term of the
agreement. In the past, these concessions have been largely offset by cost
reductions resulting from product and process improvements. The competitive
global automotive industry environment has caused these pricing pressures to
intensify. To the extent that these price reductions continue in the future and
are not offset through cost reductions, the Company's future profit margins may
be adversely affected.Evolving role of automotive suppliers with respect to technology and
innovationOEMs have downloaded more and more responsibility for
technology and design to Tier 1 suppliers such as Wescast. Suppliers are
expected to bring new technology through design, new materials and new processes
to help OEMs gain an edge with respect to competition.Increasing outsourcing, systems integration and modularizationAs the Domestic Big 3 strive to reduce capital expenditures
and operating expenses, they have increasingly outsourced their requirements for
assemblies and components. This is one of the reasons that Wescast has seen its
machining penetration increase over recent years, along with an increase in
sub-assembly work performed at Wescast's machine shops. In 2003, Wescast's
machining penetration increased from 63% to 78% (meaning Wescast machined 78% of
the manifolds that it cast). Wescast believes that the significant cost and
competitive pressures faced by the Domestic Big 3, combined with the expansion
in the capabilities of their suppliers, has resulted in the Domestic Big 3
looking to their suppliers to design and deliver fewer components and more
automotive "systems" which reduces complexity and costs for the Domestic Big 3.Globalization and consolidation of the automotive supply baseThe Domestic Big 3 are working to reduce the number of
suppliers they have and fewer, larger, competent suppliers with global reach and
capabilities will emerge. Tier 1 suppliers such as Wescast are required to have
the financial strength, technical capabilities and geographic reach required to
support the design, engineering, manufacturing, sales and program support needs
of the Domestic Big 3 in many of the countries. The cost pressure faced by the
Domestic Big 3 has resulted in the development by them of global platforms. In
order to achieve economies of

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scale on a worldwide basis, the Domestic Big 3 are
increasingly developing vehicles based on common platforms. These "world cars"
result in significantly reduced design, development and engineering costs and
maximize the purchasing power of the Domestic Big 3 with respect to raw
materials required in their production.Powertrain technologyTrends that specifically impact the Company's core manifold
business are those inherent to the internal combustion engine. These trends will
continue driving current and future engine technology for quite some time and
these include better engine performance, tighter emission regulations, lower
cost, better fuel economy, lower weight and higher temperature requirements.New engine technologiesWescast continues to monitor new engine technologies, including
fuel cell technology. The Company believes that there are several barriers to
the success of fuel cell technology which include:
the relative cost of the product. The fuel cell stack and
  hydrocarbon reformer components are very expensive, as high as 4-10 times the
  cost of an internal combustion engine;
  hydrogen infrastructure would require hundreds of billions of
  dollars to implement and refit existing fuel stations;
  competitive technologies such as the internal combustion
  engine and hybrid technology (which requires an exhaust manifold) will
  continue to make improvements with respect to emissions and fuel economy to
  counter this possible threat; and
  fuel cell technology will encounter political barriers as a
  large number of businesses and employment stem from the existence of the
  internal combustion engine.CompetitionThe exhaust manifold and suspension and brake component
businesses are highly competitive. The Company believes that the primary
elements of this competition are price, quality and service, including delivery
time. The worldwide demand for exhaust manifolds is basically satisfied by two
distinct types or styles of manifold designs: fabricated and cast. Wescast's
manifold production is exclusively focused on cast manifolds. A cast manifold is
produced using various grades of ductile iron, each with different temperature
and performance characteristics, using a green sand mould process. The
manufacture of fabricated manifolds involves the bending and welding of steel
tubes to meet the shape and style of the product design. In North America, the
use of cast iron manifolds has traditionally dominated the marketplace. Cast
manifold designs are currently estimated by the Company to represent over 70% of
the overall demand for manifolds in North America. In other parts of the world
fabricated manifolds command a far greater share of the marketplace. The Company
estimates that 50% of the current worldwide demand for exhaust manifold
production is represented by fabricated designs. The difference in demand is
influenced by customer preferences, historical use and production volume levels.

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Wescast's overall share of the North American
exhaust manifold market totalled approximately 55% in fiscal year 2003 (down
from approximately 61% in fiscal year 2002), based upon the total number of
passenger cars and light trucks produced in North America. The decrease in
market share was mainly due to program losses with DaimlerChrysler, which
occurred in the latter part of 2002. Also contributing to the decline in volume
was the partial transfer of the production requirements for the Ford 4.0L
program to Weslin during 2003. These decreases were partially offset by
increased sales volumes to General Motors, primarily due to the strength of the
GEN III light truck programs, and the growth of sales volumes with Nissan.
Wescast believes that it has distinguished
itself from its North American and international competitors by its
plant-exclusive focus on manufacturing cast exhaust manifolds. Wescast believes
this focus enables it to produce a comparatively low-cost cast exhaust manifold,
which meets or exceeds the rigorous design, quality and delivery requirements of
its customers. Wescast also believes this specialization has enabled it to
become a technological leader in the manufacture of exhaust manifolds and to
capture efficiencies by reducing variation in its manufacturing processes. The
Company's exhaust manifold design, development, quality and production
capabilities have been recognized by its customers on numerous occasions.
The Company's competitors include U.S. and
international suppliers who may enjoy lower labour and other costs and may not
be subject to the currency risks that the Company bears. While the Company is
the largest producer of exhaust manifolds for the North American market, many of
its competitors or potential competitors are larger and more diversified and
have greater resources than the Company. There can be no assurance that
Wescast's business will not be adversely affected by increased competition in
the market in which it currently operates or in markets in which it will operate
in the future, or that the Company will be able to improve or maintain its
profit margins on sales to OEMs or their suppliers.Research and Development ActivitiesWescast spent approximately $7.8 million in
2003 on research and development, reflecting investments in expanded design and
testing capabilities as well as focused new product and material development.
Wescast believes that its engineering and design
capabilities are well suited to meet the changing needs of its current and
potential customers. Wescast believes that such customers are faced with, among
others, the following specific needs:
the need to reduce engine emission levels;
  the need to deal with higher engine
  temperatures;
  the need to meet customer-driven demand for
  high horsepower levels, given the constraints above; and
  the potential for an increased use of
  diesel-powered vehicles in North America to help meet fleet emission levels.In 2003, the R&D group evaluated the business
viability and manufacturability of potential new materials for various
applications, continued its efforts to optimize exhaust manifold design for
close-coupled catalytic converter applications, filed four provisional patents
for hot-end systems technology, conducted successful welding trials on various
stainless metals; and

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successfully performed a trial build of a close-coupled
catalytic converter for a major OEM and successfully tested these parts in
conjunction with the OEM.
The Company expects to maintain its commitment
to fund research and development activities, specifically:
the deployment to customers of the "hot-end
  solutions" strategy;
  the continued development of
  high-temperature alloys; and
  the validation of new product opportunities
  that can utilize existing foundry capacity.EnvironmentalWescast has committed to establish and
maintain sound environmental practices. The ISO 14001 Environmental Management
System International Standard is now integrated into the culture of Wescast. The
most significant benefit from implementing ISO 14001 is the ability to
demonstrate, through third party verification, Wescast's degree of success to
protection of the environment. The Company continuously monitors and controls
the impact of all production processes, and has developed policies, which in
conjunction with its compliance with laws and regulations, have the objective of
assuring a safe and healthy environment for its employees and communities.
Internal environmental compliance audits and
internal and external system audits are performed two times per year. Through
the Company's standardized Environmental Operating System (EOS) measurables at
all of its facilities, it monitors opportunities to maximize recycling
opportunities, reduce waste, employ efficient energy management and encourage
the sharing of best management practices.
Environmental reports are provided to the
Wescast Board of Directors four times per year. These reports include
information regarding external and internal audit findings, reportable spills,
if any, impact of new or pending legal requirements, complaints received, if
any, and the status of applications for various approvals to the Ministry of the
Environment.
Wescast believes that, to date, environmental
laws and regulations have not had a material affect on Wescast's operations or
financial condition. During the year, the cost to operate and maintain emission
control equipment and other environmental operating expenses at our Ontario
facilities was approximately $5.0 million. Spending on capital improvements at
these facilities relating to environmental practices was approximately $750,000.
Wescast is not aware of any material environmental liabilities facing the
Company.
Wescast does not anticipate that environmental
laws and regulations will have a material effect on Wescast's operations or
financial condition in the future. The Company anticipates that in future years
the amount of annual expenditures in respect of environmental operating expenses
will remain substantially similar to such expenditures this year.Human ResourcesAs at December 28, 2003, Wescast had approximately 2,077
employees (including expatriates at Weslin Autoipari Rt. but excluding employees
of the joint ventures at Weslin Autoipari Rt. in Hungary and United Machining
Inc. in Michigan). The Canadian Auto Workers ("CAW")

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union represents approximately 54% of these
employees pursuant to four collective agreements. The agreement relating to
Wescast's two Wingham casting facilities and currently representing 418
employees was successfully settled during 2002. Collective labour agreements in
place at the Wingham Machining, Strathroy Machining and Brantford Casting
facilities, representing 668 CAW employees, will expire in 2004. The Company
believes that relations between the CAW and management are good and that these
collective agreements will be successfully renegotiated.
Wescast believes that an integral part of its
success is due to each employee's effort to maintain a commitment to excellence.
In the late 1980's, Wescast began the process of developing a participative
management process designed around the principles of identity, participation,
competence, and equity. The formal plan became effective on July 1, 1989, and
was named HEART (Helping Everyone Achieve Rewards Together). The components and
structure of the plan, including an employee bonus plan, are reviewed and
updated on a regular basis.Principal PropertiesThe Company's principal facilities as at April 1, 2004 are listed below:

Canada200 Water
      Street, Wingham, Ontario
      160,000 square
      foot owned facility; used to cast exhaust manifoldsR.R.#4, Wingham,
      Ontario
      125,600 square
      foot owned facility; used to cast exhaust manifolds799 Powerline
      Road W., Brantford, Ontario
      136,500 square
      foot owned facility; used to cast exhaust manifolds100 Water
      Street ,Wingham, Ontario
      121,400 square
      foot owned facility; used to machine exhaust manifolds28648 Centre
      Road, Strathroy, Ontario
      121,000 square
      foot owned facility; used to machine exhaust manifolds150 Savannah
      Oaks Drive Brantford, Ontario
      78,000 square
      foot owned facility, used to house the design andcorporate
      support group. It houses a mini-foundry and machine shopHungary50% owned joint venture2840 Oroszlany,
      Szent Borbala u. 16
      225,000 square
      foot owned facility; used to cast and machine exhaustmanifoldsUnited States402 George Mathews Drive,
      Cordele, Georgia
      147,200 square foot owned
      facility, used to cast suspension and brakecomponents49% owned joint
      venture6300 - 18 1⁄2
      Mile Rd Sterling Heights, Michigan
      80,000 square
      foot leased facility; used to machine exhaust manifolds


Wescast currently operates its manufacturing facilities on a multi-shift
basis. Wescast believes that its existing facilities, and the facilities
expected to be in operation during calendar 2004, will be adequate to meet its
anticipated production requirements for the foreseeable future, although new
business opportunities may require the acquisition or construction of additional
facilities or the expansion of existing facilities.

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Risk Factors
Economic downturnAn economic downturn could have a negative impact on the
Company's profitability. The global automotive industry is cyclical and is
sensitive to changes in economic conditions such as interest rates, consumer
demand, oil prices and international conflicts. The current consensus of
industry forecasts project relatively stable markets in Europe and North America
in 2004. There can be no assurance that the Company will correctly predict
European and North American markets in which it competes.Dependency on one class of productsThe Company is currently dependent on one class of products,
cast iron manifolds, and could be negatively impacted by heightened competition,
including the intensification of price competition and the entry of new
competitors, both domestic and foreign, particularly those based in low-cost
countries such as China. The introduction by competitors of new manufacturing
techniques or types of products could also have an adverse impact on the
Company's results.Dependency on certain customers' salesThe Company is largely dependent upon three customers, the
Domestic Big 3. As a result, it is exposed to any loss in market share or
less-than-projected light vehicle sales by General Motors, the Ford Motor
Company and/or DaimlerChrysler, for which the Company supplies powertrain
components.Loss of significant engine programsThe loss of all or a significant number of engine programs or
successor engine programs would have a material adverse effect on Wescast's
financial condition and results of operations. A significant amount of the
Company's planned production over the next few years is attributable to current
purchase orders and other arrangements with its customers to provide production
tooling and exhaust manifolds for certain programs. These orders and
arrangements are effectively subject to termination by either party at any time.Government regulationsThe Company could be negatively impacted by government
regulations, including U.S. Corporate Average Fuel Economy standards or
emissions regulations and Canadian, European and American federal, provincial,
state and local environmental laws and regulations that have an adverse impact
on the automotive industry. The Company is focused on innovations that will
allow the Company to take advantage of these changes.Labour negotiationsCollective labour agreements at three plants (Wingham Machining, Brantford
Casting and Strathroy Machining) in Canada expire in 2004. An inability to
negotiate and secure new

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collective agreements would negatively impact the Company's
ability to fulfill its obligations to its customers. At this time, management of
the Company believes all of these collective agreements will be successfully
renegotiated.

SELECTED
      CONSOLIDATED FINANCIAL INFORMATION(thousands of dollars, except per share data)Year EndedDecember 28,
      December 29,
      December 30,2003
      2002
      2001Sales
      $
      475,800
      $
      424,207
      $
      383,502Earnings from
      continuing operations
      $
      8,268
      $
      60,040
      $
      66,038Net earnings
      $
      8,268
      $
      60,040
      
      41,270Earnings from
      continuing operations per common share
      $
      0.63
      $
      4.59
      $
      5.11Diluted
      earnings from continuing operations per common share
      $
      $0.63
      $
      4.59
      $
      5.01Net earnings
      per common share
      $
      $0.63
      $
      4.59
      $
      3.19Diluted net
      earnings per common share
      $
      $0.63
      $
      4.59
      $
      3.12Dividends paid
      per common share
      $
      $0.48
      $
      0.48
      $
      0.48Total Assets
      $
      561,135
      $
      596,754
      $
      452,762Total long-term
      interest bearing debt
      $
      36,072
      $
      46,576
      $
      4,614


NOTES

1. On September 12, 2002, the Company
  acquired 100% of Georgia Ductile Foundries, LLC. During 2003, Georgia Ductile
  Foundries, LLC was re-named Wescast Industries Cordele, LLC ("Cordele").
  During the fourth quarter of 2003, the Company performed its annual impairment
  test of the goodwill that was acquired in conjunction with the acquisition,
  which requires management to estimate the fair value of the reporting unit.
  The fair value of the reporting unit was estimated using the expected present
  value of future cash flows. Based on changes in the current business
  environment and future outlook for the chassis segment since the date of
  acquisition, the impairment analysis indicated that the full carrying value of
  the goodwill was impaired. As a result, a total non-cash charge of $41,485, or
  $27,380 after tax, was recognized. The key factors that impacted the
  impairment test and affected the outlook for the chassis segment included:
  challenging market conditions that include a growing amount of open foundry
  capacity in the industry, combined with increased offshore competition based
  in low cost countries, and pricing pressures; the escalation in raw material
  and electricity costs; and inconsistent operating performance of equipment.
2. During 2002 the Company amended its
  stock option plan to authorize the grant of tandem stock appreciation rights
  in connection with options granted under the plan, at or after the time of
  grant of such options. Under the amended plan, participants have the choice of
  exercising stock options or receiving cash from the Company for the options
  equal to their intrinsic value, being the difference between the option
  exercise price and the current market value of the shares. The initial impact
  of the amendment to the plan, recorded in the second quarter, was a non-cash
  charge to earnings of $14,905, reported as stock based compensation expense
  for options issued in prior periods. However as a result of the decline in the
  share market price since the amendment of the plan, stock-based compensation
  expense, including the initial impact, was $5,277 for 2002.
3. December 30, 2001, comparative amounts
  have been reclassified to report discontinued operations.
4. In 2001, the Company changed its
  accounting policy with respect to the computation of earnings per share to
  that issued by the Canadian Institute of Chartered Accountants in December
  2000. The main effect of the change to the Company's financial statements is
  in the calculation of diluted earnings per share which is now calculated using
  the treasury stock method instead of the imputed interest method. This change
  in accounting policy has been applied on a retroactive basis and the
  comparative numbers have been restated accordingly. The effect of the change
  for the year ended December 30, 2001 was an increase of $0.04 to diluted net
  earnings per share.
5. Common shares referred to above includes
  both Class A Subordinate Voting Shares and Class B Common Shares.

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Dividend PolicyWescast started paying cash dividends on its common shares
(the Class A Subordinate Voting Shares and Class B Common Shares) on a quarterly
basis in 1995. Unless the Board of Directors determines otherwise, the Company's
policy is to generally set its annual dividend to approximately 10% of the
previous year's net earnings. Its current intention is to pay quarterly
dividends of $0.12 per share in 2004. The declaration and payment of dividends
is at the sole discretion of the Board of Directors.MANAGEMENT'S DISCUSSION AND ANALYSISThe information that appears under the heading "Management's
Discussion and Analysis of Results of Operations and Financial Condition" on
pages 17 through 45, inclusive, of the 2003 Annual Report is incorporated herein
by reference.MARKET FOR SECURITIESThe Class A Subordinate Voting Shares are listed and posted for trading on
the Toronto Stock Exchange under the trading symbol WCS.A and on the NASDAQ
under the trading symbol WCST. The Class B Shares are not listed on a stock
exchange. The holders of the Class A Subordinate Voting Shares are entitled to
one vote per share. The holders of the Class B Shares are entitled to 5 votes
per share.Takeover Bid ProtectionThe Company and the holders of Class B Shares entered into an
agreement on November 1, 1994 (as amended by agreement dated January 1, 1996,
the "Coattail Agreement") with a trustee (the "Coattail Trustee") in order to
provide the holders of Class A Subordinate Voting Shares with specified rights
in the event that a takeover bid (as defined under Ontario securities law)
having certain characteristics is made for the Class B Shares. A takeover bid is
generally defined under Ontario securities laws as an offer to acquire
outstanding equity or voting shares by an offeror who, after the bid, would own
more than 20% of the shares of the class which is the subject of the bid. Under
securities law applicable in Canada, and apart from the Coattail Agreement, an
offer to purchase Class B Shares would not necessarily require that an offer be
made to purchase Class A Subordinate Voting Shares.

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DIRECTORS AND OFFICERS
DirectorsThe following table sets out the directors of Wescast as at
April 1, 2004 and for each director his or her municipality of residence,
principal occupation during the 5 preceding years and the period each director
has served as a director. All directors are elected on an annual basis at the
Annual General Meeting.

Name and Municipality
      Director
      
      Principal Occupation During theof Residence
      Since
      Position
      Five Preceding YearsEdward G.
      Frackowiak (2)(4)
      1992
      Executive Chairman of the
      Executive
      Chairman of the CompanyOakville,
      Ontario
      
      Company
      since March
      2003. Prior to that, Mr.Frackowiak was
      Vice President andInterim Chief Executive
      General
      Counsel/Canada of FirstOfficer
      American Title
      Insurance Company (titleinsurance
      company).William R.
      LeVan (2) ( 3)
      1991
      Director
      Vice President,
      Technology until JanuaryBrantford,
      Ontario
      
      
      13, 2004. Prior
      to that, Mr. LeVan wasVice President,
      Manufacturing from 1997to 2000.M. Thomas
      Bright (1)
      1984
      Director
      Owner and
      President of SouthwesternDallas, Texas
      
      
      Gage, Inc.
      (distributor of measurementequipment).Peter J. Kenny
      (3)
      1985
      Director
      Chairman of the
      Board of AtlantisOakville,
      Ontario
      
      
      Submarines
      International Holding Inc.(tourism
      business) and of CambridgeStamping Inc.
      (automotive parts supplier).Lawrence G.
      Tapp (1) (2)
      1997
      Director
      Chairman of the
      Board of TappLangley,
      British Columbia
      
      
      Technologies
      Inc. (label producer for thewine industry).
      Prior to that, Mr. Tappwas Dean of the
      Richard Ivey School ofBusiness,
      University of Western Ontario.J. Dwane
      Baumgardner (1) (3)
      1998
      Director
      Retired Vice
      Chairman and President,Holland,
      Michigan
      
      
      Magna Donnelly
      Corporation (automotiveparts
      supplier).Hugh W. Sloan
      Jr. (2) (3)
      1998
      Director
      Deputy Chairman
      of the WoodbridgeBloomfield
      Village,
      
      
      Foam
      Corporation (automotive partsMichigan
      
      
      supplier) since
      1998. Prior to that, Mr.Sloan was
      President of the WoodbridgeAutomotive
      Group (automotive partssupplier).


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Name and Municipality
      Director
      
      Principal Occupation During theof Residence
      Since
      Position
      Five Preceding YearsJ. Emilien
      Bolduc (1) (3)
      1999
      Director
      Retired Vice
      Chairman of Royal Bank ofSutton, Quebec
      
      
      CanadaRobert A.
      Canuel (3)
      2003
      Director
      Vice President
      Human Resources ofWhitby, Ontario
      
      
      Hallmark Canada
      (a manufacturer/distributor of
      social expression products).Mary Theresa
      McLeod (1) (2)
      2003
      Director
      Member and
      Director of the OntarioToronto,
      Ontario
      
      
      Securities
      Commission. Founder andPresident of
      McLeod Capital Corporation(a financial
      and regulatory consultingfirm).Daniel Lam (1)
      Appointed
      Director
      Senior Vice
      President and Director atToronto,
      Ontario
      Feb 10, 2004
      
      Hampton
      Securities Inc. Prior to that, Mr.Lam was Vice
      President & Director ofHSBC Securities
      Canada Inc.Member of
        the Audit Committee.
        Member of
        the Nominating and Corporate Governance Committee.
        Member of
        the Human Resources Committee.
        Ex-officio
        member of the Audit Committee and the Human Resources Committee. Mr.
        Frackowiak attends AuditCommittee meetings at the invitation of the
        Audit Committee but does not participate in any decision-making orvoting
        of the Audit Committee.
        Pursuant to
        theBusiness Corporations Act(Ontario), the Company is required to have an Audit Committee.


Audit Committee Financial Expert

Wescast's board of directors has determined that it has an
audit committee financial expert (as such term is defined in the rules and
regulations of the Securities and Exchange Commission "SEC") serving on its
audit committee. Mr. J. Emilien Bolduc has been determined to be an audit
committee financial expert and is independent (as that term is defined by The
NASDAQ Stock Market, Inc.'s listing standards applicable to Wescast). The SEC
has indicated that the designation of Mr. Bolduc as an audit committee financial
expert does not make him an "expert" for any purpose, impose on him any duties,
obligations or liability that are greater than the duties, obligations or
liability imposed on him as a member of the audit committee and board of
directors in absence of such designation, or affect the duties, obligations or
liabilities of any other member of the audit committee or board of directors.

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OfficersThe executive officers of Wescast as at April 1, 2004, were as follows:

Name and Municipality
      Position
      Principal Occupation During theof Residence
      
      Five Preceding YearsEdward G.
      Frackowiak
      Executive Chairman
      Executive
      Chairman of the CompanyOakville,
      Ontario
      Interim Chief Executive Officer
      since March
      2003. Prior to that, Mr.Frackowiak was
      Vice President andGeneral
      Counsel/Canada of FirstAmerican Title
      Insurance Company (titleinsurance
      company).Gordon E.
      Currie
      Vice President and Chief Financial Officer
      Vice President
      and Chief FinancialSt. George,
      Ontario
      
      Officer of the
      Company since July 2003.Prior to that,
      Mr. Currie was VicePresident,
      Treasurer and Chief FinancialOfficer at Emco
      Limited.Paul A.
      Lawrence
      Vice President, Sales and Marketing
      Vice President,
      Sales and Marketing ofKitchener,
      Ontario
      
      the Company.Randolph J.
      Straka
      Chief Operating Officer
      Chief Operating
      Officer of the CompanyCambridge,
      Ontario
      
      since December
      2001 and Vice Presidentof Operations
      from November 2000.Prior to that,
      Mr. Straka was President ofLorin
      Industries.




The number and percentage of securities of each class of
voting securities of the Company beneficially owned, directly or indirectly, or
over which control or direction was exercised, by all directors and officers of
the Company as a group, was approximately 27,233 shares or 0.5% of the Class A
Subordinate Voting Shares and 7,376,607 or 100.0% of the Class B Common Shares,
as at April 1, 2004.

CODE OF ETHICS

The Company is in the process of completing a Code of
Business Conduct applicable to all employees, officers and directors as well as
a Financial Code of Business Conduct applicable to the Chief Executive Officer,
Chief Financial Officer, Director of Audit Services and Director of Finance. The
Company expects to receive Board approval in the near future. When available,
both the Code of Business Conduct and Financial Code of Business Conduct will be
available without charge by contacting the Corporate Secretary at 150 Savannah
Oaks Drive, Brantford, Ontario, N3T 5L8.

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PRINCIPAL ACCOUNTANT FEES
AND SERVICESThe approximate fees billed for professional services
rendered by Deloitte & Touche LLP, Wescast's principal auditor for the year
ended December 28, 2003, and Grant Thornton LLP, Wescast's principal auditor for
the year December 29, 2002 are set out below:

(1)Fees billed by
      Fees billed by Grant
      (1) Fees billed by
      Grant
      Fees billed byDeloitte & Touche
      Thornton LLP in
      Thornton LLP in
      Deloitte & ToucheLLP in 2003 ($)
      2003 ($)
      2002 ($)
      LLP in 2002 ($)Audit Fees (2)
      90,000
      60,300
      119,400
      0Audit Related Fees (3)
      0
      10,800
      46,600
      0Tax Fees (4)
      519,000
      30,300
      52,000
      162,600All Other Fees (5)
      0
      0
      0
      22,900Total
      609,000
      101,400
      218,000
      185,500


1. Fees rendered
  include administration charges and-of-pocket costs.
2. For the audit of Wescast's annual financial statements and
  services normally provided by the principal auditor in connection with
  Wescast's statutory and regulatory filings.
3. For
  assurance and related services that are reasonably related to the performance
  of the audit and are not reported in (2), including accounting consultations
  and various agreed upon procedures
4. For
  tax compliance, advice, planning and return preparation and for services
  related to the submission and receipt of investment tax credits earned from
  Scientific Research and Experimental Development (SR&ED) qualified
  expenditures.
5. For
  due diligence activity with respect to the acquisition of Cordele.

Audit Committee - Pre-Approval
Policies and Procedures

The Company's Audit Committee is responsible
for overseeing the work of the independent auditors and considering whether the
provision of services, other than audit services, is compatible with maintaining
the auditors' independence. The Company has adopted a policy regarding the Audit
Committee's pre-approval of all audit and permissible non-audit services
provided by the independent auditors. The Committee determines, at least once a
year, which audit services, audit-related services, tax services and other
permissible non-audit services to pre-approve and creates a list of such
pre-approved services, some with pre-approved fee thresholds.

At each regularly scheduled Audit Committee meeting, senior
management provides the Audit Committee with the following:

- 



All fees paid to Wescast's external auditors in 2003 were
approved by Wescast's Audit Committee.

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ADDITIONAL INFORMATIONAdditional information, including information
concerning Directors' and Officers' remuneration and indebtedness, principal
holders of the Company's securities and options to purchase securities and
interests of insiders in material transactions, where applicable, is contained
in the Company's Management Proxy Circular dated March 22, 2004, for the Annual
Meeting of Shareholders for the year ended December 28, 2003. Additional
financial information, including the comparative audited consolidated financial
statements, is provided in the Company's Annual Report for the year ended
December 28, 2003.
Copies of the above-mentioned 2003 Annual
Report, as well as the following documents, are available from the Corporate
Secretary, Wescast Industries Inc., 150 Savannah Oaks Drive, Brantford, Ontario,
Canada, N3T 5L8:
one copy of this Annual Information Form
    together with one copy of any document, or the pertinent pages of any
    document, incorporated by reference herein;
    one copy of the comparative financial
    statements of the Company for its most recently completed financial year for
    which financial statements have been filed together with the accompanying
    report of the auditors thereon and one copy of the most recent interim
    financial statements of the Company that have been filed for any period
    subsequent to December 28, 2003;one
    copy of the Management Proxy Circular of the Company in respect of its most
    recent annual meeting of shareholders that involved the election of
    Directors; and

any
    other documents that are incorporated by reference into a preliminary short
    form prospectus or the short form prospectus filed in respect of a
    distribution of securities of the Company.

The Company may require the payment of a
reasonable charge if the request is made by a person who is not a security
holder of the Company, unless the securities of the Company are in the course of
a distribution pursuant to a preliminary short form prospectus or a final short
form prospectus, in which case such documents will be provided free of charge.
The foregoing disclosure documents and other additional information related to
the Company is accessible at Wescast's website, www.wescast.com or on SEDAR at, www.sedar.com.