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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 HKzka8caNizv6DnuDn3oHRWYBoFHDpKahnJh2KsyRiYAqPGKyguJkywLL/qmHGX+
 f9xrCu1W7VFTH0p4gVqwNg==

<SEC-DOCUMENT>0001005477-04-000275.txt : 20040120
<SEC-HEADER>0001005477-04-000275.hdr.sgml : 20040119
<ACCEPTANCE-DATETIME>20040120102527
ACCESSION NUMBER:		0001005477-04-000275
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040115
FILED AS OF DATE:		20040120

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			METALDYNE CORP
		CENTRAL INDEX KEY:			0000745448
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLE PARTS & ACCESSORIES [3714]
		IRS NUMBER:				382513957
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		47659 HALYARD DRIVE
		CITY:			PLYMOUTH
		STATE:			MI
		ZIP:			48170
		BUSINESS PHONE:		734-207-6200

	MAIL ADDRESS:	
		STREET 1:		47659 HALYARD DRIVE
		CITY:			PLYMOUTH
		STATE:			MI
		ZIP:			48170

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MASCOTECH INC
		DATE OF NAME CHANGE:	19930629

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MASCO INDUSTRIES INC
		DATE OF NAME CHANGE:	19930629

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			LEULIETTE TIMOTHY D
		CENTRAL INDEX KEY:			0001014332

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12068
		FILM NUMBER:		04531321

	BUSINESS ADDRESS:	
		STREET 1:		ITT INDUSTRIES INC
		STREET 2:		4 WEST RED OAK LANE
		CITY:			WHITE PLAINS
		STATE:			NY
		ZIP:			10604
		BUSINESS PHONE:		9146412000

	MAIL ADDRESS:	
		STREET 1:		ITT INDUSTRIES INC
		STREET 2:		4 WEST RED OAK LANE
		CITY:			WHITE PLAINS
		STATE:			NY
		ZIP:			10604
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar123.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
    <periodOfReport>2004-01-15</periodOfReport>
    <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000745448</issuerCik>
        <issuerName>METALDYNE CORP</issuerName>
        <issuerTradingSymbol>NONE</issuerTradingSymbol>
    </issuer>

    <reportingOwner>

        <reportingOwnerId>
            <rptOwnerCik>0001014332</rptOwnerCik>
            <rptOwnerName>LEULIETTE TIMOTHY D</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>47603 HALYARD DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>PLYMOUTH</rptOwnerCity>
            <rptOwnerState>ME</rptOwnerState>
            <rptOwnerZipCode>48170</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
        <isDirector>1</isDirector>
        <isOfficer>1</isOfficer>
        <isTenPercentOwner>0</isTenPercentOwner>
        <isOther>0</isOther>
        <officerTitle>President and CEO</officerTitle>
    </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>

        <securityTitle>
            <value>Stock Option</value>
        </securityTitle>

        <conversionOrExercisePrice>
            <value>16.90</value>
        </conversionOrExercisePrice>

        <transactionDate>
            <value>2004-01-15</value>
        </transactionDate>
    <transactionCoding>
        <transactionFormType>4</transactionFormType>
        <transactionCode>D</transactionCode>
        <equitySwapInvolved>0</equitySwapInvolved>
    </transactionCoding>
        <transactionAmounts>

            <transactionShares>
                <value>1033455</value>
            </transactionShares>

            <transactionPricePerShare>
                <footnoteId id="F1"/>
            </transactionPricePerShare>

            <transactionAcquiredDisposedCode>
                <value>D</value>
            </transactionAcquiredDisposedCode>
        </transactionAmounts>

        <exerciseDate>
            <footnoteId id="F2"/>
        </exerciseDate>

        <expirationDate>
            <value>2010-12-31</value>
        </expirationDate>
        <underlyingSecurity>

            <underlyingSecurityTitle>
                <value>Common Stock</value>
            </underlyingSecurityTitle>

            <underlyingSecurityShares>
                <value>1033455</value>
            </underlyingSecurityShares>
        </underlyingSecurity>
        <postTransactionAmounts>

            <sharesOwnedFollowingTransaction>
                <value>0.00</value>
            </sharesOwnedFollowingTransaction>
        </postTransactionAmounts>
        <ownershipNature>

            <directOrIndirectOwnership>
                <value>D</value>
            </directOrIndirectOwnership>
        </ownershipNature>
        </derivativeTransaction>

    </derivativeTable>
    <footnotes>
        <footnote id="F1">On January 15, 2004, pursuant to a voluntary stock option exchange program, the Company cancelled all options previously granted to the reporting person. In exchange, subject to continuing eligibility, the reporting person received: 1) the right to receive, on July 16, 2004, new options for shares equal to 95% of the shares underlying the cancelled options, with an exercise price equal to the
fair market value of the Company's common stock on that date, subject to vesting 40% on that date and 30% annually thereafter and otherwise substantially similar to the cancelled options; and 2) one restricted stock unit (&quot;RSU&quot;) for every 40 shares underlying cancelled options, with each RSU representing the right to receive: a) one share of stock on August 15, 2004, subject to optional deferral, and b) a vested reload option exercisable for 90 days in the event a Change in Control occurs on or before July 15, 2004.
</footnote>
        <footnote id="F2">The canceled option provided for vesting in five annual installments beginning on December 31, 2001.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Timothy D. Leuliette by Paul N. Edwards, Esq. Attorney-in-Fact</signatureName>
        <signatureDate>2004-01-16</signatureDate>
    </ownerSignature>

</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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