AGM Statement

Morgan Crucible Co PLC
23 April 2004


                            CHAIRMAN'S AGM STATEMENT

As reported at the time of our Preliminary Results announcement in February,
trading in the current year remains stable and continues in line with the
Board's expectations. A number of engineering companies have spoken of an
encouraging outlook for 2004 and beyond, however we are not seeing a broad based
recovery at this stage in our cycle. As we have stated recently we are not
relying on a market upturn to improve our future trading performance.

In February the Group raised £54 million by means of a successful 1 for 4 rights
issue. The proceeds will enable us to complete the profit improvement programme
as quickly as possible, and have strengthened Morgan Crucible's capital base,
increased flexibility and, in the short term, reduced borrowings. The profit
improvement and targeted cost savings programmes are on track.

Morgan Crucible's focus on reducing debt will continue, assisted by the disposal
of those businesses that do not meet our key performance criteria. In addition
we are simplifying the structure of the Group. As a result, we have already made
a number of small disposals in 2004. In March and April this year we disposed of
the balance of our non-core soft coatings facilities in Evesham, UK, and
Peachtree City, Georgia, USA for a total consideration of approximately $12.5
million. We have also continued to close minor operations in several other
locations.

Morgan Crucible had a challenging year in 2003 which it has come through
successfully so I would like to thank all our employees for their efforts and
achievements and in particular our investors for their continuing support.

For further information please contact:

The Morgan Crucible Company plc
Victoria Gould, Director of Group Communications      01753 837 000

Finsbury Group
Charlotte Hepburne-Scott, Robin Walker                020 7251 3801


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