Minerals (MTX) 8-K Minerals Technologies Reports Diluted Earnings Per Share of $0.78 for the Third Quarter, a 26-PERCENT Increase

	EXHIBIT 99.1
	News
For Immediate Release October 28, 2004	Contact:
		Rick B. Honey (212) 878-1831

MINERALS TECHNOLOGIES REPORTS DILUTED EARNINGS PER SHARE
OF $0.78 FOR THE THIRD QUARTER, A 26-PERCENT INCREASE

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Net Sales Increased 19 Percent to $236.4 Million; Income from Operations Up 25 Percent

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NEW YORK, October 28--Minerals Technologies Inc. (NYSE: MTX) today reported third quarter net income of $16.2 million, a 27-percent increase over the $12.8 million reported in the third quarter of 2003. Diluted earnings per common share increased 26 percent to $0.78 from $0.62 in the same period last year.

          "Minerals Technologies had a strong third quarter that was fueled by growth in sales across all products lines, but especially in the Refractories segment," said Paul R. Saueracker, chairman, president and chief executive officer. "Growth occurred in all geographic regions with particularly strong improvement in North America and Europe." 

          Worldwide sales in the quarter were up 19 percent to $236.4 million from $198.2 million in the previous year. Foreign exchange had a favorable impact on sales of approximately $5.9 million for the quarter, or approximately 3 percentage points of growth. Income from operations increased 25 percent to $24.4 million from $19.5 million in the third quarter of 2003.

          "We saw marked improvement in the steel industry and a slight improvement in the overall paper industry--the principal markets we serve. Steel production and capacity utilization in the United States were up significantly from the prior year. On the paper side, shipments of uncoated freesheet in North America, our primary market, were up slightly, while coated paper showed strong growth," said Mr. Saueracker.

          For the first nine months of 2004, net income increased 14 percent to $43.9 million from $38.5 million in the same period last year. Diluted earnings per share increased 12 percent to $2.12 from $1.89 for the same period in 2003. Diluted earnings per share, before the cumulative effect of an accounting change in the first quarter of the prior year, increased 3 percent.

          Worldwide sales for the nine months of 2004 were $675.2 million, a 12-percent increase over the $602.1 million in the comparable period last year. Foreign exchange had a favorable impact on sales of approximately 3 percentage points of growth. Operating income for the first nine months, including restructuring costs of $1.0 million, was $67.4 million, a 6-percent increase over the $63.7 million in the first nine months of 2003.

          Worldwide sales in the Specialty Minerals segment, which includes the PCC and Processed Minerals product lines, increased 15 percent in the third quarter to $160.0 million from $139.1 million in the prior year. Income from operations in the third quarter of 2004 was $17.4 million, a 16-percent increase over the $15.0 million in the third quarter of 2003.

          For the nine months, Specialty Minerals sales were up 11 percent to $458.9 million from $414.3 million for the same period in 2003. Specialty Minerals recorded income from operations, including restructuring costs of $0.6 million, of $47.0 million, a 2-percent increase over the $46.1 million for the first nine months of 2003.

          Worldwide sales of PCC, which is used primarily in the manufacturing processes of the paper industry, were $123.6 million, a 14-percent increase over the $108.5 million reported in the third quarter of 2003. PCC sales for the nine months of 2004 increased 9 percent to $354.5 million from $324.4 million during the same period in 2003.

          Paper PCC volume from satellite plants increased 10 percent for the third quarter. This improvement was due primarily to: improved industry conditions in all regions; the ramp-up of the satellite PCC plant in Malaysia, which began operation last year; and the re-start of the satellite PCC plant in Millinocket, Maine, which began operation in the second quarter after having been shutdown since the fourth quarter of 2002.

          "Earlier this month, we dedicated our new merchant facility in Walsum, Germany, for the production of precipitated calcium carbonate for use in paper coating. This facility, now in its commissioning and start-up phase, will have an initial annual production capacity of 125,000 tons of PCC, which can be expanded to 500,000 tons," said Mr. Saueracker.

          In the Processed Minerals product line, third-quarter sales increased 19 percent to $36.4 million from $30.6 million in the same quarter of last year. For the nine months, Processed Minerals sales increased 16 percent to $104.4 million from $89.9 million in the same period last year. This growth was the result of improved market conditions and increased penetration of the building products and plastics markets. Processed Minerals products, which include ground calcium carbonate, lime and talc, are used in the building materials, steel, polymers, ceramics, paints and coatings, glass and other manufacturing industries.

          In the company's Refractories segment, sales for the third quarter were $76.4 million, a 29-percent increase over $59.1 million for the third quarter of 2003. Most of the increase in sales came from increased market penetration and improved business conditions in North America. Sales for the nine months of 2004 in the Refractories segment were $216.3 million, a 15-percent increase over $187.8 million in the previous year. Operating income for the third quarter in the Refractories segment increased 56 percent to $7.0 million from $4.5 million in the third quarter of 2003. For the nine months, Refractories operating income, including restructuring costs of $0.4 million, was $20.4 million, a 16-percent increase over the $17.6 million reported for the nine months in 2003.

          "Our operating margins continued to be affected by the higher costs of raw materials," said Mr. Saueracker. "However, this segment recorded significant operating income growth in North America--our largest market. This was a result of both improved performance by our refractories business and better steel industry conditions.

          "In summary, we achieved a solid financial performance in the quarter as a result of key marketing programs we have in place for both segments. We believe we have a strong business foundation and the right strategies in place for our continued growth," said Mr. Saueracker.

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Minerals Technologies will sponsor a conference call tomorrow, October 29, at 11 a.m. The conference call will be broadcast live on the company web site, which can be found atwww.mineralstech.com.

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This press release contains some forward-looking statements. Actual results may differ materially from these expectations. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this document should be evaluated together with the many uncertainties that affect our businesses, particularly those mentioned in the cautionary statements in our 2003 Form 10-K and in our other reports filed with the Securities and Exchange Commission. 

MINERALS TECHNOLOGIES INC AND SUBSIDIARY COMPANIES  CONDENSED CONSOLIDATED BALANCE SHEET
		ASSETS
(In Thousands of Dollars)
			September 26, 2004*	December 31,  2003**
Current assets:
	Cash & cash equivalents		98,208	90,515
	Accounts receivable, net		176,553	147,600
	Inventories		97,231	86,378
	Other current assets		20,778	15,632
	Total current assets		392,770	340,125
Property, plant and equipment			1,258,364	1,209,950
Less accumulated depreciation			686,015	648,362
	Net property, plant & equipment		572,349	561,588
Goodwill			52,749	52,721
	Prepaid benefit cost		49,412	46,251
	Other assets and deferred charges		33,136	34,815
	Total assets		1,100,416	1,035,500
	LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
	Short-term debt		33,472	33,522
	Accounts payable		58,298	44,217
	Other current liabilities		50,105	44,296
	Total current liabilities		141,875	122,035
Long-term debt			95,949	98,159
Other non-current liabilities			112,575	107,925
	Total liabilities		350,399	328,119
Total shareholders' equity			750,017	707,381
	Total liabilities and shareholders' equity		1,100,416	1,035,500
*	Unaudited.
**	Condensed from audited financial statements.

	CONSOLIDATED STATEMENT OF INCOME MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES (thousands of dollars, except per share data) (unaudited)
		Third Quarter				%	Nine months				%
			2004		2003	Change		2004		2003	Change
Net sales		$	236,424	$	198,234	19	$	675,189	$	602,058	12
Operating costs and expenses:
	Cost of goods sold		181,295		150,748	20		516,100		454,809	13
	Marketing and administrative expenses		23,670		21,854	8		69,460		64,853	7
	Research and development expenses		6,991		6,093	15		21,186		18,713	13
	Restructuring charges		26		0	N/A		1,026		0	N/A
Income from operations			24,442		19,539	25		67,417		63,683	6
	Non-operating deductions - net		803		1,100	(27)		3,093		3,568	(13)
Income before provision for taxes
	on income and minority interests		23,639		18,439	28		64,324		60,115	7
Provision for taxes on income			7,024		5,144	37		19,117		16,772	14
Minority interests			402		526	(24)		1,286		1,374	(6)
Income before cumulative effect
	of accounting change		16,213		12,769	27		43,921		41,969	5
Cumulative effect of accounting   change, net of tax			0		0			0		3,433
Net income		$	16,213	$	12,769	27	$	43,921	$	38,536	14
Weighted average number of
	common shares outstanding:
	Basic		20,556		20,185			20,532		20,132
	Diluted		20,769		20,489			20,763		20,349
Earnings per share:
Basic
	Before cumulative effect of    accounting change	$	0.79	$	0.63	25	$	2.14	$	2.08	3
	Cumulative effect of accounting    change		0		0			0		(0.17)
	Basic earnings per share	$	0.79	$	0.63	25	$	2.14	$	1.91	12
Diluted
	Before cumulative effect of    accounting change	$	0.78	$	0.62	26	$	2.12	$	2.06	3
	Cumulative effect of accounting    change		0		0			0		(0.17)
	Diluted earnings per share	$	0.78	$	0.62	26	$	2.12	$	1.89	12
Cash dividends declared per    common share		$	0.050	$	0.025		$	0.150	$	0.075
	1) For the periods ended September 26, 2004 and September 28, 2003.
	2) Sales increased 18% in the United States in the third quarter and 10% for the first nine months of 2004. International sales increased approximately 22% in the third quarter and 15% for the first nine months of 2004.
	3) The Company recorded restructuring charges of $1.0 million in the first nine months of 2004 related to the program announced in December 2003. These charges relate to workforce reductions from business units and organization levels throughout the Company's worldwide operations.
	4) Effective January 1, 2003, the Company adopted SFAS No. 143, "Accounting for Asset Retirement Obligations."  Upon adoption, the Company recorded a non-cash after-tax charge to earnings of approximately $3.4 million in the first quarter of 2003 for the cumulative effect of this accounting change related to retirement obligations associated with the Company's PCC satellite facilities and its mining properties.
	5) The Company paid approximately $0.7 million of one-time termination benefits to a group of employees at a Specialty Minerals facility in the United Kingdom in the first quarter of 2003. Such charge is included in cost of goods sold.
	6) The results of operations for the interim period ended September 26, 2004 are not necessarily indicative of the results that ultimately might be achieved for the current year.
	7) The analyst conference call to discuss operating results for the third quarter is scheduled for October 29, 2004 at 11:00 a.m. and will be broadcast over the Company's website (www.mineralstech.com). The broadcast will remain on the Company's website for no less than one year.