EXHIBIT 99

For release: IMMEDIATELY

For additional information contact: Thomas R. Pilholski  (602) 652-9622


              EAGLE-PICHER ANNOUNCES AMENDMENT TO CREDIT AGREEMENT

          Phoenix, AZ - May 16, 2002 - Eagle-Picher Industries, Inc. announced
today that it had obtained the consent of lenders under its senior secured
credit facility to postpone the scheduled reduction in its leverage ratio
covenant for two quarters. The leverage ratio was scheduled to reduce from the
current 5.25:1.00 to 5.00:1.00 on May 31, 2002 and to 4.75:1.00 on August 31,
2002. Under the revised schedule, the leverage ratio will remain at 5.25:1.00 on
May 31, 2002 and reduce to 5.00:1.00 on August 31, 2002 and to 4.75:1.00 on
November 30, 2002. The leverage ratio is the ratio of Eagle-Picher's net debt
(plus the net capital investment from the sale of its accounts receivable) to
its earnings before interest, taxes, depreciation and amortization, as defined
in the credit agreement.

         "Although we fully expect at this time to be able to comply with the
prior covenants, this revised schedule allows us the operational flexibility to
pursue long term objectives in the next two quarters, rather than focusing only
on our debt level," commented Thomas R. Pilholski, Senior Vice President and
Chief Financial Officer of Eagle-Picher.

         Eagle-Picher, founded in 1843, is a diversified manufacturer of
industrial products for the automotive, defense, aerospace, construction and
other industrial markets worldwide. The Company operates more than 40 plants and
has 5,300 employees in the United States, Canada, Mexico, the United Kingdom,
Germany and Japan.

         This news release contains statements which, to the extent that they
are not recitations of historical fact, constitute "forward looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995,
Section 21E of the Securities Exchange Act of 1934. The words "estimate,"
"anticipate," "project," "intend," "believe," "expect," and similar expressions
are intended to identify forward-looking statements. Such forward-looking
information involves risks and uncertainties that could cause actual results to
differ materially from those expressed in any such forward-looking statements.
These risks and uncertainties include, but are not limited to, the ability of
the Company to maintain existing relationships with customers, demand for the
Company's products, the ability of the Company to successfully implement
productivity improvements and/or cost reduction initiatives; the ability of the
Company to develop, market and sell new products, the ability of the Company to
obtain raw materials, increased government regulation or changing regulatory
policies resulting in higher costs and/or restricting output, increased price
competition, currency fluctuations, general economic conditions, acquisitions
and divestitures, technological developments and changes in the competitive
environment in which the Company operates.

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May 16, 2002