[Logo]

       THE LUBRIZOL CORPORATION
       29400 Lakeland Boulevard, Wickliffe, Ohio 44092-2298

                                                                    Exhibit 99.1
News Release

FOR RELEASE:    Immediately

FROM:           FINANCIAL/INVESTOR CONTACT                  MEDIA CONTACT
                Joanne Wanstreet                            Kenneth M. Iwashita
                440/347-1252                                440/347-5080
                WEB SITE:  HTTP://WWW.LUBRIZOL.COM



                        LUBRIZOL ANNOUNCES COST REDUCTION

CLEVELAND, Ohio, November 4, 2003 - The Lubrizol Corporation (NYSE: LZ) today
announced workforce reductions designed to increase profitability to reposition
the company for improved earnings growth. The reductions are expected to be
completed by year-end, 2003, and are estimated to result in annual pretax
savings of approximately $15 million beginning in 2004. This amount is in
addition to restructuring programs announced earlier in the year that are
expected to result in annual pretax savings of approximately $4.5 million.
         A fourth quarter, 2003 restructuring charge is projected to be
approximately $13 million. The company previously announced outlook for 2003
earnings in the range of $2.00 to $2.10 per share, before restructuring charges.
After total restructuring charges for the year of approximately $.28 per share,
earnings are now projected to be in the range of approximately $1.72 to $1.82
per share.
         The workforce reduction involves approximately 150 employees, including
8 percent of the Wickliffe, Ohio headquarters and technical staff, and 3 percent
of Lubrizol's global workforce of 5,200 employees. In addition to Wickliffe, the
affected locations include the Deer Park and Bayport, Texas manufacturing
facilities and the Hazelwood, England technical facility.
         Describing these actions, W. G. Bares, Chairman and Chief Executive
Officer, said, "Lubrizol has been challenged to increase revenues and reduce
expenses this year. Several initiatives have made positive contributions.
Through September, we grew revenues in Fluid Technologies for Industry by 22
percent including acquisitions and 10 percent excluding acquisitions, compared
to the first nine months last year. We addressed higher raw material

                                     -more-





costs by increasing prices in Fluid Technologies for Transportation (FTT), we
restructured our Bromborough, England manufacturing facility and our India joint
venture and we delayed salary increases. However, these initiatives have not
been sufficient to make up for lower volume in FTT.
         "Looking ahead, the timing of a rebound in customer demand is uncertain
and we are anticipating higher pension, health care and insurance expenses for
2004. Therefore, we are consolidating positions in all divisions, in order to
reduce expenses and to allow us to focus resources on growth opportunities. The
steps we are taking are necessary to reposition us for a stronger future."
         The Lubrizol Corporation (NYSE: LZ) is a global provider of specialty
additives and fluid technologies. These high-performance technologies focus on
chemicals, systems and services for transportation and industry. The company's
customers use its technology to enhance a wide variety of end-use products,
including engine lubricants and fuel; gear oils and other vehicle-related
fluids; hydraulic fluids and emission control systems; greases and industrial
fluids; personal care products and industrial cleaners; paints, coatings and
inks; and mining chemicals. Lubrizol was founded in 1928 and owns and operates
36 manufacturing plants in 16 countries. The Wickliffe, Ohio-based company has
50 sales and technical offices and more than 5,000 employees worldwide. Its
three research centers are located in Wickliffe, Ohio; Hazelwood, England; and
Kinuura, Japan. The company had revenues of $1.98 billion and earnings of $118.5
million in 2002. For more information, visit www.lubrizol.com.

                                       ###


This press release contains forward-looking statements within the meaning of the
federal securities laws. As a general matter, forward-looking statements relate
to anticipated trends and expectations rather than historical matters.
Forward-looking statements are subject to uncertainties and factors relating to
the company's operations and business environment that are difficult to predict
and may be beyond the control of the company. Such uncertainties and factors may
cause actual results to differ materially from those expressed or implied by
forward-looking statements. Uncertainties and factors that could affect the
future performance of the company and cause results to differ from the
forward-looking statements in this press release are contained in the company's
latest annual report to its shareholders, which is available upon request.