Exhibit 99.1

              BRUSH ENGINEERED MATERIALS INC. COMPLETES REFINANCING

         CLEVELAND, Ohio -- December 5, 2003 -- Brush Engineered Materials Inc.
(NYSE-BW) announced today the completion of a five year, $147.5 million debt
re-financing that will lower costs over existing credit and lease facilities.
The proceeds from the transaction will be used to retire existing debt, purchase
certain leased assets, thereby terminating an existing off-balance sheet lease
obligation, and increase the Company's liquidity which in turn will provide the
working capital to support the Company's growth. The transaction is expected to
improve the Company's earnings and cash flow in 2004.

         The Company also announced, that as a result of this refinancing, it
will record a one time, non-cash charge of approximately $6.1 million in the
fourth quarter to write-off deferred costs from an interest rate swap, in
compliance with accounting regulations, and other deferred financing costs
associated with the retired debt and lease obligations.

         The new financing includes a $105.0 million senior secured facility
underwritten by Bank One, NA as agent and Banc One Capital Markets, Inc. as lead
arranger. This facility consists of an $85.0 million revolving line of credit
secured by the Company's working capital and $20.0 million of term loans secured
by real estate and machinery and equipment. Bank One also provided a $7.5
million ExIm Bank facility which is secured by certain of the Company's export
accounts receivable.

         The remaining $35.0 million of the refinancing consists of a
subordinated loan that is secured by a second lien on the Company's working
capital, real estate and machinery and equipment and is payable at the end of
five years. The agent for this portion of the refinancing was Durham Capital
Corporation.

         The Company's cash flow will improve by approximately $4.0 million in
2004 as debt re-payments under the refinancing are less than what the projected
lease and debt principal payments would have been under the prior financing
structure.

         The leased assets, which will be purchased at a cost of $51.8 million,
have been used by one of the Company's subsidiaries in Elmore, Ohio since 1998.
The depreciation on the purchased assets plus the related interest charges will
be lower than the prior annual lease expense. In addition, interest rate spreads
on the new financing are lower than under the prior agreements. As a result of
the above, the Company anticipates that income before income taxes will improve
by approximately $1.5 million annually compared to what it would have been under
the prior debt structure.

                       Chief Financial Officer's Comments

         Commenting on the refinancing, John D. Grampa, Vice President of
Finance and Chief Financial Officer, stated, "I couldn't be more pleased with
the new financing structure and the institutions we've partnered with to put the
facilities in place. In addition to lowering interest rates, lowering costs and
improving cash flow, the new multi-year facilities provide both financial and
operating flexibility as well. The new facilities also include interest rates
that decrease progressively over time as the Company's performance improves. The
new structure substantially increases our liquidity and provides the working
capital needed to support our expected growth."

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FORWARD-LOOKING STATEMENTS

         Portions of the content set forth in this document that are not
statements of historical or current facts are forward-looking statements. The
Company's actual future performance may materially differ from that contemplated
by the forward-looking statements as a result of a variety of factors. These
factors include, in addition to those mentioned elsewhere herein:

         -        The condition of the markets which the Company serves, whether
                  defined geographically or by segment, with the major market
                  segments being telecommunications and computer, optical media,
                  automotive electronics, industrial components, aerospace and
                  defense and appliance.

         -        Actual sales in 2004 and beyond.

         -        Actual working capital needed to support growth.

         -        Changes in product mix and the financial condition of
                  particular customers.

         -        The Company's success in implementing its strategic plans and
                  the timely and successful completion of any capital expansion
                  projects.

         -        Other financial factors, including tax rates, interest rates,
                  exchange rates, pension costs, energy costs and the cost and
                  availability of insurance.

         -        Changes in government regulatory requirements and the
                  enactment of new legislation that impacts the Company's
                  obligations.

         -        The conclusion of pending litigation matters in accordance
                  with the Company's expectation that there will be no material
                  adverse effects.

         Brush Engineered Materials Inc. is headquartered in Cleveland, Ohio.
The Company, through its wholly owned subsidiaries, supplies worldwide markets
with beryllium products, alloy products, electronic products, precious metal
products, and engineered material systems.


FOR FURTHER INFORMATION, PLEASE CONTACT:

Investors:

Michael C. Hasychak
216/383-6823

Media:

Patrick S. Carpenter
216/383-6835

http://www.beminc.com

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