FOR IMMEDIATE RELEASE

FREMONT, CA � November 14, 2001 -- Read-Rite Corporation (Nasdaq: RDRT) today announced that the company is shipping giant magnetoresistance (GMR) heads in volume for use in Maxtor� Corporation�s (NYSE: MXO) DiamondMax D540X hard disk drives.

The DiamondMax D540X is a family of 40GB per platter, 5400 rpm hard disk drives with storage capacities ranging from 20 to 160GB.  The 160GB model represents the industry�s most advanced and highest capacity 3.5-inch ATA drive.

�We are pleased that Read-Rite has again provided Maxtor with the advanced GMR head design we demand for our leading-edge 40GB per platter DiamondMax drives,� said David Beaver, Maxtor�s senior vice president of worldwide materials.

�As the storage industry continues to achieve higher areal densities, it is vital for Read-Rite to provide the research, development and recording head technology required to meet these ever increasing capacities.  As a strategic supplier to Maxtor, we are delighted to be working on their new 40GB per platter DiamondMax drives,� said Al Climent, Read-Rite�s vice president- Maxtor customer business unit.

Read-Rite�s GMR hard disk drive recording heads are the industry�s most advanced design.  They enable reading and recording from computer disks at higher densities and smaller track widths than conventional inductive and MR recording heads.  Current design GMR heads support capacities up to 40GB per 3.5-inch disk.

 Read-Rite Corporation is one of the world's leading independent manufacturers of magnetic recording heads, head gimbal assemblies (HGAs) and head stack assemblies (HSAs) for disk drives and tape drives. The company is headquartered in Fremont, California and has operations in California, Thailand, the Philippines, Japan, Singapore and South Korea. The company's website is located at http://www.readrite.com. Read-Rite is also the majority shareholder of Scion Photonics, Inc., an integrated solution provider to the fiber optics industry whose offerings include advanced DWDM products, fiber optic assembly equipment and application specific photonic components. Scion's website is located at http://www.scionphotonics.com.

This release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances.  Actual results may vary materially from the expectations contained in such forward-looking statements. Factors that could cause actual results to differ include the risk factors described in the company's reports filed with the SEC, including, but not limited to, its Annual Report on Form 10-K for fiscal 2000, its Quarterly Reports on Form 10-Q for the first quarter of fiscal 2001 ended December 31, 2000, second quarter of fiscal 2001 ended April 1, 2001 and third quarter of fiscal 2001 ended July 1, 2001.  Read-Rite undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of such statements.

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