The invention provides an accurate powder metal component having a body with opposed surfaces at least one of which has at least one projection of smaller cross-sectional area than the main portion of the body of the component. The distance from the free end of the projection to the opposite end of the component defines one dimension of the component that must be relatively accurate, in one embodiment to slide against and form a seal that inhibits liquid flow against another component of an assembly. In the manufacturing method, the powdered metal component is made by compaction to form the body including a projection at the end, is sintered and thereafter is reduced in the dimension between the end of the projection and the opposite end of the component by coining the free end of the projection so as to reduce the dimension to within a tolerance of the nominal specified dimension.