Abstract: A cutting apparatus is disclosed which is particularly suited for use in association with an apparatus for effecting lengthwise slitting of sheet stock, such as sheet metal. In the illustrated embodiment, the cutting apparatus includes first and second cooperating, counter-rotating pairs of knife assemblies, with each of the knife assemblies including at least one knife blade positioned for cutting cooperation with a respective knife blade of the other assembly. In order to facilitate adjustment of the gap or clearance between each cooperating pair of knife blades, the present apparatus includes an adjustment mechanism, whereby one of the knife assemblies can be shifted axially of the other assembly, thereby adjusting the clearance between the knife blades of the assemblies. Efficient adjustment of the cutting apparatus is thus provided, whereby the apparatus can efficiently cut opposite edge, scrap portions of sheet material as the sheet stock is slit by the slitter apparatus.