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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549




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FORM 10-Q

[X]QUARTERLY REPORT PURSUANT TO SECTION 13 OR
15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934


For the quarterly period ended June 30, 1999,

or

[   ]TRANSITION REPORT PURSUANT TO
SECTION 13 or 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934


For the transition period from
                  to

                  .

Commission File No. 0-13787

INTERMET CORPORATION

(Exact name of registrant as specified in its
charter)


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|Georgia                                                            |  | 58-1563873         
|(State or other jurisdiction                                       |  | (IRS Employer      
|of incorporation or organization)                                  |  | Identification No.)
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|5445 Corporate Drive, Suite 200, Troy, Michigan                    |  | 48098-2683         
|(Address of principal executive offices)                           |  | (Zip code)         
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|(248) 952-2500(Registrants telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of
the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject
 to such filing requirements for the past
90 days.  Yes [X]  No [   ]

At July 31, 1999 there were
25,355,824 shares of Common Stock, $0.10 par value, outstanding.



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TABLE OF CONTENTS



|                                                                                              |  |  |  |  |  |  |  | 
|--------------------------------------------------------------------------------------------- |  |  |  |  |  |  |  | 
|Part I  FINANCIAL INFORMATION                                                               
|Item 1. Financial Statements                                                                 
|Interim Condensed Consolidated Statements of Income                                          
|Interim Condensed Consolidated Balance Sheets                                                
|Interim Condensed Consolidated Statements of Cash Flows                                      
|Notes to Interim Condensed Consolidated Financial Statements                                 
|Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
|Item 3. Quantitative and Qualitative Disclosures about Market Risk                           
|Part II OTHER INFORMATION                                                                   
|Item 1. Legal Proceedings                                                                    
|Item 2. Changes In Securities and Use of Proceeds                                            
|Item 3. Defaults upon Senior Securities                                                      
|Item 4. Submission of Matters to a Vote of Securities Holders                                
|Item 5. Other Information                                                                    
|Item 6. Exhibits and Reports on Form 8-K                                                     
|Signatures                                                                                   
|Exhibits Index                                                                               



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Part I  Financial Information






Item 1.  Financial Statements


Intermet Corporation






Interim Condensed Consolidated Statements of Income


|                                  |                            |                                                  |         |                  |   |          |         |          |   |   |         |        |   |   |         |        |  
|--------------------------------- | -------------------------- | ------------------------------------------------ | ------- | ---------------- | - | -------- | ------- | -------- | - | - | ------- | ------ | - | - | ------- | ------ | -
|                                  |                            |                                                  |         |                 
|                                  |                            | Three months ended                               |         | Six months ended
|                                  |                            |                                                  |         |                 
|                                  |                            | June 30,                                         |         | June 30,         |   | June 30, |         | June 30,
|                                  |                            | 1999                                             |         | 1998             |   | 1999     |         | 1998    
|                                  |                            |                                                  |         |                  |   |          |         |         
|                                  |                            |                                                 
|                                  |                            | (Unaudited)                                     
|                                  |                            | (in thousands of dollars, except per share data)
|                                  |                            |                                                 
|                                  |                            |                                                 
|                                  |                            |                                                 
|                                  |                            |                                                 
|                                  |                            |                                                 
|                                  |                            |                                                 
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|                                  |                            |                                                 
|                                  |                            |                                                 
|                                  |                            |                                                 
|                                  |                            |                                                 
|                                  |                            |                                                 
|Net sales                         |                            | $                                                | 245,698 |                  |   | $        | 219,857 |          |   | $ | 490,925 |        |   | $ | 443,890 |       
|Cost of sales                     |                            |                                                  | 212,552 |                  |   |          | 188,357 |          |   |   | 423,642 |        |   |   | 382,415 |       
|                                  |                            |                                                  |         |                  |   |          |         |          |   |   |         |        |   |   |         |       
|Gross profit                      |                            |                                                  | 33,146  |                  |   |          | 31,500  |          |   |   | 67,283  |        |   |   | 61,475  |       
|                                 
|                                 
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|                                 
|Operating expenses:               |                            |                                                  |         |                  |   |          |         |          |   |   |         |        |   |   |         |       
|                                  | Selling                    |                                                  |         | 3,093            |   |          |         | 2,225    |   |   |         | 5,997  |   |   |         | 4,829  |  
|                                  | General and administrative |                                                  |         | 5,682            |   |          |         | 5,854    |   |   |         | 11,997 |   |   |         | 10,842 |  
|                                  | Other operating expenses   |                                                  |         | 568              |   |          |         | 1,651    |   |   |         | 1,132  |   |   |         | 1,860  |  
|                                  |                            |                                                  |         |                  |   |          |         |          |   |   |         |        |   |   |         |       
|                                  |                            |                                                  | 9,343   |                  |   |          | 9,730   |          |   |   | 19,126  |        |   |   | 17,531  |       
|                                  |                            |                                                  |         |                  |   |          |         |          |   |   |         |        |   |   |         |       
|Operating profit                  |                            |                                                  | 23,803  |                  |   |          | 21,770  |          |   |   | 48,157  |        |   |   | 43,944  |       
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|Other income (expense):           |                            |                                                  |         |                  |   |          |         |          |   |   |         |        |   |   |         |       
|                                  | Interest income            |                                                  |         | 53               |   |          |         | 51       |   |   |         | 109    |   |   |         | 101    |  
|                                  | Interest expense           |                                                  |         | (3,341           | ) |          |         | (2,857   | ) |   |         | (6,602 | ) |   |         | (6,279 | )
|                                  | Other, net                 |                                                  |         | 295              |   |          |         | (730     | ) |   |         | 112    |   |   |         | 345    |  
|                                  |                            |                                                  |         |                  |   |          |         |          |   |   |         |        |   |   |         |       
|                                  |                            |                                                  | (2,993  | )                |   |          | (3,536  | )        |   |   | (6,381  | )      |   |   | (5,833  | )     
|                                  |                            |                                                  |         |                  |   |          |         |          |   |   |         |        |   |   |         |       
|Income before income taxes        |                            |                                                  | 20,810  |                  |   |          | 18,234  |          |   |   | 41,776  |        |   |   | 38,111  |       
|Provision for income taxes        |                            |                                                  | 4,184   |                  |   |          | 5,897   |          |   |   | 13,017  |        |   |   | 14,503  |       
|                                  |                            |                                                  |         |                  |   |          |         |          |   |   |         |        |   |   |         |       
|Net income                        |                            | $                                                | 16,626  |                  |   | $        | 12,337  |          |   | $ | 28,759  |        |   | $ | 23,608  |       
|                                  |                            |                                                  |         |                  |   |          |         |          |   |   |         |        |   |   |         |       
|Income per common share  Basic   |                            | $                                                | 0.65    |                  |   | $        | 0.48    |          |   | $ | 1.12    |        |   | $ | 0.93    |       
|                                  |                            |                                                  |         |                  |   |          |         |          |   |   |         |        |   |   |         |       
|Income per common share  Diluted |                            | $                                                | 0.65    |                  |   | $        | 0.47    |          |   | $ | 1.12    |        |   | $ | 0.91    |       
|                                  |                            |                                                  |         |                  |   |          |         |          |   |   |         |        |   |   |         |       

See accompanying notes.

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##### Table of Contents



Intermet Corporation






Interim Condensed Consolidated Balance Sheets


|                                       |                                                            |                                                                                    |         |              |         |   |         |         |         | 
|-------------------------------------- | ---------------------------------------------------------- | ---------------------------------------------------------------------------------- | ------- | ------------ | ------- | - | ------- | ------- | ------- | 
|                                       |                                                            | June 30,                                                                           |         | December 31,
|                                       |                                                            | 1999                                                                               |         | 1998        
|                                       |                                                            |                                                                                    |         |             
|                                       |                                                            | (Unaudited)                                                                        |         |             
|                                       |                                                            |                                                                                   
|                                       |                                                            | (in thousands of dollars)                                                         
|Assets                                 |                                                            |                                                                                    |         |              |         |   |         |        
|                                      
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|                                      
|                                      
|Current assets:                        |                                                            |                                                                                    |         |              |         |   |         |        
|                                       | Cash and cash equivalents                                  |                                                                                    | $       | 3,499        |         |   | $       | 5,848   |        
|                                      
|                                      
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|                                      
|                                       | Accounts receivable:                                       |                                                                                    |         |              |         |   |         |         |        
|                                       |                                                            | Trade, less allowance for doubtful accounts of $4,239 in 1999 and
	 $5,133 in 1998 |         |              | 137,885 |   |         |         | 105,678 | 
|                                       |                                                            | Other                                                                              |         |              | 9,848   |   |         |         | 8,713   | 
|                                       |                                                            |                                                                                    |         |              |         |   |         |        
|                                       |                                                            |                                                                                    | 147,733 |              |         |   | 114,391 |        
|                                       | Inventories                                                |                                                                                    |         | 62,643       |         |   |         | 65,898  |        
|                                       | Other current assets                                       |                                                                                    |         | 18,455       |         |   |         | 11,293  |        
|                                       |                                                            |                                                                                    |         |              |         |   |         |        
|Total current assets                   |                                                            |                                                                                    | 232,330 |              |         |   | 197,430 |        
|Property, plant and equipment, at cost |                                                            |                                                                                    | 499,955 |              |         |   | 485,082 |        
|                                      
|                                      
|                                      
|                                      
|Less:                                  |                                                            |                                                                                    |         |              |         |   |         |        
|                                       | Foreign industrial development grants, net of amortization |                                                                                    |         | 3,322        |         |   |         | 4,153   |        
|                                       | Accumulated depreciation and amortization                  |                                                                                    |         | 248,675      |         |   |         | 240,227 |        
|                                       |                                                            |                                                                                    |         |              |         |   |         |        
|Net property, plant and equipment      |                                                            |                                                                                    | 247,958 |              |         |   | 240,702 |        
|Intangibles, net of amortization       |                                                            |                                                                                    | 125,138 |              |         |   | 126,896 |        
|Other noncurrent assets                |                                                            |                                                                                    | 19,268  |              |         |   | 18,987  |        
|                                       |                                                            |                                                                                    |         |              |         |   |         |        
|                                       |                                                            | $                                                                                  | 624,694 |              |         | $ | 584,015 |        
|                                       |                                                            |                                                                                    |         |              |         |   |         |        

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##### Table of Contents



Intermet Corporation

Interim Condensed Consolidated Balance Sheets

|                                     |                                            |                           |         |              |   |   |         |         |  
|------------------------------------ | ------------------------------------------ | ------------------------- | ------- | ------------ | - | - | ------- | ------- | -
|                                     |                                            | June 30,                  |         | December 31,
|                                     |                                            | 1999                      |         | 1998        
|                                     |                                            |                           |         |             
|                                     |                                            | (Unaudited)               |         |             
|                                     |                                            |                          
|                                     |                                            | (in thousands of dollars)
|Liabilities and shareholders equity |                                            |                           |         |              |   |   |         |        
|                                    
|                                    
|                                    
|                                    
|Current liabilities:                 |                                            |                           |         |              |   |   |         |        
|                                     | Notes payable                              |                           | $       | 20,000       |   |   | $       | 1,000   |  
|                                     | Accounts payable                           |                           |         | 68,934       |   |   |         | 90,205  |  
|                                     | Income taxes and other accrued liabilities |                           |         | 60,115       |   |   |         | 50,922  |  
|                                     | Long term debt due within one year         |                           |         | 157,381      |   |   |         | 6,411   |  
|                                     |                                            |                           |         |              |   |   |         |        
|Total current liabilities            |                                            |                           | 306,430 |              |   |   | 148,538 |        
|                                    
|                                    
|                                    
|                                    
|Noncurrent liabilities:              |                                            |                           |         |              |   |   |         |        
|                                     | Long term debt due after one year          |                           |         | 25,527       |   |   |         | 156,690 |  
|                                     | Other noncurrent liabilities               |                           |         | 53,748       |   |   |         | 59,445  |  
|                                     |                                            |                           |         |              |   |   |         |        
|Total noncurrent liabilities         |                                            |                           | 79,275  |              |   |   | 216,135 |        
|Minority interest                    |                                            |                           | 2,337   |              |   |   | 2,337   |        
|                                    
|                                    
|                                    
|                                    
|Shareholders equity:                |                                            |                           |         |              |   |   |         |        
|                                     | Common stock                               |                           |         | 2,584        |   |   |         | 2,583   |  
|                                     | Capital in excess of par value             |                           |         | 63,407       |   |   |         | 63,382  |  
|                                     | Treasury stock                             |                           |         | (6,487       | ) |   |         |        |  
|                                     | Retained earnings                          |                           |         | 177,842      |   |   |         | 151,131 |  
|                                     | Accumulated other comprehensive income     |                           |         | (579         | ) |   |         | 72      |  
|                                     | Unearned restricted stock                  |                           |         | (115         | ) |   |         | (163    | )
|                                     |                                            |                           |         |              |   |   |         |        
|Total shareholders equity           |                                            |                           | 236,652 |              |   |   | 217,005 |        
|                                     |                                            |                           |         |              |   |   |         |        
|                                     |                                            | $                         | 624,694 |              |   | $ | 584,015 |        
|                                     |                                            |                           |         |              |   |   |         |        

See accompanying notes.

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##### Table of Contents



Intermet Corporation






Interim Condensed Consolidated Statements of Cash Flows


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|----------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------- | ---------------------------------------- | ------- | -------- | ------- | - | ------- | ------- | ------- | -
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|                                                                                          |                                                                                                       | Six months ended                        
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|                                                                                          |                                                                                                       | June 30,                                 |         | June 30,
|                                                                                          |                                                                                                       | 1999                                     |         | 1998    
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|                                                                                          |                                                                                                       |                                         
|                                                                                          |                                                                                                       | (Unaudited)                             
|                                                                                          |                                                                                                       | (in thousands of                        
|                                                                                          |                                                                                                       | dollars)                                
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|Operating activities:                                                                     |                                                                                                       |                                          |         |          |         |   |         |        
|Net income                                                                                |                                                                                                       | $                                        | 28,759  |          |         | $ | 23,608  |        
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|Adjustments to reconcile net income to cash (used in) provided by
	 operating activities: |                                                                                                       |                                          |         |          |         |   |         |        
|                                                                                          | Depreciation                                                                                          |                                          |         | 17,623   |         |   |         | 17,826  |        
|                                                                                          | Amortization                                                                                          |                                          |         | 1,902    |         |   |         | 1,377   |        
|                                                                                          | Other                                                                                                 |                                          |         | 111      |         |   |         | (692    | )      
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|                                                                                          | Changes in operating assets and liabilities excluding the effects
	 of acquisitions and dispositions: |                                          |         |          |         |   |         |         |        
|                                                                                          |                                                                                                       | Accounts receivable                      |         |          | (36,195 | ) |         |         | (35,431 | )
|                                                                                          |                                                                                                       | Inventories                              |         |          | 2,283   |   |         |         | (2,199  | )
|                                                                                          |                                                                                                       | Accounts payable and accrued liabilities |         |          | (18,004 | ) |         |         | 578     |  
|                                                                                          |                                                                                                       | Other assets and liabilities             |         |          | (5,229  | ) |         |         | 4,108   |  
|                                                                                          |                                                                                                       |                                          |         |          |         |   |         |        
|Net cash (used in) provided by operating activities                                       |                                                                                                       |                                          | (8,750  | )        |         |   | 9,175   |        
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|Investing activities:                                                                     |                                                                                                       |                                          |         |          |         |   |         |        
|                                                                                          | Additions to property, plant and equipment                                                            |                                          |         | (27,143  | )       |   |         | (16,927 | )      
|                                                                                          | Proceeds from the sale of subsidiaries                                                                |                                          |         |         |         |   |         | 22,971  |        
|                                                                                          | Investment in joint venture                                                                           |                                          |         |         |         |   |         | (2,000  | )      
|                                                                                          | Proceeds from disposal of fixed assets                                                                |                                          |         | 7        |         |   |         | 1,403   |        
|                                                                                          | Other                                                                                                 |                                          |         | (1,259   | )       |   |         | 2,328   |        
|                                                                                          |                                                                                                       |                                          |         |          |         |   |         |        
|Net cash (used in) provided by investing activities                                       |                                                                                                       |                                          | (28,395 | )        |         |   | 7,775   |        
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|Financing activities:                                                                     |                                                                                                       |                                          |         |          |         |   |         |        
|                                                                                          | Net increase (decrease) in revolving credit facility                                                  |                                          |         | 21,000   |         |   |         | (25,000 | )      
|                                                                                          | Reduction in debt                                                                                     |                                          |         | (1,052   | )       |   |         | (1,793  | )      
|                                                                                          | Net increase in notes payable                                                                         |                                          |         | 19,000   |         |   |         | 5,000   |        
|                                                                                          | Acquisition of treasury stock                                                                         |                                          |         | (6,487   | )       |   |         |        |        
|                                                                                          | Dividends paid                                                                                        |                                          |         | (2,048   | )       |   |         | (2,043  | )      
|                                                                                          | Issuance of common stock                                                                              |                                          |         | 26       |         |   |         | 3,879   |        
|                                                                                          |                                                                                                       |                                          |         |          |         |   |         |        
|Net cash provided by (used in) financing activities                                       |                                                                                                       |                                          | 30,439  |          |         |   | (19,957 | )      
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|Effect of exchange rate changes on cash and cash equivalents                              |                                                                                                       |                                          | 4,357   |          |         |   | (791    | )      
|                                                                                          |                                                                                                       |                                          |         |          |         |   |         |        
|Net decrease in cash and cash equivalents                                                 |                                                                                                       |                                          | (2,349  | )        |         |   | (3,798  | )      
|Cash and cash equivalents at beginning of period                                          |                                                                                                       |                                          | 5,848   |          |         |   | 7,022   |        
|                                                                                          |                                                                                                       |                                          |         |          |         |   |         |        
|Cash and cash equivalents at end of period                                                |                                                                                                       | $                                        | 3,499   |          |         | $ | 3,224   |        
|                                                                                          |                                                                                                       |                                          |         |          |         |   |         |        

See accompanying notes.

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##### Table of Contents



Intermet Corporation






Notes to Interim Condensed Consolidated Financial Statements


June 30, 1999 (Unaudited)

1.  Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial
statements of Intermet Corporation (Intermet) and its
 subsidiaries have been prepared in accordance with generally
accepted accounting principles for interim financial information
and with the instructions to Form 10-Q and Article 10
of Regulation S-X. Accordingly, they do not include all of
the information and footnotes required by generally accepted
accounting principles for complete financial statements. In the
opinion of management, all adjustments (consisting of normal
recurring accruals) considered necessary for a fair presentation
have been included. Operating results for the three and six
months ended June 30, 1999 are not necessarily indicative of
 the results that may be expected for the year ending
December 31, 1999. For further information, refer to the
consolidated financial statements and footnotes included in
Intermets annual report on Form 10-K for the year
ended December 31, 1998.

Inventories

Inventories consist of the following (in thousands of dollars):

|                      |  |          |        |              |  |   |        | 
|--------------------- |  | -------- | ------ | ------------ |  | - | ------ | 
|                      |  | June 30, |        | December 31,
|                      |  | 1999     |        | 1998        
|                      |  |          |        |             
|Finished goods        |  | $        | 14,192 |              |  | $ | 14,701 | 
|Work in process       |  |          | 18,174 |              |  |   | 18,522 | 
|Raw materials         |  |          | 8,489  |              |  |   | 8,467  | 
|Supplies and patterns |  |          | 21,788 |              |  |   | 24,208 | 
|                      |  |          |        |              |  |   |        | 
|                      |  | $        | 62,643 |              |  | $ | 65,898 | 
|                      |  |          |        |              |  |   |        | 

Property, Plant and Equipment

Property, plant and equipment consist of the following (in
thousands of dollars):

|                           |  |          |         |              |  |   |         | 
|-------------------------- |  | -------- | ------- | ------------ |  | - | ------- | 
|                           |  | June 30, |         | December 31,
|                           |  | 1999     |         | 1998        
|                           |  |          |         |             
|Land                       |  | $        | 4,552   |              |  | $ | 4,567   | 
|Buildings and improvements |  |          | 91,916  |              |  |   | 93,667  | 
|Machinery and equipment    |  |          | 357,639 |              |  |   | 357,545 | 
|Construction in progress   |  |          | 45,848  |              |  |   | 29,303  | 
|                           |  |          |         |              |  |   |         | 
|                           |  | $        | 499,955 |              |  | $ | 485,082 | 
|                           |  |          |         |              |  |   |         | 

6



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##### Table of Contents



Intermet Corporation


Notes to Interim Condensed Consolidated Financial Statements
(continued)

June 30, 1999 (Unaudited)



1.  Summary of Significant Accounting Policies
(continued)


Intangible Assets

Intangible assets of $125,138,000 and $126,896,000 (net of
accumulated amortization of $8,958,000 and $7,147,000) at
June 30, 1999 and December 31, 1998, respectively,
consist principally of costs in excess of net assets acquired.
Such costs are being amortized using the straight-line method
principally over forty years. Intermet periodically assesses the
recoverability of the cost of its intangibles based on a review
of projected undiscounted cash flows of the related operating
entities.

2.  Reporting for Business Segments

Intermets management evaluates the operating performance of
 its business units individually. Under the provisions of segment
 reporting, we have aggregated operating units that have similar
characteristics, which has resulted in one reportable segment.
The foundry segment consists of foundry operations, which
include both iron and aluminum castings and their related
machining operations. The operating units that comprise other are all nonfoundry operations, and none of them constitutes
a reportable segment on its own. This information is displayed in
 the table below.

|                                       |            |                           |   |         |  |              |   |        |  |  |   |         | 
|-------------------------------------- | ---------- | ------------------------- | - | ------- |  | ------------ | - | ------ |  |  | - | ------- | 
|                                       |            | Foundry                   |   | Other   |  | Consolidated
|                                       |            |                           |   |         |  |             
|                                       |            |                          
|                                       |            | (in thousands of dollars)
|                                       |            |                          
|                                       |            |                          
|                                       |            |                          
|                                       |            |                          
|                                       |            |                          
|                                       |            |                          
|                                       |            |                          
|                                       |            |                          
|                                       |            |                          
|                                       |            |                          
|                                       |            |                          
|                                       |            |                          
|Three month period ended June 30, 1999 |            |                           |   |         |  |              |   |        |  |  |   |        
|                                      
|                                      
|                                      
|                                      
|                                       | Net sales  |                           | $ | 223,538 |  |              | $ | 22,160 |  |  | $ | 245,698 | 
|                                      
|                                      
|                                      
|                                      
|                                       | Net income |                           |   | 15,538  |  |              |   | 1,088  |  |  |   | 16,626  | 
|Three month period ended June 30, 1998 |            |                           |   |         |  |              |   |        |  |  |   |        
|                                      
|                                      
|                                      
|                                      
|                                       | Net sales  |                           | $ | 185,200 |  |              | $ | 34,657 |  |  | $ | 219,857 | 
|                                      
|                                      
|                                      
|                                      
|                                       | Net income |                           |   | 11,745  |  |              |   | 592    |  |  |   | 12,337  | 
|Six month period ended June 30, 1999   |            |                           |   |         |  |              |   |        |  |  |   |        
|                                      
|                                      
|                                      
|                                      
|                                       | Net sales  |                           | $ | 448,147 |  |              | $ | 42,778 |  |  | $ | 490,925 | 
|                                      
|                                      
|                                      
|                                      
|                                       | Net income |                           |   | 27,005  |  |              |   | 1,754  |  |  |   | 28,759  | 
|Six month period ended June 30, 1998   |            |                           |   |         |  |              |   |        |  |  |   |        
|                                      
|                                      
|                                      
|                                      
|                                       | Net sales  |                           | $ | 371,882 |  |              | $ | 72,008 |  |  | $ | 443,890 | 
|                                      
|                                      
|                                      
|                                      
|                                       | Net income |                           |   | 22,523  |  |              |   | 1,085  |  |  |   | 23,608  | 

7



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##### Table of Contents



Intermet Corporation


Notes to Interim Condensed Consolidated Financial Statements
(continued)

June 30, 1999 (Unaudited)

3.  Debt

Long term debt consists of the following (in thousands of
dollars):

|                                    |  |          |         |              |  |   |         | 
|----------------------------------- |  | -------- | ------- | ------------ |  | - | ------- | 
|                                    |  | June 30, |         | December 31,
|                                    |  | 1999     |         | 1998        
|                                    |  |          |         |             
|                                    |  |          |         |             
|                                    |  |          |         |             
|                                    |  |          |         |             
|                                    |  |          |         |             
|                                    |  |          |         |             
|                                    |  |          |         |             
|                                    |  |          |         |             
|                                    |  |          |         |             
|                                    |  |          |         |             
|                                    |  |          |         |             
|                                    |  |          |         |             
|                                    |  |          |         |             
|Intermet                            |  | $        | 171,000 |              |  | $ | 150,000 | 
|Subsidiaries                        |  |          | 11,908  |              |  |   | 13,101  | 
|                                    |  |          |         |              |  |   |         | 
|Total long-term debt                |  |          | 182,908 |              |  |   | 163,101 | 
|Less amounts due within one year(a) |  |          | 157,381 |              |  |   | 6,411   | 
|                                    |  |          |         |              |  |   |         | 
|Long-term debt due after one year   |  | $        | 25,527  |              |  | $ | 156,690 | 
|                                    |  |          |         |              |  |   |         | 



|    |                                                                                                                                                                                                                                                              
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) | Of the total due within one year at June 30, 1999, $151,000
	relates to the revolving credit facility, which is due
	January 1, 2000. Thus, the entire amount is a current
	liability at June 30, 1999 and was a noncurrent liability at
	 December 31, 1998.

4.  Comprehensive Income

Intermet adopted Financial Accounting Standards Boards
Statement of Financial Accounting Standards No. 130,
Reporting Comprehensive Income as of January 1,
1998. However, the adoption of this Statement had no impact on
our net income or shareholders equity.

|                                        |                                         |                           |        |                  |   |          |        |          |  |   |        |      |   |   |        |     |  
|--------------------------------------- | --------------------------------------- | ------------------------- | ------ | ---------------- | - | -------- | ------ | -------- |  | - | ------ | ---- | - | - | ------ | --- | -
|                                        |                                         |                           |        |                 
|                                        |                                         | Three months ended        |        | Six months ended
|                                        |                                         |                           |        |                 
|                                        |                                         | June 30,                  |        | June 30,         |   | June 30, |        | June 30,
|                                        |                                         | 1999                      |        | 1998             |   | 1999     |        | 1998    
|                                        |                                         |                           |        |                  |   |          |        |         
|                                        |                                         |                          
|                                        |                                         | (in thousands of dollars)
|Net income                              |                                         | $                         | 16,626 |                  |   | $        | 12,337 |          |  | $ | 28,759 |      |   | $ | 23,608 |    
|                                       
|                                       
|                                       
|                                       
|Other comprehensive income (loss):      |                                         |                           |        |                  |   |          |        |          |  |   |        |      |   |   |        |    
|                                        | Foreign currency translation adjustment |                           |        | (148             | ) |          |        | 24       |  |   |        | (649 | ) |   |        | (53 | )
|                                        | Minimum pension liability adjustment    |                           |        |                 |   |          |        |         |  |   |        |     |   |   |        |    |  
|                                        |                                         |                           |        |                  |   |          |        |          |  |   |        |      |   |   |        |    
|Total other comprehensive income (loss) |                                         |                           | (148   | )                |   |          | 24     |          |  |   | (649   | )    |   |   | (53    | )  
|                                        |                                         |                           |        |                  |   |          |        |          |  |   |        |      |   |   |        |    
|Total comprehensive income              |                                         | $                         | 16,478 |                  |   | $        | 12,361 |          |  | $ | 28,110 |      |   | $ | 23,555 |    
|                                        |                                         |                           |        |                  |   |          |        |          |  |   |        |      |   |   |        |    

8



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##### Table of Contents



Intermet Corporation


Notes to Interim Condensed Consolidated Financial Statements
(continued)

June 30, 1999 (Unaudited)

5.  Environmental and Legal Matters

Intermet and its subsidiaries are a party to a number of
environmental matters and legal proceedings in the ordinary
course of its business. We do not believe there are any pending
or threatened legal proceedings to which we are a party, or to
which any of our property is subject, that will have a material
adverse effect on our consolidated financial position, results of
 operations or liquidity taken as a whole.

6.  Earnings per Share

Basic earnings per share is computed by dividing income available
 to common shareholders by the weighted average number of common
shares outstanding for the period. The dilutive earnings per
share calculation reflects the assumed exercise of stock options.

|                           |                                                                                                                |                                       |      |                  |     |               |      |               |     |   |      |        |     |   |      |        |     | 
|-------------------------- | -------------------------------------------------------------------------------------------------------------- | ------------------------------------- | ---- | ---------------- | --- | ------------- | ---- | ------------- | --- | - | ---- | ------ | --- | - | ---- | ------ | --- | 
|                           |                                                                                                                |                                       |      |                 
|                           |                                                                                                                | Three months ended                    |      | Six months ended
|                           |                                                                                                                |                                       |      |                 
|                           |                                                                                                                | June 30, 1999                         |      | June 30, 1998    |     | June 30, 1999 |      | June 30, 1998
|                           |                                                                                                                |                                       |      |                  |     |               |      |              
|                           |                                                                                                                |                                      
|                           |                                                                                                                | (in thousands, except per share data)
|                          
|                          
|                          
|                          
|Numerator:                 |                                                                                                                |                                       |      |                  |     |               |      |               |     |   |      |        |     |   |      |       
|                           | Net income                                                                                                     |                                       | $    | 16,626           |     |               | $    | 12,337        |     |   | $    | 28,759 |     |   | $    | 23,608 |    
|                          
|                          
|                          
|                          
|Denominator:               |                                                                                                                |                                       |      |                  |     |               |      |               |     |   |      |        |     |   |      |       
|                           | Denominator for basic earnings per share  weighted
	average shares                                            |                                       |      | 25,411           |     |               |      | 25,606        |     |   |      | 25,616 |     |   |      | 25,507 |    
|                          
|                          
|                          
|                          
|                           | Effect of dilutive securities:                                                                                 |                                       |      |                  |     |               |      |               |     |   |      |        |     |   |      |        |    
|                           |                                                                                                                | Stock options                         |      |                  | 148 |               |      |               | 406 |   |      |        | 124 |   |      |        | 439 | 
|                           |                                                                                                                |                                       |      |                  |     |               |      |               |     |   |      |        |     |   |      |       
|                           | Denominator for diluted earnings per share  adjusted
	weighted average shares and assumed exercise of options |                                       |      | 25,559           |     |               |      | 26,012        |     |   |      | 25,740 |     |   |      | 25,946 |    
|                           |                                                                                                                |                                       |      |                  |     |               |      |               |     |   |      |        |     |   |      |       
|Basic earnings per share   |                                                                                                                | $                                     | 0.65 |                  |     | $             | 0.48 |               |     | $ | 1.12 |        |     | $ | 0.93 |       
|                           |                                                                                                                |                                       |      |                  |     |               |      |               |     |   |      |        |     |   |      |       
|Diluted earnings per share |                                                                                                                | $                                     | 0.65 |                  |     | $             | 0.47 |               |     | $ | 1.12 |        |     | $ | 0.91 |       
|                           |                                                                                                                |                                       |      |                  |     |               |      |               |     |   |      |        |     |   |      |       

9



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##### Table of Contents



Forward Looking Statement

The following Item 2. Managements Discussion and
Analysis of Financial Condition and Results of Operations and
Item 3. Quantitative and Qualitative Disclosures about
Market Risk contain forward-looking statements within the meaning
 of the Private Securities Litigation Reform Act of 1995. When
used in this section, the words anticipate,
believe, estimate and expect
and similar expressions are generally intended to identify
forward-looking statements. Readers are cautioned that any
forward-looking statements, including statements regarding the
intent, belief or current expectations of Intermet or its
management, are not guarantees of future performance and involve
risks and uncertainties. In addition, readers are cautioned that
actual results may differ materially from those in the
forward-looking statements as a result of various factors
including, but not limited to:



|  |                                                                                                                                          
|- | -----------------------------------------------------------------------------------------------------------------------------------------
| | general economic conditions in the markets in which Intermet
	operates                                                                   
| | fluctuations in worldwide or regional automobile and light and
	heavy truck production                                                   
| | labor disputes involving Intermet or its significant customers                                                                           
| | changes in practices and/or policies of Intermets
	significant customers toward outsourcing automotive components
	and systems          
| | foreign currency and exchange fluctuations                                                                                               
| | interest rate fluctuations                                                                                                               
| | commodity price fluctuations                                                                                                             
| | ability to bring additional foundry capacity on line as scheduled                                                                        
| | ability to secure all regulatory permits on a timely basis with
	respect to ongoing capital expenditures for additional foundry
	capacity
| | factors affecting the ability of Intermet or its key suppliers to
	 resolve Year 2000 issues in a timely manner, and                     
| | other risks detailed from time to time in Intermets filings
	 with the Securities and Exchange Commission.                              

Intermet does not intend to update these forward-looking
statements.

10



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##### Table of Contents










Item 2.  Managements Discussion and Analysis
of Financial Condition and Results of Operations


Material Changes in Financial Condition

Operating activities used net cash of $8.8 million during
the six-month period ended June 30, 1999. Depreciation and
amortization expense was $19.5 million. Accounts receivable
increased $36.2 million from December 31, 1998 because
sales during June 1999 were higher than those of
December 1998. This is due primarily to the traditional
holiday shutdown in December. In addition, because June has only
30 days, customer payments that would have been received on
the 31st day of the last month of the quarter were received
on the first day of the next quarter. Accounts payable and
accrued liabilities decreased $18.0 million from the beginning of
 1999 due to the timing of payments. The working capital
requirements for 1999 have significantly increased from the same
period in 1998, due specifically to the timing of payments for
accounts payable and other liabilities. Our investing activities
for the first six months of 1999 used cash of $28.4 million.
 Of that amount, $27.1 million related to property, plant
and equipment additions. Net cash provided by financing
activities was $30.4 million for the first two quarters of
1999. The bank revolver and note payable increased
$40.0 million in the aggregate. We used this cash to finance
 working capital and fund additions to property, plant and
equipment during the quarter. In addition, we paid
$6.5 million for the acquisition of Intermet stock [pursuant
 to its stock buyback program] and paid $2.0 million in
dividends during the first six months of 1999.

Cash and cash equivalents decreased to $3.5 million at
June 30, 1999 from $5.8 million at December 31, 1998.
Intermet declared a cash dividend of $0.04 per share
($1.0 million in aggregate) for the holders of record on
September 1, 1999. Working capital at June 30, 1999 was
 negative $74.1 million, due primarily to the inclusion of
the revolving credit facility as a current liability. Without the
 revolver, the working capital at June 30, 1999 is positive
$76.9 million versus a positive $48.9 million at
December 31, 1998. The revolving credit facility has a
maturity date of January 1, 2000. Thus, the entire amount is
 a current liability at June 30, 1999 and was a noncurrent
liability at December 31, 1998. Management intends to extend
 the due date of the revolving credit facility or replace the
facility completely.

Intermet has committed capital not yet spent of
$37.3 million as of June 30, 1999. Of this amount,
$18.0 million relates to two new disamatics for our Columbus
 Foundry subsidiary and $6.3 million relates to the
construction of an additional aluminum die-castings facility for
our Tool Products subsidiary. During the second half of 1998,
Columbus Foundry began having capacity issues due to increased
customer demand, above historical levels, for products already in
 place. Management addressed the over-capacity issue and put a
plan into place to purchase the two disamatics, which are
high-speed vertical casting machines. The process of purchasing
and readying a disamatic for production takes approximately one
and one half to two years. Intermet expects the disamatics to be
in full production by early 2000.

Tool Products is building an additional aluminum die-castings
facility in response to increased demand for existing products as
 well as for newly awarded products. Tool Products two
current aluminum die-castings plants are running at capacity and
cannot be expanded to handle additional capacity. Intermet
expects this facility will become operational early in the year
2000.

11



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##### Table of Contents



Material Changes in Results of Operations

Sales in the second quarter of 1999 were $245.7 million
compared to $219.9 million during the same period in 1998. Sales
for the six-month period ended June 30, 1999 and 1998 were
$490.9 and $443.9, respectively. Foundry segment sales during the
 three-month and six-month periods ended June 30, 1999,
excluding acquisitions or dispositions in 1999 or 1998, were
$20.2 million (11.0%) and $44.9 million (12.4%) greater
 than sales during the same periods in 1998, respectively. This
is a result of an increase in domestic vehicle sales, primarily
light trucks and sport utility vehicles, including GMT 800, Ford
F-Series, and Dodge Durango programs. Non-foundry segment sales,
excluding acquisitions or dispositions in 1999 or 1998, increased
 $0.6 million (2.6%) and decreased $0.2 million (0.5%)
for the three and six months ended June 30, 1999 versus the
same periods in 1998, respectively.

Domestic sales during the quarter ended June 30, 1999,
excluding acquisitions or dispositions in 1999 or 1998, was
approximately $20.9 million (13.3%) greater than the second
quarter of 1998. Domestic sales during the six months ended
June 30, 1999, excluding acquisitions or dispositions in
1999 or 1998, were approximately $44.7 million (11.0%)
greater than the second quarter of 1998.

European sales during the three and six months ended
June 30, 1999, in local currency, increased 3.8% and 3.3%,
respectively, from the same periods in the prior year, excluding
acquisitions or dispositions in 1999 or 1998. During the second
half of 1998, we increased our presence in Europe with the
acquisition of Vorpommersche Eisenwerke GmbH Ueckermünde and
 the joint venture with PortCast, both of which are iron
foundries. The effect of changes in the exchange rates on all
European sales was negative $0.8 million (2.8%) and
$0.5 million (0.8%) for the three and six-month periods
ended June 30, 1999, when compared using exchange rates for
the same period in 1998.

Gross profit for the quarter ended June 30, 1999 was
$33.1 million, an increase of $1.6 million from that of
 the same period in 1998. Gross profit as a percentage of sales
for the three months ended June 30, 1999 and 1998 was 13.5%
and 14.3%, respectively. Gross profit for first six months of
1999 was $67.3 million, an increase of $5.8 million from
that of the same period in 1998. Gross profit as a percentage of
sales for the six months ended June 30, 1999 and 1998 were
13.7% and 13.8%, respectively. Gross profit was negatively
affected by performance problems at several of the operating
units, which slowed production, limited product output and
resulted in increased costs during the first six months of 1999.

Operating expenses as a percentage of sales were 3.8% and 4.4%
for the three months ended June 30, 1999 and 1998,
respectively. Operating expenses as a percentage of sales was
3.9% for both six-month periods ended June 30, 1999 and
1998. The decrease in operating expenses as a percentage of sales
 for 1999 versus 1998 is due primarily to the fact that sales
during those periods in 1999 were greater than in 1998 while
operating expenses did not increase at the same rate.

The effective income tax rate was 20.1% and 32.3% for the second
quarter ended June 30, 1999 and 1998, respectively. The
effective income tax rate for the six months ended June 30,
1999 and 1998 were 31.2% and 38.1%, respectively. During the
second quarter of 1999, we were able to use a one-time tax
benefit of $4.5 million related to a change of tax law in
Germany. On the other hand, during the second quarter of 1998, we
 were able to use tax benefits related to the IWESA bankruptcy.
Without these benefits, the effective tax rates would have been
41.9% and 40.0% for the three months and 42.0% and 41.7% for the
six months ended June 30, 1999 and 1998, respectively.

12



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##### Table of Contents



Year 2000 Readiness Disclosure

Intermet has conducted an evaluation of its Informational
Technology (IT) and non-IT computer systems with
 respect to the Year 2000 issue. This issue arises
because many electronic systems use two digits rather than four
to determine dates. This could cause information technology
systems such as software applications, hardware, network systems
and embedded systems to misread important dates beginning in the
year 2000, which could cause system failures and disruption of
operations.

We have completed a Year 2000 readiness assessment of our
business critical IT and non-IT systems. As a result of the
assessment, we are in the process of implementing corrective
action plans designed to address Year 2000 issues. These plans
include modification, upgrade and replacement of our critical
administrative, production, and research and development computer
 systems to make them Year 2000 ready. We have begun to implement
 corrective action plans and we estimate that, based on amount of
 time we have spent and need to spend to address and implement
Year 2000 readiness, we are approximately 95% complete. We expect
 to have our critical systems Year 2000 ready by the end of
September 1999.

Because our operations depend on the uninterrupted flow of
materials and services from our suppliers, we have requested and
have been receiving and analyzing information from our suppliers
with regard to their Year 2000 readiness. We intend to continue
to monitor the progress of our key suppliers toward Year 2000
readiness.

A small number of our products incorporate electronic components
that are purchased from third parties. The Year 2000 readiness of
 these purchased components is also being assessed.

Intermet began addressing Year 2000 issues in 1995, and prior to
1999, spent approximately $4.7 million on Year 2000
readiness. In the six-month period ended June 30, 1999, we
spent approximately $1.5 million to address the Year 2000
issue. We estimate that we will spend in total between $7.5 and
$8.0 million to become Year 2000 ready. The majority of this
 spending is for required upgrades or for new business systems
required in the ordinary course of business, which will also be
Year 2000 ready. It is possible that the actual cost of our Year
2000 readiness effort could exceed this estimate.

Although we have a process in place to assess Year 2000 readiness
 on the part of our suppliers, we consider the most reasonably
likely worst case scenario is that one or more of our suppliers
might encounter a Year 2000 problem and be unable to supply
materials. If this was to occur and we could not obtain the same
materials from another vendor, production could be interrupted,
which could result in lost sales and profits. However, it is
likely that we could obtain the same materials from another
vendor. In addition, while we are taking action to correct
deficiencies in our own systems, it is possible that one or more
of our facilities or critical business systems might not achieve
Year 2000 readiness as anticipated. This could also result in
disruption of operations and lost sales and profits.

We are developing contingency plans that are intended to avoid or
 mitigate the risks that either we or our key suppliers might not
 achieve Year 2000 readiness in time to avoid disruption of our
operations. We expect to have our contingency plans in place by
the end of September 1999.

13



---



##### Table of Contents



Readers are cautioned that forward looking statements contained
in this Year 2000 discussion should be read in conjunction with
Intermets disclosures under the cautionary statement for
the purposes of the Safe Harbor Provisions of the
Private Securities Litigation Reform Act of 1995, included before
 Managements Discussion and Analysis of Financial Condition
 and Results of Operations.






Item 3.  Quantitative and Qualitative Disclosures
about Market Risk


Intermet is subject to market risk with regard to interest rate,
foreign exchange and commodity pricing. We have analyzed the
effect of these risks on the balance sheet, results of operations
 and cash flows and we anticipate that the impact will be
immaterial.




Part II  Other Information






Item 1.  Legal Proceedings


Intermet is engaged in various legal proceedings and other
matters incidental to its normal business activities. We do not
believe there are any pending or threatened legal proceedings to
which we are a party, or to which any of our property is subject,
 that will have a material effect on our consolidated financial
position, results of operations or liquidity taken as a whole.






Item 2.  Changes In Securities and Use of Proceeds


None.






Item 3.  Defaults upon Senior Securities


None.






Item 4.  Submission of Matters to a Vote of
Securities Holders


The Annual Meeting of Shareholders was held on April 15,
1999. The following persons were nominated and elected to serve
on the Board of Directors until the next annual meeting and until
 their successors are elected and qualified:

|                        |  |           |            |          |  |  |        | 
|----------------------- |  | --------- | ---------- | -------- |  |  | ------ | 
|                        |  | Voted For |            | Withheld
|                        |  |           |            |         
|                        |  |           |            |         
|                        |  |           |            |         
|                        |  |           |            |         
|                        |  |           |            |         
|                        |  |           |            |         
|                        |  |           |            |         
|                        |  |           |            |         
|                        |  |           |            |         
|                        |  |           |            |         
|                        |  |           |            |         
|                        |  |           |            |         
|                        |  |           |            |         
|John Doddridge          |  |           | 20,944,628 |          |  |  | 60,184 | 
|John P. Crecine         |  |           | 20,945,158 |          |  |  | 60,654 | 
|Norman Ehlers           |  |           | 20,945,160 |          |  |  | 60,652 | 
|A. Wayne Hardy          |  |           | 20,944,758 |          |  |  | 61,054 | 
|John R. Horne           |  |           | 20,945,160 |          |  |  | 60,652 | 
|Thomas H. Jeffs II      |  |           | 20,945,660 |          |  |  | 60,152 | 
|Harold C. McKenzie, Jr. |  |           | 20,944,158 |          |  |  | 61,654 | 
|Byron O. Pond           |  |           | 20,944,160 |          |  |  | 61,652 | 
|John H. Reed            |  |           | 20,945,430 |          |  |  | 60,382 | 

14



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##### Table of Contents



In addition, the shareholders approved the appointment of
Ernst & Young, LLP as the Intermets independent
auditors for 1999. Vote totals were as follows:

|                |  |             |            | 
|--------------- |  | ----------- | ---------- | 
|                |  | Appointment
|                |  | of Auditors
|                |  |            
|Voting for      |  |             | 20,994,923 | 
|Voting against  |  |             | 5,873      | 
|Abstentions     |  |             | 5,016      | 
|Broker non-vote |  |             | 0          | 

A total of 4,827,012 shares were not voted.






Item 5.  Other Information


None.






Item 6.  Exhibits and Reports on Form 8-K


(a)  The following exhibits are filed with this Report
pursuant to Item 601 of Regulation S-K:

|        |    |                        |  |                         
|------- | -- | ---------------------- |  | ------------------------
|Exhibit |    |                       
|Number  |    | Description of Exhibit
|        |    |                       
|        |    |                       
|        |    |                       
|        |    |                       
|        |    |                       
|        |    |                       
|        |    |                       
|        |    |                       
|        |    |                       
|        |    |                       
|        |    |                       
|        |    |                       
|        |    |                       
|        | 27 |                        |  | Financial Data Schedule.

(b)  Intermet filed no reports on Form 8-K for the
quarter ended June 30, 1999.

15



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Signatures


Pursuant to the requirements of the Securities Exchange Act of
1934, Intermet has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.



| |                               
| | ------------------------------
| | Intermet Corporation          
|
| | By: /s/ RONALD C. RYNINGER JR.
| |                               
| | Ronald C. Ryninger Jr.        
| | Corporate Controller          
| | (Principal Accounting Officer)
|
| | Date: August 13, 1999         

16



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Exhibits Index


|        |    |                        |  |                         
|------- | -- | ---------------------- |  | ------------------------
|Exhibit |    |                       
|Number  |    | Description of Exhibit
|        |    |                       
|        |    |                       
|        |    |                       
|        |    |                       
|        |    |                       
|        |    |                       
|        |    |                       
|        |    |                       
|        |    |                       
|        |    |                       
|        |    |                       
|        |    |                       
|        |    |                       
|        | 27 |                        |  | Financial Data Schedule.

17