# SECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549

# FORM 10-Q

# QUARTERLY REPORT UNDER
SECTION 13 OR 15 (d) OF THESECURITIES EXCHANGE
ACT OF 1934

For the Quarter Ended  June 30, 2004

Commission File Number  0-23539

|LADISH CO., INC.                                      
|------------------------------------------------------
|(Exact name of registrant as specified in its charter)

|                                                               |  |                                     
|-------------------------------------------------------------- |  | ------------------------------------
|Wisconsin                                                      |  | 31-1145953                          
|(State or other jurisdiction of
incorporation or organization) |  | (I.R.S. Employer Identification No.)
|5481 South Packard Avenue, Cudahy, Wisconsin                   |  | 53110                               
|(Address of principal executive offices)                       |  | (Zip Code)                          

|(414) 747-2611                                      
|----------------------------------------------------
|(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,  and (2) has been subject to such filing requirements for the past 90 days.

Yes  X          No

Indicate
by check mark whether the  Registrant  is an  accelerated  filer (as defined in Rule
12b-2 of the Exchange Act).

Yes            No  X

Indicate
the number of shares  outstanding  of each of the  issuer's  classes of common  stock,
 as of the latest practicable date.

|                              |  |                              
|----------------------------- |  | -----------------------------
|Class                         |  | Outstanding at March 31, 2004
|Common Stock, $0.01 Par Value |  | 13,028,393                   

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# PART I 
FINANCIAL INFORMATION

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Page 3 of 13

# LADISH CO., INC.CONSOLIDATED
STATEMENTS OF OPERATIONS

(Dollars in Thousands,
Except Per Share Data)

|                                            
|--------------------------------------------
|2004                                        
|Net sales                                   
|Cost of sales                               
|                                            
|Gross profit                                
|Selling, general and administrative expenses
|                                            
|Income from operations                      
|Other income (expense):                     
|Interest expense                            
|Other, net                                  
|                                            
|Income before income tax provision          
|Income tax provision                        
|                                            
|Net income                                  
|                                            
|Basic earnings per share                    
|Diluted earnings per share                  
|Basic weighted average shares outstanding   
|Diluted weighted average shares outstanding 

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# LADISH CO., INC.CONSOLIDATED
BALANCE SHEETS

(Dollars in Thousands,
Except Share Data)

|Assets:                                                                               | June 30,
2004 | December 31,
2003
|------------------------------------------------------------------------------------- | ------------- | -----------------
|Current assets:                                                                       |               |                  
|Cash and cash equivalents                                                             |               |                  
|Accounts receivable, less allowance of $179 and $191, respectively                    |               |                  
|Inventories                                                                           |               |                  
|Deferred income taxes                                                                 |               |                  
|Prepaid expenses and other current assets                                             |               |                  
|                                                                                      |               |                  
|Total current assets                                                                  |               |                  
|                                                                                      |               |                  
|Property, plant and equipment:                                                        |               |                  
|Land and improvements                                                                 |               |                  
|Buildings and improvements                                                            |               |                  
|Machinery and equipment                                                               |               |                  
|Construction in progress                                                              |               |                  
|                                                                                      |               |                  
|                                                                                      |               |                  
|Less - accumulated depreciation                                                       |               |                  
|                                                                                      |               |                  
|Net property, plant and equipment                                                     |               |                  
|Deferred income taxes                                                                 |               |                  
|Other assets                                                                          |               |                  
|                                                                                      |               |                  
|Total assets                                                                          |               |                  
|                                                                                      |               |                  
|Liabilities and Stockholders' Equity                                                  |               |                  
|Current liabilities:                                                                  |               |                  
|Senior notes                                                                          |               |                  
|Accounts payable                                                                      |               |                  
|Accrued liabilities:                                                                  |               |                  
|Pensions                                                                              |               |                  
|Postretirement benefits                                                               |               |                  
|Wages and salaries                                                                    |               |                  
|Taxes, other than income taxes                                                        |               |                  
|Interest                                                                              |               |                  
|Paid progress billings                                                                |               |                  
|Other                                                                                 |               |                  
|                                                                                      |               |                  
|Total current liabilities                                                             |               |                  
|Long term liabilities:                                                                |               |                  
|Senior notes                                                                          |               |                  
|Postretirement benefits                                                               |               |                  
|Pensions                                                                              |               |                  
|Other noncurrent liabilities                                                          |               |                  
|                                                                                      |               |                  
|Total liabilities                                                                     |               |                  
|                                                                                      |               |                  
|Stockholders' equity:                                                                 |               |                  
|Common stock - authorized 100,000,000, issued 14,573,515                              |               |                  
|shares at each date of $.01 par value                                                 |               |                  
|Additional paid-in capital                                                            |               |                  
|Retained earnings                                                                     |               |                  
|Treasury stock, 1,545,122 and 1,550,122 shares of common stock in each period at cost |               |                  
|Additional minimum pension liability                                                  |               |                  
|                                                                                      |               |                  
|Total stockholders' equity                                                            |               |                  
|                                                                                      |               |                  
|Total liabilities and stockholders' equity                                            |               |                  
|                                                                                      |               |                  

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# LADISH CO.,
INC.CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in Thousands)

|                                                    
|----------------------------------------------------
|2004                                                
|CASH FLOWS FROM OPERATING ACTIVITIES:               
|Net income                                          
|Adjustments to reconcile net income to net cash     
|provided by (used for) operating activities:        
|Depreciation                                        
|Deferred income taxes                               
|Gain on disposal of property, plant and equipment   
|Changes in assets and liabilities:                  
|Accounts receivable                                 
|Inventories                                         
|Other assets                                        
|Accounts payable and accrued liabilities            
|Other long-term liabilities                         
|                                                    
|Net cash provided by (used for) operating activities
|                                                    
|CASH FLOWS FROM INVESTING ACTIVITIES:               
|Additions to property, plant and equipment          
|Proceeds from sale of property, plant and equipment 
|                                                    
|Net cash used in investing activities               
|                                                    
|CASH FLOWS FROM FINANCING ACTIVITIES:               
|Issuance of common stock                            
|Proceeds from senior debt                           
|                                                    
|Net cash provided by financing activities           
|                                                    
|DECREASE IN CASH AND CASH EQUIVALENTS               
|CASH AND CASH EQUIVALENTS, beginning of period      
|                                                    
|CASH AND CASH EQUIVALENTS, end of period            
|                                                    

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# LADISH CO., INC.NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in Thousands,
Except Share Data)

|(1) | Basis
of Presentation
|--- | ---------------------

In the opinion of the Company, the
accompanying unaudited consolidated condensed financial statements contain all adjustments
necessary to present fairly its financial position at June 30, 2004 and December 31, 2003
and its results of operations and cash flows for the six months ended June 30, 2004
and June 30, 2003. All adjustments are of a normal recurring nature.

The accompanying unaudited condensed
consolidated financial statements have been prepared in accordance with Article 10 of
Regulation S-X and therefore do not include all information and footnotes necessary for a
fair presentation of the financial position, results of operations and cash flows in
conformity with accounting principles generally accepted in the United States of America.
The Company has filed a report on Form 10-K which contains audited consolidated financial
statements that include all information and footnotes necessary for a fair presentation of
its financial position at December 31, 2003 and 2002, and the related consolidated
statements of operations, stockholders equity, and cash flows for the years ended
December 31, 2003, 2002 and 2001.

The preparation of financial
statements in conformity with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and the disclosure of contingent assets and
liabilities at the date of financial statements and the reported amounts of revenues and
expenses during the reporting periods. Actual results will likely differ from those
estimates, but management believes such differences will not be material.

The results of operations for any
interim period are not necessarily indicative of the results to be expected for a full
year.

|(2) | Inventories
|--- | -----------

Inventories consisted of:

|                                  
|----------------------------------
|Raw material and supplies         
|Work-in-process and finished goods
|Less progress payments            
|                                  
|Total inventories                 
|                                  

|(3) | Interest
and Income Tax Payments
|--- | --------------------------------

|                            
|----------------------------
|2004                        
|Interest paid               
|Income taxes paid (refunded)

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|(4) | Cash
and Cash Equivalents
|--- | -------------------------

Cash in excess of daily requirements
is invested in marketable securities consisting of commercial paper and repurchase
agreements which mature in three months or less. Such investments are deemed to be cash
equivalents.

|(5) | Revenue
Recognition
|--- | -------------------

Sales revenue is recognized when the
title and risk of loss have passed to the customer, there is pervasive evidence of an
arrangement, delivery has occurred or the services provided, the sales price is
determinable and collectibility is reasonably assured. This generally occurs at the time
of shipment. Net sales include freight out as well as reductions for returns and
allowances, and sales discounts. Progress payments on contracts are generally recognized
as reductions of the related inventory costs. Progress payments in excess of inventory
costs are reflected as a liability.

|(6) | Refund
From Internal Revenue Service and Income Taxes
|--- | -----------------------------------------------------

Included in the first six months of
2003 as a reduction of selling, general and administrative expenses is $1,250 received
from the Internal Revenue Service for the refund of certain pension excise taxes expensed
and paid in prior years. Due to the nature of this item, it has been treated as a
significant infrequently occurring item in determining the provision for income taxes. The
provision for income taxes for the six months ended June 30, 2003 includes $424 related to
this item.

The first half 2004 tax provision of
$716 reflects an annualized effective tax rate of 29% versus the statutory rate of 35% due
primarily to the benefit of the Extra-Territorial Income Exclusion on foreign sales.

|(7) | Pensions
and Postretirement Benefits
|--- | ------------------------------------

The components of net periodic
benefit costs recognized for the six-month periods ending June 30, 2004 and 2003 are
reflected in the table below.

|                                   
|-----------------------------------
|2004                               
|Service cost                       
|Interest cost                      
|Expected return on plan assets     
|Amortization of prior service cost 
|Amortization of the net (gain) loss
|                                   
|Net periodic benefit cost (income) 

Contributions:

The Company previously disclosed in
its financial statements for the year ended December 31, 2003, that it expected to
contribute $4,837 to its pension plans in 2004. As of June 30, 2004, the Company has made
$2,014 of cash contributions to the pension plans versus $103 during the same period in
2003. In addition, on July 14, 2004 the Company contributed common stock with a fair
market value of $4,725 to the pension plans. See Part II, Item 5. The Company estimates
its total contribution to its pension plans in 2004 will be approximately $6,760.

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|(8) | Earnings
Per Share
|--- | ------------------

The incremental difference between
basic weighted average shares outstanding and diluted weighted average shares outstanding
is due to the dilutive impact of outstanding options and warrants.

|(9) | StockholdersEquity
|--- | -------------------

The Company has a Long-Term Incentive
Plan (the Plan) that covers certain employees. Under the Plan, incentive stock
options for up to 983,333 shares may be granted to employees of the Company of which
955,333 options have been granted. These options expire ten years from the grant date.
Options granted vest over two years. There were no options granted in the quarters ended
June 30, 2004 and 2003. During 2003 fiscal year, 17,500 options were forfeited. As of
June 30, 2004, 692,834 options granted under the Plan remain outstanding and
exercisable. During 2003, 496,188 stock options expired.

The Company accounts for its option
grants using the intrinsic value based method pursuant to APB Opinion No. 25 and Statement
of Financial Accounting Standards No. 123 (SFAS 123) under which no
compensation expense was recognized in the three and six-month periods ending
June 30, 2004 and June 30, 2003. Had compensation cost for these options been
determined pursuant to the fair value method under SFAS 123, the Companys pro forma
net income and diluted earnings per share would have been as follows:

|                
|----------------
|June 30, 2004   
|As
Reported     
|Net income      
|Diluted earnings
|per share       

Because the SFAS 123 method of
accounting has not been applied to options granted prior to January 1, 1995, and
additional awards in future years are anticipated, the effect of applying SFAS 123 in the
above pro forma disclosure is not necessarily indicative of future results.

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MANAGEMENTS
DISCUSSIONAND ANALYSIS OF RESULTS OF OPERATIONS AND CHANGES IN FINANCIAL POSITION
(Dollars in Thousands)

RESULTS OF OPERATIiONS

Second Quarter 2004
Compared to Second Quarter 2003

Net sales for the three months ended
June 30, 2004 were $53,279 compared to $49,055 for the same period in 2003. The 8.6%
increase in sales for the second quarter of 2004 was due to the overall improvement in the
aerospace industry along with a significantly stronger demand for industrial forgings.
Gross profit for the second quarter of 2004 increased to 10.7% of sales in contrast to
8.7% of sales in the second quarter of 2003 primarily as a result of better absorption of
fixed costs combined with the Companys ongoing cost reduction efforts partially
offset by competitive pricing pressures in 2004. Cost reductions in the second quarter of
2004 included lower unit cost of natural gas, reduced manpower and lower benefit costs.

Selling, general and administrative
expenses, as a percentage of sales, were 4.0% for the second quarter of 2004 compared to
6.7% for the same period in 2003. The variation in SG&A expenses between the periods
was partially attributable to the Companys recognition of a provision of $1,000 in
2003 from the costs associated with the 2003 annual meeting.

Interest expense for the three-month
period in 2004 was $570 in contrast to $565 in 2003. During the second quarter of 2004,
the Companys revolving credit facility had an interest rate equal to the LIBOR rate
plus 1.50% per annum and the senior notes bore interest at the rate of 7.19% per annum.
The Company had no borrowings under the revolving credit facility in the second quarter of
2004.

The second quarter tax provision of
$889 reflects an annualized effective tax rate of 29% versus the statutory rate of 35% due
primarily to the benefit of the Extra-Territorial Income Exclusion on foreign sales. The
Company has significant net operating loss (NOL) carryforwards which largely
offset most calculated tax liabilities of the Company. For financial statement purposes,
the Company has recorded as a deferred tax asset the tax benefits attributable to the NOL
carryforwards. Therefore, the Company uses an effective tax rate which reflects federal
and state taxes without a reduction for actual NOL usage. See Note 6 to the consolidated
financial statements and Liquidity and Capital Resources.

The Companys net income for the
second quarter of 2004 was $2,178, a $2,105 increase from the same period in 2003. The
increase in profitability was directly due to the above described increase in sales along
with the accompanying improved absorption of fixed costs and to the aforementioned annual
meeting expense in 2003. The Companys contract backlog at June 30, 2004 was
$239,353 in comparison to $195,188 at June 30, 2003, as the Company received $66,663
of new orders in the second quarter of 2004.

First Six Months 2004
Compared to First Six Months 2003

Net sales for the first half of 2004
were $103,995, an increase of 7.9% from the $96,362 of sales in the first six months of
2003. The growth in sales in 2004 is due to an improved commercial aerospace market and a
pick-up in industrial markets related to large earthmoving equipment. The increase in
sales along with better absorption of fixed costs combined with the Companys ongoing
cost reduction programs resulted in a gross income of $8,091, or 7.8% of sales, in the
first six months of 2004. In the first half of 2003 gross profit was $6,279 or 6.5% of
sales.

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The Company incurred $4,500 of
selling, general and administrative expenses, or 4.3% of sales, in the first six months of
2004. In the same period of 2003, SG&A expenses were $4,405, or 4.6% of sales.
SG&A expenses in the first half of 2003 reflect a credit of $1,250 for an excise tax
refund as well as a charge of $1,000 associated with unusual expenses for the 2003 annual
meeting. Adjusting 2003 SG&A to eliminate both of those unusual events would have
resulted in the first half of 2003 SG&A expenses of $4,655, or 4.8% of sales.

The first six months of 2004 reflect
interest expense of $1,204 in contrast to $1,094 in the same period in 2003. The increase
in interest expense does not indicate higher borrowings in 2004, rather, it is the result
of higher capitalization of interest expense in 2003 associated with capital projects at
the Company.

The first half of 2004 tax provision
of $716 reflects an annualized effective rate of 29% versus the statutory rate of 35% due
primarily to the benefit of the Extra-Territorial Income Exclusion on foreign sales. The
Company has significant net operating loss (NOL) carryforwards which largely
offset most calculated tax liabilities of the Company. For financial statement purposes,
the Company has recorded as a deferred tax asset the tax benefits attributable to the NOL
carryforwards. Therefore, the Company uses an effective tax rate which reflects federal
and state taxes without a reduction for actual NOL usage. See Note 6 to the consolidated
financial statements and Liquidity and Capital Resources.

The $1,753 of net income through
June 30, 2004, a $1,106 improvement over 2003, is due to the improvements in the
markets served by the Company along with Company-wide cost containment efforts. The
Company obtained $125,709 of new orders in the first half of 2004 in comparison to $97,405
of new orders for the same period in 2003.

LIQUIDITY AND CAPITAL
RESOURCES

The Companys cash position as
of June 30, 2004 is $1,147 less than its position at December 31, 2003. The
year-to-date decline in cash is a result of $1,768 of capital expenditures exceeding the
$579 of cash flow from operating activities. Included in the cash flow from operating
activities in 2004 were pension contributions of $2,014 versus $103 in 2003.

On July 20, 2001, the Company
sold $30,000 of Notes in a private placement to certain institutional investors. The Notes
bear interest at a rate of 7.19% per annum with the interest being paid semiannually. The
Notes have a seven-year duration with the principal amortizing equally over the remaining
duration after the third year. The Company used the proceeds from the Notes to repay
outstanding borrowings and for working capital purposes. The Notes begin amortizing in the
third quarter of 2004, therefore $6,000 of the Notes have been classified as a current
liability.

In conjunction with the private
placement of the Notes, the Company and a syndicate of lenders entered into a credit
facility on July 17, 2001 (the Facility). The Facility consisted of a
$50,000 revolving line of credit which bore interest at a rate of LIBOR plus 0.80%. On
April 12, 2002, the Facility was modified to reduce the revolving line of credit to
$45,000. On December 31, 2002, the Facility was further modified to reduce the
revolving line of credit to $25,000. The interest rate on the Facility was LIBOR plus
1.50% as of June 30, 2004. At June 30, 2004, $14,106 was available pursuant to
the terms of the Facility. There were no borrowings under the Facility as of June 30,
2004.

The Company has NOL carryforwards
that were generated prior to its 1993 reorganization, as well as NOL carryforwards that
were generated in subsequent years. The total remaining NOL carryforwards were $37,443 as
of December 31, 2003. The NOL carryforwards expire gradually in the years 2008
through 2022.

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The Companys initial public
offering in March 1998 created an ownership change as defined by the IRS. This ownership
change generated an IRS imposed limitation on the utilization of NOL carryforwards on
future tax returns. The annual use of the NOL carryforwards is limited to the lesser of
the Companys taxable income or the amount of the IRS imposed limitation. The NOL
carryforwards available for use annually is $11,865. Of the $11,865 annual limitation,
$2,142 relates to a previous restriction on NOL carryforwards generated prior to the 1993
reorganization.

Realization of the net deferred tax
assets, including those attributable to the NOL carryforwards, over time is dependent upon
the Company generating sufficient taxable income in future periods. In determining that
realization of the net deferred tax assets was more likely than not, the Company has given
consideration to a number of factors including its recent earnings history, expectations
for earnings in the future, the timing of reversal of temporary differences, tax planning
strategies available to the Company and the expiration dates associated with NOL
carryforwards. If, in the future, the Company determines that it is no longer more likely
than not that the net deferred tax assets will be realized, a valuation allowance will be
established against all or part of the net deferred tax assets with an offsetting charge
to the income tax provision.

Item 3. Quantitative and
Qualitative Disclosures about Market Risk

The Company believes that its exposure
to market risk related to changes in foreign currency exchange rates and trade accounts
receivable is immaterial as all of the Companys sales are made in U.S. dollars. The
Company does not consider itself subject to the market risks addressed by Item 305 of
Regulation S-K.

---

Any statements contained herein that
are not historical facts are forward-looking statements within the meaning of the Private
Securities Legislation Reform Act of 1995, and involve risks and uncertainties. These
forward-looking statements include expectations, beliefs, plans, objectives, future
financial performance, estimates, projections, goals and forecasts. Potential factors
which could cause the Companys actual results of operations to differ materially
from those in the forward-looking statements include:

| | Market conditions and demand for the Company's products            |  | Competition        
|- | ------------------------------------------------------------------ | - | -------------------
| | Interest rates and capital costs                                   |  | Technologies       
| | Unstable governments and business conditions in emerging economies |  | Raw material prices
| | Legal, regulatory and environmental issues                         |  | Taxes              

Any forward-looking statement speaks
only as of the date on which such statement is made. The Company undertakes no obligation
to update any forward-looking statement to reflect events or circumstances after the date
on which such statement is made.

Item 4. Controls and
Procedures

The registrants certifying
officers have evaluated the effectiveness of the design and operation of the
Companys internal controls and disclosure controls and procedures as of the end of
the period covered by this quarterly report. Based upon that review, the certifying
officers have concluded that the internal controls and disclosure controls and procedures
are effectively operating to ensure that material information relating to the Company and
its consolidated subsidiaries is made known to such officers by others within those
entities, particularly during the period in which this quarterly report was being
prepared. The review of internal controls and disclosure controls and procedures did not
reveal any significant deficiencies in the design or operation which could adversely
affect the Companys ability to record, process, summarize and report financial data.
The Company did not discover any material weaknesses in these controls or procedures, nor
did the Company discover any fraud of any kind involving management or other employees who
have a significant role in the Companys internal controls. There were no significant
changes in the internal controls or in other factors that could significantly affect
internal controls subsequent to the date of evaluation, including any corrective actions
taken with regard to significant deficiencies or material weaknesses, and there are no
corrective actions contemplated as of the date of this report. The Company did not
identify any significant changes that need to be made to ensure the effectiveness of the
internal controls or the disclosure controls and procedures, nor did the Company identify
any other factors that could materially affect the internal controls occurring after the
date of our certification.

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Page 12 of 13

# PART II  OTHER
INFORMATION

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

On April 6, 2004, at the Annual
Meeting of Stockholders of the Company, the Stockholders were asked to vote on the
election of a new Board of Directors for the next year or until their successors are
elected. The following tabulation reflects the result of the election:

|Individual           | For        | Withheld 
|-------------------- | ---------- | ---------
|Lawrence W. Bianchi  | 10,829,565 | 1,202,121
|James C. Hill        | 10,865,565 | 1,166,121
|Leon A. Kranz        | 7,952,241  | 4,079,445
|J. Robert Peart      | 10,829,548 | 1,202,138
|Bradford T. Whitmore | 10,829,498 | 1,202,188
|Kerry L. Woody       | 10,865,565 | 1,166,121

No other matters came before the
stockholders for a vote during the period covered by this report.

Item 5. Other Information

On July 14, 2004, the Company
contributed 525,000 shares of common stock of the Company to the trust for three of the
defined benefit plans of the Company. The 525,000 shares came from the Treasury Stock of
the Company and reduced the number of shares held in Treasury Stock from 1,545,122 to
1,020,122. The shares transferred had a cost basis of $7.32 per share and a fair market
value of $9.00 per share based upon quoted prices at the market close on July 14,
2004. The pension liability is reduced by the fair value of the shares of $4,725, treasury
stock is reduced by $3,843 and the gain of $882 was credited as an addition to paid-in
capital.

Item 6. Exhibits and
Reports on Form 8-K

|(a) | Exhibit
31.1 is the written statement of the chief executive officer of the
               Company certifying this Form 10-Q complies with the requirements of
Section                13(a) of the Securities Exchange Act of 1934.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Exhibit
31.2 is the written statement of the chief financial officer of the Company certifying
this Form 10-Q complies with the requirements of Section 13(a) of the Securities Exchange
Act of 1934.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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Page 13 of 13

| | Exhibit
32.1 is the written statement of the chief executive officer and chief financial officer
of the Company pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) | A
Form 8-K was filed by the Company on April 22, 2004 announcing financial
          results for the period ending March 31, 2004
|--- | ---------------------------------------------------------------------------------------------------------------------------------

| | A
Form 8-K was filed by the Company on April 19, 2004 announcing the election of a new
member of the Board of Directors.
| | ------------------------------------------------------------------------------------------------------------------------

SIGNATURES

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

|                      |                           
|--------------------- | --------------------------
|                      | LADISH CO., INC.          
|Date:  August 2, 2004 | By:  /s/ Wayne E. Larsen  
|                      | Wayne E. Larsen           
|                      | Vice President Law/Finance
|                      | & Secretary