SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-Q


               QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


   For the Quarter Ended      March 31, 1998

   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                     (I.R.S. Employer
      incorporation or organization)                     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                     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, 1998
   Common Stock, $0.01 Par Value                     13,945,246

   <PAGE>
                         PART I   FINANCIAL INFORMATION


                                Ladish Co., Inc.
                      Consolidated Statements of Operations
             (Dollars in Thousands, Except Share and Per Share Data)

                                                     For the Three Months 
                                                        Ended March 31, 
                                                       1998          1997

   Net sales . . . . . . . . . . . . . . . . . . . $   61,671    $   49,923

   Cost of sales . . . . . . . . . . . . . . . . .     51,957        43,944
                                                    ---------     ---------
        Gross income on sales  . . . . . . . . . .      9,714         5,979

   Selling, general and
    administrative expenses  . . . . . . . . . . .      2,057         1,758
                                                    ---------     ---------
        Income from operations . . . . . . . . . .      7,657         4,221

   Other income (expense):
      Interest expense . . . . . . . . . . . . . .      ( 781)        ( 931)
      Other, net . . . . . . . . . . . . . . . . .         89            13
                                                    ---------     ---------

        Income before provision for
         income taxes  . . . . . . . . . . . . . .      6,965         3,303

   Provision for income taxes  . . . . . . . . . .        697           245
                                                    ---------     ---------
        Net income . . . . . . . . . . . . . . . . $    6,268    $    3,058
                                                    =========     =========

   Basic earnings per share (1)  . . . . . . . .  $      0.94         $0.59

   Diluted earnings per share (1)  . . . . . . .  $      0.73         $0.25

   Basic weighted average
    shares outstanding (1) . . . . . . . . . . . .  6,701,592     5,146,876

   Diluted weighted average
    shares outstanding (1) . . . . . . . . . . . .  8,542,829    12,195,013

   ____________________

   (1)  See the discussion of the impact of the March 9, 1998 Initial Public
        Offering of Common Stock by the Company on the basic earnings per
        share calculation as well as the diluted earnings per share
        calculation in Part II   Other Information Item 5.

   <PAGE>

                                Ladish Co., Inc.
                           Consolidated Balance Sheets
             (Dollars in Thousands, Except Share and Per Share Data)

                                                March 31,      December 31,
   Assets                                          1998              1997  
   Current assets:
       Cash and cash equivalents   . . . . . . . $   9,599      $     566
       Accounts receivable, less allowance
           of $300   . . . . . . . . . . . . . .    34,671         27,631
       Inventories   . . . . . . . . . . . . . .    48,291         48,842
       Prepaid expenses and other
           current assets  . . . . . . . . . . .     2,211          2,537
                                                   -------        -------
             Total current assets  . . . . . . .    94,772         79,576
                                                   -------        -------
   Plant and equipment:
       Land  . . . . . . . . . . . . . . . . . .     3,855          3,855
       Buildings and improvements  . . . . . . .    13,788         13,756
       Machinery and equipment   . . . . . . . .   100,421         99,766
       Construction in progress  . . . . . . . .     8,742          6,666
                                                   -------        -------
                                                   126,806        124,043
           Less   accumulated
             depreciation  . . . . . . . . . . .  ( 43,863)      ( 41,206)
                                                   -------        -------
             Net plant and equipment   . . . . .    82,943         82,837

   Other assets  . . . . . . . . . . . . . . . .     2,970          3,048
                                                   -------        -------
             Total assets  . . . . . . . . . . . $ 180,685      $ 165,461
                                                   =======        =======

       Liabilities and Stockholders' Equity
   Current liabilities:
       Current portion of senior debt  . . . . . $   2,000      $   2,000
       Current portion of Notes payable  . . . .        --            250
       Accounts payable  . . . . . . . . . . . .    34,998         15,863
       Accrued liabilities:
           Pensions  . . . . . . . . . . . . . .    10,104          8,293
           Postretirement benefits   . . . . . .     5,567          5,567
           Wages and salaries    . . . . . . . .     5,728          5,501
           Taxes, other than income taxes  . . .       277            239
           Interest    . . . . . . . . . . . . .        92             96
           Profit sharing  . . . . . . . . . . .       740          2,629
           Other   . . . . . . . . . . . . . . .     6,169          6,846
                                                   -------        -------
             Total current liabilities   . . . .    65,675         47,284

   Senior debt, less current portion   . . . . .     3,000         25,391
   Notes payable, less current portion . . . . .        --            750
   Subordinated debt . . . . . . . . . . . . . .        --         11,325
   Pensions  . . . . . . . . . . . . . . . . . .    10,891         28,409
   Postretirement benefits   . . . . . . . . . .    43,589         43,857
   Other noncurrent liabilities  . . . . . . . .     3,416          3,428
                                                   -------        -------
             Total liabilities   . . . . . . . .   126,571        160,444
                                                   -------        -------

   Stockholders' equity:
       Common stock   authorized 100,000,000,
           issued 13,945,246 shares and
           5,315,473 shares of $0.01 par value
           as of March 31, 1998 and December 31,
           1997, respectively  . . . . . . . . .       139             53
       Additional paid-in capital  . . . . . . .    80,541         37,798
       Accumulated deficit   . . . . . . . . . .  ( 26,566)      ( 32,834)
                                                   -------        -------
             Total stockholders' equity  . . . .    54,114          5,017
                                                   -------        -------
             Total liabilities and
              stockholders' equity   . . . . . . $ 180,685      $ 165,461
                                                   =======        =======

   <PAGE>

                                Ladish Co., Inc.
                      Consolidated Statements of Cash Flows
                             (Dollars in Thousands)

                                                     For the Three Months
                                                        Ended March 31,
                                                     1998           1997
   CASH FLOWS FROM OPERATING ACTIVITIES:

   Net income  . . . . . . . . . . . . . . . .      $  6,268      $  3,058
   Adjustments to reconcile net income to
      net cash provided from (used for)
      operating activities:
          Depreciation . . . . . . . . . . . .         2,657         2,415
          Amortization . . . . . . . . . . . .           107            33
          Payment-in-kind interest on
              subordinated debt  . . . . . . .           289           313
          Reduction in valuation allowance   .           653           245
          Other  . . . . . . . . . . . . . . .            (3)           --

   Change in assets and liabilities:
          Accounts receivable  . . . . . . . .       ( 7,040)      ( 6,126)
          Inventories  . . . . . . . . . . . .           551       ( 6,435)
          Other assets   . . . . . . . . . . .           297            17
          Accounts payable and accrued
              liabilities  . . . . . . . . . .        18,641         9,767
          Other liabilities  . . . . . . . . .      ( 17,798)      ( 2,128)
                                                     -------       -------
              Net cash provided from operating
                activities . . . . . . . . . .         4,622         1,159
                                                     -------       -------
 
   CASH FLOWS FROM INVESTING ACTIVITIES:

      Additions to property, plant
          and equipment  . . . . . . . . . . .       ( 2,763)      ( 1,665)
      Proceeds from sale of property,
          plant and equipment  . . . . . . . .             3           599
                                                    --------       -------
              Net cash used for investing
                activities . . . . . . . . . .       ( 2,760)      ( 1,066)
                                                    --------       -------

   CASH FLOWS FROM FINANCING ACTIVITIES:

      Repayment of senior debt . . . . . . . .      ( 22,391)         ( 87)
      Retirement of senior subordinated
          debt and warrants  . . . . . . . . .      ( 11,614)         ( 69)
      Repayment of notes payable . . . . . . .       ( 1,000)           --
      Issuance of common stock . . . . . . . .        42,176            69
                                                     -------       -------

              Net cash provided from (used
                for) financing activities  . .         7,171          ( 87)
                                                     -------       -------

   INCREASE IN CASH AND CASH EQUIVALENTS   . .         9,033             6
   CASH, beginning of period . . . . . . . . .           566           102
                                                     -------       -------
   CASH, end of period . . . . . . . . . . . .       $ 9,599       $   108
                                                     =======       =======

   <PAGE>

                                Ladish Co., Inc.
                   Notes to Consolidated Financial Statements
                             (Dollars in Thousands)


   (1)  Basis of Presentation

   In the opinion of the Company, the accompanying unaudited consolidated
   financial statements contain all adjustments necessary to present fairly
   its financial position at March 31, 1998 and December 31, 1997 and its
   results of operations and cash flows for the three months ended March 31,
   1998 and March 31, 1997.  All adjustments are of a normal recurring
   nature.

   The accompanying unaudited 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
   flow in conformity with generally accepted accounting principles.  In
   conjunction with its Form S-1, the Company filed audited consolidated
   financial statements which included all information and footnotes
   necessary for a fair presentation of its financial position at December
   31, 1997 and 1996, and the related consolidated statements of operations,
   stockholders' equity, and cash flows for the years ended December 31, 1997
   and 1996.

   The results of operations for the three-month period ended March 31, 1998
   are not necessarily indicative of the results to be expected for the full
   year.

   (2)  Inventories

   Inventories consisted of:

                                        March 31,     December 31,
                                           1998           1997

   Raw material and supplies            $  16,807      $  19,104
   Work-in-process and
     finished goods                        35,442         34,049
   Less progress payments                 ( 3,958)       ( 4,311)
                                         --------        -------
       Total inventories                $  48,291      $  48,842
                                         ========       ========


   (3)  Interest and Income Tax Payments

                                          For the Three Months
                                            Ended March 31,
                                           1998           1997

     Interest                           $   2,883       $    769
     Income taxes                            --               50

   (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
   for purposes of the statement of cash flows.

   (5)  Revenue Recognition

   Revenue is recognized when products are shipped.

   (6)  Initial Public Offering

   On March 13, 1998, the Company received proceeds of $29.5 million on the
   sale of 2,336,000 shares of common stock in an initial public offering. 
   Subsequently, the Underwriters exercised their option to purchase 501,138
   shares for additional proceeds of $6.3 million.  In addition, warrants for
   5,792,635 shares were exercised for proceeds and forgiveness of debt of
   approximately $7.0 million.

   (7)  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.

   <PAGE>

                             MANAGEMENT'S DISCUSSION
                    AND ANALYSIS OF RESULTS OF OPERATIONS AND
                          CHANGES IN FINANCIAL POSITION

   Results of Operations

   First Quarter 1998 Compared to First Quarter 1997

   Net sales for the three months ended March 31, 1998 were $61.7 million
   compared to $49.9 for the same period in 1997, an increase of 24%.  The
   increase in sales for the first quarter of 1998 was primarily attributed
   to the continued resurgence of the jet engine market.  The Company also
   continued to benefit in 1998 due to improvement in on-time deliveries and
   focus on manufacturing productivity.  Gross profit improved to 15.8% of
   sales in contrast to 12% of sales in the first three months of 1997 as a
   result of operating efficiencies and greater absorption of fixed costs by
   an increased level of sales.

   Selling, general and administrative expenses, as a percentage of sales,
   were 3.3% for the first quarter of 1998 compared to 3.5% for the same
   period in 1997.

   Interest expense for the period was reduced to $0.78 million from a level
   of $0.93 million in 1997, a decrease of 16%.  The reduction in interest
   expense was attributable to lower loan balances of senior debt and reduced
   interest rates.  Approximately $0.36 million of the interest expense in
   1998 was related to the subordinated notes issued in 1995 and 1996.  The
   notes were redeemed March 31, 1998.  See "Liquidity and Capital
   Resources".  As of March 31, 1998, the Company's senior debt had an
   interest rate of equal to the commercial paper rate plus 2.0% per annum
   (reduced from 2.5% as of March 31, 1997).

   The Company's income before taxes increased from $3.3 million in the first
   quarter of 1997 to $7.0 million in 1998, due primarily to the increase in
   sales.

   The $0.70 million provision for taxes for 1998 and $0.25 million for 1997
   represent largely non-cash accounting charges.  The reversal of valuation
   allowances relating to pre-restructuring NOLs requires the Company to
   record a tax provision and to reflect the offset as an addition to paid-in
   capital, rather than as an offset to the provision for income taxes.  The
   overall effective rate differs substantially from the statutory tax rate
   due to the reversal of valuation allowances relating to post-restructuring
   versus pre-restructuring deferred tax assets.  The Company intends to
   continue to use its NOLs in the future to reduce actual payment of federal
   income taxes.  The future use of the NOLs is subject to certain statutory
   restrictions.  See "Liquidity and Capital Resources   Net Operating Loss
   Carryforwards".

   Liquidity and Capital Resources

   In March 1998, the Company entered into an amended and restated credit
   agreement (the "Credit Agreement") with its lender which expires on June
   30, 2000.  The Credit Agreement consists of two facilities:  (i) a $45
   million revolving line of credit (the "Revolving Credit Facility") and
   (ii) an $8 million term loan (the "Term Loan").  All of the Company's
   assets have been pledged to secure borrowings under the Credit Agreement.

   Borrowings under the Revolving Credit Facility bear interest at a rate
   equal to the commercial paper rate plus 2.0% per annum (reduced from 2.5%
   as of December 31, 1996).  The lender has agreed to reduce the interest
   rate on the Revolving Credit Facility to the commercial paper rate plus
   1.5% per annum as of April 1, 1998.  Availability under the Revolving
   Credit Facility is subject to a borrowing base limitation which is
   calculated based upon eligible accounts receivable and inventories reduced
   by the amount of any letters of credit.  At March 31, 1998, approximately
   $45 million was available and undrawn under the Revolving Credit Facility.

   The Term Loan is payable in 16 consecutive quarterly installments which
   commenced on September 30, 1996.  The first four quarterly installments
   were $375,000 each, the next eight installments are $500,000 each
   beginning September 30, 1997, and the last four installments are $625,000
   each, with the first installment due on September 30, 1999 and the last
   installment due on June 30, 2000.  Borrowings under the Term Loan bear
   interest at a rate equal to the commercial paper rate plus 2.0% per annum.
   The lender has agreed to reduce the interest rate on the Term Loan to the
   commercial paper rate plus 1.5% per annum as of April 1, 1998.  The
   Company may, at any time, prepay the outstanding balance of the Term Loan,
   in whole or in part, subject to a prepayment fee of 1% of the outstanding
   balance (or in the case of a partial prepayment, of the amount prepaid) if
   the Term Loan is prepaid on or before July 1, 1999.  The balance of the
   Term Loan as of March 31, 1998 was $5.0 million.

   The Credit Agreement contains covenants, including, but not limited to,
   restrictions on the incurrence of additional indebtedness and operations
   and capital expenditures.  In addition, the Company is required to
   maintain an interest coverage ratio of 1.5 to 1 for 1997 and 2.0 to 1
   thereafter and to maintain a fixed charge coverage ratio of 1.0 to 1.  At
   March 31, 1998, the Company was in compliance with all covenants under the
   Credit Agreement and believes that it will remain in compliance with such
   covenants for the foreseeable future.

   In December 1995, the Company issued a total of $4.0 million of its 12%
   senior subordinated secured notes due December 22, 2000 (the "Subordinated
   Notes") to certain stockholders.  In February 1996, the Company completed
   a second offering of Subordinated Notes when it issued an additional $5.3
   million of Subordinated Notes to certain other stockholders.  The
   Subordinated Notes bear interest at a rate of 12% per annum and are due in
   December 2000.  Interest on the Subordinated Notes is payable quarterly in
   the form of additional Subordinated Notes.  The Subordinated Notes are
   secured by a second security interest in substantially all of the
   Company's assets, and are subordinated to indebtedness under the Credit
   Agreement.  On March 31, 1998 the Company redeemed the Subordinated Notes
   by repaying the outstanding face value of the Subordinated Notes plus
   accrued interest thereon.  In connection with such redemption the holders
   of the Subordinated Notes released their second security interest in the
   Company's assets.

   At December 31, 1997, the Company had approximately $57.0 million of net
   operating loss carryforwards ("NOLs") for federal income tax purposes, of
   which approximately $21.4 million are restricted due to the 1993 change of
   ownership of the Company.  To the extent that the Company generates
   taxable income, these NOLs will reduce the federal income taxes of the
   Company in future years, and therefore increase its after-tax cash flow. 
   Given the Company's continued positive financial performance, the Company
   has undertaken an evaluation of the treatment of the NOLs for future
   valuation purposes.

   On March 13, 1998 the Company successfully completed an initial public
   offering for 2,336,000 shares of common stock (the "IPO").  The Company
   received approximately $29.5 million in proceeds from the IPO, after
   underwriting discounts and commissions.  Those proceeds were utilized by
   the Company to reduce its pension liability, redeem the Subordinated Notes
   and repay a portion of the outstanding indebtedness under the Revolving
   Credit Facility.  Subsequent to the IPO, the underwriters elected to
   purchase additional shares of common stock from the Company which resulted
   in the Company receiving approximately $6.3 million in additional
   proceeds.  These additional proceeds along with approximately $7.0 million
   of proceeds and forgiveness of debt from the exercise of warrants were
   used to repay the remaining outstanding balance under the Revolving Credit
   Facility.

                              --------------------


   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; technologies; raw material prices; interest rates
   and capital costs; taxes; unstable governments and business conditions in
   emerging economies; and legal, regulatory and environmental issues.  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.

   <PAGE>

   PART II   OTHER INFORMATION

   Item 2.     Changes in Securities

   In connection with the IPO and in compliance with Item 701(f) of
   Regulation S-K, the Company represents that:

   (1)   The effective date of the registration statement was March 9, 1998
         and the Commission file number assigned to it was 333-43011.

   (2)   The offering was commenced March 9, 1998.

   (3)   The offering did not terminate before any securities were sold.

   (4)   (i)   The offering terminated after all of the registered securities
         were sold.

         (ii)  The managing underwriters for the offering were Credit Suisse
         First Boston and BT Alex. Brown.

         (iii) Common Stock of the Company was registered.

         (iv)  The aggregate amount of Common Stock registered and sold was
         7,343,278 shares at an offering price of $13.50 per share which
         raised an aggregate amount of proceeds of $99,134,253.  Of the
         total, 2,837,138 shares were sold by the Company for $38,301,363 of
         proceeds and 4,506,140 shares were sold by selling security holders
         for $60,832,890 of proceeds.

         (v)   The underwriting discounts and commissions paid by the Company
         amounted to $2,468,310.  The Company also incurred approximately
         $600,000 of expenses in connection with the offering, none of which
         was paid directly or indirectly to directors, officers or affiliates
         of the Company.

         (vi)  The net offering proceeds to the Company was approximately
         $35,233,000.

         (vii) The Company applied the net offering proceeds as follows:

           $15,000,000    Contributed to Company-sponsored pension plans
            $1,000,000    Redeemed outstanding note
           $11,614,000    Redeemed Senior Subordinated 12% Notes
            $7,619,000    Repayment of Senior Debt

         Of the above use of proceeds, approximately $8,730,000 of the
         redeemed Senior Subordinated 12% Notes were held by affiliates.  No
         other officer, director or affiliate received any of the proceeds.


   <PAGE>

   Item 5.     Other Information

   As a result of the new shares of common stock issued by the Company in the
   IPO combined with the conversion of warrants into common stock as of March
   31, 1998 the Company had 13,945,246 basic shares of common stock
   outstanding (as reflected in the Consolidated Balance Sheets on page 4). 
   On a fully-diluted basis, taking into account outstanding warrants and
   options, the Company would have 15,861,234 shares of common stock
   outstanding.  Due to the timing of the IPO and the warrant exercise
   combined with the dictates of Statement of Financial Accounting Standards
   No. 128, the Company reported 6,701,592 basic shares and 8,542,829 fully-
   diluted shares of common stock outstanding as of March 31, 1998.

   Item 6.     Exhibits and Reports on Form 8-K

   (a)   Exhibits

         27   Financial Data Schedule

   (b)   Reports on Form 8-K.

   No reports on Form 8-K have been filed with the Commission during the
   period covered by this report.

   <PAGE>

   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:        May 1, 1998                By:       /s/
                                                Wayne E. Larsen
                                             Vice President Law/Finance
                                                    & Secretary