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, 2001
                     ----------------------
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__X__     No_____


     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, 2001
-----------------------------           ----------------------------------------
Common Stock, $0.01 Par Value                       12,912,477

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                                                                    Page 2 of 10


                         PART I - FINANCIAL INFORMATION
                         ------------------------------
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                                                                    Page 3 of 10


                                LADISH CO., INC.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
             (Dollars in Thousands, Except Share and Per Share Data)

                                                        For the Three Months
                                                           Ended March 31,
                                                     -------------------------
                                                         2001          2000
                                                     -----------   -----------

Net sales     .......................................$    67,863   $    54,852

Cost of sales .......................................     59,205        46,249
                                                     -----------   -----------

         Gross income on sales.......................      8,658         8,603

Selling, general and administrative expenses.........      3,001         2,228
                                                     -----------   -----------

         Income from operations......................      5,657         6,375

Other income (expense):
     Interest expense................................      ( 483 )       ( 444 )
     Other, net......................................          8            36

         Income before provision for income taxes....      5,182         5,967

Provision for income taxes...........................      1,036         1,074
                                                     -----------   -----------

         Net income..................................$     4,146   $     4,893
                                                     ===========   ===========




Basic earnings per share.............................$      0.32   $      0.36

Diluted earnings per share...........................$      0.32   $      0.35

Basic weighted average shares outstanding............ 12,912,477    13,464,804

Diluted weighted average shares outstanding.......... 13,127,064    14,015,573

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                                                                    Page 4 of 10

<TABLE>
                                                      LADISH CO., INC.

                                                CONSOLIDATED BALANCE SHEETS

                                  (Dollars in Thousands, Except Share and Per Share Data)
<CAPTION>
                                                                                             March 31,        December 31,
         Assets                                                                                2001              2000
         ------                                                                           -------------      -------------
Current assets:
<S>                                                                                       <C>                <C>
     Cash and cash equivalents............................................................$         394      $       3,521
     Accounts receivable, less allowance of $337..........................................       46,576             38,615
     Inventories..........................................................................       56,564             54,942
     Prepaid expenses and other current assets............................................        1,107                483
                                                                                          -------------      -------------
         Total current assets.............................................................      104,641             97,561
                                                                                          -------------      -------------
Property, plant and equipment:
     Land and improvements                                                                        4,622              4,622
     Buildings and improvements...........................................................       25,543             25,484
     Machinery and equipment..............................................................      132,175            131,770
     Construction in progress.............................................................       13,723             10,777
                                                                                          -------------      -------------
                                                                                                176,063            172,653
     Less - accumulated depreciation......................................................     ( 78,459 )         ( 74,828 )
                                                                                          -------------      -------------
         Net property, plant and equipment                                                       97,604             97,825

Other assets  ............................................................................       10,696             10,377
                                                                                          -------------      -------------

         Total assets.....................................................................$     212,941          $ 205,763
                                                                                          =============          =========

         Liabilities and Stockholders' Equity
         ------------------------------------
Current liabilities:
     Senior debt..........................................................................$      23,520        $    15,000
     Accounts payable.....................................................................       27,757             25,057
     Accrued liabilities:
         Pensions.........................................................................          248                332
         Postretirement benefits..........................................................        5,745              5,745
         Wages and salaries...............................................................        5,450              4,201
         Taxes, other than income taxes...................................................          365                243
         Interest.........................................................................          180                163
         Profit sharing...................................................................          462              1,366
         Paid progress billings...........................................................        5,058              6,014
         Other............................................................................        2,156              3,459
                                                                                          -------------      -------------
              Total current liabilities...................................................       70,941             61,580
Long term liabilities:
     Senior debt, less current portion....................................................        8,000             10,000
     Pensions ............................................................................        5,758              7,742
     Postretirement benefits..............................................................       38,302             38,682
     Other noncurrent liabilities.........................................................          793                621
                                                                                          -------------      -------------
              Total liabilities...........................................................      123,794            118,625
                                                                                          -------------      -------------

Stockholders' equity:
     Common stock - authorized 100,000,000, issued and outstanding 14,573,515
       shares of $.01 par value as of March 31, 2001 and December 31, 2000................          146                146
     Additional paid-in capital...........................................................       81,667             83,804
     Retained earnings....................................................................       19,495             15,349
     Treasury stock, 1,661,038 shares of common stock at cost
       as of March 31, 2001 and December 31, 2000.........................................     ( 12,161 )         ( 12,161 )
                                                                                          -------------      -------------
              Total stockholders' equity..................................................       89,147             87,138
                                                                                          -------------      -------------

              Total liabilities and stockholders' equity..................................$     212,941          $ 205,763
                                                                                          =============          =========
</TABLE>
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<TABLE>
                                                                                                               Page 5 of 10

                                                      LADISH CO., INC.

                                           CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                   (Dollars in Thousands)
<CAPTION>
                                                                                                For the Three Months
                                                                                                  Ended March 31,
                                                                                          --------------------------------
                                                                                               2001               2000
                                                                                          -------------      -------------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                                       <C>                <C>
     Net income...........................................................................$       4,146      $       4,893
     Adjustments to reconcile net income to net cash
        provided from (used for) operating activities:
         Depreciation.....................................................................        3,635              3,538
         Amortization.....................................................................          131                208
         Reduction in valuation allowance.................................................          930              1,007
         Non-cash compensation expense....................................................          160                 --

     Change in assets and liabilities:
         Accounts receivable..............................................................      ( 7,961 )          ( 4,431 )
         Inventories......................................................................      ( 1,622 )          ( 3,642 )
         Other assets.....................................................................      ( 1,073 )            ( 226 )
         Accounts payable and accrued liabilities.........................................          841             10,785
         Other liabilities................................................................      ( 2,192 )          ( 2,501 )
                                                                                          -------------      -------------

              Net cash provided from (used for) operating activities......................      ( 3,005 )            9,631
                                                                                          -------------      -------------

CASH FLOWS FROM INVESTING ACTIVITIES:

     Additions to property, plant and equipment...........................................      ( 3,419 )          ( 2,531 )
     Proceeds from sale of property, plant and equipment..................................            4                 --
     Acquisition of business..............................................................           --           ( 26,600 )
                                                                                          -------------      -------------

              Net cash used for investing activities......................................      ( 3,415 )         ( 29,131 )
                                                                                          -------------      -------------

CASH FLOWS FROM FINANCING ACTIVITIES:

     Proceeds from senior debt............................................................        6,520             26,600
     Repurchase of common stock...........................................................           --              ( 969 )
     Retirement of warrants...............................................................      ( 3,227 )             ( 28 )
                                                                                          -------------      -------------

              Net cash provided from financing activities.................................        3,293             25,603
                                                                                          -------------      -------------

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS..........................................      ( 3,127 )            6,103
CASH AND CASH EQUIVALENTS, beginning of period............................................        3,521              1,008
                                                                                          -------------      -------------

CASH AND CASH EQUIVALENTS, end of period..................................................$         394      $       7,111
                                                                                          =============      =============
</TABLE>
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                                                                    Page 6 of 10

                                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 condensed
financial statements contain all adjustments necessary to present fairly its
financial position at March 31, 2001 and December 31, 2000 and its results of
operations and cash flows for the three months ended March 31, 2001 and March
31, 2000. All adjustments are of a normal recurring nature.

The accompanying unaudited consolidated condensed 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 10-K, 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, 2000 and 1999, and the related consolidated statements
of operations, stockholders' equity, and cash flows for the years ended December
31, 2000, 1999 and 1998.

The results of operations for the three-month period ended March 31, 2001 are
not necessarily indicative of the results to be expected for the full year.

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

Inventories consisted of:
                                                March 31,    December 31,
                                                  2001          2000
                                                ----------    ----------

     Raw material and supplies                   $  16,156     $  16,319
     Work-in-process and finished goods             42,867        41,381
     Less progress payments                        ( 2,459 )     ( 2,758 )
                                                ----------    ----------

           Total inventories                    $   56,564    $   54,942
                                                ==========    ==========

(3)  Interest and Income Tax Payments
     --------------------------------
                                                   For the three Months
                                                     Ended March 31,
                                                ------------------------
                                                  2001             2000
                                                ----------    ----------

     Interest                                   $      458    $      402
     Income taxes                                      339           121

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                                                                    Page 7 of 10


(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)  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.


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                                                                    Page 8 of 10

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

RESULTS OF OPERATIONS
---------------------

First Quarter 2001 Compared to First Quarter 2000
-------------------------------------------------

Net sales for the three months ended March 31, 2001 were $67.9 million compared
to $54.9 for the same period in 2000. The 24% increase in sales for the first
quarter of 2001 was primarily attributed to an improvement in the aerospace
market. Gross profit for the first three months of 2001 declined to 12.8% of
sales in contrast to 15.7% of sales in the first quarter of 2000 primarily as a
result of energy cost increases.

Selling, general and administrative expenses, as a percentage of sales, were
4.4% for the first quarter of 2001 compared to 4.1% for the same period in 2000.
The increase in SG&A expenses for the period was partially attributable to
increased foreign sales and the Pacific Cast Technologies, Inc. ("PCT")
operations. However, the most significant impact on SG&A was the Company's
recognition of approximately $0.16 million in non-cash expenses due to the
effective date of FIN 44 on stock option programs. Under the provisions of this
interpretation, repriced options are accounted for under variable accounting,
which records compensation expense or benefit for increases or decreases in the
market value of the Company's common stock until the options are exercised,
forfeited or expire.

Interest expense for the period was $0.483 million in contrast to $0.444 million
in 2000. The increase in interest expense was due to higher loan balances of
senior debt resulting from the PCT purchase and stock buyback program, partially
offset by lower interest rates. During the first quarter of 2001, the Company's
senior debt had an interest rate equal to the LIBOR rate plus 0.80% per annum.

The $1.04 million provision for income taxes for 2001 and $1.07 million for 2000
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 income for the first quarter of 2001 after increased energy costs and
non-cash compensation expense was $4.1 million, a 15% decline from the same
period in 2000. The decrease in profitability was due to the aforementioned
energy costs and non-cash compensation expense incurred in 2001 and the reduced
employment expenses incurred in 2000 due to the first quarter work stoppage.

Liquidity and Capital Resources
-------------------------------

As of July 1, 1999, the Company entered into a new credit facility (the
"Facility") with a syndicate of lenders. The Facility provides for borrowings of
up to $100 million subject to certain limitations. Borrowings under the Facility
are unsecured and were initially structured as revolving loans with the option
of conversion into term loans. Borrowings under the Facility bear interest at a
rate of LIBOR plus 0.75% per annum. Proceeds from the Facility were used to
terminate the prior credit agreement on July 1, 1999.

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                                                                    Page 9 of 10


On April 14, 2000, the Company and substantially the same group of lenders
entered into an amended and restated credit facility (the "New Facility"). The
New Facility is comprised of a $24 million term facility with a three-year
maturity and a $76 million revolving loan facility. The term facility bears
interest at a rate of LIBOR plus 1.25% and the revolving loan facility bears
interest at a rate of LIBOR plus 0.80%. At March 31, 2001, approximately $41.5
million was available and undrawn under the New Facility. The balance of the
borrowings under the New Facility as of March 31, 2001 was $31.5 million.

The Company has net operating loss ("NOL") carryforwards, which were generated
prior to a financial restructuring that was completed on April 30, 1993, as well
as NOL carryforwards that were generated in subsequent years. The total
remaining NOL carryforwards were approximately $34.5 million as of December 31,
2000. The NOL carryforwards expire gradually beginning in the year 2007 through
2010.

The Company's IPO created an ownership change as defined by the Internal Revenue
Service, ("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. Approximately $12 million of the
NOL carryforwards is available for use annually. Approximately $2 million of the
$12 million annual limitation relates to a previous restriction on NOL
carryforwards generated prior to the financial restructuring.

Based on the limitations described above and certain other factors, a valuation
allowance has been recorded against the entire amount of the net deferred tax
assets. Any tax benefit that is realized in subsequent years from the reduction
of the valuation allowance established at or prior to the financial
restructuring will be recorded as an addition to paid-in capital. Any tax
benefit that is realized in subsequent years from the utilization of deferred
tax assets created after April 30, 1993, will be recorded as a reduction of
future income tax provisions.

Under the common stock repurchase program (the "Program") authorized by the
Company's Board of Directors, the Company repurchased 322,691 shares, or share
equivalents, of its common stock during the first quarter of 2001. As of March
31, 2001, the Company has repurchased approximately 2.82 million shares, or
share equivalents, of its common stock under the Program.

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.

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

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.

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                                                                   Page 10 of 10


PART II - OTHER INFORMATION
---------------------------

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

No matters were submitted to a vote of the stockholders during the period
covered by this report.

Item 5.   Other Information
---------------------------

None

Item 6.   Reports on Form 8-K
-----------------------------

No reports on Form 8-K were filed during the period covered by this report.


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:   April 30, 2001                 By: /s/ WAYNE E. LARSEN
     --------------------                  ------------------------------
                                               Wayne E. Larsen
                                           Vice President Law/Finance
                                                   & Secretary