|   |
|--------|

| CONNECTICUT                                                    | 06-0236700                           |
|----------------------------------------------------------------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
|  60 ROUND HILL ROAD,  FAIRFIELD, CONNECTICUT    |  06824                          |
| (Address of principal executive offices)                       | (Zip Code)                           |

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|                                 |               |                                                                                                    | Page           |
|--------------------------------------|--------------------|---------------------------------------------------------------------------------------------------------|----------------|
| Part I — FINANCIAL INFORMATION |               |
|                                 |               |                                                                                                    |           |   |
|                                 | Item 1.       | Financial Statements (Unaudited)                                                                        |           |
|                                 |               |                                                                                                    |           |   |
|                                 |               | Condensed Consolidated Balance Sheets as of March 31, 2011 and December 31, 2010                        |  3        |
|                                 |               |                                                                                                    |           |   |
|                                 |               | Condensed Consolidated Statements of Operations for the three months ended March 31, 2011 and 2010 |  5        |
|                                 |               |                                                                                                    |           |   |
|                                 |               | Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2011 and 2010      |  6        |
|                                 |               |                                                                                                    |           |   |
|                                 |               | Notes to Condensed Consolidated Financial Statements                                                    |  7        |
|                                 |               |                                                                                                    |           |   |
|                                 | Item 2.       | Management’s Discussion and Analysis of Financial Condition and Results of Operations             |  11       |
|                                 |               |                                                                                                    |           |   |
|                                 | Item 3.            | Quantitative and Qualitative Disclosure About Market Risk                                          |  14       |
|                                 |               |                                                                                                    |           |   |
|                                 | Item 4T.           | Controls and Procedures                                                                                 |  14       |
|                                 |               |                                                                                                    |           |   |
| Part II — OTHER INFORMATION    |               |
|                                 |               |                                                                                                    |           |   |
|                                 | Item 1.       | Legal Proceedings                                                                                       |  15       |
|                                 |               |                                                                                                    |           |   |
|                                 | Item 1A.           | Risk Factors                                                                                            |  15       |
|                                 |               |                                                                                                    |           |   |
|                                 | Item 2.       | Unregistered Sales of Equity Securities and Use of Proceeds                                        |  15       |
|                                 |               |                                                                                                    |           |   |
|                                 | Item 3.       | Defaults Upon Senior Securities                                                                         |  15       |
|                                 |               |                                                                                                    |           |   |
|                                 | Item 4.  | Removed and Reserved                                                                                    |   15 |
|                                 |               |                                                                                                    |           |   |
|                                 | Item 5.       | Other Information                                                                                       |   15 |
|                                 |               |                                                                                                    |           |   |
|                                 | Item 6.       | Exhibits                                                                                                |  15       |
|                                 |               |                                                                                                    |           |   |
|                                 | Signatures         |                                                                                                    |  16       |

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| ACME UNITED CORPORATION                       |   |
|-----------------------------------------------|--------|
| CONDENSED CONSOLIDATED BALANCE SHEETS         |   |
| (all amounts in thousands, except share data) |   |
|                                          |   |   |   |   |   |   |
|                                          |   | March 31, |   |   | December 31, |   |
|                                          |   | 2011 |   |   | 2010 |   |
|                                          |   | (unaudited) |   |   | (Note 1) |   |
|                                          |   |   |   |   |   |   |
| ASSETS                                        |   |   |   |   |   |   |
| Current assets:                               |   |   |   |   |   |   |
| Cash and cash equivalents                     |   | $ | 5,102 |   |   | $ | 6,601 |   |
| Accounts receivable, less allowance           |   |   | 12,711 |   |   |   | 12,331 |   |
| Inventories:                                  |   |   |   |   |   |   |   |   |
| Finished goods                                |   |   | 22,291 |   |   |   | 21,109 |   |
| Work in process                               |   |   | 134 |   |   |   | 172 |   |
| Raw materials and supplies                    |   |   | 929 |   |   |   | 1,012 |   |
|                                          |   |   | 23,354 |   |   |   | 22,293 |   |
| Prepaid expenses and other current assets     |   |   | 1,614 |   |   |   | 1,403 |   |
| Total current assets                          |   |   | 42,780 |   |   |   | 42,628 |   |
| Property, plant and equipment:                |   |   |   |   |   |   |   |   |
| Land                                          |   |   | 170 |   |   |   | 160 |   |
| Buildings                                     |   |   | 2,503 |   |   |   | 2,438 |   |
| Machinery and equipment                       |   |   | 9,401 |   |   |   | 8,905 |   |
|                                          |   |   | 12,073 |   |   |   | 11,503 |   |
| Less accumulated depreciation                 |   |   | 9,698 |   |   |   | 9,287 |   |
|                                          |   |   | 2,376 |   |   |   | 2,216 |   |
| Note receivable                               |   |   | 1,825 |   |   |   | 1,839 |   |
| Intangible assets, less amortization          |   |   | 3,354 |   |   |   | 1,866 |   |
| Other assets                                  |   |   | 1,032 |   |   |   | 1,032 |   |
| Total assets                                  |   | $ | 51,367 |   |   | $ | 49,581 |   |

----

| ACME UNITED CORPORATION                           |   |
|---------------------------------------------------|--------|
| CONDENSED CONSOLIDATED BALANCE SHEETS (continued) |   |
| (all amounts in thousands, except share data)     |   |
|                                              |   |   |   |   |   |   |
|                                              |   | March 31, |   |   | December 31, |   |
|                                              |   | 2011 |   |   | 2010 |   |
|                                              |   | (unaudited) |   |   | (Note 1) |   |
|                                              |   |   |   |   |   |   |
| LIABILITIES                                       |   |   |   |   |   |   |
| Current liabilities:                              |   |   |   |   |   |   |
| Accounts payable                                  |   | $ | 3,379 |   |   | $ | 5,679 |   |
| Other accrued liabilities                         |   |   | 2,406 |   |   |   | 3,539 |   |
| Total current liabilities                         |   |   | 5,785 |   |   |   | 9,218 |   |
| Long-term debt                                    |   |   | 18,345 |   |   |   | 13,522 |   |
| Other                                             |   |   | 1,523 |   |   |   | 1,489 |   |
| Total liabilities                                 |   |   | 25,653 |   |   |   | 24,229 |   |
|                                              |   |   |   |   |   |   |   |   |
| STOCKHOLDERS' EQUITY                              |   |   |   |   |   |   |   |   |
| Common stock, par value $2.50:                    |   |   |   |   |   |   |   |   |
| authorized 8,000,000 shares;                      |   |   |   |   |   |   |   |   |
| issued - 4,403,824 shares in 2011                 |   |   |   |   |   |   |   |   |
| and 4,374,574 shares in 2010,                     |   |   |   |   |   |   |   |   |
| including treasury stock                          |   |   | 11,009 |   |   |   | 10,936 |   |
| Additional paid-in capital                        |   |   | 4,719 |   |   |   | 4,603 |   |
| Retained earnings                                 |   |   | 22,326 |   |   |   | 22,399 |   |
| Treasury stock, at cost - 1,315,237 shares        |   |   |   |   |   |   |   |   |
| in 2011 and 1,305,237 in 2010                     |   |   | (11,808 | ) |   |   | (11,711 | ) |
| Accumulated other comprehensive income:           |   |   |   |   |   |   |   |   |
| Minimum pension liability                         |   |   | (1,156 | ) |   |   | (1,156 | ) |
| Translation adjustment                            |   |   | 625 |   |   |   | 281 |   |
|                                              |   |   | (531 | ) |   |   | (875 | ) |
| Total stockholders’ equity                  |   |   | 25,714 |   |   |   | 25,352 |   |
| Total liabilities and stockholders’ equity  |   | $ | 51,367 |   |   | $ | 49,581 |   |

----

| ACME UNITED CORPORATION                               |   |
|-------------------------------------------------------|--------|
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS       |   |
| (UNAUDITED)                                           |   |
| (all amounts in thousands, except per share amounts)  |   |
|                                                  |   |   |   |   |   |   |
|                                                  |   | Three Months Ended |   |
|                                                  |   | March 31 |   |
|                                                  |   | 2011 |   |   | 2010 |   |
| Net sales                                             |   | $ | 14,401 |   |   | $ | 13,121 |   |
| Cost of goods sold                                    |   |   | 9,093 |   |   |   | 8,008 |   |
|                                                  |   |   |   |   |   |   |   |   |
| Gross profit                                          |   |   | 5,308 |   |   |   | 5,113 |   |
|                                                  |   |   |   |   |   |   |   |   |
| Selling, general and administrative expenses          |   |   | 5,125 |   |   |   | 4,812 |   |
| Operating income                                      |   |   | 183 |   |   |   | 301 |   |
|                                                  |   |   |   |   |   |   |   |   |
| Non-operating items:                                  |   |   |   |   |   |   |   |   |
| Interest:                                             |   |   |   |   |   |   |   |   |
| Interest expense                                      |   |   | 97 |   |   |   | 52 |   |
| Interest income                                       |   |   | (50 | ) |   |   | (32 | ) |
| Interest expense, net                                 |   |   | 47 |   |   |   | 20 |   |
| Other (income) expense, net                           |   |   | (25 | ) |   |   | 14 |   |
| Total other expense, net                              |   |   | 22 |   |   |   | 34 |   |
| Income before income taxes                            |   |   | 161 |   |   |   | 267 |   |
| Income tax expense                                    |   |   | 41 |   |   |   | 53 |   |
| Net income                                            |   | $ | 120 |   |   | $ | 214 |   |
|                                                  |   |   |   |   |   |   |   |   |
| Basic earnings per share                              |   | $ | 0.04 |   |   | $ | 0.07 |   |
|                                                  |   |   |   |   |   |   |   |   |
| Diluted earnings per share                            |   | $ | 0.04 |   |   | $ | 0.07 |   |
|                                                  |   |   |   |   |   |   |   |   |
| Weighted average number of common shares outstanding- |   |   |   |   |   |
| denominator used for basic per share computations     |   |   | 3,075 |   |   |   | 3,170 |   |
| Weighted average number of dilutive stock options     |   |   |   |   |   |   |   |   |
| outstanding                                           |   |   | 30 |   |   |   | 104 |   |
| Denominator used for diluted per share computations   |   |   | 3,105 |   |   |   | 3,274 |   |
|                                                  |   |   |   |   |   |   |   |   |
| Dividends declared per share                          |   | $ | 0.06 |   |   | $ | 0.05 |   |

----

| ACME UNITED CORPORATION                          |   |
|--------------------------------------------------|--------|
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS  |   |
| (UNAUDITED)                                      |   |
| (all amounts in thousands)                       |   |
|                                             |   |   |   |
|                                             |   | Three Months Ended |   |
|                                             |   | March 31, |   |
|                                             |   | 2011 |   |   | 2010 |   |
| Operating Activities:                            |   |   |   |   |   |   |
| Net income                                       |   | $ | 120 |   |   | $ | 214 |   |
| Adjustments to reconcile net income              |   |   |   |   |   |   |   |   |
| to net cash used by operating activities:        |   |   |   |   |   |   |   |   |
| Depreciation                                     |   |   | 197 |   |   |   | 206 |   |
| Amortization                                     |   |   | 36 |   |   |   | 29 |   |
| Stock compensation expense                       |   |   | 84 |   |   |   | 77 |   |
| Changes in operating assets and liabilities:     |   |   |   |   |   |   |   |   |
| Accounts receivable                              |   |   | 316 |   |   |   | 448 |   |
| Inventories                                      |   |   | 393 |   |   |   | (1,208 | ) |
| Prepaid expenses and other assets                |   |   | (176 | ) |   |   | (87 | ) |
| Accounts payable                                 |   |   | (2,684 | ) |   |   | 520 |   |
| Other accrued liabilities                        |   |   | (1,133 | ) |   |   | (653 | ) |
| Total adjustments                                |   |   | (2,968 | ) |   |   | (668 | ) |
| Net cash used by operating activities            |   |   | (2,847 | ) |   |   | (454 | ) |
|                                             |   |   |   |   |   |   |   |   |
| Investing Activities:                            |   |   |   |   |   |   |   |   |
| Purchase of property, plant, and equipment       |   |   | (178 | ) |   |   | (189 | ) |
| Purchase of patents and trademarks               |   |   | (24 | ) |   |   | (11 | ) |
| Acquisition of Pac-Kit Safety Company            |   |   | (3,127 | ) |   |   | - |   |
| Net cash used by investing activities            |   |   | (3,329 | ) |   |   | (200 | ) |
|                                             |   |   |   |   |   |   |   |   |
| Financing Activities:                            |   |   |   |   |   |   |   |   |
| Borrowing (repayments) of long-term debt         |   |   | 4,823 |   |   |   | (246 | ) |
| Proceeds from issuance of common stock           |   |   | 105 |   |   |   | 30 |   |
| Distributions to stockholders                    |   |   | (184 | ) |   |   | (158 | ) |
| Purchase of treasury stock                       |   |   | (97 | ) |   |   | - |   |
| Net cash provided (used) by financing activities |   |   | 4,646 |   |   |   | (375 | ) |
|                                             |   |   |   |   |   |   |   |   |
| Effect of exchange rate changes                  |   |   | 31 |   |   |   | (22 | ) |
| Net change in cash and cash equivalents          |   |   | (1,499 | ) |   |   | (1,051 | ) |
|                                             |   |   |   |   |   |   |   |   |
| Cash and cash equivalents at beginning of period |   |   | 6,601 |   |   |   | 6,519 |   |
|                                             |   |   |   |   |   |   |   |   |
| Cash and cash equivalents at end of period       |   | $ | 5,102 |   |   | $ | 6,548 |   |

----

| Balance at December 31, 2010 | Payments          | Balance at March 31, 2011 |
|------------------------------|-------------------|---------------------------|
|  $  343       | $  (22) | $  321          |

----

|                                     |   | Three Months Ended |   |
|------------------------------------------|--------|--------------------|--------|
|                                     |   | March 31           |   |   | March 31 |   |
|                                     |   | 2011               |   |   | 2010 |   |
|                                     |   |               |   |   |   |   |
| Components of net periodic benefit cost: |   |               |   |   |   |   |
| Interest cost                            |   | $                  | 26     |   |   | $ | 31 |   |
| Service cost                             |   |               | 5      |   |   |   | 6 |   |
| Expected return on plan assets           |   |               | (26    | ) |   |   | (24 | ) |
| Amortization of prior service costs      |   |               | 3      |   |   |   | 2 |   |
| Amortization of actuarial loss           |   |               | 38     |   |   |   | 39 |   |
|                                     |   | $                  | 45     |   |   | $ | 54 |   |

----

|                             |   | Three months endedMarch 31 |   |
|----------------------------------|--------|----------------------------|--------|
| Sales to external customers:     |   | 2011                       |   |   | 2010 |   |
| United States                    |   | $                          | 10,559 |   |   | $ | 9,628 |   |
| Canada                           |   |                       | 1,854  |   |   |   | 1,570 |   |
| Europe                           |   |                       | 1,988  |   |   |   | 1,923 |   |
| Consolidated                     |   | $                          | 14,401 |   |   | $ | 13,121 |   |
|                             |   |                       |   |   |   |   |   |   |
| Operating income:                |   |                       |   |   |   |   |   |   |
| United States                    |   | $                          | 120    |   |   | $ | 378 |   |
| Canada                           |   |                       | 150    |   |   |   | 70 |   |
| Europe                           |   |                       | (87    | ) |   |   | (147 | ) |
| Consolidated                     |   | $                          | 183    |   |   | $ | 301 |   |
|                             |   |                       |   |   |   |   |   |   |
| Interest expense, net            |   |                       | 47     |   |   |   | 20 |   |
| Other (income) expense, net      |   |                       | (25    | ) |   |   | 14 |   |
| Consolidated income before taxes |   | $                          | 161    |   |   | $ | 267 |   |

|              |   | March 31 |   |   | December 31 |   |
|-------------------|--------|----------|--------|--------|-------------|--------|
| Assets by segment |   | 2011     |   |   | 2010        |   |
| United States     |   | $        | 39,435 |   |        | $      | 37,685 |   |
| Canada            |   |     | 5,789  |   |        |   | 6,205 |   |
| Europe            |   |     | 6,143  |   |        |   | 5,691 |   |
| Consolidated      |   | $        | 51,367 |   |        | $      | 49,581 |   |

----

|                                  |   | Three Months Ended |   |
|---------------------------------------|--------|--------------------|--------|
|                                  |   | March 31           |   |
|                                  |   | 2011               |   |   | 2010 |   |
|                                  |   |               |   |   |   |   |
| Net income                            |   | $                  | 120    |   |   | $ | 214 |   |
| Other comprehensive income / (loss) - |   |               |   |   |   |   |   |   |
| Foreign currency translation          |   |               | 344    |   |   |   | (126 | ) |
| Comprehensive income                  |   | $                  | 464    |   |   | $ | 88 |   |

| Assets:                                                                             |   |   |   |
|-------------------------------------------------------------------------------------|--------|--------|--------|
|            Accounts Receivable    |   | $      | 592    |   |
|            Inventory                   |   | $      | 1,196  |   |
|            Equipment         |   | $      | 150    |   |
|            Intangible Assets      |   | $      | 1,500  |   |
|            Total assets           |   | $      | 3,438  |   |
|                                                                                |   |   |   |   |
|   Liabilities                                                                  |   |   |   |   |
|            Accounts Payable  |   | $      | 310    |   |

----

----

----

|                           |   | March 31, 2011 |       | December 31, 2010 |
|--------------------------------|--------|----------------|------------|-------------------|
|                           |   |           |       |              |   |   |   |   |
| Working capital                |   | $              | 36,995,353 |              |   | $ | 33,410,000 |   |
| Current ratio                  |   |           | 7.40       |              |   |   | 4.62 |   |
| Long term debt to equity ratio |   |           | 71.3       | %                 |   |   | 53.5 | % |

----

----

|   Period |   | Total Number of Shares Purchased |   |   | Average Price Paid per Share |   |   | Total Number ofshares Purchased as Part of Publicly Announced Programs |   |   | Maximum Number of Shares that may yet be Purchased Under the Programs |   |
|---------------|--------|----------------------------------|--------|--------|------------------------------|--------|--------|------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------|--------|
|          |   |                             |   |   |                         |   |   |                                                                   |   |   |                                                                  |   |
| January       |   |                             | 10,000 |   |                         | $      | 9.73   |                                                                   |   |   | 10,000                                                                |   |   |   | 190,000 |   |
|          |   |                             |   |   |                         |   |   |                                                                   |   |   |                                                                  |   |   |   |   |   |
| February      |   |                             | -      |   |                         |   | -      |                                                                   |   |   | -                                                                     |   |   |   |   |   |
|          |   |                             |   |   |                         |   |   |                                                                   |   |   |                                                                  |   |   |   |   |   |
| March         |   |                             | -      |   |                         |   | -      |                                                                   |   |   | -                                                                     |   |   |   |   |   |
|          |   |                             |   |   |                         |   |   |                                                                   |   |   |                                                                  |   |   |   |   |   |
| Total         |   |                             | 10,000 |   |                         | $      | 9.73   |                                                                   |   |   | 10,000                                                                |   |   |   | 190,000 |   |

Exhibit 31.1

Exhibit 31.2

Exhibit 32.1

Exhibit 32.2

----

| By                             |  /s/  Walter C. Johnsen                            |   |
|--------------------------------|-------------------------------------------------------------------|--------|
|                           | Walter C. JohnsenChairman of the Board andChief Executive Officer |   |
|                           |                                                              |   |
| Dated:  May 12, 2011 |                                                              |
|                           |                                                              |   |
|                           |                                                              |   |
| By                             |  /s/  Paul G. Driscoll                             |   |
|                           | Paul G. DriscollVice President andChief Financial Officer         |   |
|                           |                                                              |   |
| Dated:  May 12, 2011 |                                                              |

----