<PAGE>   1
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-Q

           [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                  FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1999

                                       OR

          [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

           For the transition period from ___________ to ____________

                        Commission File Number 000-22715

                              SCHUFF STEEL COMPANY
             (Exact Name of Registrant as Specified in its Charter)

                DELAWARE                                86-0318760
     (State or Other Jurisdiction of        (I.R.S. Employer Identification No.)
      Incorporation or Organization)

          1841 W. Buchanan St.                            85009
            Phoenix, Arizona                           (Zip Code)
 (Address of Principal Executive Offices)

                                 (602) 252-7787
               Registrant's Telephone Number, Including Area Code

      Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

                               Yes  X      No
                                   ---        ---
Indicate the number of shares of each of the issuer's classes of common stock,
as of the latest practical date: As of August 10, 1999, there were 7,063,469
shares of Common Stock, $.001 par value per share, outstanding.
<PAGE>   2
                              SCHUFF STEEL COMPANY

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            Page
                                                                            ----
<S>         <C>                                                             <C>
Part I:     Financial Information

   Item 1.  Financial Statements (Unaudited)

            Condensed Consolidated Balance Sheets  -
            June 30, 1999 and December 31, 1998                              1

            Condensed Consolidated Statements of Operations  -
            Three Months Ended June 30, 1999 and 1998 and
            Six Months Ended June 30, 1999 and 1998                          2

            Condensed Consolidated Statements of Cash Flows  -
            Six Months Ended June 30, 1999 and 1998                          3

            Notes to Condensed Consolidated Financial Statements -
            June 30, 1999                                                    4

   Item 2.  Management's Discussion and Analysis of Financial
            Condition and Results of Operations                              6

   Item 3.  Quantitative and Qualitative Disclosures about Market Risk      18

Part II:    Other Information

   Item 4.  Submission of Matters to a Vote of Security Holders             20

   Item 6.  Exhibits and Reports on Form 8-K                                21
</TABLE>
<PAGE>   3
                          PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

                              SCHUFF STEEL COMPANY
                      CONDENSED CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                          JUNE 30    DECEMBER 31
                                                            1999         1998
                                                        ------------------------
                                                        (Unaudited)    (Note 1)
                                                             (in thousands)
<S>                                                     <C>          <C>
ASSETS
Current assets:
  Cash and cash equivalents                               $  8,464   $ 15,431
  Restricted funds on deposit                                2,643      2,574
  Receivables                                               50,940     47,310
  Costs and recognized earnings in excess of billings       12,913     11,861
   on uncompleted contracts
  Inventories                                                8,560      6,825
  Prepaid expenses and other current assets                  3,012      1,936
                                                         -----------------------
Total current assets                                        86,532     85,937

Property, plant and equipment, net                          21,262     20,850
Goodwill, net                                               52,119     53,303
Other assets                                                 6,350      5,498
                                                         =======================
                                                         $ 166,263   $165,588
                                                         =======================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Accounts payable                                        $  6,679   $ 11,368
  Accrued payroll and employee benefits                      4,091      3,952
  Other accrued liabilities                                  4,491      4,372
  Billings in excess of costs and recognized earnings        9,797      7,025
   on uncompleted contracts
  Current portion of long-term debt                          5,475      3,838
                                                         -----------------------
Total current liabilities                                   30,533     30,555

Long-term debt, less current portion                       102,639    103,870
Other liabilities                                            2,151      2,028

Commitments and contingent liabilities

Stockholders' equity:
  Preferred stock, $.001 par value - authorized               --         --
   1,000,000 shares; none issued
  Common stock, $.001 par value - authorized
   20,000,000 shares; 7,032,744 and 7,023,420 shares
   issued and outstanding at June 30, 1999 and                   7          7
   December 31, 1998, respectively
  Additional paid-in capital                                14,219     14,154
  Retained earnings                                         16,714     14,974
                                                         -----------------------
Total stockholders' equity                                  30,940     29,135
                                                         =======================
                                                         $ 166,263   $165,588
                                                         =======================
</TABLE>

Note: The balance sheet at December 31, 1998 has been derived from the audited
financial statements at that date but does not include all of the information
and footnotes required by generally accepted accounting principles for complete
financial statements.

See notes to condensed consolidated financial statements.


                                       1
<PAGE>   4
                              SCHUFF STEEL COMPANY

          CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)


<TABLE>
<CAPTION>
                                       THREE MONTHS ENDED    SIX MONTHS ENDED
                                            JUNE 30              JUNE 30
                                        1999       1998      1999       1998
                                       ---------------------------------------
                                        (in thousands, except per share data)
<S>                                    <C>       <C>       <C>        <C>
Revenues                               $56,661   $35,733   $110,773   $63,159
Cost of revenues                        47,013    32,446     89,581    54,880
                                       ---------------------------------------
    Gross profit                         9,648     3,287     21,192     8,279

General and administrative expenses      5,770     2,959     11,212     5,353
Goodwill amortization                      538        94      1,076        94
                                       ---------------------------------------
    Operating income                     3,340       234      8,904     2,832
Interest expense                        (2,845)   (1,005)    (5,809)   (1,103)
Other income                               376       303        593       544
                                       ---------------------------------------
    Income (loss) before income tax
      benefit (provision)                  871      (468)     3,688     2,273

Income tax benefit (provision)            (589)      204     (1,949)     (942)
                                       =======================================
    Net income (loss)                  $   282   $  (264)  $ 1,739    $  1,331
                                       =======================================

Net income (loss) per share:
  Basic                                   $0.04    $(0.04)     $0.25     $0.19
                                       =======================================
  Diluted                                 $0.04    $(0.04)     $0.25     $0.19
                                       =======================================

Weighted average shares used in
  computation:

  Basic                                  7,030     7,012      7,028     7,006
                                       =======================================
  Diluted                                7,070     7,012      7,074     7,188
                                       =======================================
</TABLE>


See notes to condensed consolidated financial statements.


                                       2
<PAGE>   5
                              SCHUFF STEEL COMPANY

          CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


<TABLE>
<CAPTION>
                                                            SIX MONTHS
                                                          ENDED JUNE 30
                                                        1999         1998
                                                     ----------------------
                                                         (in thousands)
<S>                                                  <C>          <C>
OPERATING ACTIVITIES
Net income                                           $  1,739     $   1,331
Adjustment to reconcile net income to net cash
  provided by (used in) operating activities:
   Depreciation and amortization                        2,852         1,071
   Gain (loss) on disposal of property and equipment       19          (143)
   Deferred taxes                                         (27)         (146)
   Unearned compensation                                   19
   Changes in operating assets and liabilities:
     Restricted funds on deposit                          (69)         (758)
     Receivables                                       (3,630)       (1,461)
     Costs and recognized earnings in excess of
      billings in uncompleted contracts                (1,052)       (2,496)
     Inventories                                       (1,735)         (665)
     Prepaid expenses and other assets                   (905)       (1,255)
     Accounts payable                                  (4,689)       (2,024)
     Billings in excess of costs and recognized
      earnings on uncompleted contracts                 2,772         2,879
     Accrued payroll and employee benefits                139           476
     Other accrued liabilities                            330         2,411
                                                     ----------------------
        NET CASH USED IN OPERATING ACTIVITIES          (4,237)         (780)

INVESTING ACTIVITIES
Acquisitions of property and equipment                 (3,284)       (1,162)
Proceeds from disposals of property and
  equipment                                                --          3,160
Increase in other assets                                   --           (10)
Purchase of business, net of cash acquired                 --       (47,710)
                                                     ----------------------
        NET CASH USED IN INVESTING ACTIVITIES          (3,284)      (45,722)

FINANCING ACTIVITIES
Proceeds from revolving line of credit and
  long-term borrowings                                 15,788        33,429
Proceeds from issuance of senior notes, net of
  issuance costs                                          --         95,700
Principal payments on revolving line of credit
  and long-term debt                                  (15,281)      (37,889)
Proceeds from the exercise of options                      47           111
                                                     ----------------------
        NET CASH PROVIDED BY
         FINANCING ACTIVITIES                             554        91,351

        INCREASE (DECREASE) IN CASH AND CASH
         EQUIVALENTS                                   (6,967)       44,849
Cash and cash equivalents at beginning of period       15,431           197
                                                     ======================
        CASH AND CASH EQUIVALENTS AT END OF
         PERIOD                                      $  8,464      $ 45,046
                                                     ======================
</TABLE>

See notes to condensed consolidated financial statements.


                                       3
<PAGE>   6
                              SCHUFF STEEL COMPANY
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

                                  JUNE 30, 1999

1. BASIS OF PRESENTATION

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

2. RECEIVABLES

Receivables consist of the following at:

<TABLE>
<CAPTION>
                                                JUNE 30     DECEMBER 31
                                                  1999         1998
                                               ------------------------
                                                   (in thousands)
<S>                                            <C>          <C>
      Contract receivables:
        Contracts in progress                  $ 38,953       $36,717
        Unbilled retentions                      11,789        10,011
                                               ----------------------
                                                 50,742        46,728
      Other receivables                             198           582
                                               ----------------------
                                               $  50,940       $47,310
                                               ======================
</TABLE>

3. INVENTORIES

Inventories consist of the following at:

<TABLE>
<CAPTION>
                                                JUNE 30     DECEMBER 31
                                                  1999         1998
                                                -----------------------
                                                   (in thousands)

<S>                                             <C>         <C>
      Raw materials                               $ 8,239      $  6,307
      Finished goods                                  321           518
                                                  ---------------------
                                                  $ 8,560      $  6,825
                                                  =====================
</TABLE>


                                       4
<PAGE>   7
4. NET INCOME (LOSS) PER SHARE

The following table sets forth the computation of basic and diluted pro forma
net income (loss) per share:

<TABLE>
<CAPTION>
                                         THREE MONTHS ENDED  SIX MONTHS ENDED
                                              JUNE 30            JUNE 30
                                           1999      1998     1999      1998
                                         --------------------------------------
                                         (in thousands, except per share data)
<S>                                        <C>      <C>      <C>       <C>
Numerator:
  Net income (loss)                        $ 282    $ (264)  $1,739    $1,331
                                           ==================================

Denominator:
  Weighted average shares                  7,030     7,012    7,028      7,006

                                           -----------------------------------
Denominator for basic net income (loss)    7,030     7,012    7,028      7,006
  per share

Effect of dilutive securities:
  Employee and director stock options         40         -       46        182
                                           -----------------------------------
  Denominator for diluted net income
   (loss) per share - adjusted weighted
   average shares and assumed              7,070     7,012    7,074      7,188
   conversions
                                           ===================================

Net income (loss) per share:
  Basic                                    $0.04    $(0.04)   $0.25      $0.19
                                           ===================================
  Diluted                                  $0.04    $(0.04)   $0.25      $0.19
                                           ===================================
</TABLE>

5. CONTINGENT MATTERS

The Company is involved from time to time through the ordinary course of
business in certain claims, litigation and assessments. Due to the nature of the
construction industry, the Company's employees from time to time become subject
to injury, or even death, while employed by the Company. The Company does not
believe there are any such contingencies at December 31, 1998 or June 30, 1999
for which the eventual outcome would have a material adverse impact on the
Company.


                                       5
<PAGE>   8
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS

This discussion and analysis of financial condition and results of operations
should be read in conjunction with the unaudited condensed consolidated
financial statements and the related disclosures included elsewhere herein and
Management's Discussion and Analysis of Financial Condition and Results of
Operations included as part of the Company's Annual Report on Form 10-K for the
year ended December 31, 1998.

On June 4, 1998, the Company acquired all of the issued and outstanding capital
stock of Addison Structural Services, Inc. ("Addison"). As a result of such
purchase, the Company acquired indirect ownership of the assets of Addison's
wholly-owned operating subsidiaries, Addison Steel, Inc. and Quincy Joist
Company. The aggregate purchase price was approximately $59.5 million, of which
approximately $56.3 million was paid in cash and $3.2 million was paid in the
form of a promissory note secured by a letter of credit. On August 31, 1998, the
Company acquired all of the issued and outstanding capital stock of Six
Industries, Inc. ("Six"). The aggregate purchase price was approximately $18.2
million, of which approximately $16.7 million was paid in cash and $1.5 million
was paid in the form of a promissory note. On October 15, 1998, the Company
acquired all of the issued and outstanding capital stock of Bannister Steel,
Inc. ("Bannister"). The aggregate purchase price was approximately $16.8
million, of which approximately $15.8 million was paid in cash and $1.0 million
was paid in the form of a promissory note secured by a letter of credit.

The acquisitions have been accounted for using the purchase method of
accounting, and accordingly, the purchase prices have been allocated to the
assets and liabilities acquired based on the fair values at the dates of the
acquisition. The operating results of Addison, Six, and Bannister have been
included in the Company's Consolidated Financial Statements from the closing
date of each of the acquisitions.

Results of Operations

Revenues

Revenues increased by 58.8 percent to $56.7 million for the three months ended
June 30, 1999 from $35.7 million for the three months ended June 30, 1998.
Revenues increased by 75.3 percent to $110.8 million for the six months ended
June 30, 1999 from $63.2 million for the six months ended June 30, 1998. The
increase in revenues was primarily a result of additional revenues being
generated by Addison, Six, and Bannister following their acquisitions by the
Company in June 1998, August 1998, and October 1998, respectively, offset by a
decrease in the Company's average revenues generated from larger projects. The
average revenues for the Company's ten largest revenue generating projects in
the three and six month periods ended June 30, 1999 were $1.8 million and $2.9
million, respectively, versus $2.1 million and $3.8 million in the three and six
month periods ended June 30, 1998, respectively.


                                       6
<PAGE>   9
Gross Profit

Gross profit increased by 191.0 percent to $9.6 million for the three month
period ended June 30, 1999 from $3.3 million for the three month period ended
June 30, 1998. Gross profit increased by 155.4 percent to $21.2 million for the
six month period ended June 30, 1999 from $8.3 million for the six month period
ended June 30, 1998. As a percentage of revenues, gross profit increased to 17.0
percent and 19.1 percent for the three and six month periods ended June 30,
1999, respectively, from 9.2 percent and 13.1 percent for the three and six
month periods ended June 30, 1998. The increases as a percentage of revenues
were primarily attributable to lower than average margins achieved by the
Company in 1998 and higher average margins achieved by the acquired
subsidiaries.

General and Administrative Expenses

General and administrative expenses increased by 93.3 percent to $5.8
million for the three months ended June 30, 1999 from $3.0 million for the three
months ended June 30, 1998. General and administrative expenses increased by
107.4 percent to $11.2 million for the six months ended June 30, 1999 from $5.4
million for the six months ended June 30, 1998. The gross dollar increases in
1999, were largely attributable to additional general and administrative costs
resulting from the acquisitions of Addison, Six, and Bannister. General and
administrative expenses as a percentage of revenues increased to 10.2 percent
for the three months ended June 30, 1999 from 8.3 percent for the three months
ended June 30, 1998. General and administrative expenses as a percentage of
revenues increased to 10.1 percent for the six months ended June 30, 1999 from
8.5 percent for the six months ended June 30, 1998. The increases in general and
administrative expense as a percentage of revenues were due primarily to
increased administrative costs associated with the Company's acquisitions and
the addition of general and administrative costs of the acquired companies,
which had higher general and administrative costs as a percentage of revenues
than the Company prior to the acquisitions.

Goodwill Amortization

Goodwill amortization increased to $538,000 for the three month period ended
June 30, 1999 from $94,000 for the three month period ended June 30, 1998.
Goodwill amortization increased to $1.1 million for the six month period ended
June 30, 1999 from $94,000 for the six month period ended June 30, 1998. The
increases in goodwill amortization were a result of the Addison, Six and
Bannister acquisitions in 1998.

Interest Expense

Interest expense increased to $2.8 million for the three months ended June 30,
1999 from $1.0 million for the three months ended June 30, 1998 and to $5.8
million for the six months ended June 30, 1999 from $1.1 million for the six
months ended June 30, 1998. The increases in interest expense were primarily
attributable to the addition of the $100.0 million of 10 -1/2 percent senior
notes in early June 1998.

Other Income

Other income increased to $376,000 for the three months ended June 30, 1999 from
$303,000 for the three months ended June 30, 1998 and increased to $593,000 for
the six months ended June 30, 1999 from $544,000 for the six months ended June
30, 1998.


                                       7
<PAGE>   10
Income Tax Benefit (Provision)

Income tax provision for the three and six months ended June 30, 1999 represent
an effective tax rate of approximately 67.6 percent and 52.8 percent,
respectively. The income tax provision for the six months ended June 30, 1998
represented approximately 41.4 percent. The Company had an income tax benefit of
$204,000 for the three months ended June 30, 1998. The increases in the
effective tax rate were a result of the increased goodwill amortization which is
not deductible for tax purposes.

Backlog

Backlog increased 14.0 percent to $188.5 million at June 30, 1999 from $165.5
million at March 31, 1999.

The Company has experienced, and is expected to continue to experience,
variations in quarterly and annual results of operations. Factors that may
affect these results include, among other things, the timing and terms of major
contract awards and the starting and completion dates of projects.

Liquidity and Capital Resources

The Company attempts to structure the payment arrangements under its
contracts to match costs incurred under the projects. To the extent the Company
is not able to bill in advance of costs, it relies on its credit facilities to
meet its working capital needs. At June 30, 1999, the Company had $3.0 million
in borrowings under its line of credit and $56.0 million of working capital.

The Company's short term cash needs are primarily for working capital to
support operations including receivables, inventories, and other costs incurred
in performing its contracts. Operating activities required cash flows of $4.2
million and $780,000 for the six months ended June 30, 1999 and 1998,
respectively. For the six months ended June 30, 1999, operating cash flows were
less than net income due to increased working capital levels. For the six months
ended June 30, 1998, operating cash flows were greater than net income due to
lower working capital requirements. Investing activities required $3.3 million
and $45.7 million for the six months ended June 30, 1999 and 1998, respectively,
substantially all of which were related to purchases of property and equipment
and the non-cash portion of the Addison acquisition in 1998. Financing
activities provided $91.4 million for the six months ended June 30, 1998 which
related largely to the net proceeds from the $100.0 million private placement of
debt in June 1998, and provided $554,000 for the six months ended June 30, 1999
relating primarily to proceeds from long-term debt and line of credit balances.

The Company maintains a $25.0 million credit facility with a bank that matures
on June 30, 2001, which is available for working capital and general corporate
purposes. The credit facility is secured by a first priority, perfected security
interest in all the assets of the Company and its present and future
subsidiaries. The Company will be eligible for reductions in the interest rates
on the credit facility if the Company achieves certain leverage ratio targets.
The interests rates, based on the leverage ratio achieved, can range from a
minimum of prime or LIBOR plus 2.00% to a maximum of prime plus 1.00% or LIBOR
plus 3.00%. At June 30, 1999, there was approximately $19.9 million of credit
available for borrowings under the credit facility, which has been reduced by
approximately $2.1 million of outstanding letters of credit under which the
Company is committed, and $3.0 million in borrowings at June 30, 1999.


                                       8
<PAGE>   11
The credit facility also requires that the Company maintain specified leverage
ratios, interest coverage ratios, fixed charge coverage ratios and a specified
minimum EBITDA. The credit facility also contains other covenants that, among
other things, limit the Company's ability to pay cash dividends or make other
distributions, change its business, merge, consolidate or dispose of material
portions of its assets.

The security agreements pursuant to which the Company's assets are pledged
prohibit any further pledge of such assets without the written consent of the
bank.

On June 4, 1998, the Company completed a private placement pursuant to Rule
144A of the Securities Act of 1933 of $100.0 million in principal amount of its
10-1/2 percent Senior Notes due 2008 ("Senior Notes"). Net proceeds from the
Senior Notes were used to repay certain indebtedness of the Company and to pay
the cash portions of the purchase price for the Company's acquisitions of
Addison, Six and Bannister. The Senior Notes are redeemable at the option of the
Company in whole or in part, beginning in 2003 at a premium declining ratably to
par by 2006. By 2001, the Company may redeem up to 35.0 percent of the Senior
Notes at a premium with the proceeds of an equity offering, provided that at
least 65.0 percent of the aggregate amount of the Senior Notes originally
outstanding remain outstanding. The Senior Notes contain covenants that, among
other things, provide limitations on additional indebtedness, sale of assets,
change of control and dividend payments. The Senior Notes are fully and
unconditionally guaranteed, jointly and severally, on a senior subordinated
basis by the Company's current and future, direct and indirect subsidiaries.

The Company has four other long-term debt commitments that are related to notes
payable generated from the Company's acquisitions in 1997 and 1998. The balance
of these notes was $5.1 million at June 30, 1999 with interest rates ranging
from 5.73% to prime and maturing in the years 2000 through 2002. Two of the
notes payable are secured by letters of credit totaling an aggregate of $2.1
million.

The Company estimates that its capital expenditures for 1999 will be
approximately $12.5 million of which approximately $3.3 million had been
expended as of June 30, 1999. The Company believes that its available funds,
cash generated by operating activities and funds available under its bank credit
facilities will be sufficient to fund these capital expenditures and its
operating needs. However, the Company may expand its operations through future
acquisitions and may require additional equity or debt financing.

Special Note Concerning Forward Looking Statements

This Quarterly Report on Form 10-Q, including the Notes to the Condensed
Consolidated Financial Statements and this "Management's Discussion and Analysis
of Financial Condition and Results of Operations," contain forward-looking
statements. Additional written or oral forward-looking statements may be made by
the Company from time to time in filings with the Securities and Exchange
Commission, in its press releases, or otherwise. The words "believe," "expect,"
"anticipate," "intends," "forecast," "project," and similar expressions identify
forward-looking statements. Such statements may include, but not be limited to,
the anticipated outcome of contingent events, including litigation, projections
of revenues, income or loss, capital expenditures, plans for future operations,
growth and acquisitions, financing needs or plans and the availability of
financing, and plans relating to services of the Company, as well as assumptions
relating to the foregoing. Such forward-looking statements are within the
meaning of that term in Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.


                                       9
<PAGE>   12
Forward-looking statements reflect the Company's current views with respect to
future events and financial performance and speak only as of the date the
statements are made. Such forward-looking statements are inherently subject to
risks and uncertainties, some of which cannot be predicted or quantified. Future
events and actual results could differ materially from those set forth in,
contemplated by, or underlying the forward-looking statements. Statements in
this Quarterly Report, including the Notes to the Condensed Consolidated
Financial Statements and in this "Management's Discussion and Analysis of
Financial Condition and Results of Operations," describe factors, among others,
that could contribute to or cause such differences. Other factors that could
cause actual results to differ materially from those expressed in such forward
looking statements are set forth below under the caption "Factors That May
Affect Future Operating Results and Financial Condition." In addition, new
factors emerge from time to time and it is not possible for management to
predict all of such factors, nor can it assess the impact of each such factor on
the business or the extent to which any factor, or combination of factors, may
cause actual results to differ materially from forward looking statements. The
Company undertakes no obligation to publicly update or review any
forward-looking statements as a result of new information, future events, or any
other reason.

Factors That May Affect Future Operating Results and Financial Condition.

The Company's future operating results and financial condition are dependent on
a number of factors that the Company must successfully manage in order to
achieve favorable future operating results and financial condition. The
following potential risks and uncertainties, together with those mentioned
elsewhere herein, could affect the Company's future operating results, financial
condition, and the market price of its Common Stock.

Substantial Leverage and Ability to Service Debt

With the Company's 10-1/2 percent Senior Notes, existing line of credit
facility and other positionings, the Company is highly leveraged with
substantial debt service in addition to operating expenses and planned capital
expenditures. The Company's 10-1/2 percent Senior Notes permit the Company to
incur additional indebtedness, subject to certain limitations, including
additional secured indebtedness under existing credit facilities. The Company's
level of indebtedness will have several important effects on its future
operations, including, without limitation, (i) a substantial portion of the
Company's cash flow from operations must be dedicated to the payment of interest
and principal on its indebtedness, reducing the funds available for operations
and for capital expenditures, including acquisitions, (ii) covenants contained
in the Senior Notes or the credit facility or other credit facilities will
require the Company to meet certain financial tests, and other restrictions will
limit its ability to borrow additional funds or to dispose of assets, and may
affect the Company's flexibility in planning for, and reacting to, changes in
its business, including possible acquisition activities, (iii) the Company's
leveraged position will substantially increase its vulnerability to adverse
changes in general economic, industry and competitive conditions, (iv) the
Company's ability to obtain additional financing for working capital, capital
expenditures, acquisitions, general corporate and other purposes may be limited
and (v) the Company's leveraged position and the various covenants contained in
the Senior Notes and the credit facility may place the Company at a relative
competitive disadvantage as compared to certain of its competitors. The
Company's ability to meet its debt service obligations and to reduce its total
indebtedness will be dependent upon the Company's future performance, which will
be subject to general economic, industry


                                       10
<PAGE>   13
and competitive conditions and to financial, business and other factors
affecting the operations of the Company, many of which are beyond its control.
There can be no assurance that the Company's business will continue to generate
cash flow at or above current levels. If the Company is unable to generate
sufficient cash flow from operations in the future to service its debt, it may
be required, among other things, to seek additional financing in the debt or
equity markets, to refinance or restructure all or a portion of its
indebtedness, including the Senior Notes, to sell selected assets, or to reduce
or delay planned capital expenditures and growth or business strategies. There
can be no assurance that any such measures would be sufficient to enable the
Company to service its debt, or that any of these measures could be effected on
satisfactory terms, if at all.

Fluctuating Quarterly Results of Operations

The Company has experienced, and in the future is expected to continue to
experience, substantial variations in its results of operations as a result of a
number of factors, many of which are outside the Company's control. In
particular, the Company's operating results may vary because of downturns in one
or more segments of the building construction industry, changes in economic
conditions, the Company's failure to obtain, or delays in awards of, major
projects, the cancellation of major projects, changes in construction schedules
for major projects or the Company's failure to timely replace projects that have
been completed or are nearing completion. Any of these factors could result in
the periodic inefficient or underutilization of the Company's resources and
could cause the Company's operating results to fluctuate significantly from
period to period, including on a quarterly basis.

No Assurance of Successful Acquisitions

In addition to the acquisitions of Addison, Six and Bannister, the Company
intends to consider acquisitions of and alliances with other companies in its
industry that could complement the Company's business, including the acquisition
of entities in diverse geographic regions and entities offering greater access
to industries and markets not currently served by the Company. There can be no
assurance that suitable acquisition or alliance candidates can be identified or,
if identified, that the Company will be able to consummate such transactions.
Further, there can be no assurance that the Company will be able to integrate
successfully any acquired companies into its existing operations, which could
increase the Company's operating expenses. Moreover, any acquisition by the
Company may result in potentially dilutive issuances of equity securities,
incurrence of additional debt and amortization of expenses related to goodwill
and intangible assets, all of which could adversely affect the Company's
profitability. Acquisitions involve numerous risks, such as diverting attention
of the Company's management from other business concerns, the entrance of the
Company into markets in which it has had no or only limited experience and the
potential loss of key employees of the acquired company, any of which could have
a material adverse effect on the Company's business, financial condition and
results of operations.

The acquisitions of Addison, Six, and Bannister have consumed and will continue
to consume substantial management attention and resources of the Company and
will require substantial efforts and entail certain risks in the integration of
their operations. There can be no assurance that anticipated cost savings or
synergies will be achieved. The Company will be dependent on the retention and
future performance of key officers and employees of Addison, Six, and Bannister
for day-to-day management and future operating results.


                                       11
<PAGE>   14

Fixed Price Contracts

Of the Company's $188.5 million backlog at June 30, 1999, most consisted of
projects being performed on a fixed price basis. In bidding on projects, the
Company estimates its costs, including projected increases in costs of labor,
material and services. Despite these estimates, costs and gross profit realized
on a fixed price contract may vary from estimated amounts because of unforeseen
conditions or changes in job conditions, variations in labor and equipment
productivity over the terms of contracts, higher than expected increases in
labor or material costs and other factors. These variations could have a
material adverse effect on the Company's business, financial condition and
results of operations for any period.

Variations in Backlog; Dependence on Large Contracts

The Company's backlog can be significantly affected by the receipt, or loss, of
individual contracts. In the event one or more large contracts were terminated
or their scope reduced, the Company's backlog could decrease substantially. The
Company's future business and results of operations may be adversely affected if
it is unable to replace significant contracts when lost or completed, or if it
otherwise fails to maintain a sufficient level of backlog. See "Management's
Discussion and Analysis of Financial Condition and Results of Operations".

Dependence on Construction Industry

The Company earns virtually all of its revenues in the building construction
industry, which is subject to local, regional and national economic cycles. The
Company's revenues and cash flows depend to a significant degree on major
construction projects in various industries, including the hotel and casino,
retail shopping, health care, mining, computer chip manufacturing, public works
and other industries, each of which industries may be adversely affected by
general or specific economic conditions. If construction activity declines
significantly in the Company's principal markets, the Company's business,
financial condition and results of operations would be adversely affected.

Capacity Constraints; Dependence on Subcontractors

The Company routinely relies on subcontractors to perform a significant portion
of its fabrication, erection and project detailing to fulfill projects that the
Company cannot fulfill in-house due to capacity constraints or that are in
markets in which the Company has not established a strong local presence. With
respect to these projects, the Company's success depends on its ability to
retain and successfully manage these subcontractors. Any difficulty in
attracting and retaining qualified subcontractors on terms and conditions
favorable to the Company could have an adverse effect on the Company's ability
to complete these projects in a timely and cost effective manner.

Union Contracts

The Company currently is a party to a number of collective bargaining agreements
with various unions representing some of the Company's fabrication and erection
employees. These contracts expire or are subject to expiration at various times
in the future. The inability of the Company to renew such contracts


                                       12
<PAGE>   15
could result in work stoppages and other labor disturbances, which could disrupt
the Company's business and adversely affect the Company's results of operations.

Revenue Recognition Estimates

The Company recognizes revenues using the percentage of completion accounting
method. Under this method, revenues are recognized based on the ratio that costs
incurred to date bear to the total estimated costs to complete the project.
Estimated losses on contracts are recognized in full when the Company determines
that a loss will be incurred. The Company frequently reviews and revises
revenues and total cost estimates as work progresses on a contract and as
contracts are modified. Accordingly, revenue adjustments based upon the revised
completion percentage are reflected in the period that estimates are revised.
Although revenue estimates are based upon management assumptions supported by
historical experience, these estimates could vary materially from actual
results. To the extent percentage of completion adjustments reduce previously
reported revenues, the Company would recognize a charge against operating
results, which could have a material adverse effect on the Company's results of
operations for the applicable period.

Geographic Concentration

The Company's fabrication and erection operations currently are conducted
primarily in Arizona, Nevada, Florida, Georgia, California and Texas, states in
which the construction industry has experienced substantial growth during recent
years. Because of this concentration, future construction activity and the
Company's business may be adversely affected in the event of a downturn in
economic conditions existing in these states and in the southwestern and
southeastern United States generally. Factors that may affect economic
conditions include increases in interest rates or limitations in the
availability of financing for construction projects, decreases in the amount of
funds budgeted for governmental projects, decreases in capital expenditures
devoted to the construction of plants, distribution centers, retail shopping
centers, industrial facilities, hotels and casinos, convention centers and other
facilities, the prevailing market prices of copper, gold and other metals that
impact related mining activity, and downturns in occupancy rates, office space
demand, tourism and convention related activity and population growth.

Operating Risks; Litigation

Construction and heavy steel plate weldments involve a high degree of
operational risk. Natural disasters, adverse weather conditions, design,
fabrication and erection errors and work environment accidents can cause death
or personal injury, property damage and suspension of operations. The occurrence
of any of these events could result in loss of revenues, increased costs, and
liability to third parties. The Company is subject to litigation claims in the
ordinary course of business, including lawsuits asserting substantial claims.
Currently, the Company does not maintain any reserves for its ongoing
litigation. The Company periodically reviews the need to maintain a litigation
reserve. The Company maintains risk management, insurance, and safety programs
intended to prevent or mitigate losses. There can be no assurance that any of
these programs will be adequate or that the Company will be able to maintain
adequate insurance in the future at rates that it considers reasonable.


                                       13
<PAGE>   16
Risks of International Operations

The Company currently operates in selected international markets and is seeking
to further expand its presence in these markets. The Company's international
operations are subject to certain political, economic and other uncertainties,
including risks of war, nationalization of assets, renegotiation or
nullification of existing contracts, changing political conditions, changing
laws and policies affecting trade and investment, and overlap of different tax
structures. Although the Company currently attempts to limit its exposure to
currency fluctuations by dealing solely in United States dollars, there can be
no assurance that the Company's international operations will escape the risks
of fluctuating currency values, hard currency shortages, or controls on currency
exchange.

Competition

Many small and various large companies offer fabrication, erection and related
services that compete with those provided by the Company. Local and regional
companies offer competition in one or more of the Company's geographic markets
or product segments. Out of state or international companies may provide
competition in any market. The Company competes for every project it obtains.
Although the Company believes customers consider, among other things, the
availability and technical capabilities of equipment and personnel, efficiency,
safety record and reputation, price competition usually is the primary factor in
determining which qualified contractor is awarded a contract. Competition has
resulted in pressure on pricing and operating margins, and the effects of
competitive pressure in the industry may continue. Some of the Company's
competitors may have greater capital and other resources than the Company and
are well established in their respective markets. There can be no assurance that
the Company's competitors will not substantially increase their commitment of
resources devoted to competing aggressively with the Company or that the Company
will be able to compete profitably with its competitors.

Substantial Liquidity Requirements

The Company's operations require significant amounts of working capital to
procure materials for contracts to be performed over relatively long periods,
and for purchases and modifications of heavy-duty and specialized fabrication
equipment. In addition, the Company's contract arrangements with customers
sometimes require the Company to provide payment and performance bonds and, in
selected cases, letters of credit, to partially secure the Company's obligations
under its contracts, which may require the Company to incur significant
expenditures prior to receipt of payments. Furthermore, the Company's customers
often will retain a portion of amounts otherwise payable to the Company during
the course of a project as a guarantee of completion of that project. To the
extent the Company is unable to receive progress payments in the early stages of
a project, the Company's cash flow would be reduced, which could have a material
adverse effect on the Company's business, financial condition and results of
operations.

Dependence Upon Key Personnel

The Company's success depends on the continued services of the Company's senior
management and key employees as well as the Company's ability to attract
additional members to its management team with experience in the steel
fabrication and erection industry. The unexpected loss of the services of any of
the Company's management or other key personnel, or its inability to attract new
management when necessary, could have a material adverse effect upon the
Company.


                                       14
<PAGE>   17
Potential Environmental Liability

The Company's operations and properties are affected by numerous federal, state
and local environmental protection laws and regulations, such as those governing
discharges to air and water and the handling and disposal of solid and hazardous
wastes. Compliance with these laws and regulations has become increasingly
stringent, complex and costly. There can be no assurance that such laws and
regulations or their interpretation will not change in a manner that could
materially and adversely affect the Company. Certain environmental laws, such as
the Comprehensive Environmental Response, Compensation and Liability Act
("CERCLA") and its state law counterparts, provide for strict and joint and
several liability for investigation and remediation of spills and other releases
of toxic and hazardous substances. These laws may apply to conditions at
properties currently or formerly owned or operated by an entity or its
predecessors, as well as to conditions at properties at which wastes or other
contamination attributable to an entity or its predecessors come to be located.
Although the Company has not incurred any material environmental related
liability in the past and believes that it is in material compliance with
environmental laws, there can be no assurance that the Company, or entities for
which it may be responsible, will not incur such liability in connection with
the investigation and remediation of facilities it currently operates (or
formerly owned or operated) or other locations in a manner that could materially
and adversely affect the Company.

Governmental Regulation

Many aspects of the Company's operations are subject to governmental regulations
in the United States and in other countries in which the Company operates,
including regulations relating to occupational health and workplace safety,
principally the Occupational Safety and Health Act and regulations thereunder.
In addition, the Company is subject to licensure and holds or has applied for
licenses in each of the states in the United States in which it operates and in
certain local jurisdictions within such states. Although the Company believes
that it is in material compliance with applicable laws and permitting
requirements, there can be no assurance that it will be able to maintain this
status. Further, the Company cannot determine to what extent future operations
and earnings of the Company may be affected by new legislation, new regulations
or changes in or new interpretations of existing regulations.

Possible Volatility Of Stock Price

The stock market has experienced price and volume fluctuations that have
affected the market for many companies and have often been unrelated to the
operating performance of such companies. The market price of the Common Stock
could also be subject to significant fluctuations in response to variations in
the Company's quarterly operating results, analyst reports, announcements
concerning the Company, legislative or regulatory changes or the interpretation
of existing statutes or regulations affecting the Company's business,
litigation, general trends in the industry and other events or factors.

Year 2000

The Company is preparing for the impact of the Year 2000 on its business, as
well as on the businesses of its customers, suppliers and business partners. The
"Year 2000 Issue" refers to the risk that systems, products, and equipment
having date-sensitive components will not recognize dates after December 31,


                                       15
<PAGE>   18
1999. These risks are derived predominantly from the fact that many software
programs have historically categorized the "year" in a two-digit format. The
Year 2000 Issue creates potential risks for the Company in its information
technology and non-information technology systems used in its business
operations. The Company may also be exposed to risks from third parties with
whom the Company interacts who fail to adequately address their own Year 2000
Issues.

                             The Company's Readiness

The Company started to formulate a plan to address the Year 2000 Issue in 1997.
To date, the Company's primary focus has been on its own internal information
technology systems, including all types of systems in use by the Company in its
operations, finance and human resources departments, and to deal with the most
critical systems first. The Company is continually developing a Year 2000 plan
to address all of its Year 2000 Issues. The Company's Year 2000 plan involves
the following phases: awareness, assessment, remediation, testing and
implementation.

Although the Company's assessment of the Year 2000 Issue is incomplete, the
Company has completed an assessment of approximately 75% of its internal
information technology systems. The Company estimates that it will complete the
assessment of its remaining internal information technology systems by August
31, 1999 and establish a timetable for the remediation of its remaining
technology systems. The Company has already completed the remediation of
approximately 50% of its information technology systems, including modifying and
upgrading existing software and developing and purchasing new software, and
continues to renovate portions of such systems for which assessment is complete.
The Company has not begun or established a timetable for its testing and
implementation phases. The Company's goal is to complete such phases by
September 30, 1999, although complications arising from potential or
unanticipated acquisitions might cause some delay.

Some of the Company's fabrication equipment have computer systems and
applications, and in some cases embedded microprocessors, that could be affected
by Year 2000 Issues. The Company has begun to assess the impact on its
fabrication equipment by contacting the vendors of such equipment. A majority of
vendors have informed the Company that (i) certain fabrication equipment is Year
2000 compliant, (ii) they have developed software for functional workarounds to
ensure Year 2000 compliance with respect to the balance of their noncompliant
fabrication equipment and (iii) remediation will be made during future regular
maintenance visits. The Company is in the process of contacting the remaining
vendors of its fabrication equipment and expects to receive information from
such other vendors by August 31, 1999, with respect to their assessment of the
impact on the fabrication equipment that they provided to the Company and the
nature and timetable of the remediation that such vendors may propose. The
Company expects to complete its assessment by August 31, 1999 and that any
required remediation will be completed by December 31, 1999. The Company expects
that its equipment vendors will propose timely remediation and will bear the
cost of modifying or otherwise renovating the Company's fabrication equipment.

The Company has recently begun an assessment of the potential for Year 2000
Issues arising from embedded microprocessors in its other equipment, facilities
and corporate and other offices, including


                                       16
<PAGE>   19
telecommunications systems, utilities and security systems, and expects to
complete the assessment by September 30, 1999.

                             External Relationships

The Company also faces the risk that one or more of its critical suppliers or
customers ("external relationships") will not be able to interact with the
Company due to the third party's inability to resolve its own Year 2000 Issues,
including those associated with its own external relationships. The Company is
completing its inventory of external relationships and is risk rating each
external relationship based upon the potential business impact, available
alternatives and cost of substitution. The Company is also attempting to
determine the overall Year 2000 readiness of its external relationships. In the
case of mission critical suppliers such as banks, financial intermediaries (such
as stock exchanges), telecommunications providers and other utilities,
information technology vendors, financial market data providers, steel and
related product suppliers, and equipment providers (including maintenance), the
Company is engaged in discussions with the third parties and is attempting to
obtain detailed information as to those parties' Year 2000 plans and states of
readiness. The Company has received some preliminary information concerning the
Year 2000 readiness of some of its customers, suppliers and other third parties
with which the Company has a material relationship and expects to engage in
discussions with most of such parties through 1999 in an attempt to determine
the extent to which the Company is vulnerable to those parties' possible failure
to become Year 2000 compliant. The Company, however, does not have sufficient
information at the current time to predict whether its external relationships
will be Year 2000 ready.

                        Costs to Address Year 2000 Issue

The Company's preliminary estimates for the expected total aggregate costs for
assessment, remediation, testing and implementation of its internal information
technology systems will range from approximately $1.0 million to $1.5 million,
of which $450,000 has been incurred. These costs include only those that are
necessary to replace non-compliant systems on an accelerated basis due to Year
2000 Issues. Many other costs incurred or to be incurred were part of a planned
system conversion, which was not accelerated. The major components of these
costs are: consultants, additional personnel costs, programming, new software
and hardware, software upgrades and travel expenses. The Company expects that
such costs will be funded through operating cash flows. This estimate, based on
currently available information, will be updated as the Company continues its
assessment and proceeds with renovation, testing and implementation and may be
adjusted upon receipt of more information from the Company's suppliers,
customers and other third parties and upon the design and implementation of the
Company's contingency plan. In addition, the availability and cost of
consultants and other personnel trained in this area and potential or
unanticipated acquisitions might materially affect the estimated costs.

                              Risks to the Company

The Company's Year 2000 Issue involves significant risks. The Company has and
will continue to devote substantial resources to address its Year 2000 Issue,
however, there can be no assurance that the Company will succeed in implementing
its evolving Year 2000 plan on a timely basis. The following describes the
Company's "most reasonably likely worst-case scenarios", given current
uncertainties. If


                                       17
<PAGE>   20
the Company's renovated or replaced internal information technology systems fail
the testing phase, or any software application or embedded microprocessors
central to the Company's operations are overlooked in the assessment or
implementation phases, significant problems including delays may be incurred in
purchasing and fabricating product, and billing the Company's customers for
services performed. Furthermore, if its major customers' systems do not become
Year 2000 compliant on a timely basis, the Company will have problems and incur
delays in receiving payments.

If the Company's vendors or suppliers of the Company's necessary steel, power,
telecommunications, transportation, and erection and subcontract services fail
to provide the Company with equipment, raw material and services, the Company
may be unable to provide services to its customers.

If any of these uncertainties were to occur, the Company's business, financial
condition and results of operations would be adversely affected. The Company is
unable to assess the likelihood of such events occurring or the extent of the
effect on the Company.

                                Contingency Plans

The Company has begun establishing contingency plans to address the Company's
worst case scenarios and other unavoided or unavoidable Year 2000 Issues with
internal information and non-information systems technology and with customers,
vendors and other third parties, and it expects to complete such plans by
October 31, 1999.

                      Year 2000 Forward-Looking Statements

The foregoing Year 2000 discussion contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995. Such
statements, including without limitation, anticipated costs and the dates by
which the Company expects to complete certain actions, are based on management's
best current estimates, which were derived utilizing numerous assumptions about
future events, including the continued availability of certain resources,
representations received from third parties and other factors. However, there
can be no guarantee that these estimates will be achieved, and actual results
could differ materially from those anticipated. Specific factors that might
cause such material differences include, but are not limited to, the ability to
identify and remediate all relevant information technology and non-information
technology systems, results of Year 2000 testing, adequate resolution of Year
2000 Issues by businesses and other third parties who are service providers,
suppliers or customers of the Company, unanticipated system costs, potential or
unanticipated acquisitions, the adequacy of and ability to develop and implement
contingency plans and similar uncertainties. The "forward-looking statements"
made in the foregoing Year 2000 discussion speak only as of the date on which
such statements are made, and 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 or to reflect the occurrence of unanticipated
events.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Derivative Financial Instruments, Other Financial Instruments, and Derivative
Commodity Instruments


                                       18
<PAGE>   21
At June 30, 1999, the Company did not participate in any derivative financial
instruments, or other financial and commodity instruments for which fair value
disclosure would be required under SFAS No. 107. The Company holds no investment
securities, which would require disclosure of market risk.

Primary Market Risk Exposure

The Company is potentially exposed to market risk associated with changes in
interest rates primarily as a result of its $100.0 million 10-1/2 percent fixed
rate Senior Notes, which were issued on June 4, 1998. Specifically, the Company
is exposed to changes in the fair value of its $100.0 million Senior Notes. The
variation in fair value is a function of market interest rate changes and the
investor perception of the investment quality of the Senior Notes.


                                       19
<PAGE>   22
                            PART II OTHER INFORMATION

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

      (a) The Annual Meeting of Stockholders was held on June 21, 1999

      (b) The following individuals were elected to the Board of Directors:
David A Schuff, Scott A. Schuff, Kenneth F. Zylstra, Edward M. Carson, Dennis
DeConcini and H. Wilson Sundt. Their terms will expire at the Company's 2000
Annual Meeting of Stockholders

      (c) The matters submitted for vote at the Annual Meeting were as follows:

      (c)(1) Election of six directors to the Board of Directors to serve until
the 1999 Annual Meeting of Stockholders. See Item 4(b) above. The shares were
voted as follows:

<TABLE>
<CAPTION>
            Nominee                   Number of Shares
            -------                   ------------------------------
<S>                                   <C>                  <C>
            David A. Schuff           For:                 6,888,925
                                      Withheld:                5,550
                                      Broker Non-votes:      132,698

            Scott A. Schuff           For:                 6,888,925
                                      Withheld:                5,550
                                      Broker Non-votes:      132,698

            Kenneth F. Zylstra        For:                 6,888,925
                                      Withheld:                5,550
                                      Broker Non-votes:      132,698

            Edward M. Carson          For:                 6,888,925
                                      Withheld:                5,550
                                      Broker Non-votes:      132,698

            Dennis Deconcini          For:                 6,886,925
                                      Withheld:                7,550
                                      Broker Non-votes:      132,698

            H. Wilson Sundt           For:                 6,888,925
                                      Withheld:                5,550
                                      Broker Non-votes:      132,698
</TABLE>


                                       20
<PAGE>   23
      (c)(2) Approval of the Schuff Steel Company 1999 Employee Stock Purchase
Plan. The shares were voted as follows:

<TABLE>
<S>                              <C>
            For:                 6,832,175
            Against:                59,115
            Withheld:                3,185
            Broker Non-votes:      132,698
</TABLE>

      (c)(3) The proposal to ratify the selection of Ernst & Young LLP as
independent auditors for fiscal 1999 received the following votes:

<TABLE>
<S>                           <C>
            For:              6,891,945
            Against:              1,930
            Withheld:               600
            Broker Non-votes:   132,698
</TABLE>


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a)  Exhibits

<TABLE>
<CAPTION>
         Exhibit
         Number                     Description of Exhibit
         ------                     ----------------------
<S>                                 <C>
          27                        Financial Data Schedule
</TABLE>

(b)  The Company filed no reports on Form 8-K during the quarter for which this
     report is filed.

                                   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.

                                     SCHUFF STEEL COMPANY

Date: August 16, 1999                By:     /s/ Kenneth F. Zylstra
                                             --------------------------
                                                 Kenneth F. Zylstra
                                     Vice President and Chief Financial Officer
                                            (Principal Financial Officer
                                             and Duly Authorized Officer)


                                       21
<PAGE>   24

                                EXHIBIT INDEX
                                -------------

Exhibit
  No.       Description
-------     -----------
  27        Financial Data Schedule