<PAGE>   1
                       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 quarter ended December 1, 1996           Commission File Number 1-9967
                      ----------------                                  ------



                          AMCAST INDUSTRIAL CORPORATION
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

         Ohio                                                  31-0258080
-------------------------------                             ----------------
   (State of Incorporation)                                 (I.R.S. Employer
                                                            Identification No.)

7887 Washington Village Drive, Dayton, Ohio                    45459
-------------------------------------------                 ----------
(Address of principal executive offices)                    (Zip Code)

                            (Area Code 937) 291-7000
              -----------------------------------------------------
              (Registrant's telephone number, including area code)

------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last 
report)

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

       Yes   X                         No
           -----                          -----

Number of Common Shares outstanding, no par value, as of December 1, 1996 -
8,632,614 shares.
<PAGE>   2
                          AMCAST INDUSTRIAL CORPORATION

                                    I N D E X
<TABLE>
<CAPTION>

PART I - FINANCIAL INFORMATION                                                                   PAGE NO.
         ---------------------                                                                   --------

<S>        <C>                                                                                   <C>
      Item 1  -  Financial Statements:

                 Consolidated Condensed Statements of Financial                                          3
                 Condition - December 1, 1996 and August 31, 1996

                 Consolidated Condensed Statements of Income -                                           4
                 for the Quarters Ended December 1, 1996
                 and December 3, 1995

                 Consolidated Condensed Statements of Retained Earnings -                                4
                 for the Quarters Ended December 1, 1996
                 and December 3, 1995

                 Consolidated Condensed Statements of Cash Flows -                                       5
                 for the Quarters Ended December 1, 1996
                 and December 3, 1995

                 Notes to Consolidated Condensed Financial Statements                                  6-8

      Item 2  -  Management's Discussion and Analysis of Financial
                 Condition and Results of Operations                                                  9-11

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

      Item 1 - Legal Proceedings                                                                        11

      Item 6 - Exhibits and Reports on Form 8-K                                                         11

SIGNATURES                                                                                              12
</TABLE>

                                       -2-
<PAGE>   3


PART I - FINANCIAL INFORMATION

                          AMCAST INDUSTRIAL CORPORATION
            CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION
                             (dollars in thousands)
                                   (unaudited)

<TABLE>
<CAPTION>
                                                           December 1     August 31
ASSETS                                                        1996          1996
------                                                     ----------     --------
<S>                                                        <C>            <C>        

Current Assets
    Cash and cash equivalents                               $   2,953    $   5,413
    Accounts receivable                                        47,514       50,407
    Inventories:
        Finished products                                      25,323       21,049
        Work-in-process                                        13,032       13,389
        Raw materials and supplies                             10,907       10,583
                                                            ---------    ---------
                                                               49,262       45,021
    Other current assets                                        9,697        8,380
                                                            ---------    ---------
        Total current assets                                  109,426      109,221

Property, Plant and Equipment                                 253,660      245,001
    Less allowances for depreciation                         (110,790)    (106,395)
                                                            ---------    ---------
                                                              142,870      138,606

Other Assets                                                   21,454       21,390
                                                            ---------    ---------
                                                            $ 273,750    $ 269,217
                                                            =========    =========

LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------

Current Liabilities
    Accounts payable                                        $  28,957    $  30,750
    Short-term borrowings and current portion
        of long-term debt                                       3,605        1,105
    Accrued expenses, compensation and
        related items and other current liabilities            20,714       19,592
                                                            ---------    ---------
        Total current liabilities                              53,276       51,447

Long-Term Debt--less current portion                           57,908       58,783
Deferred Income Taxes                                          13,541       12,126
Deferred Liabilities                                            9,637       10,697

Shareholders' Equity 
    Preferred shares, without par value:
        Authorized--1,000,000 shares
        Issued--None
    Common shares, at stated value:
        Authorized--15,000,000 shares
        Issued--8,632,614 shares
        (8,618,491 at August 31, 1996)                          8,633        8,618
    Capital in excess of stated value                          65,253       65,003
    Retained earnings                                          65,502       62,543
                                                            ---------    ---------
                                                              139,388      136,164
                                                            ---------    ---------
                                                            $ 273,750    $ 269,217
                                                            =========    =========
</TABLE>



See notes to consolidated condensed financial statements.

                                       -3-
<PAGE>   4


                          AMCAST INDUSTRIAL CORPORATION
                   CONSOLIDATED CONDENSED STATEMENTS OF INCOME
                              AND RETAINED EARNINGS
                 (dollars in thousands except per share amounts)
                                   (unaudited)
<TABLE>
<CAPTION>

                                                          Three Months Ended
                                                          ------------------
                                                       December 1     December 3
                                                          1996           1995
                                                       ----------     ---------
<S>                                                    <C>            <C>        

Consolidated Condensed Statements of Income
-------------------------------------------

Net sales                                                $ 90,789      $ 86,465
Cost of sales                                              71,684        69,046
                                                         --------      --------

       Gross profit                                        19,105        17,419
Selling, general and administrative expenses               10,290        10,703
                                                         --------      --------

       Operating income                                     8,815         6,716
Equity in (loss) income of joint venture
     and other income, net                                 (1,277)           82
Interest expense                                            1,123           462
                                                         --------      --------

       Income before income taxes                           6,415         6,336
Income taxes                                                2,277         2,281
                                                         --------      --------

       Net Income                                        $  4,138      $  4,055
                                                         ========      ========


Consolidated Condensed Statements of
------------------------------------
Retained Earnings
-----------------

Beginning retained earnings                              $ 62,543      $ 51,474
Net income                                                  4,138         4,055
Dividends                                                  (1,208)       (1,205)
Other                                                          29           (21)
                                                         --------      --------

       Ending Retained Earnings                          $ 65,502      $ 54,303
                                                         ========      ========

Per Share Information
---------------------

Net income per share                                     $    .48      $    .47
                                                         ========      ========

Dividends declared per share                             $    .14      $    .14
                                                         ========      ========

Dividends paid per share                                 $    .14      $    .14
                                                         ========      ========

</TABLE>

See notes to consolidated condensed financial statements.

                                       4
<PAGE>   5


                          AMCAST INDUSTRIAL CORPORATION
                 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                             (dollars in thousands)
                                   (unaudited)

<TABLE>
<CAPTION>
                                                          Three Months Ended
                                                        -----------------------
                                                         December 1   December 3
                                                           1996           1995
                                                        -----------   ----------
<S>                                                     <C>           <C>      
Operating Activities:
    Net income                                           $  4,138      $  4,055
    Depreciation                                            5,023         4,484
    Deferred liabilities                                      355          (413)

    Changes in assets and liabilities:
        - Receivables                                       2,893        (1,146)
        - Inventories                                      (4,241)       (3,904)
        - Accounts payable                                 (1,793)        2,490
        - Other                                              (195)        1,787
                                                         --------      --------
      Net Cash Provided By Operating Activities             6,180         7,353

Investing Activities:
    Additions to property, plant, and equipment            (8,876)      (14,903)
    Contribution to joint venture                          (2,026)
    Other                                                   1,551           (71)
                                                         --------      --------
       Net Cash Used By Investing Activities               (9,351)      (14,974)

Financing Activities:
    Additions to long-term debt                                          50,000
    Reduction in long-term debt                              (875)      (20,674)
    Short-term borrowings and current portion
        of long-term debt                                   2,500          (563)
    Dividends                                              (1,208)       (1,205)
    Other                                                     294           689
                                                         --------      --------
       Net Cash Provided By Financing Activities              711        28,247
                                                         --------      --------

Net change in cash and cash equivalents                    (2,460)       20,626

Cash and cash equivalents at beginning of period            5,413         1,286
                                                         --------      --------

Cash and Cash Equivalents at End of Period               $  2,953      $ 21,912
                                                         ========      ========
</TABLE>


See notes to consolidated condensed financial statements.

                                       5
<PAGE>   6


                          AMCAST INDUSTRIAL CORPORATION
              NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                   (dollars in thousands except share amounts)
                                   (unaudited)

Note A - Preparation of Financial Statements
--------------------------------------------

The consolidated condensed financial statements include the accounts of Amcast
Industrial Corporation and subsidiaries (the Company). Intercompany transactions
have been eliminated. All adjustments, consisting of only normally recurring
accruals, necessary for a fair presentation have been included. Certain amounts
have been reclassified in the prior years' financial statements to conform to
the current year presentation.

Note B - Accounts Receivable
----------------------------

Accounts receivable are stated net of allowances for doubtful accounts of $268
at December 1, 1996 and $233 at August 31, 1996.

Note C - Inventories
--------------------

Certain inventories are presented net of the appropriate LIFO reserve.

Note D - Other Assets
---------------------

The major components are:

<TABLE>
<CAPTION>

                                                  December 1          August 31
                                                     1996               1996
                                                  ----------         ---------
<S>                                               <C>                <C>      
Assets held for sale                              $    3,264         $   3,425
Investment in joint venture                           10,322             9,639
Other assets                                           7,868             8,326
                                                  ----------         ---------
                                                  $   21,454         $  21,390
                                                  ==========         =========
</TABLE>


<TABLE>
<CAPTION>
Note E - Long-Term Debt
-----------------------

The following table summarizes the Company's borrowings:

                                                         December 1     August 31
                                                            1996           1996
                                                         ----------     ---------
<S>                                                      <C>            <C>
Senior notes                                               $52,625       $53,500
Lines of credit - notes payable                              2,500
Industrial revenue bonds                                     6,388         6,388
                                                           -------       -------
Total Obligations                                           61,513        59,888

Less short-term borrowings and current portion
   of long-term debt                                         3,605         1,105
                                                           -------       -------

                                                           $57,908       $58,783
                                                           =======       =======
</TABLE>

                                       6

<PAGE>   7


                          AMCAST INDUSTRIAL CORPORATION
              NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                   (dollars in thousands except share amounts)
                                   (unaudited)

Note F - Commitments and Contingencies
--------------------------------------

At December 1, 1996, the Company has committed to capital expenditures of $12.1
million, primarily for the Engineered Components segment.

The Company, as is normal for the industry in which it operates, is involved in
certain legal proceedings and subject to certain claims and site investigations
which arise under the environmental laws and which have not been finally
adjudicated.

The Company has been identified as a potentially responsible party by various
state agencies and by the United States Environmental Protection Agency (U.S.
EPA) under the Comprehensive Environmental Response Compensation and Liability
Act of 1980, as amended, for costs associated with nine U.S. EPA led multi-party
sites and six state environmental agency-led remediation sites. Each of these
claims involves third-party owned disposal sites for which compensation is
sought from the Company as an alleged waste generator for recovery of past
governmental costs or for future investigation or remedial actions. The
designation as a potentially responsible party and the assertion of such claims
against the Company are made without taking into consideration the extent of the
Company's involvement with the particular site. In each instance, claims have
been asserted against a number of other entities for the same recovery or other
relief as was asserted against the Company. These claims are in various stages
of administrative or judicial proceeding. The Company has no reason to believe
that it will have to pay a significantly disproportionate share of clean-up
costs associated with any site.

To the extent possible, with the information available at the time, the Company
has evaluated its responsibility for costs and related liability with respect to
the above sites. In making such evaluation, the Company did not take into
consideration any possible cost reimbursement claims against its insurance
carriers. The Company is of the opinion that its liability with respect to those
sites should not have a material adverse effect on its financial position or
results of operations. In arriving at this conclusion, the principal factors
considered by the Company were ongoing settlement discussions with respect to
certain of the sites, the volume and relative toxicity of waste alleged to have
been disposed of by the Company at certain sites, which factors are often used
to allocate investigative and remedial costs among potentially responsible
parties, the probable costs to be paid by other potentially responsible parties,
total projected remedial costs for a site, if known, and the Company's existing
reserve to cover costs associated with unresolved environmental proceedings. At
December 1, 1996, the Company's accrued undiscounted reserve for such
contingencies was $2.1 million.

Allied-Signal Inc. has brought an action against the Company seeking a
contribution from the Company equal to 50% of Allied-Signal's estimated $30
million remediation cost in connection with a site in southern Ohio. The Company
believes its responsibility with respect to this site is very limited due to the
nature of the foundry sand waste it disposed of at the site. A trial in this
case was completed in February of 1995, but no judgment has been rendered. The
Company believes that if it has any liability at all in regard to this matter,
that liability would not be material to its financial position or results of
operations.

                                      -7-
<PAGE>   8


                          AMCAST INDUSTRIAL CORPORATION
              NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                   (dollars in thousands except share amounts)
                                   (unaudited)

Note G - Income Taxes
---------------------

The estimated effective tax rate was 35.5% and 36.0% for the first quarter of
fiscal 1997 and 1996, respectively.

Note H - Net Income Per Share
-----------------------------

For the first quarter of 1997 and 1996, the weighted average number of common
shares used to calculate income per share was 8,624,864 and 8,576,817,
respectively.


                                      -8-
<PAGE>   9


                          AMCAST INDUSTRIAL CORPORATION
                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS

Operating Results
-----------------

Net sales increased 5% to $90.8 million in the first quarter ended December 1,
1996 as sales of Flow Control Products were up slightly and Engineered
Components' sales rose 7.9% compared to the first quarter ended December 3,
1995.

Gross profit for the first quarter of fiscal 1997 rose 9.7 percent to $19.1
million from $17.4 million in fiscal 1996. The gross profit percentage for the
first quarter of 1997 increased to 21.0% from 20.1% in the prior year's first
quarter due to cost reductions coupled with higher sales volumes and increased
capacity utilization.

The selling, general and administrative expenses for the first quarter were
$10.3 million, down $.4 million due to reduced technical program and development
expenses. The selling, general and administrative expenses were 11.3% of sales
in the current quarter, down from 12.4% due to the reduced spending levels and
higher sales volumes.

Operating income increased 31.3% to $8.8 million in the current quarter due to
higher sales volumes and lower selling, general and administrative expenses as
discussed above.

Casting Technology Company, the Company's joint venture with Izumi Industries,
launched several new products and experienced an unusually steep production
ramp-up. Higher launch costs in the form of low productivity and high scrap
rates experienced earlier in the quarter had a negative impact on income. The
Company's equity in the joint venture's loss was $1.3 million in the first
quarter.

In the current quarter, interest expense increased to $1.1 million, compared to
$.5 million in the first quarter of fiscal 1996 due to higher debt levels. The
private placement of a $50 million senior note was executed in November 1995.
The debt proceeds were used to retire bank debt and fund business expansion.
<TABLE>
<CAPTION>

Results by Business Segment (unaudited)
---------------------------------------
(dollars in thousands)                                     Three Months Ended
                                                        ------------------------
                                                        December 1    December 3
                                                           1996          1995
                                                           ----          ----
<S>                                                     <C>            <C>     
Net Sales
---------
    Flow Control Products                               $ 38,832       $ 38,319
    Engineered Components                                 51,957         48,146
                                                        --------       --------
                                                        $ 90,789       $ 86,465
                                                        ========       ========
Income Before Income Taxes
--------------------------
    Flow Control Products                               $  6,932       $  5,946
    Engineered Components                                  3,755          2,618
    Corporate Expense                                     (1,872)        (1,848)
    Equity in (loss) income of joint venture
       and other income, net                              (1,277)            82
    Interest Expense                                      (1,123)          (462)
                                                        --------       --------
                                                        $  6,415       $  6,336
                                                        ========       ========
</TABLE>

                                      -9-
<PAGE>   10
                          AMCAST INDUSTRIAL CORPORATION
                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                 CONDITION AND RESULTS OF OPERATIONS - CONTINUED

In the Flow Control Products segment, sales and operating income ($38.8 million
and $6.9 million, respectively) reflect continued cost reductions coupled with
high operating rates and strong demand for the Company's copper and brass
fittings. Operating margins in this segment increased to 17.9% from 15.5% in the
comparable period of fiscal 1996.

Sales in the Engineered Components segment rose from $48.1 million in the first
quarter of 1996 to $52.0 million, primarily due to higher volumes of suspension
components, aluminum wheels, and aerospace products. Operating income rose to
$3.8 million from $2.6 million. Both sales and earnings were affected by demand
curtailments for some automotive products resulting from work stoppages at the
Company's largest automotive customer, General Motors. Despite the volume
shortfall, planned cost reductions coupled with higher capacity utilization at
several components plants resulted in margin improvements of this segment.
Operating margins increased to 7.2% from 5.4% in the same period last year.

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

In the current quarter, net cash provided by operations was $6.2 million
compared to $7.4 million for the first three months of fiscal 1996. In both 1997
and 1996, cash provided by net income and depreciation was partially offset by
an increase in working capital of $3.3 million and $.8 million, respectively.

Capital expenditures were $8.9 million and $14.9 million for the three-month
period of fiscal 1997 and 1996, respectively. At December 1, 1996, the Company
had $12.1 million of commitments for additional capital expenditures, primarily
for the Engineered Components segment.

Long-term debt was 29.4% of total capital at December 1, 1996, and 30.2% at
August 31, 1996. The current portion of debt increased $2.5 million at December
1, 1996 due to borrowings against short-term credit lines to partially finance
the increase in working capital.

The Company may borrow up to $60 million under a Revolving Credit Agreement
which expires April 1, 2000. In addition, the Company maintains bank lines of
credit under which it may borrow up to $25 million. At December 1, 1996, there
were no borrowings under the Revolving Credit Agreement and $2.5 million
outstanding under available bank lines of credit. The Company considers these
external sources of funds, together with funds generated from operations, to be
adequate to meet operating needs.


                                      -10-
<PAGE>   11


                          AMCAST INDUSTRIAL CORPORATION
                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                 CONDITION AND RESULTS OF OPERATIONS - CONTINUED

Contingencies
-------------

The Company, as is normal for the industry in which it operates, is involved in
certain legal proceedings and subject to certain claims and site investigations
that arise under the environmental laws and which have not been finally
adjudicated. To the extent possible, with the information available, the Company
regularly evaluates its responsibility with respect to environmental
proceedings. The factors considered in this evaluation are described in detail
in the Commitments and Contingencies note to the consolidated condensed
financial statements. At December 1, 1996, the Company had accrued reserves of
$2.1 million for environmental liabilities. The Company is of the opinion that,
in light of its existing reserves, its liability in connection with
environmental proceedings should not have a material adverse effect on its
financial condition or results of operation.

PART II - OTHER INFORMATION

Item 1 - Legal Proceedings
--------------------------

Refer to Item 3, Part I of Form 10-K for the fiscal year ended August 31, 1996.

Item 6 - Exhibits and Reports on Form 8-K
-----------------------------------------

a)  Exhibits
    --------

      Exhibit 27 - Financial Data Schedule

b)  Reports on Form 8-K:

    No reports on Form 8-K were filed by the Company during the quarter ended
    December 1, 1996.


                                      -11-
<PAGE>   12


                          AMCAST INDUSTRIAL CORPORATION

                               S I G N A T U R E S

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.

                                                  AMCAST INDUSTRIAL CORPORATION
                                                  -----------------------------
                                                  (Registrant Company)

Date: January 15, 1997                            By: /s/J. H. Shuey
      ----------------                                --------------------------
                                                  John H. Shuey

                                                  President and Chief Executive 
                                                  Officer, Director
                                                  (Principal Executive Officer)

Date: January 15, 1997                            By: /s/D. D. Watts
      ----------------                                --------------------------
                                                  Douglas D. Watts
                                                  Vice President, Finance
                                                  (Principal Financial Officer)

Date: January 15, 1997                            By /s/W. L. Bown
      ----------------                               ---------------------------
                                                  William L. Bown
                                                  Vice President and Controller
                                                  (Principal Accounting Officer)
    
                                      -12-