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 3, 2000          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)



                                 (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 3, 2000 -
8,405,604 shares.

<PAGE>

                          AMCAST INDUSTRIAL CORPORATION
                               REPORT ON FORM 10-Q
                     FOR THE QUARTER ENDED DECEMBER 3, 2000

                                    I N D E X




PART I - FINANCIAL INFORMATION                                          PAGE

      Item 1  -  Financial Statements:

                 Consolidated Condensed Statements of Financial
                 Condition - December 3, 2000 and August 31, 2000          3

                 Consolidated Condensed Statements of Income -
                 for the Three Months Ended December 3, 2000
                 and November 28, 1999                                     4

                 Consolidated Condensed Statements of Retained Earnings -
                 for the Three Months Ended December 3, 2000
                 and November 28, 1999                                     4

                 Consolidated Condensed Statements of Cash Flows -
                 for the Three Months Ended December 3, 2000
                 and November 28, 1999                                     5

                 Notes to Consolidated Condensed Financial Statements   6-12

      Item 2  -  Management's Discussion and Analysis of Financial
                 Condition and Results of Operations                   13-17

       Item 3 - Quantitative and Qualitative Disclosures
                about Market Risk                                         18

PART II - OTHER INFORMATION

      Item 5 - Submission of Matters to a Vote of Security Holders        18

      Item 6 - Exhibits and Reports on Form 8-K                           18

SIGNATURES                                                                19

<PAGE>

PART I - FINANCIAL INFORMATION

<TABLE>
<CAPTION>


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

<S>                                                  <C>            <C>
                                                     December 3     August 31
                                                        2000           2000
                                                    ------------  ------------
ASSETS

Current Assets
       Cash and cash equivalents                      $   5,399      $  3,062
       Accounts receivable                               72,592        85,041
       Inventories                                       84,891        77,512
       Other current assets                              20,569        16,304
                                                     ------------  -----------
                              Total Current Assets      183,451       181,919

Property, Plant, and Equipment                          395,509       396,040
       Less accumulated depreciation                   (173,809)     (169,183)
                                                     ------------  -----------
                                                        221,700       226,857

Goodwill                                                 49,370        49,707
Other Assets                                             22,321        21,903
                                                     ------------  -----------
                                                      $ 476,842     $ 480,386
                                                     ============  ===========

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities
       Short-term debt                                $   6,794      $  1,584
       Current portion of long-term debt                  2,689         3,044
       Accounts payable                                  76,557        84,285
       Accrued expenses                                  38,370        38,013
                                                     ------------  -----------
                         Total Current Liabilities      124,410       126,926

Long-Term Debt - less current portion                   152,062       147,273
Deferred Income Taxes                                    31,284        31,275
Deferred Liabilities                                     17,402        18,958

Shareholders' Equity
       Common shares, at stated value
            Authorized - 15,000,000 shares
            Issued - 9,208,529 shares                     9,228         9,228
       Capital in excess of stated value                 70,981        70,981
       Accumulated other comprehensive losses            (5,075)       (1,900)
       Retained earnings                                 86,192        87,287
       Cost of 821,966 common shares in treasury         (9,642)       (9,642)
                                                     ------------  -----------
                                                        151,684       155,954
                                                     ------------  -----------
                                                      $ 476,842     $ 480,386
                                                     ============  ===========
</TABLE>

See notes to consolidated financial statements

<PAGE>
<TABLE>
<CAPTION>


                         AMCAST INDUSTRIAL CORPORATION
                   CONSOLIDATED CONDENSED STATEMENTS OF INCOME
                              AND RETAINED EARNINGS
                    ($ in thousands except per share amounts)
                                   (unaudited)

                                                         Three Months Ended
                                                     -------------------------
<S>                                                  <C>           <C>
                                                     December 3    November 28
                                                        2000         1999
                                                    ------------  ------------
Consolidated Condensed Statements of Income

Net sales                                             $ 137,944     $ 146,079
Cost of sales                                           121,656       127,768
                                                    ------------  -----------
                                      Gross Profit       16,288        18,311
Selling, general and administrative expenses             12,197        13,603
                                                    ------------  ------------
                                   Operating Income       4,091         4,708
Equity in (income) loss of joint venture and
       other (income) and expense                           755          (248)
Interest expense                                          3,199         2,823
                                                    ------------  ------------
                     Income before Income Taxes and
                               Cumulative Effect of
                                  Accounting Change         137         2,133
Income taxes                                                 55           838
                                                    ------------  ------------
                    Income before Cumulative Effect
                               of Accounting Change          82         1,295
Cumulative effect of accounting change, net of tax            -           983
                                                    ------------  ------------
                                        Net Income      $    82      $  2,278
                                                    ============  ============

Consolidated Condensed Statements of Retained Earnings

Beginning retained earnings                          $   87,287     $  87,796
Net income                                                   82         2,278
Dividends                                                (1,177)       (1,254)
Stock awards                                                  -            (5)
                                                    ------------  ------------
                          Ending Retained Earnings   $   86,192     $  88,815
                                                    ============  ============

Basic earnings per share
      Income before cumulative effect
             of accounting adjustment                 $    0.01     $   0.14
      Cumulative effect of accounting adjustment              -         0.11
                                                    ------------  ------------
      Net Income                                      $    0.01     $   0.25
                                                    ============  ============
Diluted earnings per share
      Income before cumulative effect
             of accounting adjustment                 $    0.01     $   0.14
      Cumulative effect of accounting adjustment              -         0.11
                                                    ------------  ------------
      Net Income                                      $    0.01     $   0.25
                                                    ============  ============

Dividends declared per share                          $    0.14     $   0.14
                                                    ============  ============

Dividends paid per share                              $    0.14     $   0.14
                                                    ============  ============

</TABLE>

See notes to consolidated financial statements.

<PAGE>
<TABLE>
<CAPTION>

                         AMCAST INDUSTRIAL CORPORATION
                 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                                ($ in thousands)
                                   (unaudited)
                                                        Three Months Ended
                                                   ---------------------------
<S>                                                 <C>           <C>
                                                    December 3    November 28
                                                       2000           1999
                                                    ------------  ------------
Operating Activities
        Net income                                      $    82     $   2,278
        Depreciation and amortization                     7,914         8,040
        Cumulative effect of accounting change                -          (983)
        Deferred liabilities                             (1,659)         (148)

        Changes in assets and liabilities:
             Accounts receivable                          9,437       (11,438)
             Inventories                                 (9,186)       (5,758)
             Other current assets                        (4,857)          397
             Accounts payable                            (5,428)       (1,416)
             Accrued liabilities                          1,416        (1,192)
             Other                                        1,128          (242)
                                                    ------------  ------------
                       Net Cash Used for Operations      (1,153)      (10,462)

Investing Activities
        Additions to property, plant, and equipment      (6,050)       (5,595)
        Other                                                58           230
                                                    ------------  ------------
              Net Cash Used for Investing Activities     (5,992)       (5,365)

Financing Activities
        Additions to long-term debt                      31,000             -
        Reduction in long-term debt                     (31,820)       (2,461)
        Short-term borrowings                            11,763        24,262
        Dividends                                        (1,177)       (1,254)
        Proceeds from sale leaseback                          -         1,340
                                                    ------------  ------------
          Net Cash Provided by Financing Activities       9,766        21,887

Effect of exchange rate changes on cash                    (284)           (7)
                                                    ------------  ------------
Net change in cash and cash equivalents                   2,337         6,053

Cash and cash equivalents at beginning of period          3,062         6,928
                                                    ------------  ------------
Cash and Cash Equivalents at End of Period            $   5,399     $  12,981
                                                    ============  ============
</TABLE>

See notes to consolidated financial statements

<PAGE>

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

Preparation of Financial Statements

The  accompanying   consolidated  condensed  financial  statements  include  the
accounts  of  Amcast  Industrial   Corporation  and  its  domestic  and  foreign
subsidiaries  (the Company).  Intercompany  accounts and transactions  have been
eliminated.  The Company's  investment in Casting  Technology  Company  (CTC), a
joint venture,  is included in the accompanying  financial  statements using the
equity method of accounting. The consolidated condensed financial statements are
unaudited  and  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 for complete annual
financial  statements  and  should  be read in  conjunction  with the  Company's
audited  consolidated  financial  statements  and  footnotes  for the year ended
August 31, 2000  included in the  Company's  Annual  Report on Form 10-K. In the
opinion of management,  all adjustments,  consisting of only normally  recurring
accruals, necessary for a fair presentation have been included.

Accounting Change

During 2000,  as a result of a new  enterprise  resource  planning  (ERP) system
implementation,  the Company began  capitalizing  the cost of supplies and spare
parts inventories,  whereas previously the cost of these manufacturing  supplies
was expensed when  purchased.  Management  believes this change is preferable in
that it provides for a more appropriate  matching of revenues and expenses.  The
total amount of inventory  capitalized and reported as a cumulative  effect of a
change in accounting  principle,  retroactive to September 1, 1999, was $983 net
of taxes of $602.

Accounting Standards Adopted

Effective  September  1,  2000,  the  Company  adopted  Statement  of  Financial
Accounting Standards (SFAS) No. 133, "Accounting for Derivative  Instruments and
Hedging  Activities,"  as amended by SFAS Nos. 137 and 138, which  establishes a
comprehensive  standard for the  recognition  and measurement of derivatives and
hedging activities. The new standard requires that all derivatives be recognized
as assets or liabilities in the statement of financial  position and measured at
fair value. Gains or losses resulting from changes in fair value are required to
be  recognized  in current  earnings  unless  specific  hedge  criteria are met.
Special  accounting  allows  for gains or losses on  qualifying  derivatives  to
offset  gains or losses  on the  hedged  item in the  statement  of  income  and
requires formal  documentation of the effectiveness of transactions that receive
hedge  accounting.  The adoption of this standard did not have a material effect
on the Company's consolidated results of operations, financial position, or cash
flows.



<PAGE>

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

Comprehensive Income

Comprehensive income (losses) include all changes in shareholders' equity during
a period  except  those  resulting  from  investments  by and  distributions  to
shareholders. The components of comprehensive income (losses) are:

<TABLE>
<CAPTION>

                                                   Three Months Ended
                                             ------------------------------
<S>                                           <C>              <C>
                                              December 3       November 28
                                                 2000             1999
                                              -----------      -----------

Net income                                      $     82           $ 2,278
Foreign currency translation adjustments          (3,175)            2,323
                                              -----------      -----------
                                                $ (3,093)          $ 4,601
                                              ===========      ===========
</TABLE>

Inventories

The major components of inventories are:

<TABLE>

<S>                                           <C>              <C>
                                              December 3       November 28
                                                 2000             1999
                                              -----------      -----------
Finished Goods                                  $ 44,497          $ 40,013
Work in process                                   25,741            23,932
Raw materials and supplies                        19,747            18,661
                                              -----------      -----------
                                                  89,985            82,606
Less amount to reduce certain
      inventories to LIFO value                    5,094             5,094
                                              -----------      -----------
                                                $ 84,891          $ 77,512
                                              ===========      ===========

</TABLE>

<PAGE>

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

Long-Term Debt

The following table summarizes the Company's long-term borrowings:

<TABLE>
<S>                                           <C>              <C>
                                              December 3       August 31
                                                 2000            2000
                                              -----------      -----------

Senior notes                                    $ 50,000        $ 50,000
Revolving credit notes                            76,751          77,510
Lines of credit                                   22,600          16,200
Other debt                                         2,911           3,388
Capital leases                                     2,489           3,219
                                              -----------      -----------
                                                 154,751         150,317
Less current portion                               2,689           3,044
                                              -----------      -----------
                                                $152,062        $147,273
                                              ===========      ===========

</TABLE>

<PAGE>

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

Earnings Per Share

The following table reflects the calculations for basic and diluted earnings per
share for the three month periods ended  December 3, 2000 and November 28, 1999,
respectively.

<TABLE>
<CAPTION>

                                                 Three Months Ended
                                         --------------------------------------
<S>                                           <C>              <C>
                                              December 3       November 28
                                                 2000              1999
                                              -----------      -----------

Income before cumulative effect
    of accounting change                            $ 82          $ 1,295
                                              ===========      ===========

Net income                                          $ 82          $ 2,278
                                              ===========      ===========

Basic Earnings per Share:
Basic shares                                       8,406            8,956
                                              ===========      ===========

Income before cumulative effect
    of accounting change                          $ 0.01           $ 0.14
                                              ===========      ===========

Net income                                        $ 0.01           $ 0.25
                                              ===========      ===========

Diluted Earnings per Share:
Basic shares                                       8,406            8,956
Stock options                                          6                6
                                               -----------      -----------
Diluted shares                                     8,412            8,962
                                               ===========      ===========

Income before cumulative effect
    of accounting change                          $ 0.01           $ 0.14
                                               ===========      ===========

Net income                                        $ 0.01           $ 0.25
                                               ===========      ===========

</TABLE>

For each of the periods presented, there were outstanding stock options excluded
from the  computation  of diluted  earnings  per share  because the options were
antidilutive.

<PAGE>

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

Business Segments

Operating  segments are organized  internally  primarily by the type of products
produced  and  markets  served.  The Company has  aggregated  similar  operating
segments into two  reportable  segments:  Flow Control  Products and  Engineered
Components.  The Company evaluates segment  performance and allocates  resources
based on  several  factors,  of which  net sales and  operating  income  are the
primary  financial  measures.  At December  03,  2000 there were no  significant
changes in identifiable assets of reportable segments from the amounts disclosed
at August 31, 2000, nor were there any changes in the reportable segments, or in
the measurement of segment operating results.


Operating  information  related  to  the  Company's  reportable  segments  is as
follows:

<TABLE>
<CAPTION>

                                  Net Sales               Operating Income
                           -------------------------- --------------------------
                           For the Three Months Ended For the Three Months Ended
                           -------------------------- --------------------------
<S>                        <C>           <C>           <C>          <C>
                           December 3    November 28   December 3   November 28
                              2000           1999         2000         1999 *
                           -----------   -----------   -----------  -----------
Flow Control Products        $ 32,959      $ 35,369       $ 4,485      $ 6,014
Engineered Components         104,985       110,710         1,264          634
Corporate                           -             -        (1,658)      (1,940)
                           -----------   -----------   -----------  -----------
                              137,944       146,079         4,091        4,708
Equity in joint venture
  and other (income) expense        -             -           755         (248)
Interest expense                    -             -         3,199        2,823
                           -----------   -----------   -----------  -----------
Total net sales and income
before taxes                $ 137,944     $ 146,079         $ 137      $ 2,133
                           ===========   ===========   ===========  ===========


* Income before cumulative effect of a change in accounting  principle in fiscal
2000

</TABLE>

<PAGE>

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

Commitments and Contingencies

At  December  3, 2000,  the Company has  committed  to capital  expenditures  of
$13,168, 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 U.S. EPA led  multi-party
sites and state  environmental  agency-led  remediation  sites.  The majority of
these claims involve  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  at the
multi-party   sites.   There   are   three   Company-owned    properties   where
state-supervised  cleanups  are  expected.  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  3,  2000,  the  Company's  accrued   undiscounted   reserve  for  such
contingencies was $900.

<PAGE>

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

Allied-Signal Inc. (now Honeywell) brought an action against the Company seeking
a contribution  from the Company equal to 50% of Honeywell's  estimated  $30,000
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.  The court has
rendered its decision on this case, however, the exact amount of the verdict has
not yet been determined by the court. The amount will be significantly less than
the amount  sought by the  plaintiff  and the Company  estimates  its  liability
associated with the action to be between $500 and $1,500.  The Company  believes
its liability is at the low end of this range.

Increasingly,  major  automotive  industry  companies  are  withholding  partial
payment  for goods  received.  Often,  this is a  negotiating  tactic  for costs
incurred by the customer in which the customer believes that the supplier should
participate.  Generally, payment is received, however, only after several months
have passed.  At December 3, 2000,  the Company has $2,037 and CTC has $1,926 of
accounts  receivable  being withheld pending final resolution of various issues.
It is anticipated that these amounts will ultimately be collected.



<PAGE>


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

Cautionary Statements Under the Private Securities Reform Act of 1995

Certain  statements in this Report,  in the Company's press releases and in oral
statements  made by or with the approval of an authorized  executive  officer of
the  Company  constitute  "forward-looking  statements"  as that term is defined
under the Private  Securities  Litigation  Reform Act of 1995. These may include
statements  projecting,   forecasting  or  estimating  Company  performance  and
industry trends.  The achievement of the projections,  forecasts or estimates is
subject to certain risks and uncertainties. Actual results and events may differ
materially  from those  projected,  forecasted or  estimated.  Factors which may
cause  actual  results  to differ  materially  from  those  contemplated  by the
forward-looking  statement,  include,  among others: general economic conditions
less  favorable than expected,  fluctuating  demand in the automotive  industry,
less favorable than expected growth in sales and profit margins in the Company's
product  lines,  increased  competitive  pressures in the  Company's  Engineered
Components  and Flow Control  Products  segments,  effectiveness  of  production
improvement plans, cost of raw materials,  inherent  uncertainties in connection
with  international  operations  and  foreign  currency  fluctuations  and labor
relations  at the  Company  and its  customers.  The  following  discussion  and
analysis  provides  information  which  management  believes  is  relevant to an
understanding of the Company's  consolidated results of operations and financial
condition.  This discussion  should be read in conjunction with the accompanying
consolidated condensed financial statements and notes thereto.

Results of Operations

Consolidated  net sales decreased by 5.6% to $137.9 million in the first quarter
of fiscal 2001 compared with $146.1 million in the first quarter of fiscal 2000.
The following  table shows the  components of the decrease in  consolidated  net
sales:

<TABLE>

     <S>                                             <C>
     Volume                                          (4.2%)
     Price and product mix                            3.9%
     Foreign currency exchange rates                 (5.3%)
                                                  ------------
                                                     (5.6%)
                                                  ============

</TABLE>


While demand for the  Company's  copper  plumbing  fittings  and North  American
automotive products remained near prior-year levels,  anticipated replacement of
commercial  brass product business lost in the second quarter of fiscal 2000 was
not  achieved  and  demand for  aluminum  wheels in Europe  softened.  Favorable
pricing  reflects a better  product  mix,  primarily at the  Company's  European
operations, and higher aluminum costs reflected in the sales price of automotive
products,  which helped to offset  competitive market pricing issues encountered
by the Flow Control  business.  A weaker  Italian lira also caused a decrease in
sales. By segment,  Engineered  Components sales decreased by 5.2% compared with
the first quarter of fiscal 2000, while Flow Control Products sales decreased by
6.8%.


<PAGE>

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


Gross  profit for the first  quarter of fiscal 2001  decreased by 11.0% to $16.3
million.  As a percentage of sales, gross profit was 11.8% for the first quarter
compared  with 12.5% for the same period of 2000.  In the Flow Control  Products
segment,  pricing  issues  and  lower  volume  decreased  gross  profit.  In the
Engineered   Components   segment,   lower  sales   volume  plus   manufacturing
inefficiencies experienced by the Company's European operations offset the gross
profit  improvement  from a more  profitable  mix of wheels in Europe  and North
America and lower manufacturing  costs,  primarily at the Company's  Wapakoneta,
Ohio plant.

Selling, general and administrative (SG&A) expenses decreased, both in total and
as a percentage of sales.  As a percentage  of sales,  SG&A expense was 8.8% and
9.3% in the first quarters of fiscal 2001 and fiscal 2000,  respectively.  A net
pension expense benefit,  lower recruiting costs, and reduced legal expenditures
contributed to the decrease. The salaried workforce reduction implemented in the
second half of fiscal 2000 also  contributed to lower SG&A expenses in the first
quarter of fiscal 2001, through reduced salary and benefit costs.

The Company's pre-tax share of losses from Casting Technology Company (CTC), the
Company's  joint  venture with Izumi  Industries,  was $0.8 million in the first
quarter  of fiscal  2001,  compared  with  income of $0.1  million  in the first
quarter of fiscal 2000. CTC's results had been severely impacted by a customer's
extraordinarily  high,  temporary  demand in the second half of fiscal 2000. CTC
was pushed beyond capacity and incurred  higher costs  associated with operating
in excess of  capacity  to meet the  customer's  demand.  While the  demand  and
capacity issues have subsided,  there were some carryover effects in the form of
higher costs and  manufacturing  inefficiencies  in the first  quarter of fiscal
2001.

Interest expense was $3.2 million for the first quarter of fiscal 2001, compared
with $2.8 million for the first quarter of fiscal 2000. The increase in interest
expense is primarily due to higher interest rates.

The effective tax rate was 40.1% and 39.3% for the first quarters of fiscal 2001
and 2000, respectively.  The increase in the effective tax rate is primarily due
to the Company's mix of business.

During 2000,  as a result of a new  enterprise  resource  planning  (ERP) system
implementation,  the Company began  capitalizing  the cost of supplies and spare
parts inventories,  whereas previously the cost of these manufacturing  supplies
was expensed when  purchased.  Management  believes this change is preferable in
that it provides for a more appropriate  matching of revenues and expenses.  The
total amount of inventory  capitalized and reported as a cumulative  effect of a
change in accounting  principle,  retroactive to September 1, 1999, was $983 net
of taxes of $602.

<PAGE>

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


Flow Control Products Net sales for the Flow Control Products segment were $32.9
million for the first  quarter of fiscal 2001,  compared with $35.4 for the same
period of fiscal 2000. Unfavorable pricing,  primarily due to price competition,
reduced sales by 9.1%.  This decrease was offset  slightly by a 2.0% increase in
sales from  higher  volume,  as demand for copper  plumbing  fittings  more than
offset lost commercial  brass products  business.  Operating income in the first
quarter of fiscal 2001 was $4.5 million, compared with $6.0 million for the same
period of fiscal  2000.  The impact of the  competitive  market  pricing  issues
previously  discussed reduced operating profit;  however,  the effect was partly
offset by lower  manufacturing  and  administrative  spending and improved plant
efficiencies.

Engineered  Components  Net sales for the  Engineered  Components  segment  were
$105.0 million for the first quarter of fiscal 2001 compared with $110.7 million
for the same period of fiscal  2000.  Sales  decreased  by 6.1% due to a drop in
volume,  particularly  at the  Company's  European  operations  where demand has
softened.  A weaker  Italian lira in the first  quarter of fiscal 2001  compared
with the same  period in fiscal 2000  further  reduced  sales by 7.1%.  However,
aluminum  cost  pass-throughs  reflected in the selling  price of the  Company's
products,  and a  favorable  product  mix  increased  sales by 8.1%.  Despite  a
decrease in sales, operating income in the first quarter of fiscal 2001 improved
to $1.3 million, up from $0.6 million in the first quarter of 2000. The increase
was the result of a more  profitable mix of wheels in Europe and  improvement in
North America operations that helped to offset manufacturing  inefficiencies and
higher costs in the Company's European operations.


Liquidity and Capital Resources

Cash used for  operations  was $1.2 million in the first  quarter of fiscal 2001
compared  with $10.5  million  used in the first  quarter of fiscal 2000. A $7.5
million increase in working capital requirements in the first quarter offset the
$8.0  million  positive  cash flow  generated  by net income  plus the  non-cash
benefits  of  depreciation  and  amortization.   The  working  capital  increase
primarily  reflects the  combination  of a decrease in accounts  receivable,  an
increase in inventory levels and other current assets,  and a reduction from the
high  level of open  accounts  payable  at August  31,  2000.  The $1.7  million
decrease  in  deferred  liabilities  primarily  represents  cash  payments  plus
non-cash  changes in deferred taxes.

Investing activities,  primarily capital spending, used net cash of $6.0 million
in the first  quarter of fiscal  2001  compared  with $5.4  million in the first
quarter of fiscal 2000.  At December 3, 2000,  the Company had $13.2  million of
commitments for additional  capital  expenditures,  primarily for the Engineered
Components segment.

<PAGE>

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


Financing  activities  provided  $9.8  million  in cash in the first  quarter of
fiscal 2001,  compared  with $21.9  million in the first quarter of fiscal 2000.
Additional  financing  included $11.8 million of net  short-term  borrowings and
$31.0 million of long-term debt borrowings under the Company's  revolving credit
agreement.  Financing  activities also included long-term debt payments of $31.8
million and dividend payments of $1.2 million. Long-term debt was 51.6% of total
capital at December 3, 2000, compared with 49.3% at August 31, 2000. The Company
may borrow up to $150 million under a credit  agreement  that expires August 14,
2002 and has additional  lines of credit of $27.0 million.  At December 3, 2000,
$76.8 million was outstanding under the credit agreement,  and $22.6 million was
outstanding  under available  lines of credit.  At December 3, 2000, the Company
had unused  borrowing  capacity of $29.0 million under its most restrictive debt
covenant.  Speedline also has short-term lines of credit totaling $24.3 million,
of which $21.4 was available at October 31, 2000.  The Company  considers  these
external  sources of funds,  together with funds  expected to be generated  from
operations, to be adequate to meet operating needs.

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 more fully described
in  the  Commitments  and  Contingencies  note  to  the  consolidated  condensed
financial statements.  At December 3, 2000, the Company had reserves of $900 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. The Company is presently unaware of the existence of any potential
material  environmental  costs that are likely to occur in  connection  with the
disposition of any of its property.

Increasingly,  major  automotive  industry  companies  are  withholding  partial
payment  for goods  received.  Often,  this is a  negotiating  tactic  for costs
incurred by the customer in which the customer believes that the supplier should
participate.  Generally, payment is received, however, only after several months
have passed.  At December 3, 2000,  the Company has $2,037 and CTC has $1,926 of
accounts  receivable  being withheld pending final resolution of various issues.
It is anticipated that these amounts will ultimately be collected.


<PAGE>

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


Impact of Recently Issued Accounting Standards

Effective  September  1,  2000,  the  Company  adopted  Statement  of  Financial
Accounting Standards (SFAS) No. 133, "Accounting for Derivative  Instruments and
Hedging  Activities,"  as amended by SFAS Nos. 137 and 138, which  establishes a
comprehensive  standard for the  recognition  and measurement of derivatives and
hedging activities. The new standard requires that all derivatives be recognized
as assets or liabilities in the statement of financial  position and measured at
fair value. Gains or losses resulting from changes in fair value are required to
be  recognized  in current  earnings  unless  specific  hedge  criteria are met.
Special  accounting  allows  for gains or losses on  qualifying  derivatives  to
offset  gains or losses  on the  hedged  item in the  statement  of  income  and
requires formal  documentation of the effectiveness of transactions that receive
hedge  accounting.  The adoption of this standard did not have a material effect
on the Company's consolidated results of operations, financial position, or cash
flows.


<PAGE>

                          AMCAST INDUSTRIAL CORPORATION


Item 3 Quantitative and Qualitative Disclosures About Market Risk

The Company is exposed to market risk from changes in foreign currency  exchange
rates and interest  rates as part of its normal  operations.  There have been no
material  changes in the  Company's  exposure to these items since the Company's
disclosure in Item 7A, Part II of Form 10-K for the year ended August 31, 2000.

PART II - OTHER INFORMATION

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

None

Item 6 - Exhibits and Reports on Form 8-K

a)       Exhibits


None

b)  Reports on Form 8-K:

    No reports on Form 8-K were filed by the Company during
    the quarter ended December 3, 2000


<PAGE>

                          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 17, 2001               By: /s/J. H. Shuey
                                         ----------------------------------
                                     John H. Shuey
                                     Chairman, President and
                                     Chief Executive Officer
                                     (Principal Executive Officer)


Date: January 17, 2001               By: /s/D. D. Watts
                                         ----------------------------------
                                     Douglas D. Watts
                                     Vice President, Finance
                                     (Principal Financial Officer)


Date: January 17, 2001               By: /s/M.D. Mishler
                                         ----------------------------------
                                     Mark D. Mishler
                                     Corporate Controller
                                     (Principal Accounting Officer)