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 2, 2001        Commission File Number 1-9967
                                                                      ------



          A M C A S T     I N D U S T R I A L     C O R P O R A T I O N
              -----------------------------------------------------
             (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 2, 2001 -
8,576,740 shares.


<PAGE>

                          AMCAST INDUSTRIAL CORPORATION
                               REPORT ON FORM 10-Q
                     FOR THE QUARTER ENDED DECEMBER 2, 2001

                                    I N D E X
                                   -----------



PART I - FINANCIAL INFORMATION                                             PAGE
                                                                          ------

   Item 1  -  Financial Statements:

              Consolidated Condensed Statements of Financial                  3
              Condition - December 2, 2001 and August 31, 2001

              Consolidated Condensed Statements of Operations -               4
              for the Three Months Ended December 2, 2001
              and December 3, 2000

              Consolidated Condensed Statements of Retained Earnings -        4
              for the Three Months Ended December 2, 2001
              and December 3, 2000

              Consolidated Condensed Statements of Cash Flows -               5
              for the Three Months Ended December 2, 2001
              and December 3 2000

              Notes to Consolidated Condensed Financial Statements         6-12

   Item 2  -  Management's Discussion and Analysis of Financial
              Condition and Results of Operations                         13-16

   Item 3  - Quantitative and Qualitative Disclosures about Market Risk      17


PART II - OTHER INFORMATION

   Item 4 - Submission of Matters to a Vote of Security Holders              17

   Item 6 - Exhibits and Reports on Form 8-K                                 17

SIGNATURES                                                                   18



                                       2


<PAGE>


PART I - FINANCIAL INFORMATION


                          AMCAST INDUSTRIAL CORPORATION
            CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION

                                ($ in thousands)
                                   (unaudited)
<TABLE>
<CAPTION>

<S>                                                      <C>                  <C>
                                                           December 2           August 31
                                                              2001                2001
                                                            --------            --------
ASSETS


Current Assets
     Cash and cash equivalents                             $   8,258           $  14,981
     Accounts receivable                                      66,460              64,408
     Inventories                                              50,592              58,193
     Other current assets                                     11,312              13,846
                                                            ---------           ---------
Total Current Assets                                         136,622             151,428

Property, Plant, and Equipment                               452,451             445,440
    Less accumulated depreciation                           (212,080)           (203,148)
                                                            ---------           ---------
Net Property, Plant, and Equipment                           240,371             242,292

Goodwill                                                      48,016              48,353
Other Assets                                                  18,393              16,617
                                                            ---------           ---------
Total Assets                                               $ 443,402           $ 458,690
                                                            =========           =========


LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities
     Short-term debt                                       $   7,859           $   7,311
     Current portion of long-term debt                       177,599              21,383
     Accounts payable                                         63,218              66,032
     Accrued expenses                                         36,177              38,014
                                                            ---------           ---------
Total Current Liabilities                                    284,853             132,740

Long-Term Debt - less current portion                          6,766             170,296
Deferred Income Taxes                                         14,891              15,272
Deferred Liabilities                                          24,771              24,870
                                                            ---------           ---------
Total Liabilities                                            331,281             343,178

Shareholders' Equity
     Common shares, at stated value
        Authorized - 15,000,000 shares
        Issued - 9,227,600 shares                              9,228               9,228
     Capital in excess of stated value                        72,419              72,419
     Accumulated other comprehensive losses                   (3,771)             (5,903)
     Retained earnings                                        41,880              47,403
     Cost of 650,860 common shares in treasury                (7,635)             (7,635)
                                                            ---------           ---------
Total Shareholders' Equity                                   112,121             115,512
                                                            ---------           ---------
Total Liabilities and Shareholders' Equity                 $ 443,402           $ 458,690
                                                            =========           =========

See notes to consolidated financial statements

</TABLE>
                                       3

<PAGE>



                          AMCAST INDUSTRIAL CORPORATION

                 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
                              AND RETAINED EARNINGS

                    ($ in thousands except per share amounts)
                                  (unaudited)


<TABLE>
<CAPTION>

                                                                   Three Months Ended
                                                                  --------------------
<S>                                                       <C>                 <C>
                                                            December 2          December 3
                                                               2001               2000
                                                             ---------          ---------
Consolidated Condensed Statements of Operations


Net sales                                                   $ 131,210          $ 137,944
Cost of sales                                                 120,658            121,656
                                                             ---------          ---------
  Gross Profit                                                 10,552             16,288

Selling, general and administrative expenses                   13,655             12,197
                                                             ---------          ---------
  Operating (Loss) Income                                      (3,103)             4,091
Equity in joint venture and other (income) and expense           (499)               755
Interest expense                                                4,794              3,199
                                                             ---------          ---------
  (Loss) Income before Income Taxes                            (7,398)               137
Income tax (benefit) expense                                   (1,875)                55
                                                             ---------          ---------
  Net (Loss) Income                                          $ (5,523)         $      82
                                                             =========          =========


Consolidated Condensed Statements of Retained Earnings

Beginning retained earnings                                   $ 47,403         $  87,287
Net (loss) income                                               (5,523)               82
Dividends                                                            -            (1,177)
                                                             ----------         ---------
  Ending Retained Earnings                                    $ 41,880         $  86,192
                                                             ==========         =========



Basic (loss) earnings per share                               $  (0.64)        $    0.01
                                                              =========         =========
Diluted (loss) earnings per share                             $  (0.64)        $    0.01
                                                              =========         =========
Dividends declared per share                                  $      -         $    0.14
                                                              =========         =========
Dividends paid per share                                      $      -         $    0.14
                                                              =========         =========


See notes to consolidated financial statements.

</TABLE>
                                       4
<PAGE>


                          AMCAST INDUSTRIAL CORPORATION

                   CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

                                ($ in thousands)
                                   (unaudited)

<TABLE>
<CAPTION>
                                                                     Three Months Ended
<S>                                                       <C>                 <C>
                                                             December 2          December 3
                                                                2001                2000
                                                             ---------           ---------
Operating Activities

        Net (loss) income                                    $ (5,523)          $     82
        Depreciation and amortization                           8,845              7,914
        Deferred liabilities                                     (653)            (1,659)

        Changes in assets and liabilities:
             Accounts receivable                                 (642)             9,437
             Inventories                                        8,149             (9,186)
             Other current assets                               2,202             (4,857)
             Accounts payable                                  (3,449)            (5,428)
             Accrued liabilities                               (1,241)             1,416
             Other                                               (755)               363
                                                              ---------         ----------
        Net Cash Provided (Used) by Operations                  6,933             (1,918)

Investing Activities

        Additions to property, plant, and equipment            (6,998)            (6,050)
        Other                                                    (805)               823
                                                              ---------         ---------

Net Cash Used for Investing Activities                         (7,803)            (5,227)

Financing Activities
        Additions to long-term debt                             1,400             31,000
        Reduction in long-term debt                            (7,656)           (31,820)
        Short-term borrowings                                     401             11,763
        Dividends                                                   -             (1,177)
                                                              ---------         ---------
Net Cash (Used) Provided by Financing Activities               (5,855)             9,766


Effect of exchange rate changes on cash                             2               (284)
                                                              ---------         ---------

Net change in cash and cash equivalents                        (6,723)             2,337


Cash and cash equivalents at beginning of period               14,981              3,062
                                                              ---------         ---------


Cash and Cash Equivalents at End of Period                   $  8,258           $  5,399
                                                              =========         =========


See notes to consolidated financial statements


</TABLE>
                                       5
<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.  For the first quarter of fiscal 2001,  the Company's  investment in
Casting  Technology  Company  (CTC),  a  joint  venture,  was  included  in  the
accompanying  consolidated  financial  statements  using  the  equity  method of
accounting.  On June 5, 2001,  the Company  acquired its minority  partner's 40%
share of CTC,  bringing the  Company's  ownership  in CTC to 100%.  Accordingly,
CTC's  financial  results  are consolidated  within  the  Company's statement of
income,  statement  of  financial  condition,  and  statement  of cash flows for
periods  subsequent  to June 5,  2001.  Prior  periods  were not  restated.

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, 2001  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.

Summarized  financial  information of CTC for the three months ended December 3,
2000, which was accounted for as an investment on Amcast's books, is as follows:


                        December 3,                        Three Months
                           2000                             December 3
                        ----------                             2000
Current Assets          $  12,181                           ----------
Noncurrent Assets          38,705       Net Sales           $  11,629
Current Liabilities        29,117       Gross profit (loss)      (249)
Noncurrent Liabilities      8,830       Net loss               (1,365)





                                       6

<PAGE>

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



Comprehensive Income (Loss)

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


                                                       Three Months Ended
                                                  ----------------------------
                                                  December 2        December 3
                                                     2001              2000
                                                  ----------        ----------

Net (loss) income                                 $ (5,523)         $     82
Foreign currency translation adjustments             2,132            (3,175)
                                                  ---------         ---------
Total Comprehensive (Loss) Income                 $ (3,391)         $ (3,093)
                                                  =========         =========


Inventories

The major components of inventories are:


                                                  December 2         August 31
                                                     2001              2001
                                                  ----------        ----------

Finished products                                  $ 26,075         $  30,470
Work in process                                      12,375            13,952
Raw materials and supplies                           15,839            17,468
                                                   ---------         ---------
                                                     54,289            61,890
Less amount to reduce certain
     inventories to LIFO value                        3,697             3,697
                                                   ---------         ---------
Total Inventory                                    $ 50,592          $ 58,193
                                                   =========         =========


                                       7

<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:


                                                  December 2         August 31
                                                     2001              2001
                                                  ----------        ----------

Senior notes                                       $ 48,592         $  50,000
Revolving credit notes                              110,843           114,978
Lines of credit                                      13,743            14,200
Other debt                                           10,516            11,492
Capital leases                                          671             1,009
                                                   ---------         ---------
                                                    184,365           191,679
Less current portion                                177,599            21.383
                                                   ---------         ---------
Total Long Term Debt                               $  6,766          $170,296
                                                   =========         =========




The Company's  lending group  consists of senior note lenders and bank debt. The
bank debt is  classified  as current  because its maturity date is September 15,
2002.  There is a  contingent  provision  in the loan  agreement  to extend  the
maturity date to September  2003, and the Company is negotiating  with the banks
to complete this maturity extention.

The senior notes are classified as current  because the covenant  waiver expires
in  September  2002.  The company  expects to sign a new senior  note  agreement
during its fiscal 2002 second quarter. The new  agreement sets the  senior  note
maturity at November 2003.

                                       8
<PAGE>


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



Earnings (Loss) Per Share

The following table reflects the calculations for basic and diluted earnings per
share for the  three-month  periods ended December 2, 2001 and December 3, 2000,
respectively:

                                                       Three Months Ended
                                                  ----------------------------
                                                  December 2        December 3
                                                     2001              2000
                                                  ----------        ----------

Net (loss) income                                 $ (5,523)         $     82
                                                  =========         =========
Basic Earnings per Share:
Basic shares                                         8,577             8,406
                                                  =========         =========

Net (loss) income                                 $  (0.64)         $   0.01
                                                  =========         =========

Diluted Earnings per Share:
Basic shares                                         8,577             8,406
Stock options                                            -                 6
                                                  ---------         ---------
Diluted Shares                                       8,577             8,412
                                                  =========         =========

Net (loss) income                                 $  (0.64)         $   0.01
                                                  =========         =========



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.

                                       9

<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,  and in accordance  with SFAS No. 131. 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.  During the fourth
quarter of 2001,  the Company  reevaluated  the  composition  of the  reportable
segments  and  reclassified  one business  from  Engineered  Components  to Flow
Control Products.  The presentation of 2001 segment  information,  including the
first  quarter of fiscal 2001,  was  restated to conform  with this  change.  At
December 02, 2001 there were no significant  changes in  identifiable  assets of
reportable  segments from those amounts  disclosed at August 31, 2001,  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:

                                  Net Sales             Operating Income (loss)
                         --------------------------   --------------------------
                         For the Three Months Ended   For the Three Months Ended
                         --------------------------   --------------------------
                          December 2    December 3     December 2   December 3
                             2001          2000           2001         2000
                          ----------    ----------     ----------   ----------

Flow Control Products     $  33,405     $  37,194      $   2,146     $  4,546
Engineered Components        97,805       100,750         (3,016)       1,208
Corporate                         -             -         (2,233)      (1,663)
                           ---------     ---------      ---------    ---------
                            131,210       137,944         (3,103)       4,091
Equity in joint venture
 and other (income) expense       -             -           (499)         755
Interest Expense                  -             -          4,794        3,199
                           ---------     ---------      ---------    ---------
Total net sales and income
 (loss) before taxes       $131,210      $137,944       $ (7,398)     $   137
                           =========     =========      =========     =========



Commitments and Contingencies

At December 2, 2001, the Company has committed to capital  expenditures  of $9.8
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.


                                       10

<PAGE>


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




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  2,  2001,  the  Company's  accrued   undiscounted   reserve  for  such
contingencies was $2,855.

Based upon the  contracts  and  agreements  with  regards  to two  environmental
matters,  the Company believes it is entitled to indemnity for remediation costs
at two  sites  and  believes  it is  probable  that the  Company  can  recover a
substantial  portion  of  the  costs.  Accordingly,  the  Company  has  recorded
receivables  of $1,115 related to  anticipated  recoveries from third parties.

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,  and $500 is  included  in the
environmental reserve above.


                                       11

<PAGE>


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



Impact of Recently Issued Accounting Standards

In June,  2001, the Financial  Accounting  Standards Board issued  Statements of
Financial  Accounting  Standards No. 141, "Business  Combinations," and No. 142,
"Goodwill and Other Intangible Assets" (SFAS No. 142). SFAS No. 141 discontinues
the use of the pooling of interest  method and requires that the purchase method
of accounting  be used for all business  combinations  initiated  after June 30,
2001.  The  adoption  of SFAS No. 141  should not have a material  effect on the
Company's consolidated results of operations, financial position, or cash flows.

Under SFAS No. 142,  goodwill and certain other intangible  assets are no longer
amortized but are reviewed annually for impairment.  If, based on these reviews,
the related  assets are found to be impaired,  their  carrying value is adjusted
through a charge to earnings.  Intangible  assets that are not deemed to have an
indefinite  life will continue to be amortized over their expected  useful lives
and be reviewed for impairment in accordance with SFAS No. 121.

The  Company  will  apply  the new  accounting  rules  for  goodwill  and  other
intangible assets beginning in the first quarter of fiscal 2003.  Application of
the  non-amortization  provisions  of the  standard  is expected to result in an
increase in annual pretax earnings of  approximately  $1.4 million,  which would
increase earnings per share by $0.16.  During fiscal 2003, the Company will also
perform  the  first  of  the  required   impairment   reviews  of  goodwill  and
indefinite-lived  intangible assets as of September 1, 2002. The Company has not
yet  determined the possible  effect of these reviews on its financial  position
and results of operations. However, any required adjustments that are identified
through these transitional impairment reviews will be recorded as the cumulative
effect of a change in accounting principle.

                                       12

<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  and
construction industries, 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.


Results of Operations

Consolidated  net sales decreased by 4.9% to $131.2 million in the first quarter
of fiscal 2002 compared with $137.9 million in the first quarter of fiscal 2001.
The  following  table shows the  components  of the change in  consolidated  net
sales:

     Volume                                                       (9.8%)
     Price and product mix                                         0.6%
     Foreign currency exchange rates                               1.0%
     CTC sales (accounted for on the equity method  in the
     first quarter of  fiscal 2001)                                3.3%
                                                               ---------
                                                                  (4.9%)
                                                               =========

In the first  quarter of fiscal  2002,  due in part to the  September  11,  2001
terrorist  attacks,  the Company faced a weakened  economy with high uncertainty
and financial market  instability.  Volume decreased due to weakness in the U.S.
economy both in vehicle  production  and in  construction.  Although  automotive
industry sales were helped by lower interest rates and automobile manufacturers'
aggressive  use of  incentives,  U.S.  light vehicle  production  was down by 9%
versus the prior year.  In the  construction  industry,  construction  companies
attempted to reduce inventory levels which reduced Flow Control's volume. Partly
offsetting the volume  decline,  sales  benefited from an improved  product mix,
primarily  at  the  Company's   European   operations,   and  a  stronger  Euro.
Consolidated  sales also increased because Casting  Technology  Company (CTC) is
now reported in the Company's consolidated figures; whereas in the first quarter
of fiscal 2001,  CTC's  activity was  accounted  for on the equity  method.  The
Company purchased its minority  partner's  interest in CTC in the fourth quarter
of fiscal 2001.
                                       13
<PAGE>

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

By segment,  Engineered  Components  sales  decreased by 2.9%  compared with the
first quarter of fiscal 2001,  while Flow Control  Products  sales  decreased by
10.2%. If CTC were consolidated in the prior year,  Engineered  Components sales
would have decreased by 13.0%.

Gross  profit for the first  quarter of fiscal 2002  decreased by 35.2% to $10.6
million.  The decrease in gross profit is primarily  due to lower sales  volume,
which not only reduced total sales dollars but manufacturing  cost efficiency as
well. As a percentage  of sales,  gross profit was 8.0% for the first quarter of
2002  compared  with 11.8% for the first  quarter of 2001.  In the Flow  Control
Products  segment,  lower  sales  volume and,  to a lesser  extent,  competitive
pricing  decreased gross profit.  In the Engineered  Components  segment,  lower
sales volume decreased gross profit partially offset by a favorable  product mix
and a favorable Euro foreign currency exchange rate.

Selling,  general and  administrative  (SG&A)  expenses for the first quarter of
fiscal  2002  increased,  both in  total  and as a  percentage  of  sales.  As a
percentage  of sales,  SG&A expense was 10.4% and 8.8% in the first  quarters of
fiscal 2002 and fiscal 2001,  respectively.  Increased legal and consulting fees
associated  with bank  financing,  higher  external  audit fees, a lower pension
benefit,  higher costs at the Company's European operation, expenses incurred in
relation to the Company's closed facilities, and higher depreciation expense, as
well as the fact that  CTC's  SG&A  amounts  were  reported  with the  Company's
consolidated  totals  in the first  quarter  of fiscal  2002,  were the  primary
reasons for the increase in SG&A.

Effective June 5, 2001, the Company purchased an additional 40% interest in CTC,
its joint venture with Izumi  Industries,  bringing total ownership to 100%. The
purchase price was  approximately  $4.0 million of which $2.0 million is payable
in annual  installments  over the next five years. The acquisition was accounted
for by the  purchase  method;  accordingly,  the  cost  of the  acquisition  was
allocated on the basis of the estimated fair market value of the assets acquired
and liabilities  assumed.  No goodwill  resulted from the  transaction.  The pro
forma effect of the acquisition on the results of operations is not material.

Summarized  financial  information of CTC for the three months ended December 3,
2000,  which was accounted for as an investment on Amcast's  books,  is shown in
"Preparation  of  Financial  Statements"  in  Notes  to  Consolidated  Condensed
Financial Statements.

Interest expense was $4.8 million for the first quarter of fiscal 2002, compared
with $3.2 million for the first quarter of fiscal 2001. The increase in interest
expense is primarily due to higher  interest  rates as part of debt  refinancing
(see discussion under "Liquidity and Capital  Resources") higher debt levels, as
well as including CTC's interest expense in the Company's consolidated totals.

The effective tax rate was 25.3% and 40.1% for the first quarters of fiscal 2002
and 2001,  respectively.  The tax rate  recorded for the first quarter of fiscal
2002  represents an income tax benefit,  whereas the tax rate recorded for first
quarter of fiscal year 2001  represents  an income tax expense.  The decrease in
the  effective  tax rate is  primarily  due to a decrease  in the tax benefit on
pretax losses from income taxes of the Company's European operation in the first

                                       14
<PAGE>

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




quarter of fiscal 2002. Italian tax law requires the Company to add back certain
items to create a tax profit for computing tax expense even though the operation
is in a loss position.

Flow  Control  Products  - Net  sales  for the  Flow  Control  Products  segment
decreased  by 10.2% to $33.4  million  for the first  quarter  of  fiscal  2002,
compared  with $37.1  million for the same period of fiscal  2001.  Sales volume
decreased by 7.5%, and pricing  declined by 2.7%.  Operating income in the first
quarter of fiscal 2002 was $2.1 million, compared with $4.5 million for the same
period of fiscal 2001. The decrease in operating income was primarily due to the
decrease in sales volume as well as the impact of manufacturing  inefficiencies,
offset by a slight  increase in operating  income from a better  product mix and
lower manufacturing and administrative spending.

Engineered  Components - Net sales for the  Engineered  Components  segment were
$97.8 million for the first quarter of fiscal 2002 compared with $100.8  million
for the same period of fiscal 2001, a 2.9%  decrease.  Sales  decreased by 10.6%
due to a drop in volume.  Consolidating  CTC in the first quarter of fiscal 2002
increased  Engineered  Component  sales by 4.6%.  A  stronger  Euro in the first
quarter of fiscal 2002  compared  with the same period in fiscal 2001  increased
sales by 1.4%.  Also a favorable  product mix increased  sales by 1.7%.  For the
first quarter of fiscal 2002, the Engineered  Component  segment  experienced an
operating  loss of $3.0  million,  compared to operating  income of $1.2 million
during the first quarter of fiscal 2001.  This  operating loss was primarily due
to a decline in sales volume,  higher  manufacturing and  administrative  costs,
consolidating  CTC in the  Company's  first  quarter  fiscal 2002  results,  and
operating inefficiencies.

Liquidity and Capital Resources

Cash provided by operations was $6.9 million in the first quarter of fiscal 2002
compared  with cash used for  operations of $1.9 million in the first quarter of
fiscal 2001. A $4.2 million  decrease in working capital  requirements  plus the
non-cash  benefits of depreciation and amortization of $8.8 million,  offset the
net loss of $5.5  million  in the first  quarter  of fiscal  2002.  The  working
capital  decrease  reflects  the  Company's  commitment  to  reducing  inventory
balances.

Investing activities,  primarily capital spending, used net cash of $7.8 million
in the first quarter of fiscal 2002 compared with $5.2 million used in the first
quarter of the prior year. At December 2, 2001,  the Company had $9.8 million of
commitments for additional  capital  expenditures,  primarily for the Engineered
Components segment.

Financing  activities  used $5.9 million of cash in the first  quarter of fiscal
2002,  compared  with cash  provided of $9.8 million the first quarter of fiscal
2001. The Company  borrowed $2.9 million and repaid $8.8 million of debt.  Total
debt was 63.2% of total  capital at  December  02,  2001 and 63.3% at August 31,
2001.

                                    15
<PAGE>

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



Amcast's Revolving Credit Agreement and the CTC Credit Agreement have a maturity
date of September 2002, while the Senior Notes mature November 2005. The company
expects to sign a new senior  note  agreement  during  its  fiscal  2002  second
quarter that sets the senior note maturity at November 2003. The Company can not
borrow  additional  funds under the current  Revolver  Agreement  or the current
lines of credit,  and the lenders have a subordinated  security  interest in the
assets of the  Company's  U.S.  subsidiaries  and  certain  stock of the foreign
subsidiaries.

The Company has a credit agreement (the Credit Agreement),  which provides for a
maximum of $35.0 million based on the Company  meeting certain  conditions.  The
Credit  Agreement  has an interest  rate of prime plus 4% and matures  April 15,
2002.  As of December 2, 2001,  there were no borrowings  outstanding  under the
Credit Agreement, and the available borrowing capacity is $35.0 million.


Speedline,  the Company's  European  operation,  has short-term  lines of credit
totaling  $17.6  million,  of which $14.2  million was  available at October 31,
2001.


Contingencies

See  "Commitments  and  Contingencies"  in Notes to the  Consolidated  Condensed
Financial Statements.



Impact of Recently Issued Accounting Standards

See  "Impact  of  Recently  Issued   Accounting   Standards"  in  Notes  to  the
Consolidated Condensed Financial Statements.

                                       16

<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, 2001.

The  Company is also  exposed to market  risk from  price  changes in  commodity
metals  whch  are raw  materials  used in its  normal  operations.  When  market
conditions warrant,  forward fixed-price commodity metal supply contracts may be
entered into with certain suppliers. These purchase contracts cover normal metal
usage in the  ordinary  course of  business  over a  reasonable  period of time.
Lower-of-cost-or-market valuation adjustments on these contracts is reflected in
earnings  in the period  incurred.  At  December  2, 2001,  the company had $8.1
million in  forward  fixed-price  metal  supply  contracts.  To  illustrate  the
potential  impact of changes in metal market pricing,  a hypothetical 10% change
in metal  market  pricing  could  change  pretax  income by  approximately  $0.8
million.



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

    4.1   Waiver  and  Consent  Agreement dated November 11, 2001 between Amcast
    Industrial  Corporation  and   Principal  Life  Insurance  Company  and  The
    Northwestern  Mutual  Life Insurance Company.


b)  Reports on Form 8-K:

    No reports on Form 8-K were filed by the Company  during the  quarter  ended
    December 2, 2001


                                     17
<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 9, 2002                         By:  /s/ Byron O. Pond
                                                  Byron O. Pond
                                                  President and
                                                  Chief Executive Officer
                                                  (Principal Executive Officer)


Date:     January 9, 2002                         By:  /s/ Francis J. Drew
                                                  Francis J. Drew
                                                  Vice President, Finance and
                                                  Chief Financial Officer
                                                  (Principal Financial Officer)


Date:     January 9, 2002                         By:  /s/ Mark D. Mishler
                                                  Mark D. Mishler
                                                  Corporate Controller
                                                  (Principal Accounting Officer)



                                       18