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 March 3, 2002             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 March 3,  2002 -
8,592,375 shares.


<PAGE>

                         AMCAST INDUSTRIAL CORPORATION
                               REPORT ON FORM 10-Q
                       FOR THE QUARTER ENDED MARCH 3, 2002

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



PART I - FINANCIAL INFORMATION                                             PAGE
                                                                           -----

      Item 1  -  Financial Statements:

                 Consolidated Condensed Statements of Financial              3
                 Condition - March 3, 2002 and August 31, 2001

                 Consolidated Condensed Statements of Operations -           4
                 for the Quarter and Six Months Ended March 3, 2002
                 and March 4, 2001

                 Consolidated Condensed Statements of Retained Earnings -    4
                 for the Quarter and Six Months Ended March 3, 2002
                 and March 4, 2001

                 Consolidated Condensed Statements of Cash Flows -           5
                 for the Six Months Ended March 3, 2002
                 and March 4, 2001

                 Notes to Consolidated Condensed Financial Statements     6-12

      Item 2  -  Management's Discussion and Analysis of Financial
                 Condition and Results of Operations                     13-19

       Item 3 - Quantitative and Qualitative Disclosures about Market Risk  20

PART II - OTHER INFORMATION

      Item 4 - Submission of Matters to a Vote of Security Holders          21

      Item 5 - Other Information                                            21

      Item 6 - Exhibits and Reports on Form 8-K                             21

SIGNATURES                                                                  22



                                       2


<PAGE>

PART I - FINANCIAL INFORMATION

<TABLE>
<CAPTION>

                          AMCAST INDUSTRIAL CORPORATION
            CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION
                                ($ in thousands)
                                   (Unaudited)
<S>                                                            <C>                <C>
                                                                 March 3          August 31
                                                                  2002              2001
                                                                ---------         ---------
ASSETS
Current Assets
     Cash and cash equivalents                                  $  7,024          $ 14,981
     Accounts receivable                                          65,061            64,408
     Inventories                                                  45,175            58,193
     Other current assets                                         12,207            13,846
                                                                ---------         ---------
Total Current Assets                                             129,467           151,428

Property, Plant, and Equipment                                   447,869           445,440
     Less accumulated depreciation                              (213,237)         (203,148)
                                                                ---------         ---------
Net Property, Plant, and Equipment                               234,632           242,292

Goodwill                                                          47,678            48,353
Other Assets                                                      19,157            16,617
                                                                ---------         ---------
Total Assets                                                    $430,934          $458,690
                                                                =========         =========
LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities
     Short-term debt                                            $  9,075           $ 7,311
     Current portion of long-term debt                           176,996            21,383
     Accounts payable                                             58,858            66,032
     Accrued expenses                                             36,212            38,014
                                                                ---------         ---------
Total Current Liabilities                                        281,141           132,740

Long-Term Debt (less current portion)                              5,675           170,296
Deferred Income Taxes                                             15,279            15,272
Deferred Liabilities                                              24,080            24,870

Shareholders' Equity
     Preferred shares, without par value
        Authorized - 1,000,000 shares; Issued - None                   -                 -
     Common shares, at stated value
        Authorized - 15,000,000 shares
        Issued - 9,227,600 shares                                  9,228             9,228
     Capital in excess of stated value                            72,419            72,419
     Accumulated other comprehensive losses                       (6,339)           (5,903)
     Retained earnings                                            36,903            47,403
     Cost of 635,225 and 650,860 common shares in treasury        (7,452)           (7,635)
                                                                ---------         ---------
Total Shareholders' Equity                                       104,759           115,512
                                                                ---------         ---------
Total Liabilities and Shareholders' Equity                      $430,934         $ 458,690
                                                                =========         =========
</TABLE>

See notes to consolidated financial statements

                                       3


<PAGE>
<TABLE>
<CAPTION>


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


<S>                                                         <C>                <C>                 <C>               <C>
                                                                 Three Months Ended                      Six Months Ended
                                                              --------------------------             -------------------------
                                                              March 3            March 4             March 3           March 4
                                                               2002               2001                2002              2001
                                                            ----------         ----------          ----------        ----------
Consolidated Condensed Statements of Income

Net Sales                                                   $ 136,989          $ 122,966           $ 272,169         $ 260,910
Cost of sales                                                 125,969            112,998             250,597           234,654
                                                            ----------         ----------          ----------        ----------
Gross Profit                                                   11,020              9,968              21,572            26,256
Selling, general and administrative expenses                   13,714             15,848              27,369            28,045
                                                            ----------         ----------          ----------        ----------
Operating Loss                                                 (2,694)            (5,880)             (5,797)           (1,789)
Other (income) expense                                           (492)               855                (991)            1,610
Interest expense                                                4,191              3,321               8,985             6,520
                                                            ----------         ----------          ----------        ----------
Loss Before Income Taxes                                       (6,393)           (10,056)            (13,791)           (9,919)
Income tax benefit                                             (1,511)            (3,319)             (3,386)           (3,264)
                                                            ----------         ----------          ----------        ----------
Net Loss                                                     $ (4,882)          $ (6,737)          $ (10,405)         $ (6,655)
                                                            ==========         ==========          ==========        ==========


Consolidated Condensed Statements of Retained Earnings

Beginning Retained Earnings                                  $ 41,880           $ 86,192            $ 47,403          $ 87,287
     Net loss                                                  (4,882)            (6,737)            (10,405)           (6,655)
     Dividends                                                      -             (1,178)                  -            (2,355)
     Stock awards                                                 (95)               (19)                (95)              (19)
                                                            ----------         ----------          ----------        ----------
Ending Retained Earnings                                     $ 36,903           $ 78,258            $ 36,903          $ 78,258
                                                            ==========         ==========          ==========        ==========

Basic Loss Per Share                                          $ (0.57)           $ (0.80)            $ (1.21)          $ (0.79)
                                                            ==========         ==========          ==========        ==========

Diluted Loss Per Share                                        $ (0.57)           $ (0.80)            $ (1.21)          $ (0.79)
                                                            ==========         ==========          ==========        ==========

Dividends Declared Per Share                                  $     -            $  0.14             $     -           $  0.14
                                                            ==========         ==========          ==========        ==========

Dividends Paid Per Share                                      $     -            $  0.14             $     -           $  0.14
                                                            ==========         ==========          ==========        ==========
</TABLE>

See notes to consolidated financial statements

                                        4

<PAGE>

<TABLE>
<CAPTION>
                          AMCAST INDUSTRIAL CORPORATION
                 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                                ($ in thousands)
                                   (Unaudited)
<S>                                                        <C>                 <C>

                                                                 Six Months Ended
                                                           -----------------------------
                                                             March 3             March 4
                                                              2002                2001
                                                           ---------           ---------
Operating Activities
     Net loss                                              $(10,405)           $ (6,655)
     Depreciation and amortization                           17,182              16,551
     Deferred liabilities                                      (541)                 97
     Changes in assets and liabilities
        Accounts receivable                                  (2,466)              6,212
        Inventories                                          12,563             (12,479)
        Other current assets                                  1,905              (7,076)
        Accounts payable                                     (6,446)             (8,150)
        Accrued liabilities                                  (1,517)             (2,698)
        Other                                                  (555)              1,614
                                                           ---------           ---------
Net Cash Provided (Used) by Operations                        9,720             (12,584)

Investing Activities
     Additions of property, plant, and equipment            (11,872)            (12,863)
     Other                                                     (747)                265
                                                           ---------           ---------
Net Cash Used by Investing Activities                       (12,619)            (12,598)

Financing Activities
     Additions to long-term debt                              4,645             107,752
     Reduction in long-term debt                            (10,848)            (74,520)
     Short-term borrowings                                    1,367                (630)
     Dividends                                                    -              (2,355)
                                                           ---------           ---------
Net Cash (Used) Provided by Financing Activities             (4,836)             30,247

Effect of exchange rate changes on cash                        (222)               (172)
                                                           ---------           ---------
Net change in cash and cash equivalents                      (7,957)              4,893

Cash and cash equivalents at beginning of period             14,981               3,062
                                                           ---------           ---------
Cash and Cash Equivalents at End of Period                 $  7,024            $  7,955
                                                           =========           =========
</TABLE>

See notes to consolidated financial statements

                                       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 six months of fiscal 2001, the Company's investment in
Casting  Technology  Company  (CTC),  a  joint  venture,  was  included  in  the
accompanying   consolidated   financial  statements  by  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,  including
normally  recurring  accruals,  necessary  for a  fair  presentation  have  been
included.

Summarized financial information as of March 4, 2001 and for the quarter and six
months ended March 4, 2001 for CTC,  which was accounted for as an investment on
Amcast's books, is as follows:

                                                              March 4, 2001
                       March 4                          ------------------------
                        2001                            Three Months  Six Months
                      --------                              Ended       Ended
Current assets         $11,483                          ------------  ----------
Noncurrent assets       37,896       Net sales            $ 6,443     $18,072
Current liabilities     36,673       Gross profit (loss)     (221)       (470)
Noncurrent liabilities       -       Net profit (loss)     (1,234)     (2,599)



                                       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         Six Months Ended
                                  --------------------       -------------------
                                   March 3     March 4       March 3     March 4
                                    2002        2001          2002        2001
                                  --------    --------      ---------   --------
Net income (loss)                 $(4,882)    $(6,737)      $(10,405)   $(6,655)
Foreign currency translation
  adjustments                      (2,568)      1,065           (436)    (2,110)
                                  --------    --------      ---------   --------
Total comprehensive income(loss)  $(7,450)    $(5,672)      $(10,841)   $(8,765)
                                  ========    ========      =========   ========



Inventories

The major components of inventories are:


                                                March 3               August 31
                                                 2002                   2001
                                              ----------             ----------
Finished products                              $ 21,097               $ 30,470
Work in process                                  11,525                 13,952
Raw materials and supplies                       16,250                 17,468
                                              ----------             ----------
Total inventory before LIFO adjustment           48,872                 61,890
Less amount to reduce certain
      inventories to LIFO value                  (3,697)                (3,697)
                                              ----------             ----------
Total inventory                                $ 45,175               $ 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:

                                                   March 3         August 31
                                                    2002             2001
                                                 ----------       ----------
Senior notes                                      $ 48,592         $ 50,000
Revolving credit notes                             110,631          114,978
Lines of credit                                     13,743           14,200
Other debt                                           9,347           11,492
Capital leases                                         358            1,009
                                                 ----------       ----------
Total long-term debt                               182,671          191,679
Current portion of long-term debt                 (176,996)         (21,383)
                                                 ----------       ----------
Total long-term debt less current portion         $  5,675         $170,296
                                                 ==========       ==========

The Company's  lending group consists of senior note lenders and banks. 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 extension. The Company plans to sign a new bank agreement
during its fiscal 2002 third quarter.

The senior notes are classified as current  because the covenant  waiver expires
in September 2002. The Company is negotiating to set the senior note maturity at
November 2003,  and to defer a $12.5 million  sinking fund payment to that date.
The Company plans to sign the new senior note  agreement  during its fiscal 2002
third quarter.

If the bank debt and senior notes matured in the fiscal 2003 first quarter,  the
current  portion of  long-term  debt would  become  $23,529,  making the current
portion of total debt $32,605,  and the long-term debt would become  $159,142 as
of  March  3,  2002.  The  following   table   summarizes  the  pro  forma  debt
classsification  if the bank debt and senior  notes  mature in the  fiscal  2003
first quarter.

                                                   March 3         August 31
                                                    2002             2001
                                                 ----------       ----------

Total long-term debt                             $ 182,671        $ 191,679
Current portion of long-term debt                  (23,529)         (21,383)
                                                 ----------       ----------
Total long-term debt less current portion        $ 159,142        $ 170,296
                                                 ==========       ==========

                                       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 and six-month periods ended March 3, 2002 and March 4,
2001, respectively:

                                Three Months Ended          Six Months Ended
                             ----------------------     -----------------------
                                March 3    March 4          March 3    March 4
                                 2002       2001             2002       2001
                             ---------   ---------       ----------   ---------

Net income (loss)            $ (4,882)   $ (6,737)        $(10,405)   $ (6,655)
                             =========   =========       ==========   =========

Basic Earnings per Share:
Basic shares                    8,587       8,413            8,582       8,409
                             =========   =========       ==========   =========

Net income (loss)             $ (0.57)    $ (0.80)         $ (1.21)    $ (0.79)
                             =========   =========       ==========   =========

Diluted Earnings per Share:
Basic shares                    8,587       8,413            8,582       8,409
Stock options                       -           -                -           -
Stock warrants                      -           -                -           -
                             ---------   ---------       ----------   ---------
Diluted shares                  8,587       8,413            8,582       8,409
                             =========   =========       ==========   =========

Net income (loss)             $ (0.57)    $ (0.80)         $ (1.21)    $ (0.79)
                             =========   =========       ==========   =========


For each of the periods  presented,  there were  outstanding  stock  options and
stock  warrants  excluded  from the  computation  of diluted  earnings per share
because these items 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 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  2001  fiscal  fourth  quarter,  the  Company
reevaluated  the  composition of the reportable  segments and  reclassified  one
business from Engineered  Components to Flow Control Products.  The presentation
of fiscal 2001 segment  information,  including  the three and six month periods
ended March 4, 2001, was restated to conform with this change.  At March 3, 2002
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
                          --------------------------  --------------------------
                              March 3      March 4        March 3      March 4
                               2002         2001            2002        2001
                             ---------    ---------      ---------    ---------
Flow Control Products        $ 32,565     $ 37,909          $ 455      $ 2,829
Engineered Components         104,424       85,057         (1,206)      (3,945)
Corporate                           -            -         (1,943)      (4,764)
                             ---------    ---------      ---------    ---------
                              136,989      122,966         (2,694)      (5,880)
Other (income) expense              -            -           (492)         855
Interest expense                    -            -          4,191        3,321
                             ---------    ---------      ---------    ---------
Total net sales and income
  (loss) before taxes        $136,989     $122,966        $(6,393)    $(10,056)
                             =========    =========      =========    =========

                                   Net Sales           Operating Income (Loss)
                          --------------------------  --------------------------
                           For the Six Months Ended    For the Six Months Ended
                          --------------------------  --------------------------
                              March 3      March 4        March 3      March 4
                               2002         2001            2002        2001
                             ---------    ---------      ---------    ---------
Flow Control Products        $ 65,970     $ 75,103        $ 2,601      $ 7,375
Engineered Components         206,199      185,807         (4,222)      (2,737)
Corporate                           -            -         (4,176)      (6,427)
                             ---------    ---------      ---------    ---------
                              272,169      260,910         (5,797)      (1,789)
Other (income) expense              -            -           (991)       1,610
Interest expense                    -            -          8,985        6,520
                             ---------    ---------      ---------    ---------
Total net sales and income
  (loss) before taxes        $272,169     $260,910       $ (13,791)   $ (9,919)
                             =========    =========      =========    =========



                                       10

<PAGE>

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



Commitments and Contingencies

At March 3, 2002, the Company had committed to capital  expenditures  of $6,394,
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.  The Company does not expect any cost  reimbursement
from 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 March 3, 2002, 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.

                                       11


<PAGE>

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


Allied-Signal Inc. (now Honeywell  International)  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 is included in
the environmental reserve above.

Impact of Recently Issued Accounting Standards

In June,  2001, the Financial  Accounting  Standards Board issued  Statements of
Financial Accounting Standards No. 141, "Business  Combinations" (SFAS No. 141),
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 the adoption of SFAS No. 142, goodwill and certain other intangible assets
will no longer be amortized but will be reviewed  annually for  impairment.  If,
based on these  reviews,  the related  assets were found to be  impaired,  their
carrying value would be 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 adopt 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
fully determined the possible effect of these reviews on its financial  position
and results of operations,  but  anticipates  impaired  goodwill may exist.  Any
required  adjustments that are identified through these transitional  impairment
reviews  will be  recorded  as a  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

Toward the end of the second  quarter of fiscal 2002,  the overall U.S.  economy
began to show early signs of recovery  from its weakness  during the fiscal 2002
first  quarter.  However,  over the  entire  three-month  period  of the  second
quarter,  the Company  found the  overall  economy  still to be  somewhat  weak.
Year-to-date  financial  results for fiscal  2002  compared  with  fiscal  2001,
reflect  the  unfavorable  impact  the  fiscal  2002  first  quarter  had on the
Company's fiscal 2002 first half results.


                                       13


<PAGE>

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


Consolidated  net sales  increased by 11.4% to $137.0 million in the fiscal 2002
second quarter,  compared with $123.0 million in the fiscal 2001 second quarter.
The following table shows the components of the change in consolidated net sales
for the fiscal 2002 second quarter:

                                                             Total
                                                            --------
        Volume                                                4.2%
        Price and product mix                                 3.4%
        Foreign currency exchange rates/other                 0.5%
        CTC sales (accounted for by the equity method
          in the fiscal 2001 second quarter)                  3.3%
                                                            --------
                                                             11.4%
                                                            ========


The volume increase was driven by the Company's  Engineered Component segment of
business.  This increase was primarily  due to increased  wheel sales,  and to a
lesser  extent,  increased  aluminum  components  sales,  both of which were the
result of new business and growth in U.S. light vehicle manufacturing during the
fiscal 2002 second quarter.

The volume  increase in the Engineered  Components  segment more than offset the
volume  decline  in the Flow  Control  Products  segment.  Although  residential
housing  benefited  from low interest  rates and  unusually  good weather in the
fiscal 2002 second quarter,  commercial and industrial construction continued to
show weakness.  Also reducing volume were competitive pressures and construction
contractors operating with reduced inventory levels.

Amcast sales also benefited  from combined  price and product mix  improvements,
mainly in global  wheels,  and to a lesser  part in  aluminum  components.  This
growth  partly  offset the  decline in  product  mix and price for Flow  Control
Products caused by competitive pressure.

Consolidated  sales also increased because Casting  Technology  Company (CTC) is
now reported in the Company's  consolidated figures;  whereas in the fiscal 2001
second quarter, CTC's activity was accounted for by the equity method.

By segment,  Engineered  Components  sales  increased by 22.8% compared with the
second  quarter of fiscal 2001,  which offset the 14.1% decrease in Flow Control
sales. If CTC were consolidated in the second quarter of fiscal 2001, Engineered
Components sales would have increased by 14.1%.

                                       14


<PAGE>

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

For the first six months of fiscal  2002,  consolidated  net sales  increased by
4.3% to $272.2  million  compared  with $260.9  million in the fiscal 2001 first
half.  The  following  table  illustrates  the  components  of the  increase  in
consolidated net sales:

                                                              Total
                                                            --------

        Volume                                                (3.0)%
        Price and product mix                                  2.4%
        Foreign currency exchange rates/other                  1.6%
        CTC sales (accounted for by the equity method
          in the second quarter of fiscal 2001)                3.3%
                                                            --------
                                                               4.3%
                                                            ========


For the first six months of fiscal 2002,  overall volume  decreased as growth in
the fiscal 2002 second  quarter did not offset the volume  decline in the fiscal
2002 first quarter.  In the fiscal 2002 first quarter,  a weakened U.S.  economy
with high  uncertainty  and financial  market  instability,  resulted in reduced
volume. CTC is now reported in the Company's  consolidated  figures;  whereas in
the first six months of fiscal 2001,  CTC's activity was accounted for using the
equity method.

By segment,  Engineered  Components  sales  increased by 11.0% compared with the
first six  months  of fiscal  2001.  If CTC were  consolidated  in the first six
months of fiscal 2001, Engineered Components sales would have increased by 1.1%.
Flow Control  Products sales  decreased by 12.2%.  Flow Control  Products volume
declined due to increased  competition and continued  weakness in commercial and
industrial  construction.  A decline in sales due to pricing,  primarily  due to
lower copper prices and also to competitive  market pressures,  was offset by an
improved product mix predominantly in Engineered Components wheel products.

Gross  profit for the fiscal 2002  second  quarter  increased  by 10.6% to $11.0
million, while gross profit for the first six months of fiscal 2002 decreased by
17.8% to $21.6 million.  As a percentage of sales, gross profit was 8.0% for the
second  quarter and 7.9% for the first half of fiscal 2002,  compared  with 8.1%
and  10.1%,  respectively,  for the same  periods  of fiscal  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, an improved price and product mix helped to increase gross profit.

                                       15


<PAGE>

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


Selling,  general and administrative  (SG&A) expenses for the second quarter and
the first six months of fiscal 2002,  decreased  both in total  dollars and as a
percentage of sales. As a percentage of sales,  SG&A expense was 10.0% and 12.9%
in the second quarters of fiscal 2002 and fiscal 2001,  respectively,  and 10.1%
and 10.7% for the first six months of fiscal 2002 and fiscal 2001, respectively.
The SG&A  decrease for the fiscal 2002 second  quarter is primarily  due to $3.0
million of expense  incurred in the fiscal 2001 second quarter for unusual items
that were not repeated in the current year.  These  unusual  items  consisted of
legal and other professional fees for a strategic alternative review,  severance
expenses for senior management changes,  and increased workers  compensation and
other reserves for previously-closed facilities. Versus the prior year, SG&A for
the fiscal 2002 second quarter also included $1.3 million for ERP implementation
costs, a lower pension benefit, and $0.5 million by consolidating CTC.

Effective June 5, 2001, the Company purchased the remaining 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 as of March 4, 2001 and for the three
and six months ended March 4, 2001,  which was accounted for as an investment on
Amcast's books,  is shown in "Preparation of Financial  Statements" in the Notes
to Consolidated Condensed Financial Statements.

Interest  expense was $4.2 million and $9.0  million for the second  quarter and
first six months of fiscal 2002,  compared  with $3.3 million and $6.5  million,
respectively,  for the same  periods of fiscal  2001.  The  increase in interest
expense is primarily due to higher  interest  rates as part of debt  refinancing
and higher debt  levels,  as well as  including  CTC's  interest  expense in the
Company's consolidated totals.

The effective tax rate was 23.6% and 24.6% for the second  quarter and first six
months of fiscal 2002, compared with 33.0% and 32.9%, respectively, for the same
periods of fiscal 2001. The tax rates represent an income tax benefit due to the
losses  recorded  by the  Company.  The lower  effective  tax rate in the second
quarter is primarily  due to a decrease in the tax benefit on pretax losses from
income taxes of the Company's  European  operation in fiscal year 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 14.1% to $32.6 million for the fiscal 2002 second quarter, compared
with $37.9 million for the same period of fiscal 2001.  For the first six months
of fiscal 2002,  sales decreased by 12.2% to $66.0 million,  compared with $75.1
million for the first six months of fiscal 2001. Sales volume decreased by 10.1%
for the  fiscal  2002  second  quarter,  and by 9.6% for the first six months of
fiscal 2002. Price and mix together  declined by 4.0% for the fiscal 2002 second
quarter, and by 2.5% for the first six months of fiscal 2002.

                                       16


<PAGE>

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


Operating  income in the fiscal 2002 second  quarter was $0.5 million,  compared
with $2.8 million for the same period of fiscal  2001.  For the first six months
of fiscal 2002,  operating  income was $2.6 million,  compared with $7.4 million
for the same  period of fiscal  2001.  The  decrease  in  operating  income  was
primarily due to lower sales volume, and competitive market pricing,  as well as
the cost to implement an ERP system.  These unfavorable items were partly offset
by a slightly better product mix.

Engineered  Components Net sales for the Engineered Components segment increased
by 22.8% to $ 104.4  million for the fiscal 2002 second  quarter,  compared with
$85.1  million for the same period of fiscal  2001.  For the first six months of
fiscal 2002 sales  increased by 11.0% to $206.2  million,  compared  with $185.8
million for the first six months of fiscal 2001. Sales volume increased by 10.6%
for the second  quarter of fiscal 2002, and was even for the first six months of
fiscal 2002. An improved product mix increased sales by 9.3% for the fiscal 2002
second   quarter  and  by  6.6%  for  the  first  six  months  of  fiscal  2002.
Consolidating  CTC in the second  quarter  and first six  months of fiscal  2002
increased sales by 4.8% and 4.7% respectively.

The  operating  loss in the  second  quarter  of fiscal  2002 was $1.2  million,
compared with a loss of $3.9 million for the same period of fiscal 2001. For the
first six months of fiscal 2002, the operating  loss was $4.2 million,  compared
with a loss of $2.7  million  for the same  period of fiscal  2001.  The overall
decrease in operating  income was primarily due to lower absorption from reduced
inventory levels as well as a decrease in volume,  price, and product mix in the
fiscal 2002 first quarter mainly caused by the weak economy.

Liquidity and Capital Resources

For the first six months of fiscal 2002,  cash provided by  operations  was $9.7
million  compared  with cash used for  operations  of $12.6 million in the first
half of fiscal  2001. A $2.9 million  decrease in working  capital  requirements
plus $17.2 million in non-cash benefits of depreciation and amortization, offset
the net loss of $10.4  million  for the first six  months  of fiscal  2002.  The
working  capital  decrease  continues  to reflect the  Company's  commitment  to
reducing  inventory  balances.  This benefit was partly offset by an increase in
accounts receivable and a reduction in accounts payable.


                                       17

<PAGE>

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


Investing  activities used net cash of $12.6 million for the first six months of
fiscal 2002,  which was the same amount of cash used in the  prior-year  period.
Capital  spending of $11.9 million was lower than the $12.9 million spent in the
prior year,  due to the Company's  cash  management  strategy in fiscal 2002. At
March 3, 2002,  the  Company  had $6.4  million of  commitments  for  additional
capital expenditures, primarily for the Engineered Components segment.

Financing activities used $4.8 million of cash in the first six months of fiscal
2002,  compared  with cash  provided  of $30.2  million  the first six months of
fiscal  2001.  The Company  borrowed  $3.0  million  made  available  by foreign
currency rate fluctuations on its Euro debt. CTC and Speedline together borrowed
$3.0  million.  Debt  repayments  were $5.2 million for the bank debt and senior
notes,  $1.0  million by  Speedline,  and $4.6  million by CTC.  Total debt as a
percent  of total  capital  was 64.7% at March 3,  2002 and 63.3% at August  31,
2001.

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  agreement  during its fiscal  2002  third  quarter  that
extends the bank debt maturity to September  2003. Also in its fiscal 2002 third
quarter,  the Company  expects to sign a new agreement that sets the senior note
maturity at November 2003. The Company cannot 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 Company's foreign subsidiaries.

The Company has a LIFO 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 March 3, 2002, there were no borrowings outstanding under the Credit
Agreement, and the available borrowing capacity is $35.0 million. The Company is
negotiating to extend the Credit  Agreement to September 2003, and plans to sign
this extension during its fiscal 2002 third quarter.

The Company must make  scheduled  debt  payments  (which are  included  with the
current  portion of long-term  debt) of $6.5 million and $5.0 million at the end
of the third and fourth  quarters  of fiscal  2002,  respectively.  The  Company
expects to make these payments with cash flow from operations.

In order to meet its financial covenants, the Company needs to achieve operating
results reasonably  consistent with its 2002 operating plan. This plan calls for
2002 income to be higher than in 2001. The Company plans to reduce cost of goods
sold  through  improved  plant  efficiencies,   decreasing  inventories,  higher
productivity, and lower scrap. In addition, the Company plans to reduce selling,
general and  administrative  expenses  primarily through reductions in personnel
and employee benefit costs, and other cost savings programs.

                                       18

<PAGE>

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


The Company was in compliance  with its debt  covenants for the first six months
of fiscal 2002.  Management  believes the Company will satisfy the  covenants in
the fiscal 2002 third and fourth quarters.

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.



                                       19


<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  which 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 March 3, 2002, the Company had $6.0 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 $0.6 million.

The  Company  is also  exposed  to market  risk from  price  changes in the Euro
currency  because the Company has bank debt  denominated  in Euros.  Because the
lending group has capped the Company's debt balance in U.S. dollars,  changes in
the Euro/U.S.  dollar  exchange rate impact the amount of debt. At March 3, 2002
the Company had 57.5 million of Euro  denominated  debt,  or $49.7  million.  To
illustrate the potential impact of changes in Euro.U.S. dollar exchange rates, a
hypothetical  10% change in currency  exchange rates could change the debt level
by approximately $5.5 million.




                                       20


<PAGE>

                          AMCAST INDUSTRIAL CORPORATION


PART II - OTHER INFORMATION

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

  a) The annual meeting of  shareholders  of Amcast  Industrial  Corporation was
     held on December 19, 2001.

  b)  At the annual meeting,  shareholders  voted on and approved two proposals.
      Those proposals are stated below, together with information concerning the
      votes cast.

    1.  Election of three directors to serve for a term of three years.
        Directors elected were Walter E. Blankley, Byron O. Pond, and William G.
        Roth.

                         Walter E. Blankley    Byron O. Pond    William G. Roth
                         ------------------    -------------    ---------------
       Shares For            7,792,804           7,971,622          7,793,480
       Shares Withheld         320,013             141,195            319,337
                             ---------           ---------          ---------
        Total                8,112,817           8,112,817          8,112,817
                             =========           =========          =========


        Directors continuing in office until the 2002 annual meeting include
        James K. Baker, R. William Van Sant, and Don R. Graber.  Directors
        continuing in office until the 2003 annual meeting include Peter H.
        Forester, Leo W. Ladehoff, and Bernard G. Rethore.

    2.  Ratification of the appointment of Ernst & Young LLP as independent
        auditors of the Company for the fiscal year ending August 31, 2002.

        Shares For           7,928,809
        Shares Against         172,404
        Shares Abstain          11,604
                            ----------
         Total               8,112,817
                            ==========

Item 5 - Other Information
--------------------------

On March 20,  2002,  James K. Baker  retired as a director,  having  reached the
director's  retirement age. On April 8, 2002,  Joseph R. Grewe became  president
and chief  operating  officer  and a director of the  Company.  Also on April 8,
2002,  Leo W.  Ladehoff  retired as  Chairman  of the Board,  while  remaining a
director, and Byron O. Pond, CEO, became Chairman of the Board.

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
March 3, 2002

                                       21


<PAGE>




                               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:  April 16, 2002                         By: /s/ Byron O. Pond
                                                  ------------------------------
                                              Byron O. Pond
                                              President and
                                              Chief Executive Officer
                                              (Principal Executive Officer)


Date:  April 16, 2002                         By: /s/ Francis J. Drew
                                                  ------------------------------
                                              Francis J. Drew
                                              Vice President, Finance and
                                              Chief Financial Officer
                                              (Principal Financial Officer)


Date:  April 16, 2002                         By: /s/ Mark D. Mishler
                                                  ------------------------------
                                              Mark D. Mishler
                                              Corporate Controller
                                              (Principal Accounting Officer)



                                       22