UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q


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

                For the quarterly period ended November 30, 2003

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

               For the transition period from ________ to ________

                         Commission File Number: 1-9967

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                          AMCAST INDUSTRIAL CORPORATION

             (Exact name of registrant as specified in its charter)


            Ohio                                         31-0258080
(State of other jurisdiction of            (I.R.S. Employer Identification No.)
incorporation or organization)

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

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

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     Indicate by check mark whether the  registrant (1) has filed all reports to
be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes X No

    Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act).    Yes               No      X

As of November 30, 2003, the number of Common Shares, no par value,  outstanding
was 9,281,091 shares.

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                            Website Access to Reports

Amcast Industrial  Corporation's internet website is www.amcast.com.  Our annual
reports on Form 10-K,  quarterly  reports on Form 10-Q,  current reports on Form
8-K and amendments to those reports filed or furnished pursuant to Section 13(a)
or 15(d) of the Exchange Act are available free of charge through our website as
soon as  reasonably  practicable  after they are  electronically  filed with, or
furnished to, the Securities and Exchange Commission.

<PAGE>

                          AMCAST INDUSTRIAL CORPORATION
                               REPORT ON FORM 10-Q
                     FOR THE QUARTER ENDED NOVEMBER 30, 2003

                                TABLE OF CONTENTS




PART I - FINANCIAL INFORMATION                                             PAGE

   Item 1  -  Financial Statements:

         Consolidated Condensed Statements of Financial Condition -            3
         November 30, 2003 and August 31, 2003

         Consolidated Condensed Statements of Operations -                     4
         for the Three Months Ended November 30, 2003
         and December 1, 2002

         Consolidated Condensed Statements of Retained Earnings -              4
         for the Three Months Ended November 30, 2003
         and December 1, 2002

         Consolidated Condensed Statements of Cash Flows -                     5
         for the Three Months Ended November 30, 2003
         and December 1, 2002

         Notes to Consolidated Condensed Financial Statements               6-15

   Item 2  -  Management's Discussion and Analysis of Financial
              Condition and Results of Operations                          16-24

   Item 3 - Quantitative and Qualitative Disclosures about Market Risk        25

   Item 4 - Controls and Procedures                                           25

PART II - OTHER INFORMATION

   Item 4 - Submission of Matters to a Vote of Security Holders               26

   Item 6 - Exhibits and Reports on Form 8-K                                  26

SIGNATURES                                                                    27






                                       2
<PAGE>

PART I - FINANCIAL INFORMATION

                          AMCAST INDUSTRIAL CORPORATION
            CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION
                                ($ in thousands)
                                   (Unaudited)
                                                        November 30   August 31
                                                            2003         2003
                                                        -----------  -----------
ASSETS

Current Assets
     Cash and cash equivalents                            $ 10,128      $ 5,697
     Accounts receivable                                    42,249       39,979
     Inventories                                            19,459       19,004
     Other current assets                                    5,490        5,338
                                                        -----------  -----------
Total Current Assets                                        77,326       70,018

Property, Plant, and Equipment                             357,250      356,408
     Less accumulated depreciation                        (222,888)    (217,011)
                                                        -----------  -----------
Net Property, Plant, and Equipment                         134,362      139,397

Restricted Cash                                              6,000        7,078
Deferred Taxes                                               4,204        4,204
Other Assets                                                 9,345        9,627

                                                        -----------  -----------
Total Assets                                              $231,237    $ 230,324
                                                        ===========  ===========

LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)

Current Liabilities
     Current portion of long-term debt                     $ 7,020      $ 2,456
     Accounts payable                                       33,482       31,419
     Accrued expenses                                       20,984       21,011
                                                        -----------  -----------
Total Current Liabilities                                   61,486       54,886

Long-Term Debt (less current portion)                      168,541      175,184
Deferred Liabilities                                        41,959       42,189

Shareholders' Equity (Deficit)
     Preferred shares, without par value
        Authorized - 1,000,000 shares; Issued - None             -            -
     Common shares, at stated value
        Authorized - 15,000,000 shares
        Issued - 9,663,582 and 9,623,634 shares,
           respectively                                      9,664        9,624
     Capital in excess of stated value                      72,852       72,822
     Accumulated other comprehensive losses                (34,119)     (34,189)
     (Accumulated deficit) retained earnings               (84,659)     (85,705)
     Cost of 382,491 common shares in treasury              (4,487)      (4,487)
                                                        -----------  -----------
Total Shareholders' Equity (Deficit)                       (40,749)     (41,935)

                                                        -----------  -----------
Total Liabilities and Shareholders' Equity (Deficit)      $231,237    $ 230,324
                                                        ===========  ===========

See notes to consolidated condensed financial statements

                                       3
<PAGE>

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


                                                      Three Months Ended
                                                   -----------------------
                                                   November 30   December 1
                                                      2003          2002
                                                   -----------   ----------
Consolidated Condensed Statements of Operations

Net Sales                                           $ 112,936    $ 112,222
Cost of sales                                          99,748      101,093
                                                   -----------   ----------
Gross Profit                                           13,188       11,129
Selling, general and, administrative expenses           8,227       10,169
                                                   -----------   ----------
Operating Income (Loss)                                 4,961          960
Other (income) expense                                     (3)         (32)
Interest expense                                        3,857        3,971
                                                   -----------   ----------
Income (Loss) before Income Taxes, Discontinued
  Operations, and Cumulative Effect of
  Accounting Change                                     1,107       (2,979)
Income tax expense (benefit)                               61       (1,139)
                                                   -----------   ----------
Income (Loss) from Continuing Operations                1,046       (1,840)
Loss from operations of discontinued operations,
  net of tax of $397                                        -       (5,352)
                                                   -----------   ----------
Income (Loss) before Cumulative Effect of
  Accounting Change                                     1,046       (7,192)
Cumulative effect of accounting change,
  net of tax of $464                                        -      (46,536)
                                                   -----------   ----------
Net Income (Loss)                                     $ 1,046    $ (53,728)
                                                   ===========   ==========

Consolidated Condensed Statements of
  Retained Earnings (Deficit)

Beginning Retained Earnings (Deficit)               $ (85,705)    $ 25,530
Net (loss) income                                       1,046      (53,728)
Treasury shares issued                                      -         (657)
                                                   -----------   ----------
Ending Retained Earnings (Deficit)                  $ (84,659)   $ (28,855)
                                                   ===========   ==========

Basic and Diluted Income (Loss) Per Share
  Continuing operations                                $ 0.11      $ (0.21)
  Discontinued operations                                   -        (0.61)
                                                   -----------   ----------
  Before cumulative effect of accounting change          0.11        (0.82)
  Cumulative effect of accounting change                    -        (5.34)
                                                   -----------   ----------
  Net Income (Loss)                                    $ 0.11      $ (6.16)
                                                   ===========   ==========

Dividends declared per share                              $ -          $ -
                                                   ===========   ==========

Dividends paid per share                                  $ -          $ -
                                                   ===========   ==========

See notes to consolidated condensed financial statements
                                       4

<PAGE>

                          AMCAST INDUSTRIAL CORPORATION
                 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                                ($ in thousands)
                                   (Unaudited)

                                                      Three Months Ended
                                                ---------------------------
                                                 November 30     December 1
                                                    2003           2002
                                                ------------   ------------
Operating Activities
     Net income (loss)                              $ 1,046      $ (53,728)
     Loss from discontinued operations                    -          5,352
     Depreciation and amortization                    5,974          6,290
     Cumulative effect of accounting change               -         46,536
     Deferred liabilities                             1,074         (1,581)
     Other                                              332            203
     Changes in assets and liabilities
        Restricted cash                               1,078         (6,000)
        Accounts receivable                          (2,270)         5,444
        Inventories                                    (455)         3,015
        Other current assets                           (152)           476
        Accounts payable                              2,063            731
        Accrued liabilities                             (27)          (815)

                                                ------------   ------------
Net Cash Provided by Operations                       8,663          5,923

Investing Activities
     Additions of property, plant, and equipment     (1,183)        (2,170)
     Other                                              253             47

                                                ------------   ------------
Net Cash Used by Investing Activities                  (930)        (2,123)

Financing Activities
     Additions to long-term debt                      2,544            400
     Reduction in long-term debt                     (4,623)        (4,291)
     Other                                           (1,300)             -

                                                ------------   ------------
Net Cash Used by Financing Activities                (3,379)        (3,891)

Effect of exchange rate changes on cash                  77            (11)
Cash flow related to discontinued operations              -         (1,634)
                                                ------------   ------------

Net change in cash and cash equivalents               4,431         (1,736)

Cash and cash equivalents at beginning of period      5,697         16,810

                                                ------------   ------------
Cash and Cash Equivalents at End of Period         $ 10,128       $ 15,074
                                                ============   ============

See notes to consolidated condensed financial statements

                                        5

<PAGE>


                          AMCAST INDUSTRIAL CORPORATION
              NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                   ($ IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
                                   (UNAUDITED)



NATURE OF OPERATIONS

Amcast  Industrial   Corporation  ("Amcast"  or  the  "Company")  is  a  leading
manufacturer of  technology-intensive  metal products.  The Company serves three
major sectors of the economy: automotive,  construction, and industrial. Its two
business  segments are Flow Control  Products,  a leading supplier of copper and
brass fittings for the  industrial,  commercial,  and  residential  construction
markets;  and Engineered  Components,  a leading supplier of aluminum wheels and
aluminum  components for automotive original equipment  manufacturers.  Amcast's
corporate  offices are located in Dayton,  Ohio.  Manufacturing  facilities  are
located in the United States of America, primarily in the Midwest.

BASIS OF PREPARATION

The  accompanying   consolidated  condensed  financial  statements  include  the
accounts of Amcast and its subsidiaries.  Intercompany accounts and transactions
have been  eliminated.  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 under the Securities Exchange Act of 1934, as amended.
Accordingly,  they do not include all of the  information and notes required for
complete annual financial  statements and should be read in conjunction with the
Company's audited consolidated financial statements and notes for the year ended
August 31, 2003,  included in the  Company's  Annual Report on Form 10-K. In the
opinion of management,  all adjustments necessary for a fair presentation of the
information have been included.  Results of operations for the periods presented
are not  necessarily  indicative  of the results for the full  fiscal  year.  To
prepare the accompanying  interim consolidated  condensed financial  statements,
the  Company is  required  to make  estimates  and  assumptions  that affect the
reported  amounts  and  disclosures.  Actual  results  could  differ  from those
estimates.

CHANGE IN METHOD OF ACCOUNTING IN FISCAL 2003

In the first quarter of fiscal 2003, the Company was required to adopt Statement
of Financial Accounting Standards (SFAS) No. 142, "Goodwill and Other Intangible
Assets".  Under  the  adoption  of SFAS No.  142,  goodwill  and  certain  other
intangible  assets are no longer  amortized  but will be reviewed  annually  for
impairment.  If,  based on these  reviews,  the  related  assets are found to be
impaired,  their carrying  value will 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. 144,  "Accounting for the Impairment or Disposal of
Long-Lived Assets".

                                       6

<PAGE>



Upon adoption of SFAS No. 142 in the first  quarter of fiscal 2003,  the Company
completed  its  impairment  review  and  determined  that  all of its  goodwill,
relating primarily to Speedline, the Company's European operation ("Speedline"),
was impaired.  This  impairment was reflected in the Company's  declining  stock
price and the weak financial  performance of the reporting  units related to the
impaired  goodwill.  As such,  in the fiscal  2003 first  quarter,  the  Company
recorded  a  non-cash  charge of  $46,536,  net of tax of $464,  to  reduce  the
carrying value of its goodwill to zero.  This charge is recorded as a cumulative
effect  of an  accounting  change  in the  accompanying  consolidated  condensed
financial statements.

DISCONTINUED OPERATIONS

On March 17, 2003,  the Company  completed  the sale of all the capital stock of
its wholly-owned subsidiary,  ASW International II, B.V., which owned all of the
stock of Speedline,  to Crown  Executive  Aviation  Limited,  a private  company
organized under the laws of the United Kingdom.  Principal products manufactured
by Speedline,  located in Italy,  include aluminum wheels for passenger cars and
trucks,  as well as aluminum and magnesium  racing wheels,  aftermarket  wheels,
modular wheels, and hubcaps.  Speedline is reported as a discontinued  operation
for fiscal 2003. After deducting costs related to the transaction, there were no
net cash  proceeds  from the  sale.  The sale  resulted  in an after tax loss of
$50,423,  of which  $5,352  related to the fiscal  2003 first  quarter,  $44,470
related to the fiscal 2003 second  quarter,  and $601 related to the fiscal 2003
third quarter.  Cumulative  foreign currency  translation  losses of $1,303 were
included in the $50,423 after tax loss.

Speedline was previously  included in the Engineered  Components  segment of the
Company.  Operating  results for Speedline  included in discontinued  operations
are:

                                         Three Months Ended
                                          December 1, 2002
                                           --------------
Net Sales                                       $ 43,534

Operating Loss                                    (4,649)
Other income (expense)                                24
Interest expense                                    (330)
                                           --------------
Loss Before Income Taxes                          (4,955)
Income tax expense                                   397
                                           --------------
Loss From Discontinued Operations               $ (5,352)
                                           ==============


                                       7


<PAGE>



RESTRICTED CASH

As of November 30, and August 31, 2003,  the Company had $6,000 of cash that was
restricted,  as required  under the Company's  debt  agreements  with its lender
group and  senior  note  holders,  which  excludes  CTC.  This cash  reserve  is
segregated to ensure the payment of principal and interest on the Company's bank
credit  facilities,  senior  notes and LIFO credit  agreement.  As of August 31,
2003,  an additional  $1,078 of cash was  restricted  per CTC's loan  agreement.
During the first  quarter of fiscal 2004,  the Company  refinanced  its CTC loan
agreement and a similar cash restriction was not required by the new lenders.

INVENTORY

Inventory is valued at the lower of cost or market.  The value of U.S. inventory
is determined using the last-in,  first-out method (LIFO).  The value of foreign
inventory, at the Company's Canadian facility, is determined using the first-in,
first-out,  method (FIFO). Supplies and maintenance related materials, which are
not a component of finished goods,  but are utilized during  manufacturing,  are
categorized as raw materials. The major components of inventory are:


                                           November 30            August 31
                                              2003                  2003
                                      ------------------    ------------------

Finished products                              $ 11,376              $ 10,833
Work in process                                   3,281                 3,611
Raw materials and supplies                        8,578                 8,336
                                      ------------------    ------------------
                                                 23,235                22,780
Less amount to reduce certain
      inventories to LIFO value                  (3,776)               (3,776)
                                      ------------------    ------------------

Total Inventory                                $ 19,459              $ 19,004
                                      ==================    ==================



                                        8

<PAGE>



PROPERTY, PLANT, AND EQUIPMENT

The major components of property, plant, and equipment are as follows:

                                       November 30           August 31
                                           2003                2003
                                      ---------------     ---------------

Land and buildings                          $ 56,666            $ 56,629
Machinery and equipment                      290,972             291,006
Construction in progress                       9,612               8,773
                                      ---------------     ---------------
                                             357,250             356,408
Accumulated depreciation                    (222,888)           (217,011)

                                      ---------------     ---------------
Net property, plant, and equipment         $ 134,362           $ 139,397
                                      ===============     ===============


Depreciation  expense was $5,969 and $6,277 for the  three-month  periods  ended
November 30, 2003, and December 1, 2002, respectively.


LONG-TERM DEBT

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

                                           November 30         August 31
                                              2003                2003
                                          -------------      -------------
Lender Group and Senior Note Holder Debt:
  LIFO credit facility                        $ 10,315           $ 11,395
  Senior Notes                                  45,664             45,664
  Revolving credit notes                       100,826            100,826
  Lines of credit                               12,793             12,793

CTC Debt:
  Term loan                                      3,000              2,856
  Revolving credit note                          2,843              3,400

Other debt                                         120                706
                                          -------------      -------------

Total Debt                                     175,561            177,640

Less current portion                             7,020              2,456
                                          -------------      -------------

Long-Term Debt                               $ 168,541          $ 175,184
                                          =============      =============

                                      9
<PAGE>

EARNINGS (LOSS) PER SHARE

The following  table reflects the  calculations  for basic and diluted  earnings
(loss)  per  share for the  three-month  periods  ended  November  30,  2003 and
December 1, 2002, respectively:

                                                             Three Months Ended
                                                            --------------------
                                                          November 30 December 1
                                                               2003       2002
                                                            --------- ----------

Income (loss) from continuing operations                     $ 1,046   $ (1,840)

Loss from discontinued operations, net of tax                      -     (5,352)
                                                            --------- ----------

Income (loss) before cumulative effect of accounting change    1,046     (7,192)

Cumulative effect of accounting change, net of tax                 -    (46,536)
                                                            --------- ----------

Net income (loss)                                            $ 1,046   $(53,728)
                                                            ========= ==========

Basic Income (Loss) per Share:

Basic shares                                                   9,270      8,717
                                                            ========= ==========

Income (loss) from continuing operations                      $ 0.11    $ (0.21)
Discontinued operations                                            -      (0.61)
                                                            --------- ----------
Income (loss) before cumulative effect of accounting change     0.11      (0.82)
Cumulative effect of accounting change                             -      (5.34)
                                                            --------- ----------
Net income (loss)                                             $ 0.11    $ (6.16)
                                                            ========= ==========

Diluted Income (Loss) per Share:

Diluted shares                                                 9,271      8,717
                                                            ========= ==========

Income (loss) from continuing operations                      $ 0.11    $ (0.21)
Discontinued operations                                            -      (0.61)
                                                            --------- ----------
Income (loss) before cumulative effect of accounting change     0.11      (0.82)
Cumulative effect of accounting change                             -      (5.34)
                                                            --------- ----------
Net income (loss)                                             $ 0.11    $ (6.16)
                                                            ========= ==========

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

                                       10
<PAGE>

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
                                            --------------------------------
                                              November 30       December 1
                                                 2003             2002
                                            ---------------  ---------------

Net income (loss)                                  $ 1,046        $ (53,728)

Foreign currency translation adjustments                77              (11)

Loss on derivatives                                     (7)               -
                                            ---------------  ---------------
Total comprehensive income (loss)                  $ 1,116        $ (53,739)
                                            ===============  ===============

The components of accumulated other comprehensive loss are:

                                              November 30       August 31
                                                 2003             2003
                                            ---------------  ---------------

Foreign currency translation adjustment             $ (134)          $ (211)

Minimum pension liability adjustment               (33,978)         (33,978)

Loss on derivatives                                     (7)               -

                                            ---------------  ---------------
Accumulated other comprehensive loss
  continuing operations                          $ (34,119)       $ (34,189)
                                            ===============  ===============

                                     11
<PAGE>



STOCK-BASED COMPENSATION

As permitted by SFAS No. 123,  "Accounting  for Stock-Based  Compensation",  the
Company  accounts for its employee stock options in accordance  with APB Opinion
No. 25, "Accounting for Stock Issued to Employees", and related interpretations.
Accordingly,  no compensation cost has been recognized  related to the Company's
stock option plans.

Had the Company  determined  compensation  cost based upon the fair value of the
options at the grant date  consistent  with the  provisions of SFAS No. 123, net
income and EPS would have been  adjusted to the pro forma  amounts  indicated as
follows:

                                                        Three Months Ended
                                                   ----------------------------
                                                    November 30    December 1
                                                       2003           2002
                                                   -------------  -------------

Net income (loss) as reported                           $ 1,046      $ (53,728)

Effect on reported net income (loss) of accounting
  for stock options at fair value                             -            (46)

                                                   -------------  -------------

Pro forma net income (loss)                             $ 1,046      $ (53,774)
                                                   =============  =============

Income (loss) per common share

  Basic and diluted

    As reported                                          $ 0.11        $ (6.16)
                                                   =============  =============

    Pro forma                                            $ 0.11        $ (6.17)
                                                   =============  =============

To  determine  compensation  cost based on the value of the options at the grant
date using the  Black-Scholes  option-pricing  model, the following  assumptions
were utilized:

                                           Options Granted During Fiscal Year
                                        ----------------------------------------
                                           2004         2003            2002
                                        ----------   -----------    ------------
Assumptions:
  Expected volatility                       (a)         48.2%           46.0%
  Risk-free interest rate                   (a)          3.1%        3.3% - 4.9%
  Dividend yield                            (a)          0.0%            0.0%
  Expected life of option                   (a)       4.2 years       4.6 years
  Weighted average fair value of grants
    issued for each year                    (a)         $0.73           $2.11

(a) No assumptions  are given for 2004, as there were no options  granted in the
first quarter of fiscal 2004.

                                       12
<PAGE>

BUSINESS SEGMENTS

Operating  segments are organized  internally  primarily by the type of products
produced and markets served,  and in accordance with SFAS No. 131,  "Disclosures
about  Segments  of an  Enterprise  and  Related  Information".  The Company has
aggregated similar operating segments into two reportable segments, Flow Control
Products  and  Engineered  Components.  Descriptions  of the  products  of these
business  segments are included in "Item 1- Business" in the Company's Form 10-K
for the year ended August 31, 2003. The Company  evaluates  segment  performance
and  allocates  resources  based on  several  factors,  of which  net  sales and
operating income are the primary financial measures.  Speedline is reported as a
discontinued operation; therefore,  Speedline's historical financial results are
no longer included in the Engineering Components segment where it previously had
been reported.

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
                           -------------------------- --------------------------
                             November 30  December 1     November 30  December 1
                                 2003        2002            2003       2002
                             -----------  -----------    -----------  ----------
Flow Control Products          $ 33,306    $ 30,301        $ 1,592       $ 606
Engineered Components            79,630      81,921          4,907       2,577
Corporate                             -           -         (1,538)     (2,223)
                             -----------  -----------    -----------  ----------
                                112,936     112,222          4,961         960
Other (income) expense                -           -             (3)        (32)
Interest expense                      -           -          3,857       3,971
                             -----------  -----------    -----------  ----------
Total net sales and income (loss)
  from continuing operations
  before taxes                $ 112,936   $ 112,222        $ 1,107    $ (2,979)
                             ===========  ===========    ===========  ==========

COMMITMENTS AND CONTINGENCIES

At November  30, 2003,  the Company has  committed  to capital  expenditures  of
$1,075, primarily for the Engineered Components segment.

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


                                       13
<PAGE>




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. The designation as a potentially  responsible  party and the
assertion  of such  claims  against the  Company  are made  without  taking into
consideration  the  nature  or  extent  of the  Company's  involvement  with the
particular  site.  In several  instances,  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
non-Company-owned site.

There is one  Company-owned  property  in  Pennsylvania  where  state-supervised
cleanups are currently underway and two other Company-owned  properties at which
the U.S. EPA is overseeing an investigation or where  long-standing  remediation
is underway.

In  addition,  a group of nine  plaintiffs  brought  a  superfund  private  cost
recovery and contribution action against the Company and fifty-one other parties
in the United States District Court for the Southern  District of Ohio,  Western
Division, which is captioned,  Cargill, Inc. et al. V. Abco construction, et al.
(Case No.  C-3-98-3601).  The action involves the  Valleycrest  disposal site in
Dayton,   Ohio.  The  plaintiffs  have  taken  the  lead  in  investigating  and
remediating the site. The Company  believes its  responsibility  with respect to
this site is very  limited  due to the  nature of the  foundry  sand waste it is
alleged to have  disposed  at the site.  The  Company is  defending  this matter
vigorously.

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 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  November  30,  2003,  the  Company's  accrued
undiscounted reserve for such contingencies was $3,752.


                                       14
<PAGE>


Based upon the contracts and agreements with regards to an environmental matter,
the Company  believes it is entitled to  indemnity  for  remediation  costs at a
particular  site and  believes  it is  probable  that the  Company can recover a
substantial  portion of the  costs.  Accordingly,  the  Company  has  recorded a
receivable of $765 related to anticipated recoveries from a third party.


IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS

There were no recently issued  accounting  standards  affecting the Company that
were not  disclosed  in the  Company's  Annual  Report on Form 10-K for the year
ended August 31, 2003.

                                       15
<PAGE>


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

ITEM 2 - 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 statements
may, for example,  state  projections,  forecasts,  or estimates  about  Company
performance and industry trends. The achievement of the projections,  forecasts,
or estimates is subject to certain risks and uncertainties. Due to circumstances
beyond the Company's  control,  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;  disposal of certain  non-strategic
assets; labor relations at the Company and its customers; the impact of homeland
security measures;  and the ability of the Company to satisfy obligations under,
and to comply with the provisions of, its loan  documents.  This list of factors
is not meant to be a complete  list of items that may  affect  the  accuracy  of
forward-looking statements, and as such all forward-looking statements should be
analyzed with the understanding of their inherent uncertainty.

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 and with the Company's audited  consolidated  financial statements and
notes for the year ended  August 31,  2003,  included  in the  Company's  Annual
Report on Form 10-K.

DISCONTINUED OPERATIONS

As  discussed  more  fully in the notes to the  audited  consolidated  financial
statements for the year ended August 31, 2003,  included in the Company's Annual
Report on Form 10-K,  the Company  sold, in March 2003,  Speedline,  its Italian
manufacturing  operation,  which produced aluminum wheels for passenger cars and
trucks, as well as aluminum and magnesium racing wheels.  The Company determined
that  Speedline's  unfavorable  cost  structure  would not allow it to  maintain
market position and generate  adequate returns in a changing market  environment
that included  heightened  competition.  The Company  decided it would be in the
shareholders'  best  interest  to exit this  business  and focus its efforts and
resources  on its North  American  manufacturing  operations.  Unless  otherwise
indicated,  all  comparisons  of results  in this  Management's  Discussion  and
Analysis  exclude the results of Speedline  and relate  solely to the  Company's
continuing operations.

                                       16
<PAGE>

RESULTS OF OPERATIONS

NET SALES

                                                 Three Months Ended
                                         -------------------------------------
                                             November 30        December 1
                                             2003                  2002
                                         ---------------      ----------------

Net Sales                                     $ 112,936             $ 112,222
                                         ===============      ================

Percentage increase from prior year               0.6 %                16.1 %
                                         ===============      ================

Components of percentage increase
  Volume                                         (2.6)%                15.6 %
  Price                                           0.5 %                (2.1)%
  Product Mix                                     2.7 %                 2.6 %
                                         ---------------      ----------------
                                                  0.6 %                16.1 %
                                         ===============      ================

In the fiscal  2004 first  quarter,  consolidated  net sales  increased  by $714
compared with the first quarter of fiscal 2003.  This increase was primarily due
to product mix offset by a decline in sales  volume.  Sales volume  increased in
the Flow Control  Products  segment and for global wheel sales in the Engineered
Component  segment.  These  volume  increases  were more than offset by a volume
decrease in aluminum  components  sales primarily due to lost business which was
driven by market demand.  Product mix improved in both business segments.  Price
improved  slightly  from  the  Company's  ability  to pass  through  to  certain
customers the increase in aluminum costs.

The lower  percentage  sales increase for the fiscal 2004 first quarter compared
with the fiscal 2003 first quarter was due to sales  volume.  In the fiscal 2003
first  quarter,  the Company  experienced  higher  sales volume from new product
introductions,  existing products,  and conquest sales. In the fiscal 2004 first
quarter,  the Company surpassed these sales volumes in its Flow Control Products
and in global wheel sales; however, as mentioned in the previous paragraph,  the
Company  experienced  a  significant  drop in sales  volume  from  its  aluminum
component sales.


                                       17
<PAGE>

GROSS PROFIT

                                         Three Months Ended
                                  ----------------------------------
                                     November 30      December 1
                                       2003              2002
                                  ----------------  ----------------

Gross Profit                             $ 13,188          $ 11,129
                                  ================  ================

Percent of Sales                            11.7%              9.9%


For the fiscal 2004 first quarter,  gross profit increased by $2,059,  or 18.5%,
compared  with the fiscal  2003 first  quarter.  This gross  profit  increase is
primarily  due to operating  improvements  at the  Company's  Richmond,  Indiana
facility,  which experienced  significant new product launch costs in the fiscal
2003 first quarter.  Similar expenses were not incurred in the fiscal 2004 first
quarter,  and the facility  achieved major  improvements in labor  productivity,
scrap costs, and spending.

The Company  experienced  a slight  increase in gross profit in its Flow Control
Products segment. The benefits of greater manufacturing  efficiency and sales in
Flow  Control  Products  were  partly  offset  by some  launch  costs on  higher
production levels at its Geneva,  Indiana facility. The Company continues to see
substantial  benefits of improved  productivity and reduced  manufacturing costs
from the Amcast Production System (APS), a more efficient manufacturing approach
being implemented at the Company's manufacturing facilities.


SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES (SG&A)

                                         Three Months Ended
                                  ----------------------------------
                                     November 30      December 1
                                       2003              2002
                                  ----------------  ----------------

SG&A                                      $ 8,227          $ 10,169
                                  ================  ================

Percent of Sales                             7.3%              9.1%


For the fiscal 2004 first quarter,  SG&A expenses decreased by $1,942, or 19.1%,
compared with the fiscal 2003 first quarter. More than half of this decrease was
a  direct  result  of the  Company's  continued  commitment  and  focus  on cost
reduction.  This SG&A decrease is also due to the net effect of $2,700 insurance
settlements  offset by $1,774 additional legal and  environmental  reserves that
combined to lower SG&A by $926. Excluding these items, SG&A decreased by $1,016,
or 10.0%, compared with the fiscal 2003 first quarter.

                                       18
<PAGE>




The  Company's  SG&A as a percentage of sales was 7.3% for the fiscal 2004 first
quarter,  compared  with 9.1% for the fiscal  2003 first  quarter.  The  Company
realized this significant  decrease in SG&A expenses during a period where sales
increased by 0.6%.

OPERATING INCOME was $4,961 in the fiscal 2004 first quarter, compared with $960
in the fiscal 2003 first quarter,  an increase of $4,001.  Operating income as a
percentage  of sales was 4.4% for the fiscal 2004 first quarter as compared with
0.9% for the  fiscal  2003  first  quarter.  An  increase  in sales and in gross
profit, as well as a reduction in SG&A expenses produced the increased operating
income.

INTEREST  EXPENSE was $3,857 for the fiscal 2004 first  quarter,  compared  with
$3,971 for the fiscal 2003 first quarter.  Interest expense  decreased  slightly
due to a lower debt balance in the first  quarter of fiscal 2004  compared  with
the prior year.

EFFECTIVE  TAX RATE was 5.5% and 38.2% for the first  quarter of fiscal 2004 and
2003,  respectively.  The lower  effective  tax rate for the  fiscal  2004 first
quarter  resulted  because the Company is currently  recording no federal income
tax  expense  related  to its  domestic  operations  due to  existing  tax  loss
carryforwards,  per the  provisions  of SFAS No.  109,  "Accounting  for  Income
Taxes".  The Company is currently only recording  income tax expense  related to
its Canadian operations and domestic state taxes.

BUSINESS SEGMENTS

FLOW CONTROL PRODUCTS

Net sales for the Flow Control Products segment increased by 9.9% to $33,306 for
the fiscal  2004 first  quarter,  compared  with  $30,301 for the same period of
fiscal 2003.  Sales  volume  increased  sales by 5.9%,  a favorable  product mix
increased  sales by 4.6%,  and  price  decreased  sales  by 0.6%.  Flow  Control
Products  experienced  higher sales volume on its wholesale business and a large
increase in volume on a particular product line.

Operating income in the fiscal 2004 first quarter was $1,592, compared with $606
for the same period of fiscal 2003.  Operating  income was  positively  affected
from the higher sales volume,  manufacturing efficiencies from the APS, and cost
reduction programs  including a reduction in headcount.  Partly offsetting these
benefits were launch costs  incurred in relation to higher volume on one product
line at the Geneva, Indiana plant.



                                       19
<PAGE>






ENGINEERED COMPONENTS

Net sales for the Engineered Components segment decreased by 2.8% to $79,630 for
the fiscal  2004 first  quarter,  compared  with  $81,921 for the same period of
2003.  Sales volume decreased sales by 5.7%, while a favorable price and product
mix combined to increase  sales by 2.9%. The sales decrease was primarily due to
lower sales volume in aluminum  component sales.  Wheel sales experienced a 1.9%
increase in sales volume.

Operating  income in the fiscal 2004 first  quarter was  $4,907,  compared  with
$2,577 for the same period of fiscal 2003. The increase in operating  income was
primarily due to the Richmond,  Indiana facility,  which encountered significant
launch  costs in the  fiscal  2003  first  quarter.  Similar  expenses  were not
incurred in the fiscal 2004 first quarter.  Operating  income for wheels,  which
experienced higher sales, remained relatively flat due to a greater mix of lower
margin products and customer price concessions.  Manufacturing efficiencies from
the APS and cost  reduction  programs  helped the Engineered  Component  segment
achieve higher operating income.

LIQUIDITY AND CAPITAL RESOURCES

The  Company's  cash  balance at November 30, 2003 was  $10,128.  An  additional
$6,000 of  restricted  cash existed for payment of principal and interest on the
Company's debt that is required under its debt  agreements.  Under the Company's
cash management  system,  issued checks that have not cleared the bank resulting
in net overdraft bank balances for accounting  purposes in the amounts of $4,003
at November 30, 2003,  and $4,814 at December 1, 2002,  are included in accounts
payable.

Cash provided by operations was $8,663 for the first three months of fiscal 2004
compared with cash provided by operations of $5,923 in the first three months of
fiscal  2003.  Operating  cash flow  increased  during the first three months of
fiscal 2004:

                                        Three Months Ended
                                  --------------------------------
                                  --------------   ---------------
                                      2004              2003
                                  --------------   ---------------

Income statement impact                 $ 7,020           $ 4,450

Balance sheet impact                      1,643             1,473

                                  --------------   ---------------
Net cash provided by operations         $ 8,663           $ 5,923
                                  ==============   ===============


                                       20
<PAGE>



The main  reasons for the balance  sheet  impact on cash,  which  resulted in an
increase of $1,643, were a reduction in restricted cash, an increase in accounts
payable,  and an  increase  in  deferred  liabilities,  offset by an increase in
accounts  receivable  mostly  related to an  insurance  settlement  the  Company
received in December 2003.

Investing activities,  primarily capital spending,  used net cash of $930 in the
first three months of fiscal 2004  compared  with $2,123 used in the first three
months of fiscal 2003.  This decrease  reflects  management  controls  placed on
capital  expenditures to conserve cash by limiting expansion  spending.  Capital
expenditures  were  primarily for equipment to expand plant  capacity for volume
growth and new product  orders.  At November 30, 2003, the Company had $1,075 of
commitments for additional  capital  expenditures,  primarily for the Engineered
Components segment.

Financing  activities  used $3,379 of cash in the first  three  months of fiscal
2004,  compared  with  $3,891 of cash used in the first  three  months of fiscal
2003.

During the first three  months of fiscal 2003,  the Company  reduced its overall
outstanding debt balance by $2,079, as debt declined from $177,640 at August 31,
2003,  to $175,561 at November 30, 2003.  The Company made  principal  cash debt
payments of $1,080 for the bank debt and senior  notes and net  payments of $413
for its CTC debt. The Company also had $586 in payments related to the Company's
insurance-premium financing.

The revolving credit notes, the lines of credit,  the senior notes, and the LIFO
credit  agreement  (the "Lender  Group and Senior Note Holder  Debt")  mature on
September  14, 2006.  The Company  cannot  borrow  additional  funds under these
borrowings.  The lenders of these  borrowings  have  security  interests  in the
assets  of the  Company.  Interest  rates  are  prime  plus 2% for the  revolver
borrowings,  lines of credit,  and the LIFO credit agreement,  and 10.09% (9.09%
plus 1% payment in kind) for the senior notes.

Principal  payments  due under the Lender  Group and Senior Note Holder debt are
$1,000 in February 2004,  $2,800 in May 2004,  and $2,500 in August 2004.  These
payments will be applied against the LIFO credit facility.

The Lender  Group and Senior  Note  Holder  debt  includes  financial  covenants
regarding a fixed charge coverage  ratio,  quarterly  earnings before  interest,
taxes, depreciation,  and amortization (EBITDA), and capital expenditures. As of
November 30, 2003 the Company was in compliance with all of its debt covenants.

At the end of any subsequent  quarter,  if the Company is not in compliance with
any of its debt  covenants,  any  outstanding  debt balances  become  payable on
demand by the Company's lenders.


                                       21
<PAGE>



The debt  agreements  also contain a provision  that requires the Company to use
its good faith best efforts to refinance the Lender Group and Senior Note Holder
debt on or before  September 1, 2004,  or sell  substantially  all of its assets
before  September 1, 2004. The Agreements  contain eight milestones that specify
that certain  events be met by certain dates.  Two milestones  were completed on
time by the end of November 2003. By December 9, 2003,  the third  milestone was
completed on time. A $200 fee must be paid for each missed milestone.

The CTC Credit  Agreement  provides  for  borrowings  under a  revolving  credit
facility and a term loan. The revolving line of credit facility  provides for up
to $5,000 in  borrowings  ($2,157 was  available  as of November  30,  2003) and
matures  in  September  2006.  The term loan  matures in  September  2008 with a
current  year  debt  payment  of $600  payable  in  installments  of $150 due in
December  2003,  March 2004,  June 2004,  and  September  2004.  Interest on the
revolving  credit  facility  and the term loan is based on CTC's  debt to EBITDA
ratio,  which ranges between prime plus 0.25% to prime plus 1.25%, or LIBOR plus
2.25% to LIBOR plus 3.25%.

The Company's debt  obligations  for the remainder of fiscal 2004 and beyond are
shown in the following table. At November 30, 2003,  obligations under operating
leases  are  not  significantly  different  from  the  amounts  reported  in the
Company's Annual Report on Form 10-K for the year ended August 31, 2003.


<TABLE>
<CAPTION>
<S>                           <C>           <C>            <C>          <C>             <C>          <C>
      Debt Obligation               2004           2005          2006           2007          2008       Thereafter
----------------------------  ------------  -------------- ------------ --------------- ------------ --------------
Debt
  Long-Term Debt
    Corporate                      $6,300             $ -          $ -       $ 163,298          $ -            $ -
    CTC                               450             600          600           3,443          600            150

  Insurance financing                 120               -            -               -            -              -

                              ------------  -------------- ------------ --------------- ------------ --------------

Total Debt                         $6,870           $ 600        $ 600       $ 166,741        $ 600          $ 150
                              ============  ============== ============ =============== ============ ==============

Operating leases                   $2,492         $ 2,694       $2,095           $ 509        $ 108            $ -
                              ============  ============== ============ =============== ============ ==============

</TABLE>

                                       22
<PAGE>



CRITICAL ACCOUNTING POLICIES

The Company  describes its significant  accounting  policies in the notes to the
consolidated  financial  statements  included in the Company's  Annual Report on
Form 10-K. Since application of these accounting  policies involves the exercise
of  judgement  and use of  estimates,  actual  results  could  differ from those
estimates.

Revenue  Recognition - Revenue is recognized at the time products are shipped to
unaffiliated customers,  legal title has passed, and all significant contractual
obligations of the Company have been satisfied.

Inventory  Valuation  -  Inventories  are  valued at the lower of cost or market
using the last-in, first out (LIFO) and the first-in,  first-out (FIFO) methods.
Raw material  inventories are primarily aluminum and copper,  both of which have
market prices subject to volatility.

Environmental Reserves - The Company recognizes an environmental  liability when
it is probable the liability exists and the amount can be reasonably  estimated.
The  Company  adjusts  the  environmental  reserve  when it is  determined  that
circumstances warrant the change. Actual remediation obligations may differ from
those estimated.

Pension  Benefits and  Expenses - The Company has pension  benefits and expenses
that are developed  from  actuarial  valuations.  These  valuations are based on
assumptions including, among other things, interest rate fluctuations,  discount
rates,  expected returns on plan assets,  retirement ages, and years of service.
Future changes affecting the assumptions will change the related pension benefit
or expense

Deferred Taxes and Valuation Allowances - Deferred income taxes are provided for
temporary differences between financial and tax reporting in accordance with the
liability  method under the  provisions  of  Statement  of Financial  Accounting
Standards  (SFAS) No. 109,  "Accounting for Income Taxes".  Significant  factors
considered by the Company in estimating the  probability  of the  realization of
deferred taxes include  expectations of future  earnings and taxable income,  as
well as  application  of tax  laws in the  jurisdictions  in which  the  Company
operates.

At November 30, 2003, the Company had valuation allowances against a significant
portion of its deferred  tax assets.  Valuation  allowances  serve to reduce the
recorded  deferred tax assets to amounts  reasonably  expected to be realized as
tax  savings  in  the  future.   Establishing  valuation  allowances  and  their
subsequent  adjustment  requires  a  significant  amount  of  judgement  because
realizing  deferred  tax  assets,  particularly  those  assets  related  to  net
operating  loss  carryforwards,  is generally  contingent on generating  taxable
income,  reversing  deferred tax liabilities in the future, and the availability
of qualified tax planning strategies.


                                       23
<PAGE>




Debt Covenants - For a substantial  portion of its debt, the Company has certain
financial covenants regarding a fixed charge coverage ratio,  quarterly earnings
before interest,  taxes,  depreciation,  and amortization  (EBITDA), and capital
expenditures.  If the  requirements of the covenants are not achieved,  the debt
becomes immediately  callable,  which would  significantly  impact the Company's
ability to maintain its current operations.  As of November 30, 2003 the Company
was in compliance with all of its debt covenants.

The Company does not have off-balance sheet arrangements,  financings,  or other
relationships  with  unconsolidated  entities  or other  persons,  also known as
"special purpose entities" (SPEs).

INFLATION

Inflation did not have a material impact on the Company's  results of operations
or financial condition for the first quarter of fiscal 2004.

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.


                                       24
<PAGE>


                          AMCAST INDUSTRIAL CORPORATION


ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The  Company  is  exposed  to market  risk from  changing  commodity  prices and
interest  rates as part of its normal  operations,  as well as general risks and
uncertainties which are inherent in any competitive industry.

COMMODITY PRICES

The Company is 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  November  30,  2003,  the Company had no
forward fixed-price metal supply contracts.

INTEREST RATE RISK

The Company is exposed to variable  interest rates on its revolver credit notes,
its lender group lines of credit,  its LIFO credit  facility,  and its CTC debt.
The pretax earnings and cash flow impact of a  one-percentage-point  increase in
the variable interest rates on the Company's variable long-term debt outstanding
at  November  30,  2003 would be  approximately  $324.  During the first  fiscal
quarter of 2004,  the Company  entered into a two-year  interest  rate swap that
converts half of the CTC variable rate debt into fixed rate debt.


ITEM 4 - CONTROLS AND PROCEDURES

The Company's President and Chief Executive Officer and Vice President,  Finance
and Chief Financial Officer, with the participation of the Company's management,
have evaluated the  effectiveness  of the operation of the Company's  disclosure
controls  and  procedures,  as defined in Rule  13a-15(e)  under the  Securities
Exchange Act of 1934 (the "Exchange  Act"),  as of the end of the period covered
by this Quarterly Report.  Based upon that evaluation,  the Company's  President
and Chief  Executive  Officer and Vice  President,  Finance and Chief  Financial
Officer have concluded that the Company's disclosure controls and procedures are
effective  in  timely  alerting  them to  material  information  required  to be
included in the Company's periodic Exchange Act filings.

There have been no  significant  changes to the Company's  internal  controls or
other factors that could  significantly  affect these controls subsequent to the
date of their evaluation.



                                       25
<PAGE>



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
31.1    Certification of Joseph R. Grewe, President and Chief Executive Officer,
        pursuant to Section 302 of the Sarbanes-Oxley Act

31.2    Certification of Francis J. Drew, Vice President, Finance and Chief
        Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act

32.1    Certification of Joseph R. Grewe, President and Chief Executive Officer,
        pursuant to Section 906 of the Sarbanes-Oxley Act

32.2    Certification of Francis J. Drew, Vice President, Finance and Chief
        Financial Officer, pursuant to Section 906 of the Sarbanes-Oxley Act


B)       REPORTS ON FORM 8-K
                  None






                                       26
<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:  January 9, 2004                          By: /s/ Joseph R. Grewe
                                                    -------------------
                                                Joseph R. Grewe
                                                President and
                                                Chief Executive Officer
                                                (Principal Executive Officer)


Date: January 9, 2004                           By: /s/ Francis J. Drew
                                                    -------------------
                                                Francis J. Drew
                                                Vice President, Finance and
                                                Chief Financial Officer
                                                (Principal Financial Officer)


Date: January 9, 2004                           By: /s/ Mark D. Mishler
                                                    -------------------
                                                Mark D. Mishler
                                                Corporate Controller
                                                (Principal Accounting Officer)







                                       27