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 February 27, 2000          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 February 27, 2000 -
8,883,844 shares.

<PAGE>

                          AMCAST INDUSTRIAL CORPORATION

                               REPORT ON FORM 10-Q

                     FOR THE QUARTER ENDED FEBRUARY 27, 2000

                                    I N D E X

PART I - FINANCIAL INFORMATION                                            PAGE

 Item 1  -  Financial Statements:

            Consolidated Condensed Statements of Financial                   3
            Condition - February 27, 2000 and August 31, 1999

            Consolidated Condensed Statements of Income -                    4
            for the Quarter and Six Months Ended February 27, 2000
            and February 28, 1999

            Consolidated Condensed Statements of Retained Earnings -         4
            for the Quarter and Six Months Ended February 27, 2000
            and February 28, 1999

            Consolidated Condensed Statements of Cash Flows -                5
            for the Six Months Ended February 27, 2000
            and February 28, 1999

            Notes to Consolidated Condensed Financial Statements          6-10

 Item 2  -  Management's Discussion and Analysis of Financial

            Condition and Results of Operations                          11-15

 Item 3 - Quantitative and Qualitative Disclosures about Market Risk        16

PART II - OTHER INFORMATION

 Item 5 - Submission of Matters to a Vote of Security Holders               16

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

SIGNATURES                                                                  18

<PAGE>


PART I - FINANCIAL INFORMATION

<TABLE>
<CAPTION>
                         AMCAST INDUSTRIAL CORPORATION
            CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION
                                ($ in thousands)
                                   (unaudited)

<S>                                                     <C>           <C>
                                                        February 27   August 31
                                                           2000          1999
                                                        -----------   ---------

ASSETS

Current Assets

    Cash and cash equivalents                             $   8,840   $   6,928
    Accounts receivable                                     111,426      97,819
    Inventories                                              82,744      77,166
    Other current assets                                     19,868      21,144
                                                        -----------   ---------

       Total Current Assets                                 222,878     203,057

Property, Plant, and Equipment                              396,187     401,012
    Less accumulated depreciation                          (155,305)   (144,254)
                                                        -----------   ---------

                                                            240,882     256,758

Goodwill                                                     60,452      61,261
Other Assets                                                 20,239      12,410
                                                        -----------   ---------

                                                          $ 544,451   $ 533,486
                                                        ===========   =========

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities

    Short-term debt                                       $   4,290   $   4,673
    Current portion of long-term debt                         3,981       6,182
    Accounts payable                                         71,723      82,396
    Accrued expenses                                         38,072      40,851
                                                        -----------   ---------
       Total Current Liabilities                            118,066     134,102

Long-Term Debt - less current portion                       205,896     174,061
Deferred Income Taxes                                        32,473      32,775
Deferred Liabilities                                         20,413      21,782

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 and 9,208,529 shares,
         respectively                                         9,228       9,209
    Capital in excess of stated value                        79,177      79,020
    Accumulated other comprehensive income (losses)          (2,963)     (1,018)
    Retained earnings                                        87,499      87,796
    Cost of 343,756 and 253,609
       common shares in treasury                             (5,338)     (4,241)
                                                        -----------   ---------
                                                            167,603     170,766
                                                        -----------   ---------
                                                          $ 544,451   $ 533,486
                                                        ===========   =========

</TABLE>
See notes to consolidated financial statements
<PAGE>
<TABLE>
<CAPTION>
                          AMCAST INDUSTRIAL CORPORATION
                   CONSOLIDATED CONDENSED STATEMENTS OF INCOME
                              AND RETAINED EARNINGS
                    ($ in thousands except per share amounts)
                                   (unaudited)

<S>                                             <C>                            <C>
                                                     Three Months Ended            Six Months Ended
                                                 --------------------------    -------------------------
                                                 February 27    February 28    February 27   February 28
                                                    2000            1999           2000         1999
                                                 -----------    -----------    -----------   -----------

Consolidated Condensed Statements of Income

Net sales                                          $ 150,009      $ 141,734      $ 296,088     $ 287,758
Cost of sales                                        130,659        116,619        258,112       237,796
                                                 -----------    -----------    -----------   -----------

    Gross Profit                                      19,350         25,115         37,976        49,962
Selling, general and administrative expenses          15,006         14,096         28,609        27,773
Gain on sale of business                                   -              -              -        (9,023)
                                                 -----------    -----------    -----------   -----------

    Operating Income                                   4,344         11,019          9,367        31,212
Equity in (income) loss of joint venture
and other (income) and expense                          (389)           275           (637)          326
Interest expense                                       3,547          3,483          6,370         7,068
                                                 -----------    -----------    -----------   -----------

    Income before Income Taxes                         1,186          7,261          3,634        23,818
Income taxes                                             466          2,759          1,428         9,287
                                                 -----------    -----------    -----------   -----------

    Net Income                                     $     720      $   4,502      $   2,206    $   14,531
                                                 ===========    ===========    ===========   ===========


Consolidated Condensed Statements of Retained Earnings

Beginning retained earnings                        $  88,023      $  82,328      $  87,796    $   73,588
Net income                                               720          4,502          2,206        14,531
Dividends                                             (1,244)        (1,289)        (2,498)       (2,578)
Stock awards                                               -              -             (5)            -
                                                 -----------    -----------    -----------   -----------

Ending Retained Earnings                           $  87,499      $  85,541      $  87,499    $   85,541
                                                 ===========    ===========    ===========   ===========


Basic earnings per share                           $    0.08      $    0.49      $    0.25    $     1.58
                                                 ===========    ===========    ===========   ===========

Diluted earnings per share                         $    0.08      $    0.49      $    0.25    $     1.58
                                                 ===========    ===========    ===========   ===========


Dividends declared per share                       $    0.14      $    0.14      $    0.28    $     0.28
                                                 ===========    ===========    ===========   ===========

Dividends paid per share                           $    0.14      $    0.14      $    0.28    $     0.28
                                                 ===========    ===========    ===========   ===========

</TABLE>
See notes to consolidated financial statements.
<PAGE>
<TABLE>
<CAPTION>
                          AMCAST INDUSTRIAL CORPORATION
                 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                                ($ in thousands)
                                   (unaudited)

<S>                                                  <C>            <C>

                                                           Six Months Ended
                                                     ---------------------------

                                                     February 27    February 28
                                                        2000           1999
                                                     -----------    -----------


Operating Activities

        Net income                                      $  2,206       $ 14,531
        Depreciation and amortization                     16,265         15,489
        Gain on sale of business                               -         (9,023)
        Deferred liabilities                                (823)        (1,499)

        Changes in assets and liabilities:
             Accounts receivable                         (24,056)       (16,968)
             Inventories                                  (7,744)        (8,176)
             Other current assets                            557         (2,986)
             Accounts payable                             (7,826)         3,318
             Accrued liabilities                          (1,313)         4,267
             Other                                          (387)         1,110
                                                     -----------    -----------

Net Cash (Used) Provided from Operations                 (23,121)            63

Investing Activities

        Additions to property, plant, and equipment       (9,392)       (19,440)
        Proceeds from sale of business                         -         35,604
        Acquisitions, net of cash acquired                     -         (1,200)
        Other                                               (130)           581
                                                     -----------    -----------


Net Cash (Used) Provided from Investing Activities        (9,522)        15,545

Financing Activities

        Additions to long-term debt                       33,885         20,000
        Reduction in long-term debt                       (8,548)       (53,659)
        Short-term borrowings                             10,070         18,669
        Dividends                                         (2,498)        (2,578)
        Purchase of treasury shares                       (1,255)          (415)
        Proceeds from sale leaseback                       2,877              -
        Other                                                198            411
                                                     -----------    -----------


Net Cash Provided (Used) by Financing Ativities           34,729        (17,572)

Effect of exchange rate changes on cash                     (174)            35
                                                     -----------    -----------

Net change in cash and cash equivalents                    1,912         (1,929)

Cash and cash equivalents at beginning of period           6,928          7,022
                                                     -----------    -----------


        Cash and Cash Equivalents at End of Period      $  8,840       $  5,093
                                                     ===========    ===========

</TABLE>
See notes to consolidated financial statements
<PAGE>


                          AMCAST INDUSTRIAL CORPORATION

              NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

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

Preparation of Financial Statements

The  accompanying   consolidated  condensed  financial  statements  include  the
accounts  of  Amcast  Industrial   Corporation  and  its  domestic  and  foreign
subsidiaries  (the Company).  Intercompany  accounts and transactions  have been
eliminated.  The Company's  investment in Casting  Technology  Company  (CTC), a
joint venture,  is included in the accompanying  financial  statements using the
equity method of accounting. The consolidated condensed financial statements are
unaudited  and  have  been  prepared  in  accordance  with  generally   accepted
accounting   principles  for  interim   financial   information   and  with  the
instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do
not include all of the  information  and footnotes  required for complete annual
financial  statements  and  should  be read in  conjunction  with the  Company's
audited  consolidated  financial  statements  and  footnotes  for the year ended
August 31, 1999  included in the  Company's  Annual  Report on Form 10-K. In the
opinion of management,  all adjustments,  consisting of only normally  recurring
accruals, necessary for a fair presentation have been included.

Comprehensive Income

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

<TABLE>
<S>                  <C>          <C>              <C>            <C>
                         Three Months Ended             Six Months Ended
                     ------------------------      --------------------------
                     February 27  February 28      February 27    February 28
                         2000         1999              2000          1999
                     -----------  -----------      -----------    -----------

Net income             $     720      $ 4,502          $ 2,206       $ 14,531
Foreign currency
  translation
  adjustments             (4,267)      (1,295)          (1,945)         2,589

                      ----------  -----------      -----------    -----------
                       $  (3,547)     $ 3,207          $   261       $ 17,120
                      ==========  ===========      ============   ===========
</TABLE>
Divestitures

During the first quarter of fiscal 1999, the Company sold Superior Valve Company
for $35,604 in cash. The transaction  resulted in a pre-tax gain of $9,023.  The
business,  acquired  by Amcast in 1986,  produces  specialty  valves and related
products for the compressed gas and commercial refrigeration markets.
<PAGE>
Inventories

The major components of inventories are:

<TABLE>
<CAPTION>
<S>                                       <C>                 <C>
                                          February 27         August 31
                                             2000               1999
                                          -----------         ---------

Finished products                            $ 41,804           $36,979
Work in process                                22,477            21,833
Raw materials and supplies                     20,910            20,801
                                          -----------         ---------
                                               85,191            79,613
Less amount to reduce certain
      inventories to LIFO value                 2,447             2,447
                                          -----------         ---------

                                             $ 82,744           $77,166
                                          ===========         =========

</TABLE>

Long-Term Debt

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

                                          February 27         August 31
                                              2000              1999
                                          -----------         ---------

Senior notes                                $  50,000         $  50,875
Revolving credit notes                        135,040           112,793
Lines of credit                                10,100                 -
Industrial revenue bonds                        5,575             5,750
Other debt                                      4,343             4,014
Capital leases                                  4,819             6,811
                                            ---------         ---------
                                              209,877           180,243
Less current portion                            3,981             6,182
                                            ---------         ---------

                                            $ 205,896         $ 174,061
                                            =========         =========


During  the first  quarter  of fiscal  2000,  the  Company  amended  its  credit
agreement.  The amendments  included  changes to certain  restrictive  covenants
including the interest coverage and debt-to-earnings ratios. The amendments also
included increases to the applicable LIBOR margin.
<PAGE>
Earnings Per Share

The following table reflects the calculations for basic and diluted earnings per
share for the three-and  six-month  periods ended February 27, 2000 and February
28, 1999, respectively.
<TABLE>
<CAPTION>
<S>                         <C>           <C>           <C>          <C>

                                Three Months Ended          Six Months Ended
                            -------------------------   ------------------------
                             February 27  February 28   February 27  February 28
                                2000        1999           2000         1999
                             -----------  -----------   -----------  -----------


Net income                        $ 720      $ 4,502        $ 2,206    $ 14,531
                             ===========  ===========   ===========  ===========

Basic Earnings per Share:
Basic shares                      8,949        9,200          8,952       9,196
                             ===========  ===========   ===========  ===========

Net income                       $ 0.08       $ 0.49         $ 0.25      $ 1.58
                             ===========  ===========   ===========  ===========


Diluted Earnings per Share:
Basic shares                      8,949        9,200          8,952       9,196
Stock options                         7           27              7          19
                             -----------  -----------   -----------  -----------
Diluted shares                    8,956        9,227          8,959       9,215
                             ===========  ===========   ===========  ===========

Net income                       $ 0.08       $ 0.49         $ 0.25      $ 1.58
                               ===========  ===========   ===========  =========
</TABLE>
For each of the periods presented, there were outstanding stock options excluded
from the  computation  of diluted  earnings  per share  because the options were
antidilutive.
<PAGE>
Business Segments

Operating  segments are organized  internally  primarily by the type of products
produced  and  markets  served.  The Company has  aggregated  similar  operating
segments into two  reportable  segments:  Flow Control  Products and  Engineered
Components.  The Company evaluates segment  performance and allocates  resources
based on  several  factors,  of which  net sales and  operating  income  are the
primary  financial  measures.  At February  27,  2000 there were no  significant
changes in identifiable assets of reportable segments from the amounts disclosed
at August 31, 1999, nor were there any changes in the reportable segments, or in
the measurement of segment operating results.

Operating  information  related  to  the  Company's  reportable  segments  is as
follows:
<TABLE>
<CAPTION>
<S>                           <C>              <C>           <C>            <C>
                                        Net Sales                 Operating Income
                              ----------------------------   --------------------------
                               For the Three Months Ended    For the Three Months Ended
                              ----------------------------   --------------------------

                              February 27      February 28   February 27    February 28
                                 2000              1999          2000           1999
                              -----------      -----------   -----------    -----------

Flow Control Products           $  36,115        $  35,490      $  4,766       $  5,777
Engineered Components             113,894          106,244         2,267          7,827
Corporate                               -                -        (2,689)        (2,585)
                              -----------      -----------   -----------    -----------

                                  150,009          141,734         4,344         11,019
Equity in joint venture
and other (income)expense              -                -           (389)           275
Interest expense                       -                -          3,547          3,483
                              -----------      -----------   -----------    -----------

Total net sales and
income before taxes             $ 150,009       $  141,734      $  1,186       $  7,261
                              ===========      ===========   ===========    ===========


                                        Net Sales                 Operating Income
                              ----------------------------   --------------------------
                               For the Six Months Ended       For the Six Months Ended
                              ----------------------------   --------------------------
                              February 27      February 28   February 27    February 28
                                 2000              1999         2000           1999
                              -----------      -----------   -----------    -----------
Flow Control Products           $  71,484        $  74,706      $ 10,780       $ 11,514
Engineered Components             224,604          213,052         3,216         15,904
Corporate                               -                -        (4,629)        (5,229)
                            --------------     -----------   -----------    -----------

                                  296,088          287,758         9,367         22,189
Disposition of businesses               -                -             -         (9,023)
Equity in joint venture
and other (income) expense              -                -          (637)           326
Interest expense                        -                -         6,370          7,068
                            --------------     -----------   -----------    -----------

Total net sales and
income before taxes             $ 296,088        $ 287,758       $ 3,634       $ 23,818
                              ===========      ===========   ===========    ===========
</TABLE>
<PAGE>
Commitments and Contingencies

At February  27, 2000,  the Company has  committed  to capital  expenditures  of
$5,648, primarily for the Engineered Components segment.

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

The Company has been  identified as a potentially  responsible  party by various
state agencies and by the United States  Environmental  Protection  Agency (U.S.
EPA) under the Comprehensive  Environmental  Response Compensation and Liability
Act of 1980,  as amended,  for costs  associated  with U.S. EPA led  multi-party
sites and state  environmental  agency-led  remediation  sites.  The majority of
these claims involve  third-party owned disposal sites for which compensation is
sought  from the  Company as an alleged  waste  generator  for  recovery of past
governmental  costs or for  future  investigation  or  remedial  actions  at the
multi-party   sites.   There   are   three   Company-owned    properties   where
state-supervised  cleanups  are  expected.  The  designation  as  a  potentially
responsible  party and the assertion of such claims against the Company are made
without taking into  consideration the extent of the Company's  involvement with
the  particular  site. In each  instance,  claims have been  asserted  against a
number of other  entities for the same  recovery or other relief as was asserted
against the Company.  These claims are in various  stages of  administrative  or
judicial  proceeding.  The Company has no reason to believe that it will have to
pay a significantly disproportionate share of clean-up costs associated with any
site. To the extent  possible,  with the information  available at the time, the
Company has evaluated its  responsibility  for costs and related  liability with
respect to the above sites. In making such evaluation,  the Company did not take
into consideration any possible cost reimbursement  claims against its insurance
carriers. The Company is of the opinion that its liability with respect to those
sites should not have a material  adverse  effect on its  financial  position or
results of operations.  In arriving at this  conclusion,  the principal  factors
considered by the Company were ongoing  settlement  discussions  with respect to
certain of the sites, the volume and relative  toxicity of waste alleged to have
been disposed of by the Company at certain  sites,  which factors are often used
to allocate  investigative  and  remedial  costs among  potentially  responsible
parties, the probable costs to be paid by other potentially responsible parties,
total projected  remedial costs for a site, if known, and the Company's existing
reserve to cover costs associated with unresolved environmental proceedings.  At
February  27,  2000,  the  Company's  accrued   undiscounted  reserve  for  such
contingencies was $1,512.

Allied-Signal  Inc. brought an action against the Company seeking a contribution
from the Company equal to 50% of Allied-Signal's  estimated $30,000  remediation
cost in  connection  with a site in  southern  Ohio.  The Company  believes  its
responsibility  with  respect to this site is very  limited due to the nature of
the foundry  sand waste it disposed of at the site.  The court has  rendered its
decision on this case, however, the exact amount of the verdict has not yet been
determined by the court. The amount will be  significantly  less than the amount
sought by the plaintiff and the Company estimates its liability  associated with
the action to be between $500 and $1,500.  The Company believes its liability is
at the low end of this range.
<PAGE>
                          AMCAST INDUSTRIAL CORPORATION

                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL

                       CONDITION AND RESULTS OF OPERATIONS

                                       14

Cautionary Statements Under the Private Securities Reform Act of 1995

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

Divestitures

During the first quarter of fiscal 1999, the Company sold Superior Valve Company
("Superior  Valve") for $35.6  million in cash.  The  transaction  resulted in a
pre-tax gain of $9.0 million. The business, acquired by Amcast in 1986, produces
specialty  valves and related  products for the  compressed  gas and  commercial
refrigeration markets.

Results of Operations

Robust demand in the Company's end markets  generated strong sales in the second
quarter  of fiscal  2000.  Consolidated  net sales  increased  by 5.8% to $150.0
million  compared  with  $141.7  million in the second  quarter of fiscal  1999.
Increased sales of the Company's  performance  critical aluminum  components and
European  wheels were offset by a decline in North  American wheel sales and the
loss of two customers in the Flow Control Products segment.  Favorable  pricing,
including product mix, and higher volumes increased  consolidated sales by 9.0%,
and 1.6%,  respectively.  These gains were  partially  offset by a reduction  in
sales from a weaker  Italian  lira.  By  segment,  Engineered  Components  sales
increased by 7.2%  compared with the second  quarter of fiscal 1999,  while Flow
Control Products sales increased by 1.8%.
<PAGE>
For the first half of fiscal 2000,  consolidated  net sales increased by 2.9% to
$296.1  million  compared with $287.8  million in the first half of fiscal 1999.
Increased sales of the Company's  performance  critical aluminum  components and
European  wheels were offset by a decline in North  American wheel sales and the
loss of two customers in the Flow Control Products segment.  Favorable  pricing,
including product mix, and higher volumes increased  consolidated  sales by 5.2%
and 3.1%,  respectively.  These gains were  partially  offset by a reduction  in
sales from  divested  operations  and a weaker  Italian  lira.  During the first
quarter of fiscal 1999,  the Company sold Superior  Valve which had  contributed
$4.6  million to net sales of the Flow  Control  Products  segment  prior to its
sale. By segment,  Engineered  Components  sales increased by 5.4% compared with
the first half of fiscal 1999,  while Flow Control  Products sales  increased by
4.3%.

Gross profit for the second  quarter of fiscal 2000  decreased by 23.0% to $19.4
million,  while gross  profit for the first half of fiscal 2000 fell by 24.0% to
$37.8 million.  As a percentage of sales,  gross profit was 12.9% for the second
quarter  and 12.8% for the first  half of fiscal  2000  compared  with 17.7% and
17.4% for the same periods of 1999.  A  combination  of  temporary  internal and
external factors depressed both gross profit and operating profit, including the
inability to pass through certain  material  costs,  the loss of two large brass
products  customers,  reduced  volumes for certain  aluminum  wheel styles,  and
higher than expected operating costs in the Flow Control Products segment. These
factors  are  discussed  more  fully  under  business   segments  below.   These
difficulties  offset  operating  cost  improvements  which took place during the
second quarter of fiscal 2000 at the Company's Ohio suspension  components plant
and its wheel manufacturing operations in Indiana.

Selling,  general and  administrative  (SG&A) expenses increased slightly in the
second quarter of fiscal 2000, but remained  fairly  constant as a percentage of
sales.  As a percentage of sales,  SG&A expense was 10.0% in the second  quarter
and 9.7% for the first half of fiscal 2000  compared  with 9.9% and 9.7% for the
same periods of fiscal 1999.

In early March the Company implemented an 8% salaried workforce reduction across
all its North American  operations.  At the same time, global  restrictions were
placed on other  controllable  operating and  administrative  costs. The Company
expects the  combination  of the workforce and overhead  spending  reductions to
have a significantly favorable impact on the third and fourth quarter results.

The Company's pre-tax share of income from Casting Technology Company (CTC), the
Company's  joint venture with Izumi  Industries,  was $0.3 million in the second
quarter of fiscal 2000 compared  with a $0.3 million loss in the second  quarter
of fiscal 1999. The Company's  pre-tax share of income from CTC was $0.4 million
in the first half of fiscal 2000  compared with a $1.1 million loss for the same
period in fiscal 1999. CTC's results for fiscal 1999 were negatively impacted by
foreign exchange losses  resulting from the  strengthening of the yen versus the
US dollar,  operating  inefficiencies  resulting  from efforts to meet extremely
high customer  demand early in the year, and  difficulties  hiring and retaining
skilled labor which led to manufacturing inefficiences and higher scrap.

Interest expense was $3.5 million in the second quarters of both fiscal 2000 and
1999 and $6.4  million  and $7.1  million in the first  half of fiscal  2000 and
1999, respectively.

The  effective  tax rate was 39.3% and 38.0% for the second  quarters  of fiscal
2000 and 1999,  respectively,  and 39.3% and 39.0% for the first  half of fiscal
2000 and 1999, respectively. The lower effective tax rate for the second quarter
of fiscal 1999, as compared  with the first half of fiscal 1999,  results from a
permanent tax basis  difference  associated with the sale of Superior Valve that
increased the effective tax rate in the first quarter of fiscal 1999.

Flow Control Products Net sales for the Flow Control Products segment were $36.1
million for the second  quarter of fiscal 2000  compared  with $35.5 million for
the same  period of fiscal  1999.  A  combination  of  favorable  pricing  and a
slightly  unfavorable product mix increased sales by 7.0%.  Partially offsetting
this increase was a 5.3% decrease in sales caused by lower volume, primarily due
to the loss of two large  customers in the  commercial  cast product line of the
Company's  Lee Brass  unit.  Annual  sales  volume for these two  customers  was
approximately  $7.9 million.  Operating  income in the second  quarter of fiscal
2000 was $4.8 million  compared  with $5.8 million for the same period of fiscal
1999.  Operating income benefited from the favorable pricing,  but was adversely
affected by higher  manufacturing  costs and selling  expenses in excess of $2.0
million on a year-over-year basis. In addition, material costs increased by more
than  $1.0  million  due to  higher  copper  costs and  increased  outside  tube
purchases  necessitated  by  unplanned  downtime at the  Company's  tube mill in
Fayetteville,  Arkansas. The lower sales volume also reduced operating income by
approximately $0.5 million.

Engineered  Components  Net sales for the  Engineered  Components  segment  were
$113.9  million  for the second  quarter of fiscal  2000  compared  with  $106.2
million  for the same  period of fiscal  1999.  Sales  increased  by 4.0% due to
volume as sales of control arms and  European  wheels more than offset a decline
in North  American  wheel sales.  Higher  pricing,  in the form of aluminum cost
pass-throughs  reflected in the selling price of the Company's  products,  and a
favorable product mix increased sales by 2.9% and 6.6%, respectively. However, a
weaker  Italian lira in the second quarter of fiscal 2000 compared with the same
period in fiscal  1999  reduced  sales by 6.6%.  Operating  income in the second
quarter of fiscal 2000 was $2.3 million,  down $5.5 million from $7.8 million in
the second  quarter of 1999. The volume and mix of products sold had a favorable
impact of $1.2 million,  despite a drag on results of nearly $0.9 million due to
reduced demand for certain wheel styles at a major customer. Material costs that
could not be passed  along to  customers in the second  quarter  under  existing
pricing formulas,  primarily at the Company's  Speedline unit, reduced operating
income approximately $1.2 million. Also contributing to the decline in operating
income  were   operating   cost  increases  of  $4.9  million  as  a  result  of
inefficiencies  in the Company's Ohio  suspension  components  plant,  one North
American wheel plant and a recently  expanded factory in Italy.  These operating
cost  issues  eased by over $1.0  million in the second  quarter of fiscal  2000
compared  with the first  quarter of fiscal 2000,  primarily  at the  suspension
components plant and the North American wheel plant.

Liquidity and Capital Resources

For the first half of fiscal  2000,  operations  used net cash of $23.1  million
compared  with $0.1  million  provided  in the first half of fiscal  1999.  Cash
provided by net income plus the non-cash benefits of depreciation  totaled $18.5
million in fiscal 2000;  however,  a $41.6 million  increase in working  capital
requirements  produced  the negative  cash flow.  The working  capital  increase
primarily  reflects an increase in accounts  receivable partly due to the timing
of  significant  cash  received  from  the  Company's  largest  customer.  Other
contributing  factors  were the rise in  inventory  levels to  improve  customer
service levels and to prepare for model  changeovers,  along with a reduction in
the high level of accounts  payable at August 31,  1999.  The  Company  plans to
focus on working capital management for the remainder of fiscal 2000.

Investing  activities  used net cash of $9.5 million in the first half of fiscal
2000 compared with $15.5 million provided in fiscal 1999. Proceeds from the sale
of Superior  Valve in the first quarter of fiscal 1999 provided  $35.6  million,
which primarily was used to reduce long-term debt. Capital spending totaled $9.4
million  in the first  half of fiscal  2000,  significantly  less than the $19.4
million in the first half of fiscal 1999. At February 27, 2000,  the Company had
$5.6 million of commitments for additional capital  expenditures,  primarily for
the Engineered Components segment.

Financing  activities provided $34.7 million in cash in the first half of fiscal
2000  compared  with net cash used of $17.6  million in fiscal 1999.  Additional
financing included $33.9 million under the Company's  revolving credit agreement
which  was  partly  used to pay down  short-term  borrowings  made in the  first
quarter of fiscal 2000. For the first half of fiscal 2000, the Company had $10.1
of net short-term  borrowings and received $2.9 million from the  sale-leaseback
of equipment.  Financing  activities also included  long-term debt repayments of
$8.5  million,   dividend  payments  of  $2.5  million,  and  $1.3  million  for
repurchases  of the Company's  common stock.  Long-term  debt was 55.1% of total
capital at  February  27,  2000 and 50.5% at August 31,  1999.  The  Company may
borrow up to $200 million under a credit agreement that expires August 14, 2002.
During  the first  quarter  of fiscal  2000,  the  Company  amended  its  credit
agreement.  These amendments included changes to certain  restrictive  covenants
including the interest coverage and debt-to-earnings ratios. The amendments also
included increases to the applicable LIBOR margin. At February 27, 2000, $ 135.0
million  was  outstanding  under the credit  agreement,  and $ 10.1  million was
outstanding  under available lines of credit.  At February 27, 2000, the Company
had unused  borrowing  capacity of $2.3 million under its most  restrictive debt
covenant.  Speedline also has short-term lines of credit totaling $27.5 million,
of which $23.2 million was available at January 31, 2000. The Company  considers
these  external  sources of funds,  together with funds expected to be generated
from operations, to be adequate to meet operating needs.

Year 2000

During 1999,  the Company  designated a year 2000 Steering  Committee and a task
force in each of its  operations to ensure  compliance  of its computer  systems
including  computers utilized in production,  production support equipment,  and
plant  infrastructure  systems.  During  1999,  the Company also worked with its
vendors to assess their  readiness.  The Company  engaged an  independent  third
party to  evaluate  its year  2000  remediation  and  preparedness  at  selected
locations  in the  fourth  quarter  of  fiscal  1999.  The  Company's  year 2000
preparedness  team continued to audit all locations in the first quarter of 2000
to ensure the recommendations had been followed.

The Company's  remediation program was executed primarily by internal resources.
The Company  estimates  that it spent  between $1.3 million and $1.5 million for
its  year  2000  remediation  program.  For the  most  part,  the  Company  uses
third-party   supplied  computer  programs  and  packages  for  its  information
technology systems. Certain of those systems were already year 2000 compliant as
supplied by the vendor. In the Flow Control Products  segment,  certain software
packages  had been  modified  by the  Company.  As of  January  1, 2000 all Flow
Control systems were year 2000 compliant.  In the Engineered Components segment,
some  facilities  were  utilizing  compliant  releases  of  software.  The North
American  automotive  group is also in the process of  installing  an enterprise
resource  planning  (ERP) system as an upgrade in  functionality  that will also
improve business processes. The ERP system also remediated year 2000 issues with
the systems  formerly used in certain plants.  The entire project is expected to
take approximately three years to complete.  Cost of the project is estimated to
be between $5.0  million and $6.0  million for  hardware and software  including
training and  installation.  The costs have been funded  through  internal  cash
flow.  At  the  Company's  Speedline  unit,  internal  resources  evaluated  the
compliant status of the computer systems and made any necessary  upgrades and/or
replacements  to  ensure  year  2000  preparedness.  As of  January  1, 2000 all
Engineered Components systems were year 2000 ready.

The Company has not experienced any significant year 2000 related  complications
regarding any of its critical  vendors or major customers.  Overall,  any issues
experienced to date as a result of year 2000 issues have been  insignificant and
have had no material impact on the Company's consolidated results of operations,
financial position or cash flows.

Contingencies

The Company, as is normal for the industry in which it operates,  is involved in
certain legal proceedings and subject to certain claims and site  investigations
that  arise  under  the  environmental  laws and  which  have  not been  finally
adjudicated. To the extent possible, with the information available, the Company
regularly   evaluates   its   responsibility   with  respect  to   environmental
proceedings.  The factors considered in this evaluation are more fully described
in  the  Commitments  and  Contingencies  note  to  the  consolidated  condensed
financial  statements.  At February 27,  2000,  the Company had reserves of $1.5
million for  environmental  liabilities.  The Company is of the opinion that, in
light of its existing  reserves,  its liability in connection with environmental
proceedings should not have a material adverse effect on its financial condition
or results of  operation.  The Company is presently  unaware of the existence of
any  potential  material  environmental  costs  that  are  likely  to  occur  in
connection with the disposition of any of its property.
<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, 1999.

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 15, 1999.

b)   At the annual meeting,  shareholders voted on and approved three 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 James K. Baker,  Earl T. O'Loughlin,  and R. William
     Van Sant.

<TABLE>
<CAPTION>
     <S>                  <C>          <C>             <C>
                          James K.     Earl T.         R. William
                           Baker       O'Loughlin      Van Sant
                          ---------    ------------    ----------
     Shares For           7,402,733    7,400,177       7,411,741
     Shares Withheld         94,706       97,262          85,698
     Total                7,497,439    7,497,439       7,497,439
</TABLE>

     Directors  continuing in office until the 2000 annual meeting include Peter
     H. Forster, Bernard G.Rethore and Leo W. Ladehoff.Directors  continuing  in
     office until the 2001 annual meeting  include  Walter E. Blankley,  William
     G. Roth and John H. Shuey.

     2.  Ratification  of the  appointment  of Ernst & Young LLP as  independent
     auditors of the Company for the fiscal year ending August 31, 2000.
<TABLE>
     <S>                  <C>
     Shares For           7,011,922
     Shares Against         431,172
     Shares Abstain          54,345
     Total                7,497,439
</TABLE>


     3.  Adoption of the 1999 Stock Incentive Plan
<TABLE>
     <S>                  <C>
     Shares For           7,431,982
     Shares Against          41,148
     Shares Abstain          24,309
     Total                7,497,439
</TABLE>
Item 6 - Exhibits and Reports on Form 8-K

a)  Exhibits

Exhibit 27.1 - Financial  Data Schedule for the six-month  period ended February
27, 2000. *

      * Schedule submitted in electronic format only

b)  Reports on Form 8-K:

    No reports on Form 8-K were filed by the Company  during the  quarter  ended
    February 27, 2000


<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 11,  2000       By: /s/J. H. Shuey
                             -----------------------------
                             John H. Shuey

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


Date: April 11,  2000        By: /s/D. D. Watts
                             -----------------------------
                             Douglas D. Watts

                             Vice President, Finance
                             (Principal Financial Officer)


Date: April 11,  2000        By: /s/M.D. Mishler
                             -----------------------------
                             Mark D. Mishler

                             Corporate Controller
                             (Principal Accounting Officer)