SECURITIES AND EXCHANGE COMMISSION


                             Washington, D.C. 20549





                                    FORM 10-Q


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



For the quarter ended March 2, 2003              Commission File Number 1-9967
                                                                        ------



              A M C A S T  I N D U S T R I A L  C O R P O R A T I O N
              -------------------------------------------------------
             (Exact name of registrant as specified in its charter)



              Ohio                                              31-0258080
---------------------------------                            -----------------
    (State of Incorporation)                                 (I.R.S. Employer
                                                             Identification No.)

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



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


-----------------------------------------------------------------------------
              (Former name, former address and former fiscal year,
                         if changed since last report)



Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by  Section  13 and  15(d) of the  Securities  Exchange  Act of 1934
during the  preceding  twelve  months,  and (2) has been  subject to such filing
requirements for the past 90 days.

     Yes         X                                       No
                -----                                            ----

Number  of  Common  Shares  outstanding,  no par  value,  as of March 2,  2003 -
8,919,874 shares.

<PAGE>


                          AMCAST INDUSTRIAL CORPORATION
                               REPORT ON FORM 10-Q
                       FOR THE QUARTER ENDED MARCH 2, 2003

                                    I N D E X




PART I - FINANCIAL INFORMATION                                             PAGE
                                                                           -----

      Item 1  -  Financial Statements:

                 Consolidated Condensed Statements of Financial Condition -    3
                 March 2, 2003 and August 31, 2002

                 Consolidated Condensed Statements of Operations -             4
                 for the Quarter and Six Months Ended March 2, 2003
                 and March 3, 2002

                 Consolidated Condensed Statements of Retained Earnings -      4
                 for the Quarter and Six Months Ended March 2, 2003
                 and March 3, 2002

                 Consolidated Condensed Statements of Cash Flows -             5
                 for the Six Months Ended March 2, 2003 and March 3, 2002

                 Notes to Consolidated Condensed Financial Statements       6-18

      Item 2  -  Management's Discussion and Analysis of Financial
                 Condition and Results of Operations                       19-26

       Item 3 - Quantitative and Qualitative Disclosures about Market Risk    27

       Item 4 - Controls and Procedures                                       27

PART II - OTHER INFORMATION

      Item 4 - Submission of Matters to a Vote of Security Holders            28

      Item 6 - Exhibits and Reports on Form 8-K                               28

SIGNATURES                                                                    29

CERTIFICATIONS                                                             30-31



                                       2


<PAGE>

PART I - FINANCIAL INFORMATION

                          AMCAST INDUSTRIAL CORPORATION
            CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION
                                ($ in thousands)
                                   (Unaudited)
                                                           March 2    August 31
                                                            2003        2002
                                                         ----------  ----------
ASSETS

Current Assets
    Cash and cash equivalents                               $ 4,206    $ 16,810
    Restricted cash                                           7,074       1,067
    Accounts receivable                                      42,476      43,028
    Inventories                                              20,078      27,796
    Other current assets                                      6,336       3,941
                                                         ----------  ----------
Total current assets of continuing operations                80,170      92,642

Assets of discontinued operations                            82,694     185,721

                                                         ----------  ----------
Total Current Assets                                        162,864     278,363

Property, Plant, and Equipment                              353,399     350,418
    Less accumulated depreciation                          (207,305)   (195,655)
                                                         ----------  ----------
Net Property, Plant, and Equipment                          146,094     154,763

Goodwill                                                          -       8,019
Other Assets                                                 14,963       9,066
                                                         ----------  ----------
Total Assets                                               $323,921   $ 450,211
                                                         ==========  ==========
LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities
    Current portion of long-term debt                      $181,337    $ 11,062
    Accounts payable                                         36,382      41,169
    Accrued expenses                                         23,388      22,682
                                                         ----------  ----------
Total current liabilities of continuing operations          241,107      74,913

Liabilities of discontinued operations                       81,694      86,547

                                                         ----------  ----------
Total Current Liabilities                                   322,801     161,460

Long-Term Debt (less current portion)                             -     177,248
Deferred Income Taxes                                             -       1,863
Deferred Liabilities                                         16,518      18,295

Shareholders' Equity
    Preferred shares, without par value
       Authorized - 1,000,000 shares; Issued - None               -           -
    Common shares, at stated value
       Authorized - 15,000,000 shares
       Issued - 9,227,600 shares                              9,317       9,228
    Capital in excess of stated value                        72,830      72,756
    Accumulated other comprehensive losses                   (7,367)     (9,775)
    Retained earnings                                       (85,523)     25,530
    Cost of 635,225 and 650,860 common shares in treasury    (4,655)     (6,394)
                                                         ----------  ----------
Total Shareholders' Equity                                  (15,398)     91,345

                                                         ----------  ----------
Total Liabilities and Shareholders' Equity                 $323,921   $ 450,211
                                                         ==========  ==========
See notes to consolidated financial statements

                                        3
<PAGE>

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

<TABLE>
<CAPTION>


                                                                    Three Months Ended              Six Months Ended
                                                                -------------------------     --------------------------
<S>                                                             <C>             <C>            <C>            <C>
                                                                  March 2        March 3         March 2        March 3
                                                                   2003           2002            2003           2002
                                                                ----------      ----------    -----------     ----------
Consolidated Condensed Statements of Income

Net Sales                                                        $ 99,145       $ 97,030       $ 211,367      $ 193,716
Cost of sales                                                      88,143         87,020         189,236        174,716
                                                                ----------      ----------    -----------     ----------
Gross Profit                                                       11,002         10,010          22,131         19,000
Selling, general and administrative expenses                        9,194          9,919          19,363         20,003
                                                                ----------      ----------    -----------     ----------
Operating Income (Loss)                                             1,808             91           2,768         (1,003)
Other (income) expense                                                  9           (365)            (23)          (528)
Interest expense                                                    3,888          3,884           7,859          8,359
                                                                ----------      ----------    -----------     ----------
Loss Before Income Taxes, Discontinued Operations,
    and Cumulative Effect of Accounting Change                     (2,089)        (3,428)         (5,068)        (8,834)
Income tax benefit                                                   (752)        (1,607)         (1,891)        (3,384)
                                                                ----------      ----------    -----------     ----------
Loss from Continuing Operations                                    (1,337)        (1,821)         (3,177)        (5,450)
Discontinued operations, net of tax
    Loss from operations of assets held for sale, net of
      tax expense (benefit) of $396, $96, $793, $(2)               (4,766)        (3,061)        (10,118)        (4,955)
    Loss on anticipated sale of assets held for sale
      net of tax of $7,589                                        (49,822)             -         (49,822)             -
                                                                ----------      ----------    -----------     ----------
Loss Before Cumulative Effect of Accounting Change                (55,925)        (4,882)        (63,117)       (10,405)
Cumulative Effect of Accounting Change, net of tax of $464              -              -         (46,536)             -
                                                                ----------      ----------    -----------     ----------
Net Loss                                                        $ (55,925)      $ (4,882)      $(109,653)     $ (10,405)
                                                                ==========      ==========    ===========     ==========
Consolidated Condensed Statements of Retained Earnings

Beginning Retained Earnings                                     $ (28,855)      $ 41,880        $ 25,530       $ 47,403
    Net loss                                                      (55,925)        (4,882)       (109,653)       (10,405)
    Common and treasury shares issued
      401(k) matching contributions                                  (143)             -            (800)             -
      Officer compensation                                            (96)             -             (96)             -
      Director awards and compensation                               (504)           (95)           (504)           (95)
                                                                ----------      ----------    -----------     ----------
Ending Retained Earnings                                        $ (85,523)      $ 36,903       $ (85,523)      $ 36,903
                                                                ==========      ==========    ===========     ==========

Basic Loss Per Share
    Continuing operations                                         $ (0.15)       $ (0.21)        $ (0.36)       $ (0.64)
    Discontinued operations                                         (6.17)         (0.36)          (6.82)         (0.58)
                                                                ----------      ----------    -----------     ----------
    Before cumulative effect of accounting change                   (6.32)         (0.57)          (7.18)         (1.22)
    Cumulative effect of accounting change                              -              -           (5.30)             -
                                                                ----------      ----------    -----------     ----------
    Net loss                                                      $ (6.32)       $ (0.57)       $ (12.48)       $ (1.22)
                                                                ==========      ==========    ===========     ==========

Diluted Loss Per Share
    Continuing operations                                         $ (0.15)       $ (0.21)        $ (0.36)       $ (0.64)
    Discontinued operations                                         (6.17)         (0.36)          (6.82)         (0.58)
                                                                ----------      ----------    -----------     ----------
    Before cumulative effect of accounting change                   (6.32)         (0.57)          (7.18)         (1.22)
    Cumulative effect of accounting change                              -              -           (5.30)             -
                                                                ----------      ----------    -----------     ----------
    Net loss                                                      $ (6.32)       $ (0.57)       $ (12.48)       $ (1.22)
                                                                ==========      ==========    ===========     ==========

There were no dividends declared or paid during the first six months of
fiscal 2003 or 2002

</TABLE>


See notes to consolidated financial statements

                                        4

<PAGE>

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

                                                           Six Months Ended
                                                     ---------------------------
                                                        March 2        March 3
                                                          2003           2002
                                                      -----------    -----------
Operating Activities
     Net loss                                         $ (109,653)     $ (10,405)
     Loss from discontinued operations                    10,118          4,751
     Loss from sale of discontinued operations            49,822              -
     Cumulative effect of accounting change               46,536              -
     Depreciation and amortization                        12,296         11,900
     (Gain) loss on sale of assets                            (5)           128
     Issuance of warrants, common, and treasury share        502             88
     Deferred liabilities                                 (4,227)        (1,874)
     Changes in assets and liabilities
        Restricted cash                                   (6,007)             -
        Accounts receivable                               (1,411)        (2,405)
        Inventories                                        7,718          6,993
        Other current assets                                (395)         4,086
        Accounts payable                                  (4,787)        (4,234)
        Accrued liabilities                                 (201)           923
        Other                                                  -         (1,246)

                                                      -----------    -----------
Net Cash Provided (Used) by Operations                       306          8,705

Investing Activities
     Additions of property, plant, and equipment          (4,312)        (7,456)
     Other                                                   714           (926)

                                                      -----------    -----------
Net Cash Provided (Used) by Investing Activities          (3,598)        (8,382)

Financing Activities
     Additions to long-term debt                             650          4,645
     Reductions in long-term debt                        (11,834)        (9,831)

                                                      -----------    -----------
Net Cash Provided (Used) by Financing Activities         (11,184)        (5,186)

Effect of exchange rate changes on cash                    1,872         (2,886)

                                                      -----------    -----------
Net change in cash and cash equivalents                  (12,604)        (7,749)

Cash and cash equivalents at beginning of period          16,810         13,015

                                                      -----------    -----------
Cash and Cash Equivalents at End of Period               $ 4,206        $ 5,266
                                                      ===========    ===========
See notes to consolidated 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 is a leading manufacturer of  technology-intensive
metal products.  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.

Preparation of Financial Statements

The  accompanying   consolidated  condensed  financial  statements  include  the
accounts of Amcast  Industrial  Corporation and its subsidiaries  (the Company).
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 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, 2002  included in the  Company's  Annual
Report on Form 10-K. In the opinion of  management,  all  adjustments  including
normally  recurring  accruals  but  excluding  matters  discussed  in the  notes
captioned "Discontinued Operations," necessary for a fair presentation have been
included.  However,  interim  financial  reporting  requires  management to make
estimates and  assumptions  that affect amounts  reported.  Actual results could
differ from those estimates.

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 S.r.l. ("Speedline"),  to Crown Executive Aviation Limited, a
private  company  organized  under  the laws of the  United  Kingdom.  Principal
products  manufactured by Speedline  include  aluminum wheels for passenger cars
and trucks, as well as aluminum and magnesium racing wheels, aftermarket wheels,
modular wheels, and hubcaps.  Speedline,  the Company's European operation,  was
reported  as a  discontinued  operation  beginning  with the fiscal  2003 second
quarter. After deducting costs related to the transaction,  there will be no net
cash proceeds from the sale.  The sale resulted in an after tax loss of $49,822,
which was recorded in the fiscal 2003 second  quarter.  Included in the net loss
amount  is a loss  of  $796  resulting  from  the  recognition  of  the  related
cumulative  foreign  currency  translation  adjustments  that have been recorded
since the acquisition of Speedline in 1997.

                                       6

<PAGE>

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

The Company  recorded a tax benefit of $7,589  related to the sale of Speedline.
The Company was limited in the amount of tax benefit it  currently  could record
according  to SFAS No. 109,  "Accounting  for Income  Taxes" and  recorded a tax
valuation  allowance of $30.6 million related to this  transaction.  The Company
believes it may be able to recognize,  at some point in future  fiscal years,  a
substantial portion of the tax benefit currently limited by SFAS No. 109.

Speedline was previously  included in the Engineered  Components  segment and is
currently  reported as  discontinued  operations in the  consolidated  condensed
financial  statements.  The consolidated  condensed financial statements for all
prior periods have been adjusted to reflect this presentation. Operating results
for Speedline included in discontinued operations are presented in the following
table.

                                      Three Months Ended      Six Months Ended
                                      ------------------     ------------------
                                       March 2    March 3     March 2   March 3
                                         2003      2002        2003      2002
                                      --------- ----------  ---------- ---------
Net Sales                             $ 43,960   $ 44,880    $ 93,474  $ 88,425

Operating Loss                          (4,266)    (2,785)     (8,915)   (4,794)
Other income (expense)                     244        127         268       463
Interest expense                          (348)      (307)       (678)     (626)
                                      --------- ----------  ---------- ---------
Loss Before Income Taxes                (4,370)    (2,965)     (9,325)   (4,957)
Income tax (expense) benefit              (396)       (96)       (793)        2
                                      --------- ----------  ---------- ---------
Loss From Discontinued Operations      $(4,766)   $(3,061)   $(10,118)  $(4,955)
                                      ========= ==========  ========== =========

SFAS No. 144,  "Accounting  for  Impairment  or Disposal of  Long-Lived  Assets"
requires that assets held for sale (discontinued  operations) be measured at the
lower of their carrying amount or fair value.  Fair value is defined in SFAS No.
144 as the  amount at which the asset  (liability)  could be bought or sold in a
current transaction between willing parties. Based on the guidelines of SFAS No.
144, the asset and  liabilities of Speedline,  as of March 2, 2003, were written
down to their  estimated  net fair value.  After  deducting  sale  expenses  and
intercompany debt, the value is less than zero.

                                       7
<PAGE>


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


The major classes of assets and  liabilities of  discontinued  operations in the
Consolidated  Balance  Sheets as of March 2, 2003 (at estimated  fair value) and
August 31, 2002 (at book value) are as follows:

                                                       March 2        August 31
                                                        2003             2002
                                                     ----------       ----------
Cash and cash equivalents                             $ 1,727          $ 2,348
Accounts receivable                                    27,250           27,913
Inventories                                            20,350           24,188
Other current assets                                        -              893
Property, plant and equipment (net)                    33,367           83,193
Other noncurrent assets                                     -           47,186

                                                     ----------       ----------
  Total Assets                                         82,694          185,721

Current portion of long-term debt                      10,560            8,996
Accounts payable                                       39,545           33,112
Accrued expenses                                       16,143           19,388
Long-term debt                                          1,220            1,399
Deferred liabilities                                   14,226           23,652

                                                     ----------       ----------
  Total Liabilities                                    81,694           86,547

                                                     ----------       ----------
Net Assets                                            $ 1,000         $ 99,174
                                                     ==========       ==========

Restricted Cash

As of March 2,  2003,  the  Company  had $7,074 of cash that was  classified  as
restricted  cash. Of this amount,  $6,000 is required  under the Company's  debt
agreements  signed  October 31,  2002,  excluding  CTC,  with its bank group and
senior note  holders.  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.  An additional  $1,074 of cash has been  restricted  per
CTC's loan  agreement.  This cash reserve is segregated to ensure the payment of
principal  and interest on the  Company's  CTC  revolver  and term loans.  As of
August 31, 2002,  the Company had $1,067 in  restricted  cash related to its CTC
debt.

                                       8
<PAGE>

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


Inventory

The major components of inventory are as follows:

                                                   March 2           August 31
                                                    2003               2002
                                                  --------           --------
Finished products                                 $ 13,954           $ 19,429
Work in process                                      3,431              4,462
Raw materials and supplies                           7,930              9,142
                                                  --------           --------
                                                    25,315             33,033
Less amount to reduce certain
      inventories to LIFO value                     (5,237)            (5,237)
                                                  --------           --------
Total Inventory                                   $ 20,078           $ 27,796
                                                  ========           ========



Property, Plant, and Equipment

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


                                                 March 2              August 31
                                                  2003                  2002
                                              ----------             ----------
Land and buildings                               $56,576              $ 55,837
Machinery and equipment                          289,240               284,544
Construction in progress                           7,583                10,037
                                              ----------             ----------
                                                 353,399               350,418
Accumulated depreciation                        (207,305)             (195,655)
                                              ----------             ----------
Net property, plant, and equipment             $ 146,094             $ 154,763
                                              ==========             ==========


Depreciation  expense was $5,995 and $5,748 for the  three-month  periods  ended
March 2, 2003 and March 3, 2002,  respectively,  and $12,272 and $11,754 for the
six-month periods ended March 2, 2003 and March 3, 2002, respectively.

                                       9

<PAGE>

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



Long-Term Debt

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


                                                    March 3           August 31
                                                      2003               2002
                                                   ----------         ----------
Bank Group and Senior Note Holder Debt:
  LIFO credit facility                              $ 13,735           $ 15,000
  Senior Notes                                        45,991             46,763
  Revolving credit notes                             101,504            103,880
  Lines of credit                                     12,899             13,149

CTC Debt:
  Term loan                                            4,356              5,856
  Revolving credit note                                2,850              3,100

Other debt                                                 2                562
                                                   ----------         ----------
                                                     181,337            188,310

Less current portion                                 181,337             11,062
                                                   ----------         ----------
Long-Term Debt                                           $ -          $ 177,248
                                                   ==========         ==========

The bank group and CTC debt mature in September, 2003 and the senior note holder
debt matures in November, 2003. The bank group, senior note holder, and CTC debt
contain a provision  requiring the Company to refinance its bank and CTC debt in
September, 2003.

                                       10

<PAGE>


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

Earnings (Loss) Per Share

The following table reflects the calculations for basic and diluted earnings per
share for the three-month and six-month periods ended March 2, 2003 and March 3,
2002, respectively:

<TABLE>
<CAPTION>
                                                      Three Months Ended                   Six Months Ended
                                                   --------------------------           --------------------------
<S>                                                <C>               <C>                <C>               <C>
                                                    March 2           March 3            March 2           March 3
                                                     2003              2002               2003              2002
                                                   ---------         ---------          ---------         ---------
Loss from continuing operations                    $ (1,337)         $ (1,821)          $ (3,177)         $ (5,450)

Discontinued operations, net of tax
  Loss from discontinued operations                  (4,766)           (3,061)           (10,118)           (4,955)
  Loss from sale of discontinued operations         (49,822)                -            (49,822)                -
                                                   ---------         ---------          ---------         ---------

Loss before cumulative effect of
  accounting change                                 (55,925)           (4,882)           (63,117)          (10,405)

Cumulative effect of acct change, net of tax              -                 -            (46,536)                -
                                                   ---------         ---------          ---------         ---------
Net loss                                           $(55,925)         $ (4,882)         $(109,653)         $(10,405)
                                                   =========         =========          =========         =========
Basic and Diluted Loss per Share:
Basic and diluted shares                              8,852             8,587              8,784             8,582
                                                    ========          ========           ========         =========

Loss from continuing operations                     $ (0.15)          $ (0.21)           $ (0.36)          $ (0.64)
Discontinued operations                               (6.17)            (0.36)             (6.82)            (0.58)
                                                   ---------         ---------          ---------         ---------
Loss before cumulative effect of acct chng            (6.32)            (0.57)             (7.18)            (1.22)
Cumulative effect of accounting change                    -                 -              (5.30)                -
                                                   ---------         ---------          ---------         ---------
Net loss                                            $ (6.32)          $ (0.57)          $ (12.48)          $ (1.22)
                                                   =========         =========          =========         =========

</TABLE>

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.

                                       11


<PAGE>

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

Comprehensive Income (Loss)

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

<TABLE>
<CAPTION>

                                                          Three Months Ended                  Six Months Ended
                                                       ---------------------------         ----------------------------
<S>                                                    <C>               <C>               <C>              <C>
                                                         March 2         March 3            March 2           March 3
                                                          2003             2002               2003             2002
                                                       ----------       ----------         ----------        ----------
Net income (loss)                                      $ (55,925)        $ (4,882)         $(109,653)       $ (10,405)

Foreign currency translation adjustments                   2,537           (2,568)             2,404             (436)
                                                       ----------       ----------         ----------        ----------
Total comprehensive income (loss)                      $ (53,388)        $ (7,450)         $(107,249)        $ (10,841)
                                                       ==========       ==========         ==========        ==========


</TABLE>

                                       12
<PAGE>

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

Business Segments

Operating  segments are organized  internally  primarily by the type of products
produced and markets served,  and in accordance with SFAS No. 131,  "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.  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 March 2, 2003, there
were no significant  changes in identifiable  assets of reportable segments from
those  amounts  disclosed at August 31, 2002,  nor were there any changes in the
reportable segments, or in the measurement of segment operating results.

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


<TABLE>
<CAPTION>
                                                     Net Sales                          Operating Income (Loss)
                                             ---------------------------            ----------------------------
                                             For the Three Months Ended               For the Three Months Ended
                                             ---------------------------            ----------------------------
<S>                                         <C>                 <C>                     <C>               <C>
                                             March 2             March 3               March 2           March 3
                                               2003                2002                  2003              2002
                                            --------            ---------            ---------         ---------
Flow Control Products                       $ 30,445            $ 32,565                $ 737             $ 455
Engineered Components                         68,700              64,465                3,427             1,212
Corporate                                          -                   -               (2,356)           (1,576)
                                            --------            ---------            ---------         ---------
                                              99,145              97,030                1,808                91
Other (income) expense                             -                   -                    9              (365)
Interest expense                                   -                   -                3,888             3,884
                                            --------            ---------            ---------         ---------
Total net sales and loss
  from continuing operations
  before taxes                              $ 99,145            $ 97,030             $ (2,089)         $ (3,428)
                                            ========            =========            =========         =========

                                                   Net Sales                           Operating Income (Loss)
                                             ---------------------------            ----------------------------
                                             For the Six Months Ended                 For the Six Months Ended
                                             ---------------------------            ----------------------------
                                            March 2             March 3                March 2           March 3
                                              2003                2002                  2003              2002
                                            --------            ---------            ---------         ---------
Flow Control Products                       $ 60,746            $ 65,970              $ 1,343           $ 2,601
Engineered Components                        150,621             127,746                6,004              (164)
Corporate                                          -                   -               (4,579)           (3,440)
                                            --------            ---------            ---------         ---------
                                             211,367             193,716                2,768            (1,003)
Other (income) expense                             -                   -                  (23)             (528)
Interest expense                                   -                   -                7,859             8,359
                                            --------            ---------            ---------         ---------
Total net sales and loss
  from continuing operations
  before taxes                             $ 211,367           $ 193,716             $ (5,068)         $ (8,834)
                                           =========           =========             =========         =========

</TABLE>


                                       13

<PAGE>

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

Commitments and Contingencies

At March 2, 2003, the Company has committed to capital  expenditures  of $2,294,
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.

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 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.  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.

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 March 2, 2003, the Company's accrued undiscounted
reserve for such contingencies was $2,044.

                                       14

<PAGE>

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

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

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.


Adoption of Statements of Financial Accounting Standards (SFAS) No. 142

In the first quarter of fiscal 2003,  the Company was required to adopt 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".

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,  was impaired. This impairment is reflective of
the Company's  declining  stock price and the weak financial  performance of the
reporting units related to the recorded goodwill.  As such, 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 reflected as a cumulative  effect of an
accounting change in the accompanying consolidated financial statements.

If the Company  records any  goodwill  related to future  transactions,  it will
follow the accounting rules of SFAS No. 141, "Business  Combinations",  and will
perform an  impairment  review  annually at the  beginning of the fourth  fiscal
quarter.

In prior  periods,  goodwill  and other  long-lived  assets  were  reviewed  for
impairment  under SFAS No. 121,  "Accounting  for the  Impairment  of Long-Lived
Assets and for Long-Lived Assets to be Disposed of", which required a review for
impairment  whenever  events or  changes  in  circumstances  indicated  that the
carrying amount of an asset might not be  recoverable.  SFAS No. 121 required an
estimation of future  undiscounted cash flows expected to result from the use of
the asset and its eventual  disposition.  SFAS No. 121 has since been superceded
by SFAS No. 144.

                                       15

<PAGE>

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

The  impact  of the  non-amortization  provisions  of  Statement  No.  142 is as
follows:

<TABLE>
<CAPTION>
                                                               Three Months Ended              Six Months Ended
                                                            ------------------------       -------------------------
<S>                                                          <C>            <C>             <C>             <C>
                                                             March 2        March 3         March 2         March 3
                                                              2003           2002             2003           2002
                                                            ---------      ---------       ---------       ---------
Results of operations
Reported loss from continuing operations                     $(1,337)       $(1,821)        $ (3,177)       $(5,450)
Goodwill amortization                                              -             55                -            110
                                                            ---------      ---------       ---------       ---------
Adjusted loss from continuing operations                     $(1,337)       $(1,766)        $ (3,177)       $(5,340)
                                                            =========      =========       =========       =========

Reported loss from discontinued operations                  $(54,588)       $(3,061)        $(59,940)       $(4,955)
Goodwill amortization                                              -            277                -            555
                                                            ---------      ---------       ---------       ---------
Adjusted loss from discontinued operations                  $(54,588)       $(2,784)        $(59,940)       $(4,400)
                                                            =========      =========       =========       =========

Cumulative effect of accounting change                      $      -        $     -         $(46,536)       $     -
                                                            =========      =========       =========       =========

Reported net loss                                           $(55,925)       $(4,882)       $(109,653)      $(10,405)
Goodwill amortization                                              -            332                -            665
                                                            ---------      ---------       ---------       ---------
Adjusted net loss                                           $(55,925)       $(4,550)       $(109,653)       $(9,740)
                                                            =========      =========       =========       =========

Basic and diluted loss per share:
Reported loss from continuing operations                     $ (0.15)       $ (0.21)         $ (0.36)       $ (0.64)
Goodwill amortization                                              -           0.01                -           0.02
                                                            ---------      ---------       ---------       ---------
Adjusted loss from continuing operations                     $ (0.15)       $ (0.20)         $ (0.36)       $ (0.62)
                                                            =========      =========       =========       =========

Reported loss from discontinued operations                   $ (6.17)       $ (0.36)         $ (6.82)       $ (0.58)
Goodwill amortization                                              -           0.03                -           0.06
                                                            ---------      ---------       ---------       ---------
Adjusted loss from discontinued operations                   $ (6.17)       $ (0.33)         $ (6.82)       $ (0.52)
                                                            =========      =========       =========       =========

Cumulative effect of accounting change                      $      -        $     -         $  (5.30)       $     -
                                                            =========      =========       =========       =========

Reported net loss                                            $ (6.32)       $ (0.57)        $ (12.48)       $ (1.22)
Goodwill amortization                                              -           0.04                -           0.08
                                                            ---------      ---------       ---------       ---------
Adjusted net loss                                            $ (6.32)       $ (0.53)        $ (12.48)       $ (1.14)
                                                            =========      =========       =========       =========
</TABLE>

                                       16

<PAGE>

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


Impact of Other Recently Issued Accounting Standards

Standards  other than SFAS No. 142 which  became  effective  for the  Company in
fiscal 2003 include SFAS No. 143, "Accounting for Asset Retirement Obligations",
SFAS No. 144, "Accounting for Impairment or Disposal of Long-Lived Assets", SFAS
No. 146,  "Accounting for Costs  Associated  with Exit or Disposal  Activities",
SFAS  No.  148,  "Accounting  for  Stock-Based  Compensation  -  Transition  and
Disclosure", and FIN No. 45, "Guarantor's Accounting and Disclosure Requirements
for Guarantees, Including Indirect Guarantees of Indebtedness of Others".

SFAS No. 143  addresses  the  financial  accounting  and  reporting  for certain
obligations associated with the retirement of tangible long-lived assets and the
related  retirement costs.  SFAS No. 144 addresses the financial  accounting and
reporting for the impairment of long-lived  assets and supercedes  SFAS No. 121.
SFAS No. 146  requires  companies  to recognize  costs  associated  with exit or
disposal activities when they are incurred rather than at the date of commitment
to an exit or disposal  plan. The effect of these new standards was not material
to the Company's  second  quarter and first six months of fiscal 2003 results of
operations or financial position.

SFAS No. 148 amends SFAS No. 123, "Accounting for Stock-Based Compensation",  to
provide alternative methods of transition for an entity that voluntarily changes
to the fair-value based method of accounting  (i.e.,  expensing) for stock-based
employee  compensation.  It  also  amends  the  disclosure  provisions  of  that
Statement  to require  prominent  disclosure  about the effects on reported  net
income of an entity's  accounting  policy  decisions with respect to stock-based
employee  compensation.  Finally,  this  Statement  amends APB  Opinion  No. 28,
"Interim  Financial  Reporting",  to  require  disclosure  about the  effects on
reported net income of an entity's  accounting  policy decisions with respect to
stock-based  employee  compensation  in  interim  financial   information.   The
amendments  to SFAS No. 123 become  effective  for the Company this fiscal year.
The  amendment  to APB No. 28 becomes  effective  for the  Company for the third
quarter of fiscal 2003.









                                     17


<PAGE>

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

If the Company were required to disclose the effects on reported net income with
respect to  stock-based  compensation  in the second quarter of fiscal 2003, the
financial information would be as follows:

<TABLE>
<CAPTION>

                                                    Three Months Ended               Six Months Ended
                                                --------------------------      --------------------------
<S>                                             <C>              <C>            <C>             <C>
                                                  March 2        March 3          March 2         March 3
                                                   2003            2002             2003           2002
                                                ----------      ----------      ----------      ----------

Net income (loss), as reported                  $ (55,925)       $ (4,882)      $ (109,653)     $ (10,405)

Deduct: Total stock-based employee
compensation expense determined
under fair value based method for
all awards, net of related tax effects                (47)           (180)             (93)          (354)
                                                ----------      ----------      ----------      ----------

Pro forma net income                            $ (55,972)       $ (5,062)      $ (109,746)     $ (10,759)
                                                ==========      ==========      ==========      ==========
Earnings (loss) per share

  Basic - as reported                             $ (6.32)        $ (0.57)        $ (12.48)       $ (1.22)
                                                ==========      ==========      ==========      ==========

  Basic - pro forma                               $ (6.52)        $ (0.59)        $ (12.49)       $ (1.25)
                                                ==========      ==========      ==========      ==========

  Diluted - as reported                           $ (6.32)        $ (0.57)        $ (12.48)       $ (1.22)
                                                ==========      ==========      ==========      ==========

  Diluted - pro forma                             $ (6.52)        $ (0.59)        $ (12.49)       $ (1.25)
                                                ==========      ==========      ==========      ==========

</TABLE>


FASB  Interpretation  No.  45  elaborates  on the  disclosures  to be  made by a
guarantor in its interim and annual  financial  statements about its obligations
under certain guarantees that it has issued. The disclosure requirements in this
Interpretation  are  effective  for  financial  statements  of interim or annual
periods  ending  after  December  15,  2002.  The  impact of  implementing  this
Interpretation is indeterminable at this time.


                                       18



<PAGE>


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


Cautionary Statements Under the Private Securities Reform Act of 1995

Certain  statements in this report,  in the Company's press releases and in oral
statements  made by or with the approval of an authorized  executive  officer of
the  Company  constitute  "forward-looking  statements"  as that term is defined
under the Private  Securities  Litigation  Reform Act of 1995.  These statements
may, for example,  express  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,  inherent uncertainties in connection with international  operations and
foreign currency fluctuations, labor relations at the Company and its customers,
and the impact of war with Iraq and  homeland  security  measures.  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
footnotes for the year ended August 31, 2002,  included in the Company's  Annual
Report on Form 10-K.

Results of Operations

Discontinued Operations

As discussed  more fully in the notes to the  consolidated  condensed  financial
statements,  the Company  completed  the sale of  Speedline  on March 17,  2003.
Speedline was previously  included in the Engineered  Components  segment and is
currently  reported as  discontinued  operations in the  consolidated  condensed
financial  statements.   All  comparisons  of  results  of  operations  in  this
Management's Discussion and Analysis exclude the results of Speedline and relate
solely to the company's continuing operations unless otherwise indicated.

Potential Divestiture of Businesses

The Company is in the initial  stages of  marketing a major  portion of its U.S.
automotive  aluminum  production.  It has engaged Lincoln Partners LLC to market
the Company's  plants in Wapakoneta,  Ohio;  Richmond,  Indiana;  and Cedarburg,
Wisconsin.  These  locations  primarily  produce  aluminum  brake and suspension
components.

                                       19

<PAGE>

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

Transition From The New York Stock Exchange (NYSE) To The OTC Bulletin Board

The NYSE suspended  trading of the Company's  stock at the opening of trading on
April  1,  2003  because  the  Company  no  longer  met the  equity  and  market
capitalization standard that requires a listed company to have an average market
capitalization  and  net  worth  of not  less  than  $50  million.  The  Company
determined  that it would not be able to achieve the NYSE  listing  requirements
within the NYSE's  prescribed  timeframe,  and,  on April 1, 2003,  the  Company
transferred  from the NYSE to the OTC Bulletin  Board.  The  Company's new stock
symbol is AICO.OB.

Net Sales
<TABLE>
<CAPTION>

                                                   Three Months Ended                     Six Months Ended
                                                  -------------------------       ------------------------------
<S>                                               <C>             <C>              <C>                <C>
                                                   March 2         March 3           March 2           March 3
                                                    2003            2002               2003              2002
                                                  ----------      ---------        ----------         ----------

Net Sales                                          $99,145         $97,030          $ 211,367          $ 193,716
                                                  ==========      ==========       ==========         ===========
Percentage increase from prior year
  Volume                                            (0.2)%                              7.6 %
  Price and Product Mix                              2.4 %                              1.5 %
                                                  ----------                       ----------
  Total sales growth                                 2.2 %                              9.1 %
                                                  ==========                       ==========
</TABLE>

In the fiscal 2003 second quarter,  consolidated  net sales increased by $2,115,
or 2.2%,  compared with the fiscal 2002 second  quarter.  This increase in sales
was driven by the Engineered  Components  segment where aluminum  components and
wheel sales  experienced  higher  sales volume as well as an increase in pricing
and  a  positive  product  mix.  Flow  Control  Products  segment  sales  volume
decreased;  however,  net increases in pricing and a positive product mix helped
to increase total Company sales.

For the first six months of fiscal  2003,  consolidated  net sales  increased by
$17,651,  or 9.1%,  compared  with the first six  months  of fiscal  2002.  This
increase  in sales was due to growth in  aluminum  components  and wheel  sales.
Sales volume increased from new product  introductions,  existing products,  and
conquest sales. Wheel sales continued to show sizable growth in volume with much
of the increase  coming from new customers  and new  launches.  A decline in the
volume of Flow Control  Products  partly  offset the sales growth in  Engineered
Components.  Overall,  there  was a  positive  product  mix  experienced  by the
Company's  operations,   slightly  offset  by  pricing.  The  Company's  pricing
partially  reduced sales for the first six months of fiscal 2003 as  unfavorable
pricing continued in the Flow Control Products segment due to competitive market
conditions,  and lower aluminum costs were  passed-through to wheel and aluminum
components customers.

                                       20
<PAGE>


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

Gross Profit

                        Three Months Ended            Six Months Ended
                       ---------------------       -----------------------
                       March 2       March 3        March 2        March 3
                         2003         2002           2003           2002
                      --------     --------        --------       ---------
Gross Profit          $ 11,002     $ 10,010        $ 22,131       $ 19,000
                      ========     ========        ========       =========
Percent of Sales         11.1%        10.3%           10.5%           9.8%

For the fiscal 2003 second  quarter,  gross profit  increased by $992,  or 9.9%,
compared with the fiscal 2002 second quarter. For the first six months of fiscal
2003,  gross profit increased by $3,131,  or 16.5%,  compared with the first six
months of fiscal 2002.  The  increase in gross profit was due to the  Engineered
Components   segment,   which  capitalized  on  higher  production  volumes  and
manufacturing  improvements.  The Engineered  Components  segment increases more
than offset the declines in the Flow Control Product  segment which  experienced
reduced  volume and lower  pricing in a highly  competitive  market.  The Amcast
Production  System  (APS),  a  more  efficient   manufacturing   approach  being
implemented at the Company's manufacturing facilities,  had a positive impact on
gross profit by improving  productivity  and reducing  manufacturing  costs. APS
should continue to be a positive factor on gross profit as more of the Company's
workforce becomes certified.

Selling, General, and Administrative Expenses (SG&A)

                            Three Months Ended           Six Months Ended
                        ------------------------     -------------------------
                          March 2        March 3       March 2        March 3
                           2003            2002         2003           2002
                         ---------      ---------   ----------      ----------
SG&A                     $ 9,194        $ 9,919      $ 19,363       $ 20,003
                         =========      =========   ==========      ==========
Percent of Sales            9.3%          10.2%          9.2%          10.3%


Selling,  general and  administrative  (SG&A)  expenses were $9,194,  or 9.3% of
sales,  in the fiscal 2003 second  quarter  compared  with  $9,919,  or 10.2% of
sales,  in the fiscal  2002 second  quarter.  For the first six months of fiscal
2003, SG&A expenses were $19,363,  or 9.2% of sales,  compared with $20,003,  or
10.3% of sales, for the same period of 2002. Cost reduction programs have helped
to lower SG&A  expenses  even while sales  increased by 9.1% over the prior year
for the first six months of fiscal  2003. A primary  factor in the  reduction of
SG&A  expenses was that in fiscal  2002,  Flow Control  Products  incurred  high
information  technology  costs related to  installing a new ERP system.  Similar
expenses  were not incurred in fiscal 2003.  Also reducing SG&A expenses was the
elimination of goodwill amortization which reduced SG&A by $675.

                                       21

<PAGE>

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

An  increase  in  sales  and in gross  profit,  as well as a  reduction  in SG&A
expenses enabled the Company to report operating income of $1,808 for the fiscal
2003  second  quarter and $2,768 for the first six months of fiscal  2003.  This
compares to  operating  income of $91 for the fiscal 2002 second  quarter and an
operating loss of $1,003 for the first six months of fiscal 2002.

Interest  expense was $3,888 for the fiscal 2003 second  quarter,  compared with
$3,884 for the fiscal  2002 second  quarter.  For the first six months of fiscal
2003, interest expense was $7,859, compared with $8,359 for the first six months
of fiscal 2002. A decrease in interest  rates  accounted for the lower  interest
expense  when  comparing  the first six months of fiscal 2003 with the first six
months of fiscal 2002.

The Company's  effective tax rate was 36.0% and 37.3% for the second quarter and
first six months of fiscal 2003,  compared  with 46.9% and 38.3%,  respectively,
for the same  periods of fiscal  2002.  These tax rates  represent an income tax
benefit.  The higher effective tax rate in the fiscal 2002 second quarter is due
to state tax benefits the Company was able to recognize during that quarter.

Business Segments

Flow Control Products
Net sales for the Flow Control Products segment decreased by 6.5% to $30,445 for
the fiscal 2003 second  quarter,  compared  with  $32,565 for the same period of
fiscal 2002. For the first six months of fiscal 2003, sales decreased by 7.9% to
$60,746,  compared  with $65,970 for the first six months of fiscal 2002.  Sales
volume decreased by 9.0% for the fiscal 2003 second quarter, and by 8.5% for the
first six months of fiscal 2003. Price and mix together  increased sales by 2.5%
for the  fiscal  2003  second  quarter,  and by 0.6% for the first six months of
fiscal  2003.   Residential   construction   has  faired  slightly  better  than
anticipated,  however the more  profitable  commercial  and  industrial  markets
remain weak.

Operating income in the fiscal 2003 second quarter was $737,  compared with $455
for the same  period of fiscal  2002.  For the first six months of fiscal  2003,
operating income was $1,343,  compared with $2,601 for the same period of fiscal
2002. The increase in operating  income for the second quarter of fiscal 2003 is
attributable to a favorable  product mix, cost reduction  programs,  and greater
operating  efficiencies.  The  decrease  in  operating  income for the first six
months of fiscal  2003  compared  to the  first  six  months of fiscal  2002 was
primarily due to lower sales volume and competitive market pricing that occurred
in the first quarter of fiscal 2003, which more than offset the positive factors
experienced in the second quarter of fiscal 2003.


                                       22

<PAGE>

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

Engineered Components
Net sales for the Engineered Components segment increased by 6.6% to $68,700 for
the fiscal 2003 second  quarter,  compared  with  $64,465 for the same period of
fiscal 2002. For the first six months of fiscal 2003 sales increased by 17.9% to
$150,621,  compared with $127,747 for the first six months of fiscal 2002. Sales
volume  was up by 4.4% for the fiscal  2003  second  quarter,  and 15.8% for the
first six months of fiscal  2003.  Price and an improved  product mix  increased
sales by 2.2% for the fiscal 2003  second  quarter and by 2.1% for the first six
months of fiscal  2003.  Wheel sales  continue to show strong signs of growth on
new customers and new launches as well additional volume on existing products.

Operating  income in the fiscal 2003 second  quarter  was $3,427  compared  with
$1,212 for the same  period of fiscal  2002.  For the first six months of fiscal
2003,  operating  income  was $6,004  compared  with a loss of $164 for the same
period of fiscal 2002.  The  operating  income  increase in fiscal 2003 compared
with  fiscal  2002 is  primarily  the  result of  greater  volume on sales and a
favorable  product mix.  Cost  reduction  programs also played a key role in the
increase in operating income.  These positive factors more than offset operating
issues encountered primarily at the Company's Richmond plant.

Liquidity and Capital Resources

The Company's cash balance at March 2, 2003 was $4,206.  An additional $7,074 of
restricted  cash existed for payment of principal  and interest on the Company's
debt that is required under its debt  agreements.  See "Restricted  Cash" in the
Notes to the Consolidated Condensed Financial Statements.

Cash  provided  by  operations  was $306 for the first six months of fiscal 2003
compared  with cash  provided by operations of $8,705 in the first six months of
fiscal 2002.  Excluding the impact of restricted cash, cash flow from operations
was $6,313 for the first six months of fiscal 2003. The non-cash transactions of
depreciation,  amortization, the cumulative effect of the accounting change, the
loss on discontinued  operations,  and other non-cash charges were offset by the
net loss  recorded in the first  quarter of fiscal  2003.  A decrease in working
capital   demonstrated  the  Company's   continuing  focus  on  working  capital
management.

Investing activities, primarily capital spending, used net cash of $3,598 in the
first six  months of fiscal  2003  compared  with  $8,382  used in the first six
months of the prior year. This decrease reflects  management  controls placed on
capital  spending  as the  Company  focuses  on  cost  reduction  and  improving
production efficiencies. For the first six months, capital spending as a percent
of  depreciation  was 35.1% in fiscal 2003 versus 63.4% in fiscal 2002. At March
2,  2003,  the  Company  had  $2,294  of  commitments  for  additional   capital
expenditures, primarily for the Engineered Components segment.

                                       23


<PAGE>

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


Financing  activities  used  $11,184  of cash in the first six  months of fiscal
2003,  compared with $5,186 of cash used in the first six months of fiscal 2002.
During  the first six  months of 2003,  the  Company  made  principal  cash debt
payments  of $2,287 for the bank debt and senior  notes,  made  foreign-exchange
related  debt  payments of $6,587,  and had $1,713 in debt  principal  reduction
transactions related to euro borrowings of bank debt. The Company also made $560
in payments related to the Company's insurance premium financing.  CTC made debt
principal  payments of $2,400 and borrowed $650.  During the first six months of
fiscal 2003, the Company reduced its overall outstanding debt balance by $6,973,
as the debt went from  $188,310 at August 31,  2002,  to $181,337 as of March 2,
2003.

The bank  group and senior  note  holder  debt are  classified  as current  debt
because the bank credit  facilities  mature in  September  2003,  and the senior
notes mature in November 2003. The Company cannot borrow  additional  funds from
its bank  credit  facilities  or the senior note  holders.  These  lenders  have
security interests in the assets of the Company and its U.S. subsidiaries.

The Company has borrowed the maximum  amount  permissible  under its LIFO credit
agreement.  Of this outstanding  amount, a $3,500 payment is due in August, 2003
with the remaining balance due in September, 2003.

The bank credit  facilities,  the senior  notes,  and the LIFO credit  agreement
contain  certain  financial   covenants   regarding  quarterly  earnings  before
interest, taxes,  depreciation,  and amortization (EBITDA), fixed cost coverage,
capital  expenditures,  and debt repayments that it must maintain as part of its
debt  agreements.  As of March 2, 2003, the Company was in compliance with these
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. In addition,  there is a covenant that requires
the Company to work towards  refinancing the credit facilities of the bank group
and senior note lenders by September, 2003.

As a result of the sale of Speedline,  the Company's  debt covenants in relation
to its bank credit facilities, senior notes, and LIFO credit agreement are to be
renegotiated.

As of  December 1, 2002,  CTC had a term loan of $4,356 and a revolving  line of
credit that provides for up to $5,750,  of which $2,900 was  available,  both of
which mature September 2003 and are classified as current debt.


                                       24

<PAGE>

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


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.  However,  in response to the SEC's  Release No.  FR-60,  "Cautionary
Advice Regarding Disclosure About Critical Accounting Policies", issued December
12, 2001,  the Company has identified the policies it believes are most critical
to an understanding of the Corporation's financial statements. 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 - 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.

Debt Covenants - For a substantial  portion of its debt, the Company has certain
financial  covenants regarding  quarterly EBITDA,  fixed cost coverage,  capital
expenditures,  and debt  repayments  that it must  maintain  as part of its debt
agreements.  If the requirements of the covenants are not achieved, debt becomes
immediately callable,  which would significantly impact the Company's ability to
maintain its current  operations.  Management must consider  compliance with the
debt covenants when making current and future operating decisions.

                                       25

<PAGE>

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

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  second  quarter or first six months of fiscal
2003.

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.

                                       26

<PAGE>


                          AMCAST INDUSTRIAL CORPORATION


Item 3 - Quantitative and Qualitative Disclosures About Market Risk

The Company has been  exposed to market  risk from  changes in foreign  currency
exchange  rates and  interest  rates as part of its normal  operations.  For the
first six months of fiscal 2003, there were 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, 2002.

On March 17, 2003, the Company sold its European subsidiary Speedline. Speedline
represented  all  of the  Company's  foreign  manufacturing.  The  only  foreign
subsidiary  remaining  after the sale of Speedline  is a sales  office/warehouse
located in Canada.  The Company had borrowed bank debt  denominated  in euros to
act as an economic hedge on the net investment in Speedline. After the Speedline
sale, the Company  converted all of its  euro-denominated  debt to U.S.  Dollars
which will greatly reduce the amount of foreign currency translation adjustments
the Company will record in its future operations.

The  Company is also  exposed to market  risk from  price  changes in  commodity
metals  which are raw  materials  used in its  normal  operations.  When  market
conditions warrant,  forward fixed-price commodity metal supply contracts may be
entered into with certain suppliers. These purchase contracts cover normal metal
usage in the  ordinary  course of  business  over a  reasonable  period of time.
Lower-of-cost-or-market valuation adjustments on these contracts is reflected in
earnings in the period  incurred.  At March 2, 2003,  the Company had no forward
fixed-price metal supply contracts.

Item 4 - Controls and Procedures

Within the 90 days prior to the date of this Form 10-Q, the Company  carried out
an evaluation, under the supervision and with the participation of the Company's
management,  including the Company's  Chairman and Chief Executive Officer along
with the Company's Vice President,  Finance and Chief Financial Officer,  of the
effectiveness of the design and operation of the Company's  disclosure  controls
and procedures pursuant to Exchange Act Rule 13a-14. Based upon that evaluation,
the Company's Chairman and Chief Executive Officer along with the Company's Vice
President,  Finance and Chief  Financial  Officer  concluded  that the Company's
disclosure  controls and  procedures  are  effective in timely  alerting them to
material  information  relating  to  the  Company  (including  its  consolidated
subsidiaries)  required to be included in the  Company's  periodic  SEC filings.
There have been no significant  changes in the Company's internal controls or in
other factors that could  significantly  affect internal controls  subsequent to
the date the Company carried out its evaluation.

                                       27
<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
                  None.


b)  Reports on Form 8-K
                  The  Company  filed no reports on Form 8-K during the  quarter
                  ended March 2, 2003.


                                       28
<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 14, 2003              By: /s/ Byron O. Pond
                                       -----------------------------------
                                   Byron O. Pond
                                   Chairman and
                                   Chief Executive Officer
                                   (Principal Executive Officer)


Date:  April 14, 2003              By: /s/ Francis J. Drew
                                       -----------------------------------
                                   Francis J. Drew
                                   Vice President, Finance and
                                   Chief Financial Officer
                                   (Principal Financial Officer)


Date:  April 14, 2003              By: /s/ Mark D. Mishler
                                       ------------------------------------
                                   Mark D. Mishler
                                   Corporate Controller
                                   (Principal Accounting Officer)



                                       29

<PAGE>


                                 CERTIFICATIONS


Byron O. Pond, Chairman and Chief Executive Officer

I, Byron O. Pond, Chairman and Chief Executive Officer, certify that:

1.   I have reviewed this quarterly report on Form 10-Q of Amcast Industrial
     Corporation (the "Registrant");

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report;

4.   The  registrant's  other  certifying  officers  and I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

a)       designed  such  disclosure  controls  and  procedures  to  ensure  that
         material  information   relating  to  the  registrant,   including  its
         consolidated  subsidiaries,  is made known to us by others within those
         entities, particularly during the period in which this quarterly report
         is being prepared;
b)       evaluated the effectiveness of the registrant's disclosure controls and
         procedures as of a date within 90 days prior to the filing date of this
         quarterly report (the "Evaluation Date"); and
c)       presented in this quarterly report our conclusions about the
         effectiveness of the disclosure controls
         and procedures based on our evaluation as of the Evaluation Date;

5.   The registrant's other certifying  officers and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of registrant's board of directors:
a)       all  significant  deficiencies  in the design or  operation of internal
         controls  which  could  adversely  affect the  registrant's  ability to
         record,   process,   summarize  and  report  financial  data  and  have
         identified  for the  registrant's  auditors any material  weaknesses in
         internal controls; and
b)       any fraud, whether or not material, that involves management or other
         employees who have a significant
         role in the registrant's internal controls; and

6.   The  registrant's  other  certifying  officers and I have indicated in this
     quarterly  report  whether  there  were  significant  changes  in  internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.


By:   /s/ Byron O. Pond
      ------------------------------------
      Byron O. Pond
      Chairman and Chief Executive Officer
      April 14, 2003
                                       30
<PAGE>

Francis J. Drew, Vice President, Finance and Chief Financial Officer

I, Francis J. Drew, Vice President, Finance and Chief Financial Officer, certify
 that:

1.   I have reviewed this quarterly report on Form 10-Q of Amcast Industrial
     Corporation (the "Registrant");

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report;

4.   The  registrant's  other  certifying  officers  and I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

a)       designed  such  disclosure  controls  and  procedures  to  ensure  that
         material  information   relating  to  the  registrant,   including  its
         consolidated  subsidiaries,  is made known to us by others within those
         entities, particularly during the period in which this quarterly report
         is being prepared;
b)       evaluated the effectiveness of the registrant's disclosure controls and
         procedures as of a date within 90 days prior to the filing date of this
         quarterly report (the "Evaluation Date"); and
c)       presented in this quarterly report our conclusions about the
         effectiveness of the disclosure controls
         and procedures based on our evaluation as of the Evaluation Date;

5.   The registrant's other certifying  officers and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of registrant's board of directors:
a)       all  significant  deficiencies  in the design or  operation of internal
         controls  which  could  adversely  affect the  registrant's  ability to
         record,   process,   summarize  and  report  financial  data  and  have
         identified  for the  registrant's  auditors any material  weaknesses in
         internal controls; and
b)       any fraud, whether or not material, that involves management or other
         employees who have a significant
         role in the registrant's internal controls; and

6.   The  registrant's  other  certifying  officers and I have indicated in this
     quarterly  report  whether  there  were  significant  changes  in  internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.


By:   /s/ Francis J. Drew
      -------------------------------------------
      Francis J. Drew
      Vice President, Finance and Chief Financial Officer
      April 14, 2003

                                       31