<PAGE>   1


                                  FORM 10-Q


                     SECURITIES AND EXCHANGE COMMISSION
                              Washington, D.C.
                                    20549

(Mark One)

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

                   FOR THE QUARTER ENDED DECEMBER 31, 1995

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

                        Commission file number 1-5210

                          FLORIDA STEEL CORPORATION

Incorporated -- Florida                Employer Identification No. -- 59-0792436

                            5100 W. Lemon Street
                            Tampa, Florida  33609

                              Mailing Address:
                               P. O. Box 31328
                         Tampa, Florida  33631-3328

                   Telephone No. 286-8383 - Area Code 813

          Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15 (d) of the Securities Exchange
Act of 1934 during the preceding 12 months, and (2) has been subject to such
filing requirements for the past 90 days.


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

As of the date of this report, the registrant had 10,084,289 shares $.01 par
value common stock outstanding.

<PAGE>   2

PART I -- FINANCIAL INFORMATION

ITEM I.  FINANCIAL STATEMENTS

FLORIDA STEEL CORPORATION
CONDENSED STATEMENTS OF FINANCIAL POSITION
($ IN THOUSANDS)



<TABLE>
<CAPTION>
                                                                        DECEMBER 31,               MARCH 31,  
                                                                           1995                      1995     
                                                                        (UNAUDITED)                           
                                                                       -------------             --------------
<S>                                                                        <C>                        <C>
 ASSETS

 CURRENT ASSETS
   Cash and cash equivalents                                               $ 17,639                   $  2,854
   Accounts receivable, net of allowance of
     $1,100 and $1,000, respectively                                         62,210                     80,360
   Inventories                                                              120,160                    127,680
   Deferred tax assets                                                        9,200                     11,800
   Other current assets                                                         797                        750
                                                                           --------                   --------
             TOTAL CURRENT ASSETS                                           210,006                    223,444

 REAL ESTATE HELD FOR SALE                                                    7,838                      8,631

 PROPERTY, PLANT AND EQUIPMENT                                              267,500                    262,141
   Less allowances for depreciation                                         (38,949)                   (31,033)
                                                                           --------                   --------
                                                                            228,551                    231,108

 GOODWILL                                                                    90,936                     94,033

 DEFERRED FINANCING COSTS                                                     3,734                      4,504

 OTHER ASSETS                                                                    10                         28
                                                                           --------                   --------
                                                                                                              
 TOTAL ASSETS                                                              $541,075                   $561,748
                                                                           ========                   ========
</TABLE>

See notes to condensed financial statements





                                      2
<PAGE>   3





FLORIDA STEEL CORPORATION
CONDENSED STATEMENTS OF FINANCIAL POSITION
($ IN THOUSANDS)


<TABLE>
<CAPTION>
                                                                           DECEMBER 31,            MARCH 31,
                                                                              1995                   1995
                                                                           (UNAUDITED)                       
                                                                          -------------           ------------
<S>                                                                           <C>                   <C>
LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES
  Trade accounts payable                                                      $ 40,212              $ 49,364
  Salaries, wages and employee benefits                                         15,800                16,520
  Environmental remediation                                                      6,967                10,919
  Other current liabilities                                                      2,750                 3,774
  Interest payable                                                               2,096                 5,258
  Current maturities of long-term borrowings                                    14,862                16,245
                                                                              --------              --------
          TOTAL CURRENT LIABILITIES                                             82,687               102,080

LONG-TERM BORROWINGS,
  (Including note payable to parent of $50,000
  at December 31, 1995 and March 31, 1995, respectively)                       242,385               243,030

OTHER LIABILITIES                                                               16,566                18,388

DEFERRED INCOME TAXES                                                           58,442                60,500


SHAREHOLDERS' EQUITY
  Common stock, $.01 par value; 30,000,000 shares authorized
    at December 31, and March 31, 1995.  10,084,289
    and 10,000,000 shares outstanding at December 31,
    and March 31, 1995, respectively.                                              101                   100
  Capital in excess of par                                                     156,888               155,900
  Accumulated deficit                                                          (12,919)              (14,500)
  Deferred compensation                                                         (3,075)               (3,750)
                                                                              --------              --------
          TOTAL SHAREHOLDERS' EQUITY                                           140,995               137,750
                                                                              --------              --------

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                                    $541,075              $561,748
                                                                              ========              ========

</TABLE>

See notes to condensed financial statements.





                                       3
<PAGE>   4



FLORIDA STEEL CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
($ IN THOUSANDS EXCEPT PER SHARE DATA)



<TABLE>
<CAPTION>
                                                                        
                                                      NINE MONTHS ENDED          THREE MONTHS ENDED
                                                         DECEMBER 31,                DECEMBER 31,     
                                                    ----------------------     -----------------------
                                                     1995          1994          1995          1994
                                                  Unaudited      Unaudited     Unaudited     Unaudited
                                                  ---------      ---------     ---------     --------- 
<S>                                                <C>            <C>           <C>           <C>
Net Sales                                          $474,127       $469,597      $147,898      $147,826

Operating expenses:
 Cost of sales, excluding depreciation              399,886        402,924       126,618       123,894
 Selling and administrative                          22,050         22,167         7,920         7,061
 Depreciation                                        10,804         10,453         3,518         3,592
 Amortization of goodwill                             3,097          3,097         1,032         1,033
 Other operating expenses                            15,000           -             -             -   
                                                   --------       --------      --------      --------
                                                    450,837        438,641       139,088       135,580
                                                   --------       --------      --------      --------
INCOME FROM OPERATIONS                               23,290         30,956         8,810        12,246

Other expenses:
 Interest                                            17,281         17,195         5,267         5,898
 Amortization of deferred financing costs             1,437          1,823           228           608
                                                   --------       --------      --------      --------
                                                     18,718         19,108         5,495         6,506
                                                   --------       --------      --------      --------
INCOME BEFORE INCOME TAXES                            4,572         11,938         3,315         5,740

Income tax                                            2,991          5,668         1,695         2,553
                                                                                    -             -   
                                                   --------       --------      --------      --------
NET INCOME (LOSS)                                  $  1,581       $  6,270      $  1,620      $  3,187
                                                   ========       ========      ========      ========

Weighted average shares outstanding
 (in thousands)                                      10,048         10,000        10,085        10,000

Earnings per common share                               .16            .63           .16           .32

</TABLE>

See notes to condensed financial statements.




                                      4
<PAGE>   5


FLORIDA STEEL CORPORATION
CONDENSED STATEMENTS OF CASH FLOWS
($ IN THOUSANDS)

<TABLE>
<CAPTION>
                                                                             NINE MONTHS ENDED DECEMBER 31,
                                                                               1995              1994
                                                                            (UNAUDITED)       (UNAUDITED)
                                                                            -----------       -----------
<S>                                                                           <C>             <C>
OPERATING ACTIVITIES                                                                                     
                                                                                         
 Net income                                                                   $  1,581        $  6,270
 Adjustments to reconcile net loss to net cash
 used in operating activities:
   Depreciation                                                                 10,804          10,453
   Amortization                                                                  4,534           4,920
   Provision for uncollectable accounts                                            250             500
   Deferred compensation                                                           675             525
   Deferred income taxes                                                           542           2,473
   Loss on disposition of plant and equipment                                   13,557             398

 Changes in operating assets and liabilities:
   Accounts receivable                                                          17,900          (1,256)
   Inventories                                                                   7,520            (614)
   Other current assets                                                           (47)             714
   Other assets                                                                     18              14
   Trade accounts payable                                                       (9,152)         (3,967)
   Salaries, wages and employee benefits                                          (720)         (3,680)
 Environmental remediation                                                      (3,952)          3,074
 Other current liabilities                                                      (1,024)             82
 Interest payable                                                               (3,162)         (2,857)
 Other liabilities                                                              (1,822)         (5,916)
                                                                              --------        --------
                                                                         
NET CASH PROVIDED BY OPERATING ACTIVITIES                                       37,502          11,133

INVESTING ACTIVITIES
 Additions to plant and equipment                                              (22,551)        (15,698)
 Proceeds from sales of plant and equipment                                      1,540             127
                                                                              --------        --------

NET CASH USED IN INVESTING ACTIVITIES                                          (21,011)        (15,571)
                                                                              --------        --------

FINANCING ACTIVITIES
 Short-term and long-term borrowings                                            (2,028)          1,561
 Addition to deferred financing costs                                             (667)           -
 Proceeds from sale of common stock                                                989           1,500
                                                                              --------        --------

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES                             (1,706)          3,061
                                                                              --------        --------

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                14,785          (1,377)
                                                                                                      
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                 2,854           1,774
                                                                              --------        --------

CASH AND CASH EQUIVALENTS AT END OF PERIOD                                    $ 17,639        $    397
                                                                              ========        ========

</TABLE>

See notes to condensed financial statements.



                                       5
<PAGE>   6




FLORIDA STEEL CORPORATION
NOTES TO CONDENSED FINANCIAL STATEMENTS

NOTE  A -- BASIS OF PRESENTATION

These financial statements include the accounts of Florida Steel Corporation
(the "Company").

The accompanying unaudited condensed financial statements have been prepared in
accordance with the instructions for Form 10-Q and, therefore, do not include
all the information or footnotes necessary for a complete presentation of
financial condition, results of operations and cash flows in conformity with
generally accepted accounting principles.  However, all adjustments which, in
the opinion of management, are necessary for a fair presentation have been
included.  Such adjustments consisted of only normally recurring items.

It is suggested that these condensed financial statements be read in
conjunction with the financial statements and the notes thereto included in the
Company's latest annual report on Form 10-K.  The results for the nine months
ended December 31, 1995 are not necessarily indicative of the results to be
expected for the fiscal year ending March 31, 1996.

NOTE B -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Business Segment:  The Company is engaged in steel production and the
manufacture, fabrication and marketing of steel products, primarily for use in
construction and industrial markets.

Credit Risk:  The Company extends credit, primarily on a bases of 30-day terms,
to various customers in the steel distribution, fabrication and construction
industries, primarily located in the southeastern United States.  The Company
performs periodic credit evaluations of its customers and generally does not
require collateral.  Credit losses, in the past, have not been significant.

Cash Equivalents:  The Company considers all highly liquid investments, with a
maturity of three months or less when purchased, to be cash equivalents.

Inventories:  Inventories are stated at the lower of cost (determined
principally by use of the first-in, first-out method) or market.

Real Estate Held for Sale:  Real estate held for sale is carried at the lower
of cost or estimated fair value.

Plant and Equipment:  Major renewals and betterments are capitalized and
depreciated over their estimated useful lives.  Maintenance and repairs are
charged against operations as incurred.  Upon retirement or other disposition
of plant and equipment, the cost and related allowances for depreciation are
removed from the accounts and any resulting gain or loss is reflected in
operations.

Plant start-up and other pre-operating costs of new facilities are charged
against operations as incurred.  For financial reporting purposes, the Company
provides for depreciation of plant and equipment using the straight-line method
over the estimated useful lives of 20 to 30 years for buildings and
improvements and 4 to 15 years for machinery and equipment.





                                       6
<PAGE>   7




FLORIDA STEEL CORPORATION
NOTES TO CONDENSED FINANCIAL STATEMENTS

NOTE C--INVENTORIES

Inventories consist of the following:
    ($ in thousands)

<TABLE>
<CAPTION>
                                                    DECEMBER 31,             MARCH 31,
                                                       1995                    1995     
                                                    -----------              ---------
    <S>                                               <C>                    <C>
    Finished goods                                    $ 80,146               $ 81,375
    Work in-process                                     13,617                 21,620
    Raw materials and operating supplies                26,397                 24,685
                                                      --------               --------
                                                      $120,160               $127,680
                                                      ========               ========
</TABLE>

NOTE D--BORROWINGS

Long-term borrowings consist of the following:
  ($ in thousands)

<TABLE>
<CAPTION>
                                                      DECEMBER 31,             MARCH 31,
                                                          1995                   1995       
                                                      ------------            ----------
<S>                                                    <C>                     <C>
  Credit Agreement                                     $  61,510               $
  1992 Revolving Credit Agreement                          -                     65,161
  First Mortgage Notes                                   100,000                100,000
  Subordinated Intercompany Note                          50,000                 50,000
  Subordinated Debentures                                  -                     13,035
  Industrial Revenue Bonds                                30,875                 10,875
  Bank of Tokyo Loan                                      10,000                 10,000
  Trade Loan Agreements                                    4,412                  9,260
  Note to Parent                                             450                    944
                                                        --------               --------
                                                         257,247                259,275
Less Current Maturities                                   14,862                 16,245
                                                        --------               --------
                                                        $242,385               $243,030
                                                        ========               ========
</TABLE>

Effective June 9, 1995, the Company entered into a two-year revolving bank
agreement (the "Credit Agreement") which provides up to $140 million borrowings
subject to a "borrowing base" amount.  The borrowing base amount will not
exceed the sum of 85% of eligible accounts receivable plus 65% of eligible
inventory.  Letters of credit are subject to an aggregate sublimit of $50
million.  The Credit Agreement contains certain covenants including financial
ratios and limitations on indebtedness, liens, investments and disposition of
assets and dividends.  The Credit Agreement is collateralized by first priority
security interests in substantially all accounts receivable and inventory of
the Company.  Revolving Loans under the Credit Agreement bear interest at a per
annum rate equal to one of several rate options at the discretion of the
Company plus an applicable margin determined by tests of performance from time
to time.  The initial borrowing was used to pay off the 1992 Revolving Credit
Agreement.





                                       7
<PAGE>   8




FLORIDA STEEL CORPORATION
NOTES TO CONDENSED FINANCIAL STATEMENTS

NOTE D--BORROWINGS - Continued

The First Mortgage Notes were issued under an indenture (the "Indenture") as of
December 15, 1992 by and among the Company and Shawmut Bank Connecticut, N.A.,
as Trustee (the "Trustee").  The First Mortgage Notes are collateralized senior
obligations of the Company limited in aggregate principal amount to $100
million and will mature on December 15, 2000.  Interest on the First Mortgage
Notes accrues at the rate of 11.5% per annum and is payable semiannually on
each June 15 and December 15.

The First Mortgage Notes are redeemable, at the option of the Company, in whole
or in part from time to time, on or after December 15, 1996 at redemption
prices (expressed as percentages of the outstanding principal amount) if
redeemed during the twelve-month period commencing on December 15 of the year
set forth below, plus, in each case, accrued interest thereon to the date of
redemption:

<TABLE>
<CAPTION>
                         Year                            Percentage
                         ----                            ----------
                         <S>                              <C>
                         1996                             103.833%
                         1997                             101.916%
                         1998 and thereafter              100.000%
</TABLE>

The First Mortgage Notes rank pari passu with respect to the payment in full of
the principal and interest on all existing and future senior indebtedness of
the Company and rank senior to all subordinated indebtedness of the Company,
including the Debentures and the Subordinated Intercompany Note described
below.

The Company has assigned and pledged as collateral (the "Collateral") to the
Trustee for the benefit of the Holders of the First Mortgage Notes a security
interest in all the real and personal property (other than inventory and
accounts receivable) of the Company's five minimills.  The First Mortgage Notes
contain covenants that include, without limitation, maintenance of sufficient
consolidated net worth and limitations on additional indebtedness, transactions
with affiliates, dispositions of assets, liens, dividends and distributions.
The Company is in compliance with these covenants at December 31, 1995.

The Company has issued a $50 million note (the "Subordinated Intercompany
Note") which matures December 21, 2001, is not transferable, and is
subordinated to the First Mortgage Notes, the Credit Agreement and the IRBs.
The Subordinated Intercompany Note bears interest at variable rates.  The
weighted average interest rate at December 31, 1995 was 7.8%.

As of March 28, 1994, the Company entered into a subordinated note agreement
with the Bank of Tokyo, LTD., New York Agency.  The Company pays interest on
the $10 million note semiannually commencing September 28, 1994.  Interest will
be computed at the six-month Eurodollar Rate plus 1.5%.  (7.6% effective
December 31, 1995).  This note, which matures March 28, 1996, is subordinated
to the Company's senior debt and the Company may not make payments if the
senior debt is in default until certain conditions are met.

In October 1995, the Company received proceeds of $20 million from 22-year
industrial revenue bonds ("IRBs") issued to construct a solid waste disposal
facility in Jackson, Tennessee.  The unspent portion of the proceeds is
invested during the construction period.  The amount invested at December 31,
1995 was $16.0 million.





                                       8
<PAGE>   9


FLORIDA STEEL CORPORATION
NOTES TO CONDENSED FINANCIAL STATEMENTS

NOTE D--BORROWINGS -- Continued

The Company has borrowed $4.4 million as of December 31, 1995 from Marubeni
America Corporation.  The loan bears interest at 8.50% and matures on April 15,
1996.  The proceeds were used for the purchase of steel mill equipment which
shall collateralize the loans.

The Note to Parent is an unsecured non-interest bearing note with no stated
maturity.  Accordingly, amounts due are classified as current as of December
31, 1995 in the accompanying statements of financial position.

As of December 31, 1995, the Company had approximately $37.7 million of
outstanding letters of credit, primarily for IRBs, insurance-related matters
and surety bonds.

NOTE E--ENVIRONMENTAL MATTERS

Because the Company is involved in the manufacture of steel, it produces and
uses certain substances that may pose environmental hazards.  The principal
hazardous waste generated by current and past operations is emission control
dust ("EC dust"), a residual from the production of steel in electric arc
furnaces.  The emission control dust generated by current operations is shipped
to zinc reclamation facilities under applicable environmental laws.  In the
past, some of the Company's facilities and those of some reclaimers to whom
shipments were made became contaminated by emission control dust.  In addition,
during the early 1970s, contamination involving polychlorinated biphenyls
(PCBs) occurred at several of the Company's facilities.

Various possible methods of remediation are presently being studied for
approval; however, it is expected that the investigation and remediation
process will take a number of years.  Although the ultimate costs associated
with the remediation are not presently known, the Company has estimated the
cost to be approximately $15.6 million.  Approximately $13.0 million of these
costs is recorded in accrued liabilities as of December 31, 1995.  The
remaining amounts consist of site restoration and environmental exit costs to
ready idle facilities for sale, and have been considered in determining whether
the carrying amounts of the properties exceed their net realizable values.

Based on past use of certain technologies and remediation methods by third
parties, evaluation of those technologies and methods by the Company's
consultants and quotations and third-party estimates of costs of
remediation-related services provided to the Company or of which the Company
and its consultants are aware, the Company and its consultants believe that the
Company's cost estimates are reasonable.  In light of the uncertainties
inherent in determining the costs associated with the clean-up of such
contamination, including the time periods over which such costs must be paid,
the extent of contribution by parties which are joint and severally liable, and
the nature and timing of payments to be made under cost sharing arrangements;
there can be no assurance the ultimate costs of remediation may not be greater
or less than the estimated remediation costs.  Environmental legislation and
regulation at both the federal and state level is subject to change, which may
change the cost of compliance.





                                       9
<PAGE>   10


FLORIDA STEEL CORPORATION
NOTES TO CONDENSED FINANCIAL STATEMENTS

NOTE F--OTHER

Other Operating Expenses
In July 1995, the Company announced the closing of the Tampa, Florida rolling
mill, resulting in a $15.0 million charge of which $12.0 million was to reduce
fixed assets to realizable value and $3.0 million was for severance and benefit
costs for affected employees and other costs associated with the closure of the
facility.

Litigation
The Company is defending various claims and legal actions which are common to
its operations.  While it is not feasible to predict or determine the ultimate
outcome of these matters, none of them, in the opinion of management, will have
a material effect on the Company's financial position or results of operations.


FLORIDA STEEL CORPORATION
ITEM 2. MANAGEMENTS' DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
        AND RESULTS OF OPERATION

LIQUIDITY AND CAPITAL RESOURCES

The Credit Agreement, effective June 9, 1995, provides up to $140 million
borrowings subject to a "borrowing base" amount which substantially improves
the Company's liquidity and lowers the effective interest rate.  The unused
borrowing at December 31, 1995 was $ 21.5 million.

The closure of the Tampa rolling mill, effective September 1995, resulted in a
$15 million charge for the June 1995 quarter.  Of that amount $12 million was a
non-cash write down of fixed assets and the balance was for severance pay and
other costs that will be paid over the next year.

The Company expects to spend approximately $30 million for capital expenditures
and approximately $7.0 million for environmental remediation during the next
twelve month period.  However, the cash flow generated from operations and
available financing should be sufficient to fund the contemplated expenditures,
and maintain adequate available borrowing capacity under the Credit Agreement.
The Company continues to comply with all of the covenants of its loan
agreements.





                                       10
<PAGE>   11

FLORIDA STEEL CORPORATION
ITEM 2. MANAGEMENTS' DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
        AND RESULTS OF OPERATION - Continued

<TABLE>
<CAPTION>

RESULTS OF OPERATIONS
---------------------
                                                  NINE MONTHS ENDED                        THREE MONTHS ENDED       
                                        ----------------------------------------   ------------------------------------
                                           DECEMBER 31,         DECEMBER 31,          DECEMBER 31,       DECEMBER 31,
                                              1995                  1994                 1995                1994    
                                          ------------          ------------          -----------        ------------
<S>                                         <C>                  <C>                  <C>                 <C>
Shipments (Tons)
----------------
Stock Rebar                                    364,776              387,347             116,767             105,870
Merchant Bar                                   410,616              400,280             130,615             135,930
Rods                                            94,175               97,362              30,113              31,791
                                            ----------           ----------           ---------           ---------
Mill Finished Products                         869,567              884,989             277,495             273,501
Fabricated Rebar                               243,079              267,535              72,426              82,399
Billets                                        132,537              112,259              62,695              27,536
                                            ----------           ----------           ---------           ---------
Total Tonnage                                1,245,183            1,264,783             412,616             383,528

Selling Price ( Per Ton)
------------------------
Stock Rebar                                       $316                 $324                $301                $339
Merchant Bar                                      $367                 $354                $358                $360
Rods                                              $345                 $334                $331                $345
                                                  ----                 ----                ----                ----
Mill Finished Products                            $343                 $339                $331                $350
Fabricated Rebar (plain)                          $462                 $413                $462                $431
Billets                                           $232                 $225                $231                $241

Metal Margin Spread (Per Ton)
-----------------------------
Mill Selling Price                                $343                 $339                $331                $350
Ferrous Scrap Price                               $130                 $127                $128                $133
                                                  ----                 ----                ----                ----
Metal Margin Spread                               $213                 $212                $203                $217


</TABLE>



                                       11
<PAGE>   12




FLORIDA STEEL CORPORATION
ITEM 2. MANAGEMENTS' DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
        AND RESULTS OF OPERATION - Continued

For the December 1995 quarter the metal margin spread between the cost of
ferrous scrap and mill selling prices decreased 6.5% as $19 per ton higher
selling prices were only partially offset by $5 per ton lower scrap costs as
compared with the December 1994 quarter.

For the nine month period ended December 31, 1995, the metal margin spread was
$1 per ton higher than the comparable period a year ago.  The Company's
downstream fabrication facilities continued to benefit from strong demand and
favorable margins compared with the prior year period.

Average selling prices for mill finished tons shipped decreased $19 per ton for
the quarter ended December 31, 1995 versus a year ago and were up $4 per ton
for the nine-month period ended December 31, 1995 as compared with nine-month
ended December 31, 1994.

Total tons shipped were up 7.6% for the quarter ended December 31, 1995 versus
a year ago and down 1.5% for the nine- month period ended December 31, 1995 as
compared with the nine-month period ended December 31, 1994.

Cost of Sales:  Cost of sales, excluding depreciation was 85.6% of sales for
the quarter ended December 31, 1995 versus 83.8% for the quarter a year ago.
Cost of sales, excluding depreciation for the nine-month period ended December
31, 1995 was 84.3% of sales as compared with 85.8% for the nine-month period
ended December 31, 1994.  The increase in the cost of goods sold excluding
depreciation, for the current quarter as a percent of sales, was primarily the
result of the lower mill products selling prices although the fabricated rebar
selling prices were higher than a year ago.  The cost of sales, excluding
depreciation was lower for the nine-month period ended December 31, 1995
compared with the same period a year ago primarily because the mill products
and fabricated products selling prices were higher.

Selling and Administrative Expenses:  Selling and administrative expenses were
higher in the December 1995 quarter versus a year ago primarily because of
increased outside services and higher wages and benefits.  the selling and
administration expenses for the nine-month period ended December 31, 1995 was
approximately the same as the comparable period a year ago.

Depreciation:  Depreciation for the quarter ended December 31, 1995 was lower
than a year ago because of the closing of the Tampa Rolling Mill.  The
depreciation for the nine-month period ended December 31, 1995 was higher than
the comparable period a year ago because of capital expenditure additions.

Interest Expense:  Interest expense for the quarter ended December 31, 1995 was
lower than a year ago because of lower rates and capitalized interest.
Interest expense for the nine-month period ended December 31, 1995 was
approximately the same as a year ago.  The Company capitalized $2.0 million of
interest for the nine-month period ended December 31, 1995 versus $277,000 for
the nine-month period a year ago.

Income Taxes:  The effective federal and state income tax rate for the
nine-month period ended December 31, 1995 and December 31, 1994 was 39% and
37.7%, respectively, excluding the effect of the amortization of goodwill,
which is not deductible for income tax purposes.





                                       12
<PAGE>   13





                          PART II -- OTHER INFORMATION

ITEM 1.      LEGAL PROCEEDINGS

The Company is defending various claims and legal actions which are common to
its operations.  While it is not feasible to predict or determine the outcome
of these matters, none of them, in the opinion of management, will have a
material effect on the Company's financial position or results of operation.

ITEM 6.      EXHIBITS AND REPORTS ON FORM 8-K

EXHIBIT 27   Financial Data Schedule (for SEC use only)



                                  SIGNATURES


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.


                                  FLORIDA STEEL CORPORATION
                                  
                                  
Date:  February 9, 1996           /s/  T. G. Creed   
                                  --------------------------------------------
                                  T. G. Creed,  President and Chief Operating 
                                    Officer
                                  
                                  
                                  
Date:  February 9, 1996           /s/  T. J. Landa                  
                                  ---------------------------------------------
                                  T. J. Landa,  Vice President and Chief 
                                    Financial Officer





                                       13