Exhibit 4.20 - Security Agreement dated July 28, 1995

                               SECURITY AGREEMENT

         THIS  SECURITY  AGREEMENT,  dated as of July 28,  1995 (this  "Security
Agreement"),  made by CASTING TECHNOLOGY COMPANY, an Indiana general partnership
(the "Company"), in favor of NBD BANK, a Michigan banking corporation,  as agent
(in such capacity,  the "Agent") for NBD Bank and The Asahi Bank,  Ltd.,  acting
through its Chicago branch (collectively, the "Banks"), which are parties to the
Credit Agreement hereinafter defined.

                                   WITNESSETH:

         WHEREAS,  the  Company  has  entered  into a Credit  and  Intercreditor
Agreement of even date herewith (the "Credit Agreement"), with the Agent and the
Banks and  pursuant  to which the Banks have  agreed to provide  certain  credit
facilities  to the  Company  in an  aggregate  principal  amount  not to  exceed
$25,000,000; and

         WHEREAS,  as a condition to the effectiveness of the Banks' obligations
under the Credit  Agreement,  the Company is required,  among other  things,  to
grant to the  Agent  for the  benefit  of the  Banks a  first-priority  security
interest in and to the Collateral hereinafter described;

          NOW,  THEREFORE,  to secure (a) the prompt and complete payment of any
promissory  notes issued by the Company  pursuant to the Credit  Agreement  (the
"Notes"),  (b) the performance of the covenants  herein contained and any monies
expended  by  the  Agent  in  connection  therewith,  (c)  the  payment  of  all
obligations  and  performance  of all  covenants of the Company under the Credit
Agreement and any other documents,  agreements or instruments among the Company,
the Banks,  and the Agent  given in  connection  therewith,  and (d) any and all
other  indebtedness,  obligations  and liabilities of any kind of the Company to
the Banks or the Agent, now or hereafter existing, direct or indirect (including
without  limitation any participation  interest acquired by any Bank in any such
indebtedness,  obligations  or  liabilities of the Company to any other person),
absolute or contingent,  joint and/or several, secured or unsecured,  arising by
operation of law or otherwise, and whether incurred by the Company as principal,
surety,  endorser,  guarantor,  accommodation  party  or  otherwise  (all of the
aforesaid indebtedness,  obligations and liabilities of the Company being herein
called the  "Secured  Obligations",  and all of the  documents,  agreements  and
instruments  among the Company,  the Banks and the Agent  evidencing or securing
the  repayment  of, or otherwise  pertaining  to the Secured  Obligations  being
herein  collectively called the "Operative  Documents"),  for value received and
pursuant  to the Credit  Agreement,  the  Company  hereby  grants,  assigns  and
transfers  to  the  Agent  for  the  benefit  of  the  Agent  and  the  Banks  a
first-priority  security  interest in and to the following  described  property,
whether now owned or hereafter acquired and wherever located (collectively,  the
"Collateral"):


<PAGE>

          (a) All  machinery  and  equipment  now owned or  hereafter  acquired,
wherever located, and whether used by the Company or any other person, or leased
by the Company to any person and  whether  the  interest of Company is as owner,
lessee or otherwise; and

          (b) All  products  and all  proceeds of any and all of the  foregoing,
and, to the extent not otherwise included, all payments under insurance (whether
or not the Agent is the loss payee  thereof),  and any  indemnity,  warranty  or
guaranty,  payable by reason of loss or damage to or  otherwise  with respect to
any of the foregoing;

provided,  however,  that any  machinery  and  equipment  purchased  solely with
proceeds  of  indebtedness  permitted  under  Section  5.2(a)(iv)  of the Credit
Agreement  shall  not  constitute  Collateral  so long as such  Indebtedness  is
outstanding.

     1.  Representations  Warranties,  Covenants  and  Agreements.  The  Company
further  represents,  warrants,  covenants,  and  agrees  with the Agent for the
benefit of the Banks as follows:

                 (a) Ownership of Collateral; Security Interest Priority. At the
time  any  Collateral  becomes  subject  to a  security  interest  of the  Agent
hereunder, unless the Agent shall otherwise consent, the Company shall be deemed
to have  represented  and warranted  that (i) the Company is the lawful owner of
such  Collateral  and has the right and  authority  to  subject  the same to the
security  interest of the Agent;  (ii) none of the  Collateral is subject to any
Lien  other  than that in favor of the Agent,  and (iii)  there is no  effective
financing statement covering any of the Collateral on file in any public office,
other than in favor of the Agent.  This Security  Agreement  creates in favor of
the  Agent  a  valid  and  perfected  first-priority  security  interest  in the
Collateral  enforceable  against the Company and all third  parties and securing
the  payment of the  Secured  Obligations,  and all  filings  and other  actions
necessary or desirable to create,  preserve or perfect such  security  interests
have been duly taken.

     (b)  Location  of Offices.  Records and  Facilities.  The  Company's  chief
executive  office and chief place of business  and the office  where the Company
keeps its records  concerning  its accounts,  contract  rights,  chattel  paper,
instruments,  general  intangibles  and other  obligations  arising out of or in
connection  with the sale or lease of  goods or the  rendering  of  services  or
otherwise  ("Receivables"),  and all  originals of all leases and other  chattel
paper which evidence Receivables, are located in the State of Indiana, County of
Johnson, at 1450 Musicland Drive,  Franklin,  IN 46131. The Company will provide
the Agent with prior  written  notice of any proposed  change in the location of
its  chief  executive  office  and will not  change  the  location  of its chief
executive office without providing at least 20 days' prior written notice to the
Agent.  The Company's only other offices and facilities are at the locations set
forth on Schedule  1(b)  hereto.  The Company  will provide the Agent with prior
written  notice of any  change in the  locations  of its other  offices  and the
facilities. The tax identification number of the Company is 35-1920681. The name
of the Company is Casting Technology Company,  and the Company operates under no
other name. The Company shall not change its name without  providing at least 20
days' prior written notice to the Agent.


<PAGE>

                  (c)  Location  of  Machinery  and  Equipment.  All  Collateral
consisting of machinery or equipment will be located at the locations  listed on
Schedule 1 (c)  hereto,  and at no other  locations  without  the prior  written
consent of the Agent.  If the  Collateral  will be kept at leased  locations  or
warehoused,  the Company  will obtain  appropriate  landlord's  lien  waivers or
appropriate  warehousemen's  notices,  each  satisfactory  to the Agent,  unless
waived by the Agent.

                  (d) Liens,  Etc. The Company will keep the Collateral  free at
all times from any and all liens,  security interests or encumbrances other than
those  consented to in writing by the Agent.  The Company will not,  without the
prior  written  consent of the Agent,  sell or lease,  or permit or suffer to be
sold or  leased,  any of the  Collateral  except as  permitted  under the Credit
Agreement.  The  Agent  or its  attorneys  may at any and all  reasonable  times
inspect the  Collateral and for such purpose may enter upon any and all premises
where the Collateral is or might be kept or located.

                  (e) Insurance.  The Company shall keep the Collateral  insured
at all times against loss by theft,  fire and other  casualties.  Said insurance
shall be issued by a company having a Best's  insurance rating of B+ + or higher
and shall be in an amount normally  maintained by companies of similar size and.
with respect to the Collateral,  at least equal to the replacement  value of the
Collateral.  The policy or  policies  which  evidence  said  insurance  shall be
delivered to the Agent upon  request,  shall  contain a loss  payable  clause in
favor of the  Agent,  shall  name the  Agent as an  additional  insured,  as its
interest may appear,  shall not permit  amendment,  cancellation  or termination
without  giving the Agent at least 30 days prior  written  notice  thereof,  and
shall otherwise be in form and substance  reasonably  satisfactory to the Agent.
Subject to the last two sentences of this paragraph  1(e),  reimbursement  under
any insurance  maintained by the Company  pursuant to this paragraph 1(e) may be
paid  directly  to the  person who shall have  incurred  damage  covered by such
insurance.  In case of any loss involving loss to tangible  Collateral  when the
next succeeding  sentence is not applicable,  the Company shall make or cause to
be made the necessary repairs to or replacements of such tangible Collateral and
any proceeds of insurance  maintained by the Company  pursuant to this paragraph
1(e) shall be paid to the Company as reimbursement for the costs of such repairs
or  replacements.  Upon the occurrence and during the continuance of an Event of
Default  or the  actual  or  constructive  total  loss  of any  Collateral,  all
insurance payments in respect of such Collateral shall be paid to and applied by
the Agent as specified in paragraph 3.


<PAGE>


                  (f) Taxes, Etc. The Company will pay promptly,  and within the
time that they can be paid without interest or penalty,  any taxes,  assessments
and similar imposts and charges,  not being  contested in good faith,  which are
now or  hereafter  may  become a lien,  charge  or  encumbrance  upon any of the
Collateral.  If the Company  fails to pay any such taxes,  assessments  or other
imposts or charges in  accordance  with this  Section,  the Agent shall have the
option  to do so and the  Company  agrees  to repay  forthwith  all  amounts  so
expended by the Agent with interest at the Overdue Rate.

                  (g)  Further  Assurances.  The  Company  will do all  acts and
things  and will  execute  all  financing  statements  and  writings  reasonably
requested by the Agent to establish, maintain and continue a perfected and valid
security interest of the Agent in the Collateral, and wig promptly on demand pay
all  reasonable  costs and  expenses of filing and  recording  all  instruments,
including the costs of any searches  reasonably deemed necessary by the Agent to
establish and  determine  the validity and the priority of the Agent's  security
interests (which searches the Agent shall conduct at least annually).  A carbon,
photographic or other  reproduction of this Security  Agreement or any financing
statement covering the Collateral shall be sufficient as a financing statement.

                  (h)  Maintenance  of  Collateral.  The Company  will cause the
Collateral to be  maintained  and  preserved in the same  condition,  repair and
working order as when new,  ordinary wear and tear  excepted,  and in accordance
with any manufacturer's manual, and shall forthwith, or, in the case of any loss
or  damage  to any  of the  Collateral  as  quickly  as  practicable  after  the
occurrence  thereof,  make or cause to be made all  repairs,  replacements,  and
other improvements made in connection therewith which are necessary or desirable
to such end.  The  Company  shall  promptly  furnish  to the  Agent a  statement
respecting any loss or damage to any of the Collateral.

     2. Events of Default.  The occurrence of any Event of Default  specified in
the Credit  Agreement  shall be deemed an event of default  under this  Security
Agreement.

     3. Remedies.  Upon the occurrence of any such event of default, but subject
to Section 6.3 of the Credit  Agreement,  the Agent shall have and may  exercise
any one or more of the rights and  remedies  provided to it under this  Security
Agreement or any of the other Operative  Documents or provided by law, including
but not limited to all of the rights and  remedies of a secured  party under the
Uniform  Commercial  Code,  and  the  Company  hereby  agrees  to  assemble  the
Collateral and make it available to the Agent at a place to be designated by the
Agent which is reasonably  convenient to both parties,  authorizes  the Agent to
take  possession of the  Collateral  with or without  demand and with or without
process of law and to sell and dispose of the same at public or private sale and
to apply the proceeds of such sale to the costs and expenses thereof  (including
reasonable attorneys' fees and disbursements  incurred by the Agent) and then to
the payment of the indebtedness  and satisfaction of other Secured  Obligations.
Any


<PAGE>


requirement of reasonable  notice shall be met if the Agent sends such notice to
the Company,  by registered or certified mail, at least 5 days prior to the date
of sale,  disposition or other event giving rise to a required notice. The Agent
may be the purchaser at any such sale.  The Company  expressly  authorizes  such
sale or sales of the  Collateral  in advance of and to the exclusion of any sale
or sales of or other realization upon any other collateral  securing the Secured
Obligations. The Agent shall have no obligation to preserve rights against prior
parties.  The Company  hereby waives as to the Agent any right of subrogation or
marshalling  of  such  Collateral  and any  other  collateral  for  the  Secured
Obligations.  To this end,  the Company  hereby  expressly  agrees that any such
collateral  or other  security of the Company or any other party which the Agent
may hold,  or which may come to any of them or any of their  possession,  may be
dealt with in all respects and  particulars  as though this  Security  Agreement
were not in existence.  The parties hereto further agree that public sale of the
Collateral by auction conducted in any county in which any Collateral is located
or in which the Agent or the Company does business  after  advertisement  of the
time and place thereof shall, among other manners of public and private sale, be
deemed  to be a  commercially  reasonable  disposition  of the  Collateral.  The
Company shall be liable for any deficiency  remaining  after  disposition of the
Collateral.

          4.       Special Remedies Concerning Certain Collateral.

                  (a) Upon the occurrence of any event of default hereunder, the
Company shall, if requested to do so in writing,  and to the extent so requested
(i)  promptly  collect  and  enforce  payment of all  amounts due the Company on
account of, in payment of, or in connection  with, any of the  Collateral,  (ii)
hold all payments in the form  received by the Company as trustee for the Agent,
without commingling With any funds belonging to the Company, and (iii) forthwith
deliver all such payments to the Agent with  endorsement to the Agent's order of
any checks or similar instruments.

                  (b) Upon the occurrence of any event of default hereunder, for
purposes of assisting the Agent in exercising  its rights and remedies  provided
to it  under  this  Security  Agreement,  the  Company  (i)  hereby  irrevocably
constitutes and appoints the Agent its true and lawful  attorney,  for it and in
its name, place and stead, to collect, demand, receive, sue for, compromise, and
give good and  sufficient  releases  for,  any  monies  due or to become  due on
account of, in payment of, or in  connection  with the  Collateral,  (ii) hereby
irrevocably  authorizes  the Agent to endorse the name of the  Company  upon any
checks,  drafts,  or similar  items  which are  received  in  payment  of, or in
connection with any of the Collateral,  and to do all things  necessary in order
to reduce the same to money,  and (iii) with respect to any  Collateral,  hereby
irrevocably  assents to all extensions or  postponements  of the time of payment
thereof or any other indulgence in connection  therewith,  to each substitution,
exchange  or  release of  Collateral,  to the  addition  or release of any party
primarily or secondarily liable, to the acceptance of partial


<PAGE>


payments  thereon  and  the  settlement,  compromise  or  adjustment  (including
adjustment of insurance  payments) thereof,  all in such manner and at such time
or times as the Agent shall deem advisable. Notwithstanding any other provisions
of this Security Agreement, it is expressly understood and agreed that the Agent
shall have no duty or be  obligated  in any manner to make any demand or to make
any inquiry as to the nature or sufficiency of any payments received by it or to
present or file any claim or take any other  action to  collect  or enforce  the
payment of any amounts due or to become due on account of or in connection  with
any of the Collateral.

         5. Remedies  Cumulative.  No right or remedy conferred upon or reserved
to the Agent under any  Operative  Document is intended to be  exclusive  of any
other  right or  remedy,  and every  right and  remedy  shall be  cumulative  in
addition to every  other right or remedy  given  hereunder  or now or  hereafter
existing under any applicable law. Every right and remedy of the Agent under any
Operative  Document or under  applicable  law may be exercised from time to time
and as is often as may be deemed  expedient by the Agent.  To the extent that it
lawfully  may,  the Company  agrees  that it will not at any time  insist  upon,
plead,  or in any manner  whatever claim or take any benefit or advantage of any
applicable present or future stay, extension or moratorium law, which may effect
observance or performance of any provisions of any Operative Document;  nor will
it claim,  take or insist upon any benefit or advantage of any present or future
law providing for the valuation or appraisal of any security for its obligations
under any  Operative  Document  prior to any sale or sales  thereof which may be
made under or by virtue of any instrument governing the same; nor will it, after
any such sale or sales,  claim or exercise any right under any applicable law to
redeem any portion of such security so sold.

     6.  Conduct No Waive.  No waiver of default  shall be  effective  unless in
writing  executed by the Agent and  consented to by each of the Banks and waiver
of any default or  forbearance  on the part of the Agent in enforcing any of its
rights under this Security  Agreement shall not operate as a waiver of any other
default or of the same default on a future occasion or of such right,

         7. Governing Law;  Definitions.  This Security  Agreement is a contract
made under,  and the rights and  obligations of the parties  hereunder  shall be
governed by and construed in accordance  with, the laws of the State of Michigan
applicable  to contracts  made and to be performed  entirely  within such State.
Terms used but not defined  herein shall have the  respective  meaning  ascribed
thereto in the  Credit  Agreement.  Unless  otherwise  defined  herein or in the
Credit Agreement,  terms used in Article 9 of the Uniform Commercial Code in the
State of Michigan  are used herein as therein  defined on the date  hereof.  The
headings of the various  subdivisions  hereof are for  convenience  of reference
only and shall in no way modify any of the terms or provisions hereof.


<PAGE>


          8.  Notices.  All  notices,  demands,  requests,  consents  and  other
communications hereunder shall be delivered and shall be effective in the manner
specified  in the Credit  Agreement.  All  notices  shall be deemed to have been
given at the time of actual delivery thereof to such address as specified in the
Credit  Agreement,  or if sent by the  Agent  to the  Company  by  certified  or
registered  mail,  postage  prepaid,  to such  address,  on the  fifth day after
mailing.

          9. Bights Not Construed as Duties.  The powers  conferred on the Agent
hereunder  are solely to protect its interests in the  Collateral  and shall not
impose any duty upon it to exercise any such powers. Except for the safe custody
of any Collateral in its possession and accounting for monies actually  received
by it hereunder,  the Agent shall have no duty as to any Collateral or as to the
taking of any necessary  steps to preserve  rights  against prior parties or any
other rights pertaining to any Collateral.

     10. Amendments. None of the terms and provisions of this Security Agreement
may be  modified  or  amended  in any way  except by an  instrument  in  writing
executed by each of the parties hereto and consented to by each of the Banks.

     11. Severability.  If any one or more provisions of this Security Agreement
should be  invalid,  illegal or  unenforceable  in any  respect,  the  validity,
legality and enforceability of the remaining  provisions  contained herein shall
not in any way be affected, impaired or prejudiced thereby.

     12.  Expenses.  (a) The  Company  agrees to  indemnity  the Agent  from and
against any and all claims,  losses and liabilities  growing out of or resulting
from this Security Agreement (including, without limitation, enforcement of this
Security  Agreement),  except claims,  losses or liabilities  resulting from the
Agent's gross negligence or willful misconduct.

                  (b) The Company will, upon demand,  pay to the Agent an amount
of  any  and  all  reasonable  expenses,   including  the  reasonable  fees  and
disbursements of its counsel and of any experts and agents,  which the Agent may
incur in connection with (1) the administration of this Security Agreement, (ii)
the custody,  preservation, use or operation of, or the sale of, collection from
or  other  realization  upon,  any of the  Collateral,  (iii)  the  exercise  or
enforcement of any of the rights of the Agent hereunder,  or (iv) the failure of
the Company to perform or observe any of the provisions hereof. The Company will
reimburse  the  Agent  for  all   expenses,   including   attorneys'   fees  and
disbursements  incurred by the Agent in seeking to collect the  indebtedness and
other obligations secured hereby or any part thereof,  in enforcing  performance
of the Company's  obligations  under the Operative  Documents,  in defending the
Agent's security  interests and the priority thereof,  or in pursuing any of the
Agent's rights or remedies hereunder or under the Operative Documents.


<PAGE>


          13. Successors and Assigns; Termination. This Security Agreement shall
create a continuing  security interest in the Collateral and shall (a) remain in
full  force and  effect  until  full  payment  and  performance  of the  Secured
Obligations (b) be binding upon the Company,  its successors and assigns and (c)
inure,  together  with the rights and  remedies of the Agent  hereunder.  to the
benefit of the Agent and its successors,  transferees and assigns. Upon the full
payment  and  performance  of the Secured  Obligations  the  security  interests
granted hereby shall terminate and all rights to the Collateral  shall revert to
the  Company.  Upon any such  termination,  the  Agent  will,  at the  Company's
expense,  execute and deliver to the Company such documents as the Company shall
reasonably request to evidence such termination.

          14. Waiver of Jury Trial.  The Agent and the Banks.  in accepting this
Security  Agreement,  and  the  Company,  after  consulting  or  having  had the
opportunity to consult with counsel,  knowingly,  voluntarily and  intentionally
waive any right any of them may have to a trial by jury in any litigation  based
upon or arising out of this  Security  Agreement  or any related  instrument  or
agreement or any of the transactions  contemplated by this Security Agreement or
any course of conduct, dealing,  statements (whether oral or written) or actions
of any of them.  Neither the Agent and the Banks nor the Company shall,  seek to
consolidate, by counterclaim or otherwise, any such action in which a jury trial
has been waived with any other action in which a jury trial cannot be or has not
been waived.  These  provisions shall not be deemed to have been modified in any
respect or  relinquished by either the Agent and the Banks or the Company except
by a written instrument executed by all of them.


<PAGE>


         IN WITNESS WHEREOF,  the Company has caused this Security  Agreement to
be duly executed as of the day and year first set forth above.

                           CASTING TECHNOLOGY COMPANY

                            By: AMCAST CASTING TECHNOLOGIES,
                            INC., its General Partner

                            By: /s/ John H. Shuey
                               -------------------------
                                    John H. Shuey
                                    Its:  President

                       And By: IZUMI, INC., its General Partner

                              By: /s/ Sadao Taura
                                 -------------------------
                                      Sadao Taura
                                      Its:  President







<PAGE>


                       SCHEDULE 1(b) TO SECURITY AGREEMENT

                   List of Other Office and Facility Locations

Type of Office
or Facility        Address         City       County    State      Zip
-----------        -------         ----       ------    -----      ---
Casting Technology 1450 Musicland  Franklin   Johnson   Indiana    46131
Company            Drive








<PAGE>


                           SCHEDULE (1)(c) TO SECURITY
                                    AGREEMENT

                            List of Machinery and Equipment Locations

Address                    City              County           State      Zip
-------                    ----              ------           -----      ---
1450 Musicland             Franklin          Johnson          IN         46131
Drive