<PAGE>   1

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549

                                    FORM 10-K

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

For the fiscal year ended August 31, 1997          Commission file number 1-9967

                          AMCAST INDUSTRIAL CORPORATION
             (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 officers)             (Zip Code)

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

           Securities registered pursuant to Section 12(b) of the Act:

                                                      Name of Each Exchange
       Title of Each Class                             on Which Registered
       -------------------                             -------------------
Common Shares, without par value                      New York Stock Exchange
Preferred Share Purchase Rights

           Securities registered pursuant to Section 12(g) of the Act:

                                      NONE


     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 12 months, and (2) has been subject to such filing
requirements for the past 90 days. Yes  X   No
                                       ---    ---

     Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in the definitive proxy or in information
statements incorporated by reference in Part I, II, and IV of this Form 10K or
any amendment to this Form 10-K. [ X ]

     Aggregate market value of common shares, no par value, held by
non-affiliates of the registrant (assuming only for the purposes of this
computation that directors and officers may be affiliates) as of October 24,
1997--$225,505,367.

     Number of common shares outstanding, no par value, as of October 24, 1997--
9,185,499 shares.

                       DOCUMENTS INCORPORATED BY REFERENCE

     Parts I, II and IV--Portions of Annual Report to Shareholders for the year
ended August 31, 1997.

     Part III--Portions of Proxy Statement for the Annual Meeting of
     Shareholders to be held on December 18, 1997 filed November 12, 1997.

     Index to exhibits at page 14 of this report.


<PAGE>   2


                                     PART I
                                     ------


ITEM 1 - BUSINESS
-----------------

       Amcast Industrial Corporation, an Ohio corporation organized in 1869, and
its subsidiaries (called collectively "Amcast" or the "Company") are engaged in
the business of producing fabricated metal products, valves and controls, and
cast and tubular metal products, in a variety of shapes, sizes, and metals for
sale to end users directly and through sales representatives and distributor
organizations and to original equipment manufacturers. The Company serves four
major sectors of the economy: automotive, construction, industrial, and
aerospace. Manufacturing facilities are located in six states, primarily in the
eastern half of the United States. On August 19, 1997, the Company acquired all
of the outstanding stock of Speedline S.p.A. and its subsidiaries ("Speedline"),
a major European manufacturer located in Italy serving the automotive original
equipment market. See "Engineered Components" below.

       The Company operates in two business segments--1) Flow Control Products
and (2) Engineered Components. Information concerning the net sales, operating
profit and identifiable assets of each segment for years 1995 through 1997
appears under "Business Segments" in the Notes to Consolidated Financial
Statements in the Company's Annual Report to Shareholders for the year ended
August 31, 1997. Such information is incorporated herein by reference and is
filed as Exhibit 13.1, page 52 of this report. Consolidated export sales were
$30.9 million, $25.6 million, and $25.4 million in 1997, 1996, and 1995,
respectively. Sales and operating profits by foreign manufacturing operations
were not material.


FLOW CONTROL PRODUCTS
---------------------

       The Flow Control Products segment (Flow Control) includes the business of
the Superior Valve division (Superior Valve), Elkhart Products Corporation
(Elkhart), Flagg Brass Inc., and Amcast Industrial Ltd. Superior Valve
manufactures valves and accessories used in air conditioning and refrigeration
systems, and compressed gas cylinder valves for the welding, specialty,
carbonic, and medical gas industries. Elkhart produces wrot copper fittings for
use in residential and commercial water systems and markets brass pipe fittings.
Flagg Brass produces brass pipe fittings for the marine and industrial markets.
Amcast Industrial Ltd. is the common Canadian marketing arm for Amcast's Flow
Control segment manufacturing units.

       The Company's Flow Control business is a leading supplier of pipe
fittings for the industrial, commercial, and residential construction markets,
valves utilized in air conditioning and refrigeration systems, and industrial
compressed gas applications. These products are sold through distributors and
wholesalers. Shipments are primarily made by truck from Company locations
directly to customers. The competition is comprised of a number of manufacturers
of parts for air conditioning, refrigeration, and plumbing systems, and valves
and controls. The Company believes that competition in this segment is based on
a number of factors including product quality, service, delivery, and value.

       The Company is one of three major suppliers of copper and brass fittings
to the North American commercial and residential plumbing markets. Flow Control
sales of copper plumbing fittings amounted to $115.8 million, $113.4 million,
and $112.5 million in 1997, 1996, and 1995, respectively. Products are sold
primarily through plumbing wholesalers, retail hardware stores and home centers
and to original equipment manufacturers and replacement parts distributors in
the air conditioning and commercial refrigeration business. Competition is based
on service levels, pricing and breadth of product offering. The Company's prime
competitors are Mueller Industries, Inc., a publicly owned company listed on the
New York Stock Exchange, and NIBCO Inc., a privately held company headquartered
in Elkhart, Indiana. Both Mueller Industries, Inc. and NIBCO Inc. may have total
financial resources greater than the Company's.



                                       2
<PAGE>   3



FLOW CONTROL PRODUCTS (cont'd)
---------------------

       Most of the Flow Control business is based on customer purchase orders
for their current product requirements and such orders are filled from Company
inventory. Orders are not considered firm beyond a 90-day period.

       See Properties at Item 2 of this report for information on the Company's
facilities which operate in this segment.

ENGINEERED COMPONENTS
---------------------

       The Engineered Components segment produces cast and fabricated metal
products principally for sale to original equipment manufacturers in the
transportation, construction, air conditioning, refrigeration, and aerospace
industries. The Company's manufacturing processes involve the melting of raw
materials for casting into metal products having the configuration, flexibility,
strength, weight, and finish required for the customer's end use. The Company
also custom fabricates copper and aluminum tubular parts. The Company
manufactures products on a high-volume, medium-volume, and specialized basis and
its metal capabilities include aluminum, steel, magnesium, brass, and copper.
Products manufactured by the North American operations of this segment include
castings for suspension, air conditioning and anti-lock braking systems, master
cylinders, differential carriers, brake calipers and cast aluminum wheels for
use on automobiles and light trucks, and parts for use in heating and air
conditioning systems. The Company also designs and manufactures close-tolerance
aluminum and specialty steel investment castings and related items for sale to
aviation and aerospace companies. Delivery is mostly by truck from Amcast
locations directly to customers.

       Principal products manufactured by Speedline include aluminum and
magnesium wheels for passenger cars. Speedline also manufacturers racing wheels,
aftermarket wheels, truck wheels, hubs and caps, industrial vehicle wheels,
modular wheels, and motorcycle wheels. Refer to "Acquisition" in the Notes to
Consolidated Financial Statements of the Company's Annual Report to Shareholders
for the year ended August 31, 1997, Exhibit 13.1, page 40 herein, for additional
information related to the Speedline acquisition.

       The Company is not solely dependent on a single customer; however, a
significant portion of the Company's Engineered Components business is directly
or indirectly dependent on the major automobile manufacturers. The Company's net
sales to various divisions of General Motors Corporation were $139.7 million,
$114.5 million, and $120.1 million for 1997, 1996, and 1995, respectively. No
other customer accounted for more than 10% of consolidated sales.

       The Company is a leading supplier of aluminum automotive components and
aluminum wheels for automotive original equipment manufacturers in North
America. With the acquisition of Speedline, the Company is also a leading
supplier of aluminum, magnesium, and alloy wheels and hubcaps and other products
for automotive original equipment manufacturers in Europe. Competition in the
automotive components industry is global with numerous competitors. The basis of
competition is generally design and engineering capability, price and quality.

       There are approximately 25 competitors in the aluminum automotive
component business serving the North American market. Principal competitors
include Alcoa, CMI International Inc., A-CMI, Stahl Specialty Company, Reliable
Castings Corporation and Kaiser Aluminum Corp., a subsidiary of MAXXAM Inc.,
some of which have significantly greater financial resources than the Company.



                                       3
<PAGE>   4



ENGINEERED COMPONENTS (cont'd)
------------------------------

       There are approximately 18 producers of aluminum wheels which service the
North American market. The largest of these are Superior Industries
International, Inc. and Hayes Lemmerz International, Inc.. The next tier of
suppliers includes the Company, Reynolds Metals Company, Alcoa and Enkie America
Inc. Some of the Company's competitors in the aluminum wheel business have
significantly greater financial resources than the Company.

       There are approximately 15 competitors in the aluminum and magnesium
automotive wheel business serving the European market. Principal competitors
include Hayes Lemmerz International, Inc., Ronal, ATS, and Alloy Wheels
International (AWI), some of which may have significantly greater financial
resources than the Company.

       The Company's non-aerospace business of the Engineered Components segment
is on a "blanket" order basis and is generally based on supplying all of the
customer's annual requirements for a particular part. Customers issue firm
releases and shipping schedules each month against their blanket orders
depending on their current needs. As a result, order backlog varies from month
to month and is not considered firm beyond a 30-day period. Amcast believes that
price, product quality, and delivery are the principal bases of competition
within the industry.

       The order backlog of the aerospace business was $20.6 million at August
31, 1997, and $11.2 million at August 31, 1996. The backlog at August 31, 1997,
is expected to result in revenue of $13.9 million during 1998.

       See Properties at Item 2 of this report for information on the Company's
facilities which operate in this segment.


GENERAL INFORMATION
-------------------

       Raw materials essential to the business are purchased from suppliers
located in the general vicinity of each operating facility. Availability of
these materials is judged to be adequate. The Company does not anticipate any
material shortage that will alter production schedules during the coming year.

       Aluminum and copper are basic commodities traded in international
markets. Changes in aluminum and copper costs are generally passed through to
the customer. In North America, changes in the cost of aluminum are currently
passed through to the customer based on various formulas as is the custom in the
segment of the automotive industry the Company serves. In Europe, changes in the
cost of aluminum are currently passed through to approximately one-half of the
customers based upon various formulas and through negotiated contracts with the
remaining customers. Copper cost increases and decreases are generally passed
through to the customer in the form of price changes as permitted by prevailing
market conditions. The Company is unable to project whether these costs will
increase or decrease in the future. The Company's ability to pass through any
increased costs to the customer in the future will be determined by market
conditions at that time.

       Amcast owns a number of patents and patent applications relating to the
design of its products. While Amcast considers, in the aggregate, these patents
are important to operations, it believes that the successful manufacture and
sale of its products generally depend more on the Company's technological
know-how and manufacturing skills.



                                       4
<PAGE>   5


GENERAL INFORMATION (cont'd)
-------------------

       Capital expenditures related to compliance with federal, state, and local
environmental protection regulations for 1997 and 1998 are not expected to be
material. Management believes that operating costs related to environmental
protection will not have a materially adverse effect on future earnings or the
Company's competitive position in the industry.

       At August 31, Amcast employed approximately 4,040 persons in 1997, 2,600
in 1996, and 2,400 in 1995.

       With the acquisition of Speedline, the percentage of the Company's
consolidated net sales derived from the automotive original equipment market
will increase. The automotive industry in general is cyclical and varies based
on the timing of consumer purchases of vehicles and overall economic strength.
Production schedules can vary significantly from quarter to quarter to meet
customer demands. The company normally experiences reduced sales volume in the
fourth and, to a lesser degree, the first quarter due to plant closings by
original equipment manufacturers for vacations and model changeovers.

      CAUTIONARY STATEMENTS UNDER THE PRIVATE SECURITIES REFORM ACT OF 1995

      Certain statements in this Annual Report, in the Company's press releases
and in oral statements made by or with the approval of an authorized executive
officer of the Company constitute "forward-looking statements" as that term is
defined under the Private Securities Litigation Reform Act of 1995. These may
include statements projecting, forecasting or estimating Company performance
and industry trends. The achievement of the projections, forecasts or 
estimates is subject to certain risks and uncertainties. Actual results and
estimates may differ materially from those projected, forecasted or estimated.
Factors which may cause actual results to differ materially from those
contemplated by the forward-looking statement, include, among others: general
economic conditions less favorable than expected, fluctuating demand in the
automotive industry, less favorable than expected growth in sales and profit
margins in the Company's product lines, increased competitive pressures in the
Company's automotive and flow control segments, inherent uncertainties in
connection with international operations and foreign currency fluctuations and
labor relations at the Company and its customers.

ITEM 2 - PROPERTIES
-------------------

The following table provides certain information relating to the Company's
principal facilities as of October 24, 1997:

<TABLE>
<CAPTION>
                                                  SQUARE
              FACILITY                            FOOTAGE                 USE
--------------------------------------            -------     ------------------------------------

Flow Control Products Segment
-----------------------------

<S>                                               <C>         <C>
Washington, Pennsylvania                          105,600     High and low pressure specialty
                                                              valve manufacturing plant, warehouse
                                                              sales and general offices

Elkhart, Indiana                                  222,000     Copper fittings manufacturing
                                                              plant, warehouse, and sales
                                                              and general offices

Fayetteville, Arkansas                            107,800     Copper fittings manufacturing plant

</TABLE>



                                       5
<PAGE>   6
ITEM 2 - PROPERTIES (cont'd)
-------------------

<TABLE>
<CAPTION>
                                                  SQUARE
              FACILITY                            FOOTAGE                 USE
--------------------------------------            -------     ------------------------------------
<S>                                         <C>              <C>
Burlington, Ontario Canada                         20,214     Distribution warehouse and
                                                              branch sales office for
                                                              Flow Control Products

Stowe, Pennsylvania                               250,000     Brass foundry,  machining
                                                              operations, warehouse, and
                                                              sales and general offices

Engineered Components Segment
-----------------------------

Geneva, Indiana                                   105,748     Custom fabricated copper
                                                              and aluminum tubular
                                                              products manufacturing plant

Rancho Cucamonga, California                       70,000     Aluminum and specialty steel
                                                              investment casting foundry


Cedarburg, Wisconsin                              133,000     High-volume, aluminum alloy
                                                              permanent-mold foundry

Richmond, Indiana                                  97,300     High-volume, aluminum alloy
                                                              permanent-mold foundry

Fremont, Indiana                                  139,788     Cast aluminum automotive wheels

Gas City, Indiana                                 152,000     Cast aluminum automotive wheels

Wapakoneta, Ohio                                  188,000     Cast, machined and assembled
                                                              aluminum suspension components

Southfield, Michigan                                8,840     Automotive component
                                                              sales, product development
                                                              and engineering center offices

Tabina S. Maria di Sala, Italy                    215,891     Aluminum passenger car wheels

Tabina S. Maria di Sala, Italy                     20,688     Aluminum passenger car wheels

Tabina S. Maria di Sala, Italy                     44,024     Aluminum automotive wheels

Tabina S. Maria di Sala, Italy                     16,200     Magnesium wheels for OEM,
                                                              racing, and aftermarket

Caselle S. Maria di Sala, Italy                    56,855     Light alloy wheels

Bolzano, Italy                                    196,656     Aluminum cast car wheels,
                                                              truck cast aluminum wheels

Corporate
---------

Dayton, Ohio                                       16,281     Executive and general offices
</TABLE>




                                       6
<PAGE>   7

ITEM 2 - PROPERTIES (cont'd)
-------------------

       The land and building in Rancho Cucamonga, California are leased under a
5-year lease expiring in 2000, with two successive five year renewals at the
Company's option. The Company has the option to purchase the property at the end
of the lease term at an agreed upon price subject to cost of living adjustment
(COLA). The land and building in Burlington, Ontario, are leased under a 3-year
lease expiring in 1998. The land in Richmond and Gas City, Indiana is leased
under 99 year leases, expiring in 2091. The Corporate offices are being leased
for five years expiring in 1998. The Amcast Automotive offices are being leased
for five years expiring in the year 2000, with an option for a five year
renewal. The Speedline S.p.A. building (20,688 square feet) is leased until
2003. The Speedline S.p.A. building (44,024 square feet) is leased for six years
expiring in the year 2002, with an option for a six year renewal. The Speedline
S.p.A. building (16,200 square feet) is leased until 2003. The Speedline
Competition building is leased until 2001. All other properties are owned by the
Company.

       A portion of the land and building at Fayetteville, Arkansas is subject
to a mortgage in favor of Bank One, Dayton, NA, to secure the payment of a
$5,050,000 bond issue dated December 1, 1991, and maturing December 1, 2004.

       The Company's operating facilities are in good condition and are suitable
for the Company's purposes. Utilization of capacity is dependent upon customer
demand. During 1997, total company-wide productive capacity utilization ranged
from 76% to 88%, and averaged 83% of the Company's total capacity.

ITEM 3 - LEGAL PROCEEDINGS
--------------------------

       Refer to "Commitments and Contingencies" in the Notes to Consolidated
Financial Statements of the Company's Annual Report to Shareholders for the year
ended August 31, 1997, Exhibit 13.1, page 46 herein.

       Allied Signal, Inc. has brought a superfund private cost recovery and
contribution action against the Company in the United States District Court for
the Southern District of Ohio, Western Division, which is captioned
ALLIED-SIGNAL, INC. V. AMCAST INDUSTRIAL CORPORATION (Case No. C-3-92-013). The
action involves the Goldcamp Disposal Site in Ironton, Ohio. Allied-Signal has
taken the lead in remediating the site and has estimated that its total costs
for the remediation may reach $30 million. Allied is seeking a contribution from
the Company in an amount equal to 50 percent of the final remediation costs. A
trial in this proceeding was completed in February 1995, but no judgment is
anticipated until after certain post-trial proceedings are completed. The
Company believes its responsibility with respect to the Goldcamp Site is
limited, primarily due to the nature of the foundry sand waste it disposed of at
the site. The Company believes that if it has any liability at all in regard to
the Goldcamp Site, that liability would not be material to its financial
position or results of operations.

ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
------------------------------------------------------------

       None


                                       7
<PAGE>   8


ITEM 4A - EXECUTIVE OFFICERS OF REGISTRANT
------------------------------------------

       John H. Shuey, age 51, has been President and Chief Executive Officer
since March 1995 and a Director since March 1994. Mr. Shuey was President and
Chief Operating Officer from December 1993 to March 1995. Mr. Shuey was
Executive Vice President from February 1991 to December 1993. Mr. Shuey is also
a director of Cooper Tire & Rubber Company.

       Thomas K. Walker, age 56, has been President of Amcast Automotive since
August 1995. From 1992 to 1995, Mr. Walker was President of ITT Automotive's
North American operations. Mr. Walker was also President of Allied Signal
Automotive Catalyst Co. in Tulsa, Oklahoma from 1985 to 1992.

       Dennis A. Bertram, age 60, has been Senior Vice President, Amcast
Automotive and Division Manager of North American Wheel Division since September
1997. Mr. Bertram was Senior Vice President, Manufacturing Strategy from
February 1997 to August 1997. Mr. Bertram was also Senior Vice President,
Operations of Amcast Automotive from August 1995 to January 1997. From May 1992
until July 1995, he was President and General Manager of the same group.

       Giovanni Scarlini, age 46, was appointed General Manager and Managing
Director of Speedline S.p.A. upon Amcast's acquisition of Speedline in August
1997. Mr. Scarlini has been with Speedline since November 1996. From 1986 to
March 1996, Mr. Scarlini occupied several management positions with CESAB, the
most recent being General Manager.

       Michael N. Powell, age 50, has been President of the Flow Control
Products Group, since May 1996. From April 1994 until May 1996, he was Vice
President/General Manager of Superior Valve Company. Mr. Powell was President
and Chief Operating Officer of Versa Technologies, Inc. in Racine, Wisconsin
from May 1991 to December 1993. Prior to that, he was a Senior Vice President
for Mark Controls Corporation in Skokie, Illinois.

       Douglas D. Watts, age 52, has been Vice President, Finance since August
1994. From 1987 to August 1994 Mr. Watts held various financial management
positions with General Cable Corporation, of which the most recent post was Vice
President and Controller. Prior to that, he was Vice President, Finance and
Chief Financial Officer of LCP Chemicals and Plastics Inc., Edison, New Jersey.

       Dean Meridew, age 43, has been Vice President, Amcast Europe since
September 1997. From June 1992 to September 1997, he was Division Manager for
the Company's North American wheel operations. Prior to that, Mr. Meridew was
operations manager and engineering manager within the Company's North American
wheel operations since January 1985.

       William L. Bown, age 51, has been Vice President, Finance, Amcast Europe
since November 1997. From June 1992 to November 1997, he was Vice President and
Controller of the Company. Prior to that, Mr. Bown was Controller of Worthington
Industries, Inc. in Columbus, Ohio.

       Denis G. Daly, age 55, has been Vice President, General Counsel and
Secretary, since January 1990. From January 1988 to December 1989, he worked in
private practice at the law firm of Thompson, Hine, and Flory. From August 1982
to January 1988, he was Vice President, General Counsel and Secretary at Day
International (Dayco) in Dayton.



                                       8
<PAGE>   9


ITEM 4A - EXECUTIVE OFFICERS OF REGISTRANT (cont'd)
---------------------------------------------------

       Robert C. Collevechio, age 45, has been Vice President, Human Resources,
since September 1996. From 1992 to 1996, he was Director of Human Resources for
the North American operations of Carrier Corporation.

       James R. Van Wert, Jr., age 39, has been Vice President, Technology since
June 1997. Prior to that, Mr. Van Wert was with the Aluminum Company of America
(ALCOA), in numerous capacities. His last position was Director of Technology,
Forging & Casting, focusing primarily on the automotive industry.

       Myron E. Frye, age 58, has been Vice President of Purchasing since
November 1992. From March 1983 to November 1992, he was President of
Purchasing/Materials Group, Inc. in Naperville, Illinois.

       Michael R. Higgins, age 51, has been Treasurer since January 1987.

       Officers of Amcast are elected at the Board of Directors' first meeting
following the annual meeting of shareholders and hold office until the first
meeting of the board following the next Annual Meeting of Shareholders.

                                     PART II
                                     -------

ITEM 5 - MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER 
-------------------------------------------------------------------------- 
         MATTERS
         -------

       Amcast common stock is listed on the New York Stock Exchange, ticker
symbol AIZ. As of August 31, 1997, there were 9,177,455 of the Company's common
shares outstanding, and there were approximately 6,100 shareholders of Amcast's
common stock, including shareholders of record and the Company's estimate of
beneficial holders.

<TABLE>
<CAPTION>
                                              Range of Stock
                                                  Prices          
                                          ------------------------             Dividends
                                             High          Low                 Per Share
                                             ----          ---                 ---------

<S>           <C>                         <C>          <C>                        <C>
1997
----
              First Quarter               $  25 3/4    $  17 5/8                  $  .14
              Second Quarter                 25 7/8       22 1/4                     .14
              Third Quarter                  26 1/8       21 1/4                     .14
              Fourth Quarter                 27 1/2       23 15/16                   .14

1996
----
              First Quarter               $  20 1/8    $  16 7/8                  $  .14
              Second Quarter                 19 3/8       17 1/2                     .14
              Third Quarter                  20 1/4       16 3/8                     .14
              Fourth Quarter                 20 1/4       17                         .14
</TABLE>

       Refer to "Long-Term Debt and Credit Arrangements" in the Notes to
Consolidated Financial Statements of the Company's Annual Report to Shareholders
for the year ended August 31, 1997, Exhibit 13.1, pages 42-43 herein for other
information required by this item.


                                    9
<PAGE>   10


ITEM 6 - SELECTED FINANCIAL DATA
--------------------------------

       The information required by this item is incorporated by reference to
"Selected Data" of the Company's Annual Report to Shareholders for the year
ended August 31, 1997, Exhibit 13.1, page 28 herein.

ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
--------------------------------------------------------------------------------
         OF OPERATIONS
         -------------

       The information required by this item is incorporated by reference to
"Management's Discussion of Financial Condition and Results of Operations" of
the Company's Annual Report to Shareholders for the year ended August 31, 1997,
Exhibit 13.1, pages 29 - 32 herein.

ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
----------------------------------------------------

       The information required by this item is incorporated by reference to
"Consolidated Financial Statements and Notes to Consolidated Financial
Statements", together with the report thereon of Ernst & Young LLP and
"Quarterly Financial Data (Unaudited)" of the Company's Annual Report to
Shareholders for the year ended August 31, 1997, Exhibit 13.1, pages 33 - 53
herein.

ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
------------------------------------------------------------------------
         FINANCIAL DISCLOSURE
         --------------------

       None

                                    PART III
                                    --------

ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
------------------------------------------------------------

       The information required by this item relating to directors of the
Company is incorporated herein by reference to that part of the information
under "Election of Directors" beginning on page 2 of the Company's Proxy
Statement for its Annual Meeting of Shareholders to be held on December 18,
1997. Information concerning executive officers of the Company appears under
"Executive Officers of Registrant" at Part I, pages 8 and 9, of this Report.


ITEM 11 - EXECUTIVE COMPENSATION
--------------------------------

       The information required by this item is incorporated herein by reference
to "Executive Compensation" on pages 6 through 12 of the Company's Proxy
Statement for its Annual Meeting of Shareholders to be held on December 18,
1997.


ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
------------------------------------------------------------------------

       The information required by this item is incorporated herein by reference
to "Security Ownership of Directors, Nominees and Officers" on page 5 and
"Security Ownership of Certain Beneficial Owners" on page 14 of the Company's
Proxy Statement for its Annual Meeting of Shareholders to be held on December
18, 1997.


ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
--------------------------------------------------------

       The information required by this item is contained on pages 9 and 12 in
the Company's Proxy Statement for its Annual Meeting of Shareholders to be held
on December 18, 1997, which is incorporated herein by reference.



                                       10
<PAGE>   11


                                     PART IV
                                     -------

ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
--------------------------------------------------------------------------

(a)      Documents filed as part of this report.

1.       Financial statements:

             The following financial statements of Amcast Industrial Corporation
             and subsidiaries, included in the Annual Report to Shareholders for
             the year ended August 31, 1997, are incorporated by reference at
             Item 8 of this report.

             Consolidated Statements of Income Years Ended August 31, 1997,
                      1996, and 1995.

             Consolidated Statements of Financial Condition August 31, 1997 and
                      1996.

             Consolidated Statements of Shareholders' Equity Years Ended August
                      31, 1997, 1996 and 1995.

             Consolidated Statements of Cash Flows Years Ended August 31, 1997,
                      1996, and 1995.

             Notes to Consolidated Financial Statements

             Report of Independent Auditors


2. Consolidated financial statement schedule:

<TABLE>
<CAPTION>
               Schedule                                                                            Page Number
                Number                           Description                                       In This Report
               --------        ------------------------------------------------------------        --------------

<S>                            <C>                                                                        <C>
                   II          Valuation and Qualifying Accounts and Reserves - August 31,
                               1997, 1996, and 1995                                                       13
</TABLE>

             All other financial statement schedules are omitted because they
             are not applicable or because the required information is shown in
             the financial statements or in the notes thereto.

3.       Exhibits - See Index to Exhibits (page 14 hereof).

4.       Reports on Form 8-K - During the fourth quarter ended August 31, 1997,
         the Company did not file any reports on Form 8-K.




                                       11
<PAGE>   12


                                   SIGNATURES

       Pursuant to the requirements of Section 13 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, on the 24th day of November 1997.

                                                AMCAST INDUSTRIAL CORPORATION
                                                (Registrant)

                                            By  /s/John H. Shuey
                                                -------------------------------
                                                John H. Shuey
                                                President and
                                                Chief Executive Officer

       Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities indicated.

<TABLE>
<CAPTION>
        Signature                                  Title                               Date
------------------------                -----------------------------           -----------------

<S>                                     <C>                                     <C>
/s/John H. Shuey                        President, Chief Executive              November 24, 1997
----------------------                  Officer, Director            
John H. Shuey                           (Principal Executive Officer)
                      

/s/Douglas D. Watts                     Vice President, Finance                 November 24, 1997
-------------------                     (Principal Financial and
Douglas D. Watts                         Accounting Officer)    

*Leo W. Ladehoff                        Chairman of the Board,
                                        Director                                November 24, 1997
*James K. Baker                         Director                                November 24, 1997
*Walter E. Blankley                     Director                                November 24, 1997
*Peter H. Forster                       Director                                November 24, 1997
*Ivan W. Gorr                           Director                                November 24, 1997
*Earl T. O'Loughlin                     Director                                November 24, 1997
*William G. Roth                        Director                                November 24, 1997
*R. William Van Sant                    Director                                November 24, 1997
</TABLE>

       *The undersigned John H. Shuey, by signing his name hereto, does sign and
execute this annual report on Form 10-K on behalf of each of the above-named
directors of the registrant pursuant to powers of attorney executed by each such
director and filed with the Securities and Exchange Commission as an exhibit to
this report.

                                                   By  /s/John H. Shuey
                                                       -------------------------
                                                       John H. Shuey
                                                       Attorney in Fact



                                       12
<PAGE>   13





          SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES

                 AMCAST INDUSTRIAL CORPORATION AND SUBSIDIARIES

                                ($ In Thousands)



<TABLE>
<CAPTION>
                                                                        Additions
                                                            --------------------------------
                                                 Balance     Charged to        Charged to
                                                Beginning     Costs and          Other                            Balance at
                        Description             of Period     Expenses          Accounts        Deductions       End of Period
-----------------------------------------------------------------------------------------------------------------------------------

<S>                                        <C>                             <C>                <C>                  <C>
Deducted From Asset Accounts 

     Reserves for unrealized 
     losses on properties and
     other assets held for sale:

         Year ended August 31, 1997        $    3,071                                         $      (253)(1)      $   2,818
         Year ended August 31, 1996        $    3,071                                                              $   3,071
         Year ended August 31, 1995        $    3,073                      $   1,136(2)       $    (1,138)(3)      $   3,071


<FN>
(1) Write off of assets against reserve. 
(2) Revised estimate of unrealized loss on sale of assets.
(3) Loss on sale of assets.
</TABLE>


                                       13
<PAGE>   14


                                INDEX OF EXHIBITS

<TABLE>
<CAPTION>
Exhibit                                                                                      Located at
Number                                 Description                                          Numbered Page
--------          --------------------------------------------------------------            -------------

<S>               <C>                                                                            <C>
    3             ARTICLES OF INCORPORATION AND BY-LAWS:

                  3.1  Articles of Incorporation of Amcast Industrial
                       Corporation, incorporated by reference from Form 10-K for
                       the year ended August 31, 1996.

                  3.2  Code of Regulations of Amcast Industrial Corporation,
                       incorporated by reference from Form 10-K for the year
                       ended August 31, 1996.

     4            INSTRUMENTS DEFINING THE RIGHTS OF SECURITY
                  HOLDERS, INCLUDING INDENTURES:

                  4.1   $200,000,000 revolving credit agreement between Amcast
                        Industrial Corporation and KeyBank National Association
                        dated August 14, 1997, incorporated by reference from
                        Form 8-K filed September 3, 1997.

                  4.2   Loan Agreement between the City of Elkhart, Indiana,
                        and Elkhart Products Corporation, dated as of February
                        1, 1988, for $2,050,000, Economic Development
                        Revenue Refunding Bonds, Series 1988, .                                    +

                  4.3   $10,000,000 Senior Note Agreement between Amcast
                        Industrial Corporation and Principal Mutual Life
                        Insurance Company dated September 1, 1989, as amended,
                        incorporated by reference from Form 10-K for the year
                        ended August 31, 1996.

                  4.4   Amendment Agreement, dated July 24, 1995, to the
                        $10,000,000 Senior Note Agreement between Amcast
                        Industrial Corporation and Principal Mutual Life
                        Insurance Company, dated September 1, 1989 -
                        incorporated by reference from Form 10-K for the year
                        ended August 31, 1995.

                  4.5   Loan Agreement by and between the City of Fayetteville,
                        Arkansas, and Amcast Industrial Corporation, dated as of
                        December 1, 1991, for $5,050,000 City of Fayetteville,
                        Arkansas, variable/fixed rate demand Industrial
                        Development Revenue Refunding Bonds, Series 1992.                          +

                  4.6   Lease Agreement between PNC Leasing Corp., lessor, and
                        Amcast Industrial Corporation, lessee, dated July 15,
                        1992 incorporated by reference from Form 10-K for the
                        year ended August 31, 1993.
</TABLE>


                                       14
<PAGE>   15


                           INDEX TO EXHIBITS (cont'd)
                           -----------------

<TABLE>
<CAPTION>
Exhibit                                                                                      Located at
Number                                 Description                                          Numbered Page
--------          --------------------------------------------------------------            -------------

<S>               <C>                                                                               <C>
                  4.7   Lease Agreement between PNC Leasing Corp., lessor, and
                        Amcast Industrial Corporation, lessee, dated
                        August 8, 1996.                                                              +

                  4.8   Amcast guarantee of $15,000,000 of the $25,000,000 Credit
                        and Intercreditor Agreement between Casting Technology
                        Company (a joint venture partnership between Amcast
                        Industrial Corporation and Izumi Industries, Ltd.) and
                        National Bank of Detroit and The Asahi Bank,
                        Ltd., and a copy of the Creditor and Intercreditor
                        Agreement, dated July 28, 1995 - incorporated by
                        reference from Form 10-K for the year ended August 31,1995.

                  4.9   Amendment Agreement, dated January 5, 1996, to the
                        $25,000,000 Credit and Intercreditor Agreement between
                        Casting Technology Company and National Bank of Detroit
                        and The Asahi Bank, Ltd., dated July 28, 1995,
                        incorporated by reference from Form 10-K for the year
                        ended August 31, 1996.

                  4.10  Amendment Agreement, dated May 31,1996, to the
                        $25,000,000 Credit and Intercreditor Agreement between
                        Casting Technology Company and National Bank of Detroit
                        and The Asahi Bank, Ltd., dated July 28,1995, and amended
                        Guarantee Agreement which increased Amcast's guarantee
                        to $21,000,000 of the revised credit amount of $35,000,000,
                        incorporated by reference from Form 10-K for the year
                        ended August 31, 1996.                                

                  4.11  Amendment Agreement dated January 28, 1997, to the
                        credit and intercreditor agreement between Casting
                        Technology Company and National Bank of Detroit, aka
                        NBD Bank, and the Asahi Bank, Ltd., dated July 28,
                        1995, and Amended Guaranty Agreement which increased
                        Amcast's guarantee to
                        $23,400,000 of the revised credit amount of $39,000,000.                  21

                  4.12  $50,000,000 Note Agreement between Amcast Industrial
                        Corporation and Principal Mutual Life Insurance Company
                        and The Northwestern Mutual Life Insurance Company,
                        dated November 1, 1995 - incorporated by reference from
                        Form 10-K for the year ended August 31,1995.

    10            MATERIAL CONTRACTS:

                  10.1   Amcast Industrial Corporation Employee Share- builder
                         Plan effective August 26, 1987, incorporated by
                         reference from Form 10-K for the year ended August 31,
                         1996.
</TABLE>


                                       15
<PAGE>   16


                           INDEX TO EXHIBITS (cont'd)

<TABLE>
<CAPTION>
Exhibit                                                                                      Located at
Number                                 Description                                          Numbered Page
--------          --------------------------------------------------------------            -------------

<S>               <C>                                                                               <C>
                  10.2   Amcast Industrial Corporation Annual Incentive Plan
                         effective September 1, 1982, incorporated by reference
                         from Form 10-K for the year ended August 31, 1996.

                  10.3   Deferred Compensation Agreement for Directors of Amcast
                         Industrial Corporation, incorporated by reference from
                         Form 10-K for the year ended August 31, 1996.

                  10.4   Executive Agreement between Amcast Industrial
                         Corporation and Leo W. Ladehoff, Chairman of the Board
                         and former Chief Executive Officer of the Company,
                         dated March 3, 1995 incorporated by reference from Form
                         10-Q for the quarter ended May 28, 1995.

                 10.5    Indemnification Agreement for Directors of Amcast
                         Industrial Corporation, effective October 30, 1987,
                         incorporated by reference from Form 10-K for the year
                         ended August 31, 1996.

                 10.6    First Master Benefit Trust Agreement between Amcast
                         Industrial Corporation and Bank One, Dayton, NA,
                         effective March 11, 1988, incorporated by reference
                         from Form 10-K for the year ended August 31, 1996.

                 10.7    Amcast Industrial Corporation 1989 Stock
                         Incentive Plan, effective October 19, 1988 -
                         as amended, effective December 9, 1992 and
                         as amended, effective November 1, 1996 -
                         incorporated by reference from Form 10-Q
                         for the quarter ended February 28, 1994.

                 10.8    Amcast Industrial Corporation 1989 Director Stock
                         Option Plan, effective October 19, 1988, incorporated
                         by reference from Form 10-K for the year ended August
                         31, 1996.

                 10.9    Amcast Industrial Corporation Change of Control
                         Agreements effective September 1, 1996, incorporated by
                         reference from Form 10-K for the year ended August 31,
                         1996.
</TABLE>



                                       16
<PAGE>   17


                           INDEX TO EXHIBITS (cont'd)
                           -----------------

<TABLE>
<CAPTION>
Exhibit                                                                                      Located at
Number                                 Description                                          Numbered Page
--------          --------------------------------------------------------------            -------------

<S>               <C>                                                                            <C>
                 10.10   Amcast Industrial Corporation Long-Term Incentive Plan
                         effective September 1, 1991 incorporated by reference
                         from Form 10-K for the year ended August 31, 1992.

                 10.11   Amcast Industrial Corporation Nonqualified
                         Supplementary Benefit Plan, effective May 29, 1991 -
                         incorporated by reference from Form 10-K for the year
                         ended August 31, 1994.

                 10.12   Change of Control Agreement between Amcast Industrial
                         Corporation and John H. Shuey, Chief Executive Officer,
                         effective August 14, 1995 incorporated by reference
                         from Form 10-K for the year ended August 31,1995.

                 10.13   Share Purchase Agreement between Amcast
                         Industrial Corporation and Speedline International
                         Holding B.V., Gerance S.A., San Marco Finanziaria
                         S.p.A., Mr. Antonio Zacchello, Mr. Giancarlo
                         Zacchello, Mr. Gianni Zacchello, Mr. Franco
                         Zacchello and Ms. Graziella Zacchello,
                         effective July 18, 1997, incorporated by reference
                         from Form 8-K filed September 3, 1997.

    13           ANNUAL REPORT TO SECURITY HOLDERS:

                 13.1    Amcast Industrial Corporation Annual Report to
                         Shareholders for year ended August 31, 1997. Those
                         portions of the Annual Report as are specifically
                         referenced under Parts I, II, and IV of
                         this report are filed herein.                                           28

    21            SUBSIDIARIES OF THE REGISTRANT:


                  Amcast Industrial Corporation has twenty-four wholly-owned
                  subsidiaries which are included in the consolidated financial
                  statements of the Company. Information regarding these
                  subsidiaries is set forth below:

                  Amcast Industrial Limited
                  Jurisdiction of Incorporation:                       Ontario, Canada
                  Name Under Which Business Is Done:                   Amcast Industrial Limited

                  Elkhart Products Corporation
                  Jurisdiction of Incorporation:                       Indiana
                  Name Under Which Business Is Done:                   Elkhart Products Corporation
</TABLE>


                                       17
<PAGE>   18


INDEX TO EXHIBITS (cont'd)
-----------------

<TABLE>
<CAPTION>
Exhibit                                                                                      Located at
Number                                 Description                                          Numbered Page
--------          --------------------------------------------------------------            -------------

<S>                                                                    <C>

                  WheelTek, Inc.
                  Jurisdiction of Incorporation:                       Indiana
                  Name Under Which Business Is Done:                   WheelTek, Inc. and Amcast
                                                                       Automotive Wheel Division

                  Amcast Precision Products, Inc.
                  Jurisdiction of Incorporation:                       California
                  Name Under Which Business Is Done:                   Amcast Precision Products, Inc.

                  Amcast Investment Services Corporation
                  Jurisdiction of Incorporation:                       Delaware
                  Name Under Which Business Is Done:                   Amcast  Investment Services
                                                                       Corporation

                  Amcast Industrial Financial Services, Inc.
                  Jurisdiction of Incorporation:                       Ohio
                  Name Under Which Business is Done:                   Amcast Industrial
                                                                       Financial Services, Inc.

                  Amcast Industrial Sales Corporation
                  Jurisdiction of Incorporation:                       U.S. Virgin Islands
                  Name Under Which Business is Done:                   Amcast Industrial Sales Corporation

                  Amcast Automotive, Inc.
                  Jurisdiction of Incorporation:                       Michigan
                  Name Under Which Business is Done:                   Amcast Automotive, Inc.

                  Flagg Brass, Inc.
                  Jurisdiction of Incorporation:                       Ohio
                  Name Under Which Business is Done:                   Flagg Brass, Inc.

                  Amcast Casting Technologies, Inc.
                  Jurisdiction of Incorporation:                       Indiana
                  Name Under Which Business is Done:                   Amcast Casting Technologies, Inc.

                  AS International, Inc.
                  Jurisdiction of Incorporation:                       Delaware
                  Name Under Which Business is Done:                   AS International, Inc.

                  Amcast Italia S.r.l.
                  Jurisdiction of Incorporation:                       Italy
                  Name Under Which Business Is Done:                   Amcast Italia S.r.l.

                  ASW International I, B.V.
                  Jurisdiction of Incorporation:                       The Netherlands
                  Name Under Which Business is Done:                   ASW International I, B.V.
</TABLE>


                                       18
<PAGE>   19


                           INDEX TO EXHIBITS (cont'd)
                           -----------------

<TABLE>
<CAPTION>
Exhibit                                                                                      Located at
Number                                 Description                                          Numbered Page
--------          --------------------------------------------------------------            -------------

<S>                                                                    <C>

                  ASW International II, B.V.
                  Jurisdiction of Incorporation:                       The Netherlands
                  Name Under Which Business is Done:                   ASW International II, B.V.

                  Speedline S.p.A.
                  Jurisdiction of Incorporation:                       Italy
                  Name Under Which Business is Done:                   Speedline S.p.A.

                  Speedcast B.V.
                  Jurisdiction of Incorporation:                       The Netherlands
                  Name Under Which Business Is Done:                   Speedcast B.V.

                  Speedline Aluminia S.p.A.
                  Jurisdiction of Incorporation:                       Italy
                  Name Under Which Business Is Done:                   Speedcast Aluminia S.p.A.

                  Speedline Engineering S.p.A.
                  Jurisdiction of Incorporation:                       Italy
                  Name Under Which Business Is Done:                   Speedline Engineering S.p.A.

                  Speedline Competition S.r.l.
                  Jurisdiction of Incorporation:                       Italy
                  Name Under Which Business Is Done:                   Speedline Competition S.r.l.

                  Autolambro S.r.l.
                  Jurisdiction of Incorporation:                       Italy
                  Name Under Which Business Is Done:                   Autolambro S.r.l.

                  Alustampi S.r.l.
                  Jurisdiction of Incorporation:                       Italy
                  Name Under Which Business Is Done:                   Alustampi S.r.l.

                  Speedline UK Limited
                  Jurisdiction of Incorporation:                       England
                  Name Under Which Business Is Done:                   Speedline UK Limited

                  Speedline France S.a.r.l.
                  Jurisdiction of Incorporation:                       France
                  Name Under Which Business Is Done:                   Speedline France S.a.r.l.

                  SL Wheels, Inc.
                  Jurisdiction of Incorporation:                       Michigan
                  Name Under Which Business Is Done:                   SL Wheels, Inc.
</TABLE>



                                       19
<PAGE>   20


                           INDEX TO EXHIBITS (cont'd)
                           -----------------

<TABLE>
<CAPTION>
Exhibit                                                                                      Located at
Number                                 Description                                          Numbered Page
--------          --------------------------------------------------------------            -------------

<S>               <C>                                                                            <C>
    23            CONSENTS OF EXPERTS AND COUNSEL:

                  23.1   Consent of Ernst & Young LLP dated
                         November 21, 1997, with respect to the
                         incorporation by reference of
                         their report dated October 16, 1997 into this
                         Annual Report (Form 10-K), the inclusion of the
                         financial statement schedule listed in Item 14(a)(2)
                         to the financial statements covered by their report
                         dated October 16, 1997, and material incorporated by
                         reference into Amcast Industrial Corporation's
                         Post-Effective Amendment No. 1 to Registration
                         Statement No. 33-2876 on Form S-8, on Registration
                         Statements on Form S-8 (Registration Nos. 33-18690,
                         33-28080, 33-28084, 33-38176, 33-61290 and 333-00133),
                         and on Registration Statement No. 33-28075 on
                         Form S-3                                                                54

    24            POWER OF ATTORNEY:

                  24.1   Powers of attorney of persons who are indicated as
                         having executed this Annual Report Form 10-K
                         on behalf of another.                                                   55

    27            FINANCIAL DATA SCHEDULE:

                  27.1   Article 5 of Regulation S-X Financial Data Schedule
                         Form 10-K for the year ended August 31, 1997.                           63
</TABLE>


+   Indicates that the document relates to a class of indebtedness that does not
    exceed 10% of the total consolidated assets of the Company and that the
    Company will furnish a copy of the document to the Commission upon its
    request.




                                       20