UNITED STATES
                                        
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549
                                        
                                    Form 10-Q


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

     For the quarterly period ended        SEPTEMBER 30, 1996

                                  OR

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

     For the transition period from            to


     Commission File Number:                33-98522

                           GREAT LAKES CARBON CORPORATION
             (Exact name of registrant as specified in its charter)

             DELAWARE                                  13-3637043
(State or other jurisdiction of                     (I.R.S. Employer
 incorporation or organization)                     Identification No.)

 110 East 59th Street, New York, New York                  10022
(Address of principal executive office)                 (Zip Code)

                              (212) 527-3002
          (Registrant's telephone number, including area code)

                               Not Applicable
               (Former name, former address and former
               fiscal year, if changed since last report)

        Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
                            Yes [X]  No [  ].
<PAGE>
<TABLE>
                      GREAT LAKES CARBON CORPORATION

FORM 10-Q                                             September 30, 1996

                                CONTENTS
<CAPTION>                                                              
                                                                   Page No.
<S>                                                                  <C>
PART I. FINANCIAL INFORMATION

  Item 1.  Financial Statements

           Condensed Consolidated Balance Sheets -
           September 30, 1996 and December 31, 1995. . . . . . . .  .1

           Condensed Consolidated Statements of Operations -
           Nine Months Ended September 30, 1996 and 1995 . . . . .  .2

           Condensed Consolidated Statement of Operations -
           Three Months Ended September 30, 1996 and 1995. . . . .. .3

           Condensed Consolidated Statement of Stockholders'
           Equity - Nine Months Ended September 30, 1996 . . . . .. .4

           Condensed Consolidated Statements of Cash Flows -
           Nine Months Ended September 30, 1996 and 1995 . . . . .. .5

           Notes to Condensed Consolidated Financial Statements. .. .6

  Item 2.  Management's Discussion and Analysis of
           Financial Condition and Results of Operations . . . . .. .7

PART II.   OTHER INFORMATION

  Item 1.  Legal Proceedings . . . . . . . . . . . . . . . . . . .. .9

  Item 2.  Changes in Securities . . . . . . . . . . . . . . . . .. .9 

  Item 3.  Defaults Upon Senior Securities . . . . . . . . . . . .. .9 

  Item 4.  Submission of Matters to a Vote
           of Security Holders . . . . . . . . . . . . . . . . . .. .9 

  Item 5.  Other Information . . . . . . . . . . . . . . . . . . .  .9 

  Item 6.  Exhibits and Reports on Form 8-K. . . .  . . . . . . . . .9
</TABLE>

<PAGE>
<TABLE>
                         GREAT LAKES CARBON CORPORATION

                      CONDENSED CONSOLIDATED BALANCE SHEETS

                        (In thousands, except share data)
<CAPTION>

                                              September 30,    December 31,
                                                  1996             1995
                                               ----------      -----------
                                               (Unaudited)      (Audited)
<S>                                             <C>             <C>
ASSETS
Current Assets
  Cash                                          $ 15,415        $   5,652
  Accounts receivable, net                        30,089           22,083
  Inventories                                     32,963           26,171
  Prepaid expenses and other current assets        3,819            3,264
                                                 -------          -------
        Total Current Assets                      82,286           57,170

Property, Plant and Equipment - Net               48,483           50,255

Other Assets                                       5,902            6,505
                                                 -------          -------
                                                $136,671         $113,930

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities
  Accounts payable                              $ 17,747         $ 15,779
  Accrued expenses                                11,042            9,877
  Income taxes payable                             3,339            3,097
  Current portion of long-term debt                1,391            1,406
                                                 -------          -------
        Total Current Liabilities                 33,519           30,159

Long-Term Debt, Less Current Portion              71,841           72,885
Other Long-Term Liabilities                        3,129            2,898
Deferred Taxes                                     2,737            2,092

Stockholders' Equity
  Common stock, par value $0.01 per share,
  authorized,issued and outstanding 100,000 shares     1                1
  Additional paid-in capital                       5,509            5,509
  Retained earnings                               19,935              386
                                                 -------           ------
                                                  25,445            5,896
                                                 -------          -------
                                                $136,671         $113,930
<FN>
See notes to consolidated financial statements.
</TABLE>

<PAGE>
<TABLE>                       
                       GREAT LAKES CARBON CORPORATION

              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                               (Unaudited)

                             (In thousands)
                             
<CAPTION>                             
                                              Nine Months Ended September 30,
                                                        1996        1995
                                                       -------     -------
<S>                                                   <C>         <C>
Net Sales                                             $179,362    $127,198
Cost of Goods                                          130,553     102,150
                                                       -------     -------
        Gross Profit                                    48,809      25,048

Selling, general and administrative expenses            11,535       6,675
                                                       -------     -------
        Operating Income                                37,274      18,373

Other income (expense):
  Interest, net                                         (5,269)       (763)
  Asset utilization fee to parent                           --      (4,781)
  Other, net                                               167        (483)
                                                        -------     -------
                                                        (5,102)     (6,027)
        
        Income Before Income Taxes                      32,172      12,346

Provision for income taxes                              11,623       3,975
                                                        -------     -------
        Net Income                                    $ 20,549    $  8,371 

<FN>
See notes to consolidated financial statements.
</TABLE>

<PAGE>
<TABLE>
                       GREAT LAKES CARBON CORPORATION

              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                               (Unaudited)

                              (In thousands)

<CAPTION>                              
                                             Three Months Ended September 30,
                                                      1996          1995
                                                     -------       -------
<S>                                                  <C>           <C>
Net Sales                                            $68,885       $49,524
Cost of Goods Sold                                    50,226        37,805
                                                     -------       -------
        Gross Profit                                  18,659        11,719

Selling, general, and administrative expenses          3,939         2,331
                                                     -------       -------
        Operating Income                              14,720         9,388

Other income (expense):
  Interest, net                                       (1,726)         (226)
  Asset utilization fee to parent                        --         (1,651)
  Other, net                                              (9)         (675)
                                                     -------       -------
                                                      (1,735)       (2,552)
        
        Income Before Income Taxes                    12,985         6,836

Provision for income taxes                             4,961         2,450
                                                     -------       -------
        Net Income                                   $ 8,024       $ 4,386
<FN>
See notes to consolidated financial statements.
</TABLE>

<PAGE>
<TABLE>
                       GREAT LAKES CARBON CORPORATION

          CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS'EQUITY

                                (Unaudited)
     
                               (In thousands)

<CAPTION>
                                  Additional                    Total
                      Common       Paid-In      Retained     Stockholders'
                       Stock       Capital      Earnings        Equity
                     --------     ----------    ---------    -----------
<S>                  <C>          <C>           <C>           <C>
Balance at 
December 31, 1995    $      1     $  5,509      $    386      $  5,896

  Net income             --            --         20,549        20,549
  Dividends paid         --            --          1,000         1,000
                     --------     ----------    ---------    -----------
Balance at
September 30, 1996   $      1     $  5,509      $ 19,935      $ 25,445

<FN>
See notes to consolidated financial statements.
</TABLE>

<PAGE>
<TABLE>                        
                        GREAT LAKES CARBON CORPORATION

                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                 (Unaudited)
     
                               (In thousands)

<CAPTION>          
                                            Nine Months Ended September 30,
                                                  1996         1995
                                                --------     --------
<S>                                             <C>          <C>
Net Cash Provided By Operating Activities       $ 16,873     $  8,116

Net Cash Used In Investing Activities             (5,051)      (3,600)

Net Cash Used By Financing Activities             (2,059)      (3,362)

Increase In Cash                                   9,763        1,154

Cash At Beginning Of Period                        5,652          310
                                                --------     --------
Cash At End Of Period                           $ 15,415     $  1,464

<FN>
See notes to consolidated financial statements.
</TABLE>

<PAGE>
                      
                      GREAT LAKES CARBON CORPORATION

           NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                            SEPTEMBER, 30 1996
   
                               (Unaudited)
    
          

Note 1:  Basis of Presentation

The accompanying unaudited consolidated financial statements have been
prepared in accordance with Article 10 of Regulation S-X and, therefore,
do not include all information and footnotes necessary for a fair
presentation of financial position, results of operations, and cash flows
in conformity with generally accepted accounting principles. The information
furnished reflects all adjustments (consisting of normal recurring
adjustments) which are, in the opinion of management, necessary for a fair
summary of the results of operations.

Note 2:  Inventories

Inventories are as follows:

                                  September 30,      December 31,
                                       1996             1995    
                                           (In Thousands)
                                     -------           -------
           Raw materials             $20,518           $16,358
           Finished goods              7,431             5,573
           Supplies and spare parts    5,014             4,240
                                     -------           -------
                                     $32,963           $26,171


Note 3:  Accrued Expenses

Accrued expenses included interest payable of $1,708,000 and $359,000 at
September 30, 1996 and December 31, 1995, respectively.  

<PAGE>

                  MANAGEMENT'S DISCUSSION AND ANALYSIS OF
               FINANCIAL CONDITION AND RESULTS OF OPERATIONS


            Three Months Ended September 30, 1996 Compared to
                  Three Months Ended September 30, 1995.

   The Company's net sales for the third quarter of 1996 increased to $68.9
million from $49.5 million in the prior year's quarter.  Anode grade CPC net
sales increased to $57.8 million from $42.2 as a result of increased selling
prices that were partially offset by lower sales volume. Industrial grade CPC
net sales increased to $9.9 million from $6.7 million, due to both increased 
selling prices and higher sales volume.
   Gross profit for the third quarter increased to $18.7 million from $11.7
million in the prior year's quarter.  The increase in gross profit margin
was the result of the increase in net sales which more than offset the
increase in cost of sales.  The higher cost of sales was mainly the result
of higher raw material costs.
   Operating income for the third quarter increased to $14.7 million from
$9.4 million in the prior year's quarter.  The increase in operating income
was the result of the improved gross profit that was partially offset by an 
increase in selling, general and administrative expenses to $3.9 million
from $2.3 million, primarily related to higher compensation, professional
fees and office overhead expenses.  
   Income before income taxes increased to $13.0 million from $6.8 million
in the prior year's quarter primarily as a result of the improvement in
operating income discussed above.  Other expenses decreased to $1.7 million
from $2.5 million primarily due to a non-recurring relocation reserve booked
in the prior year's quarter.  The other major components of other income 
(expense) were essentially unchanged from the prior year's quarter since the 
increase in net interest expense arising from the outstanding $65 million, 
10% Senior Secured Notes, issued in December 1995, was offset by the effects 
of the decrease in asset utilization fee to parent, which was terminated in 
December 1995.
   Third quarter 1996 net income increased to $8.0 million from $4.4 million
in the prior year's quarter, primarily due to the higher income before income 
taxes described above. 

                     Nine Months Ended September 30, 1996
                Compared to Nine Months Ended September 30, 1995.
   
   The Company's net sales for the nine months of 1996 increased to $179.4
million from $127.2 million in the corresponding period of 1995.  Anode grade 
CPC net sales increased to $147.5 million from $104.7 million, primarily as a 
result of increased selling prices, which were partially offset by lower sales
volume. Industrial grade CPC net sales increased to $28.7 million from $20.5
million, due to both higher sales volume and increased selling prices.
   Gross profit for the nine months increased to $48.8 million from $25.0
million in the prior year period.  The increase in gross profit margin was
the result of the increase in net sales which more than offset the increase
in cost of sales.  The higher cost of sales was mainly the result of higher
raw material costs.

<PAGE>   
   
   Operating income for the nine months increased to $37.3 million from $18.4
million in the prior year period.  The increase in operating income was the
result of the improved gross profit that was partially offset by an increase
in selling, general and administrative expenses to $11.5 million from $6.7 
million, primarily related to higher compensation, professional fees and 
office overhead expenses.  
   Income before income taxes increased to $32.2 million from $12.3 million 
in the prior year period primarily as a result of the improvement in operating
income discussed above.  Other expense decreased to $5.1 million from $6.0 
million primarily due to a non-recurring relocation reserve booked in the 
prior year's period.  The other major components of other income (expense) 
were essentially unchanged from the prior year period since the increase in 
net interest expense arising from the outstanding $65 million, 10% Senior 
Secured Notes, issued in December 1995, was offset by the effects of the 
decrease in asset utilization fee to parent, which was terminated in December
1995.  
   Net income for the nine months of 1996 increased to $20.5 million from $8.4 
million in the prior year primarily due to the higher income before income 
taxes described above.

Liquidity and Capital Resources
   The Company's liquidity requirements are primarily for debt service,
capital expenditures and general working capital needs.  The Company expects
to meet its liquidity needs through cash from operations and its revolving
credit facility.  The timing of inventory receipts and product shipments, all
of which transactions are entirely U.S. dollar denominated, can have a 
substantial impact on the Company's working capital requirements.  Capital
investments generally relate to facility maintenance and projects to improve
plant throughput and product quality.  It is anticipated that capital 
investments for 1996 will be $6.0 million.  
   The $15.0 million revolving credit facility referred to above includes a
$10.0 million sub-limit for letters of credit and is subject to borrowing
base limitations.  As of November 11, 1996, the Company had no borrowings and
outstanding letters of credit of $2.7 million under this facility.
                         
<PAGE>                         
                         
                         GREAT LAKES CARBON CORPORATION
                                        
                           PART II - OTHER INFORMATION


Item 1. Legal Proceedings

             Not applicable.

Item 2. Change in Securities

             Not applicable.

Item 3. Defaults Upon Senior Securities

             Not applicable.

Item 4. Submission of Matters to a Vote of Security Holders

             Not applicable.

Item 5. Other Information

             Not applicable.

Item 6. Exhibits and Reports on Form 8-K

        (a)  List of Exhibits:

             Not applicable.

        (b)  Reports on Form 8-K

             The Company filed no reports on Form 8-K with the Commission
             during the six months ended September 30, 1996.
                              
<PAGE>                              
                              
                              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.



                                 GREAT LAKES CARBON CORPORATION



Date: ___11/14/96_____                /s/James D. McKenzie
                                      James D. McKenzie
                                      President and Chief Executive Officer



Date: ___11/14/96_____                /s/Ronald J. Statile
                                      Ronald J. Statile
                                      Vice President and Treasurer