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 June 30, 2001

                                       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:                      333-59545


                        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.)

551 Fifth Avenue, Suite 3600, New York, New York           10176
(Address of principal executive office)                  (Zip Code)

                                (212) 370-5770
             (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> 1 of 17
<TABLE>
                        GREAT LAKES CARBON CORPORATION

FORM 10-Q                                                        June 30, 2001
                                   CONTENTS
<CAPTION>
                                                                      Page No.
<S>                                                                       <C>
PART I. FINANCIAL INFORMATION

 Item 1.  Financial Statements

          Condensed Consolidated Balance Sheets -
          December 31, 2000 and June 30, 2001 . . . . . . . . . . . . . . 3

          Condensed Consolidated Statements of Operations -
          For the six months ended June 30, 2000 and 2001 . . . . . . . . 4
          For the three months ended June 30, 2000 and 2001 . . . . . . . 5

          Condensed Consolidated Statements of Stockholder's Equity -
          For the six months ended June 30, 2001. . . . . . . . . . . . . 6

          Condensed Consolidated Statements of Cash Flows -
          For the six months ended June 30, 2000 and 2001 . . . . . . . . 7

          Notes to Condensed Consolidated Financial Statements. . . . . . 8

 Item 2.  Management's Discussion and Analysis of
          Financial Condition and Results of Operations . . . . . . . . .12

PART II. OTHER INFORMATION

 Item 1.  Legal Proceedings. . . . . . . . . . . . . . . . . . . . . . . 16

 Item 2.  Changes in Securities. . . . . . . . . . . . . . . . . . . . . 16

 Item 3.  Defaults Upon Senior Securities. . . . . . . . . . . . . . . . 16

 Item 4.  Submission of Matters to a Vote of Security Holders. . . . . . 16

 Item 5.  Other Information. . . . . . . . . . . . . . . . . . . . . . . 16

 Item 6.  Exhibits and Reports on Form 8-K . . . . . . . . . . . . . . . 16
</TABLE>
<PAGE> 2 of 17
                        PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements
<TABLE>
                        Great Lakes Carbon Corporation
                               and Subsidiaries
                     Condensed Consolidated Balance Sheets

                (In thousands, except share and per share data)
<CAPTION>
                                                                  (Unaudited)
                                                    December 31,    June 30,
                                                        2000          2001
                                                     --------      --------
<S>                                                  <C>           <C>
Assets
Current assets:
 Cash and cash equivalents                           $ 11,239      $ 10,905
 Accounts receivable-net of allowance for doubtful
  accounts of $600 in 2000 and 2001                    33,598        37,067
 Inventories                                           36,137        40,561
 Prepaid expenses and other current assets              4,574         5,068
                                                     --------      --------
        Total current assets                           85,548        93,601

Property, plant and equipment, net                    190,354       183,649

Goodwill, net of accumulated amortization
  of $11,682 in 2000 and $13,919 in 2001              167,273       165,036
Capitalized financing costs                            12,867        11,705
Investment in GLAC Debentures                          15,613        27,151
Other assets                                            1,918         1,699
                                                     --------      --------
Total assets                                         $473,573      $482,841
                                                     ========      ========

Liabilities and stockholder's equity
Current liabilities:
 Accounts payable                                    $ 18,024      $ 18,958
 Accrued expenses                                      11,528        10,308
 Income taxes payable                                   2,171         1,141
 Current portion of long-term debt                     15,390        19,086
                                                     --------      --------
        Total current liabilities                      47,113        49,493

Long-term debt, less current portion                  247,748       244,340
Other long-term liabilities                             6,901         7,056
Deferred taxes                                         53,447        51,459
Due to parent                                           3,349         7,360

Stockholder's equity:
 Common stock, par value $0.01 per share;
  1,000 authorized, outstanding                             -             -
  Additional paid-in capital                           93,000        93,000
 Retained earnings                                     22,015        30,133
                                                     --------      --------
        Total stockholder's equity                    115,015       123,133
                                                     --------      --------
Total liabilities and stockholder's equity           $473,573      $482,841
                                                     ========      ========
<FN>
See accompanying notes.
</TABLE>
<PAGE> 3 of 17
<TABLE>
                        Great Lakes Carbon Corporation
                               and Subsidiaries
                Condensed Consolidated Statements of Operations

                                (Unaudited)
<CAPTION>
                                                  Six Months Ended June 30,
                                                     2000            2001
                                                  ---------       ---------
                                                       (In thousands)
<S>                                               <C>             <C>
Net sales                                         $ 121,861       $ 129,130
Cost of goods sold                                   91,441         100,376
                                                  ---------       ---------
        Gross profit                                 30,420          28,754

Selling, general and administrative expenses          9,303           9,612
                                                  ---------       ---------
        Operating income                             21,117          19,142

Other income (expense):
 Interest, net                                      (14,169)        (12,299)
 Other, net                                             656             985
                                                  ---------       ---------
                                                    (13,513)        (11,314)

        Income before income taxes and
          extraordinary item                          7,604           7,828

Income taxes                                          3,873           3,560
                                                  ---------       ---------
        Income before extraordinary item              3,731           4,268

Extraordinary gain on early extinguishment
  of debt, net of tax expense of $2,073                   -           3,850
                                                  ---------       ---------
Net income                                        $   3,731       $   8,118
                                                  =========       =========
<FN>
See accompanying notes.
</TABLE>
<PAGE> 4 of 17
<TABLE>
                        Great Lakes Carbon Corporation
                               and Subsidiaries
                Condensed Consolidated Statements of Operations

                                (Unaudited)
<CAPTION>
                                                 Three Months Ended June 30,
                                                     2000            2001
                                                  ---------       ---------
                                                       (In thousands)
<S>                                               <C>             <C>
Net sales                                         $  63,717       $  63,368
Cost of goods sold                                   47,614          49,015
                                                  ---------       ---------
        Gross profit                                 16,103          14,353

Selling, general and administrative expenses          4,780           5,052
                                                  ---------       ---------
        Operating income                             11,323           9,301

Other income (expense):
 Interest, net                                       (7,103)         (6,086)
 Other, net                                             439             737
                                                  ---------       ---------
                                                     (6,664)         (5,349)

        Income before income taxes                    4,659           3,952

Income taxes                                          2,434           1,737
                                                  ---------       ---------
Net income                                        $   2,225       $   2,215
                                                  =========       =========
<FN>
See accompanying notes.
</TABLE>
<PAGE> 5 of 17
<TABLE>
                        Great Lakes Carbon Corporation
                               and Subsidiaries
           Condensed Consolidated Statement of Stockholder's Equity

                                (Unaudited)
<CAPTION>
                                           Additional                 Total
                                 Common     Paid-In    Retained  Stockholder's
                                  Stock     Capital    Earnings      Equity
                               ---------   ---------   --------    ---------
                                               (In thousands)
<S>                             <C>         <C>         <C>         <C>
Balance at December 31, 2000    $      -    $ 93,000    $ 22,015    $115,015

Net income                             -           -       8,118       8,118
                               ---------   ---------   ---------   ---------
Balance at June 30, 2001        $      -    $ 93,000    $ 30,133    $123,133
                               =========   =========   =========   =========
<FN>
See accompanying notes.
</TABLE>
<PAGE> 6 of 17
<TABLE>
                        Great Lakes Carbon Corporation
                               and Subsidiaries
                Condensed Consolidated Statements of Cash Flows

                                 (Unaudited)
<CAPTION>
                                                  Six Months Ended June 30,
                                                    2000            2001
                                                  --------        --------
                                                        (In thousands)
<S>                                               <C>             <C>
Operating activities
Net income                                        $  3,731        $  8,118
Adjustments to reconcile net income to net
 cash provided by operating activities:
  Depreciation and amortization                     11,733          12,165
  Deferred taxes                                    (1,420)         (1,988)
   Changes in operating assets and liabilities:
    Accounts receivable                             (5,609)         (3,469)
    Inventories                                     (3,536)         (4,424)
    Prepaid expenses and other current assets         (210)           (494)
    Income taxes payable                              (856)         (1,030)
    Accounts payable and accrued expenses            5,950            (286)
    Other, net                                         903             161
                                                  --------        --------
Net cash provided by operating activities           10,686           8,753

Investing activities
 Capital expenditures                               (1,938)         (1,848)
 Investment in GLAC Debentures                        (292)        (11,538)
                                                  --------        --------
Net cash used in investing activities               (2,230)        (13,386)

Financing activities
 Repayment of long-term debt                        (8,342)        (10,839)
 Additions to long-term debt                             -          11,127
 Due to parent                                         112           4,011
 Capital Contributions                                 620               -
                                                  --------        --------
Net cash used (provided) in financing activities    (7,610)          4,299

Increase in cash and cash equivalents                  846            (334)
Cash and cash equivalents at beginning of period     7,102          11,239
                                                  --------        --------
Cash and cash equivalents at end of period        $  7,948        $ 10,905
                                                  ========        ========
<FN>
See accompanying notes.
</TABLE>
<PAGE> 7 of 17
                        Great Lakes Carbon Corporation
                               and Subsidiaries
              Notes to Condensed Consolidated Financial Statements
                                June 30, 2001
                                 (Unaudited)


1.  Organization and Basis of Presentation

Great Lakes Carbon Corporation (the Company) is a producer of calcined
petroleum coke ("CPC") principally for customers in the aluminum industry.
The consolidated financial statements include the accounts of the Company and
its subsidiaries.  Significant intercompany accounts have been eliminated in
consolidation.

On May 22, 1998, the Company was acquired by Great Lakes Acquisition Corp.
("GLAC"), a substantially wholly owned subsidiary of American Industrial
Capital Fund II, L.P. ("AIP"), whereby GLAC acquired all of the Company's
outstanding common stock in a transaction accounted for as a purchase (the
"Acquisition").  Net shareholder's equity upon consummation of the above
transactions was $92,380,000, and based upon estimates of fair value of assets
acquired and liabilities assumed, goodwill of approximately $179,000,000 was
established.  This amount is being amortized on a straight-line basis over 40
years.

2.  Basis of Presentation

The accompanying financial statements as of June 30, 2001 do not reflect the
principal amount related to 13 1/8% Senior Discount Debentures issued by GLAC
as the Company has not guaranteed or otherwise pledged its assets as collateral
for the Debentures.

Certain prior year amounts have been reclassified to conform to current year
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.  These financial statements should be read in conjunction with the
financial statements and notes thereto included in the Company's Form 10-K,
File No. 333-59541.

3.  Accounting Pronouncements

Derivative Investments and Hedging Activities

In June 1998, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards No. 133 ("SFAS 133"), "Accounting
for Derivative Investments and Hedging Activities".  The Company adopted the
new Statement effective January 1, 2001.  SFAS 133, as amended, establishes
accounting and reporting standards for derivative instruments, including
certain derivative instruments imbedded in other contracts and for hedging
activities.  Under the Statement, certain contracts that were not formerly
considered derivatives may now meet the definition of a derivative.  The
adoption of SFAS 133 did not have a significant effect on the Company's
financial position, results of operations or cash flows.

Business Combinations

In July 2001, the FASB issued Statement of Financial Accounting Standards No.
141 ("SFAS 141"), "Business Combinations".  SFAS 141 requires the purchase
method of accounting for business combinations initiated after June 30, 2001
and eliminates the pooling-of-interests method.  The Company does not believe
that the adoption of SFAS 141 will have a significant impact on its financial
statements.
<PAGE> 8 of 17
                        Great Lakes Carbon Corporation
                               and Subsidiaries
              Notes to Condensed Consolidated Financial Statements
                                June 30, 2001
                                 (Unaudited)


Goodwill and Other Intangible Assets

In July 2001, the FASB issued Statement of Financial Accounting Standards No.
142 ("SFAS 142"), "Goodwill and Other Intangible Assets", which is effective
January 2002.  SFAS 142 requires, among other things, the discontinuance of
goodwill amortization.  In addition, the standard includes provisions for the
reclassification of certain existing recognized intangibles, such as goodwill,
reassessment of the useful lives of existing recognized intangibles,
reclassification of certain intangibles out of previously reported goodwill and
the identification of reporting units for purposes of assessing potential
future impairments of goodwill.  SFAS 142 also requires the Company to complete
a transtional goodwill impairment test six months from the date of adoption.
The Company is currently assessing, but has not yet determined, the impact that
adoption of SFAS 142 may have on its financial position and results of
operations.

4.  Inventories

Inventories are as follows:

                                       December 31,      June 30,
                                          2000             2001
                                       ---------        ---------
                                             (In thousands)

     Raw materials                     $  19,473        $  24,896
     Finished goods                       10,047            8,632
     Supplies and spare parts              6,617            7,033
                                       ---------        ---------
                                       $  36,137        $  40,561
                                       =========        =========

5.  Accrued Expenses

Accrued expenses included interest payable and employee profit sharing payable
of $2,546,000 and $2,055,000 and $496,000 and $1,026,000 at December 31, 2000
and June 30, 2001, respectively.
<PAGE> 9 of 17
                        Great Lakes Carbon Corporation
                               and Subsidiaries
              Notes to Condensed Consolidated Financial Statements
                                June 30, 2001
                                 (Unaudited)


6.  Financial Information Relating to Segments

The Company has three reportable business segments.

  Anode Grade CPC-is produced and marketed directly to primary aluminum
  smelters world-wide for use as the principal raw material in the production
  of carbon anodes, a key component in the aluminum smelting process.

  Industrial Grade CPC-is produced and marketed for use in a variety of non-
  aluminum, industrial applications, including as a raw material in the
  production of titanium dioxide, as a recarburizer (carbon additive) in the
  manufacture of steel and foundry products and for use in other specialty
  materials and chemicals markets.

  RPC Trading-involves the world-wide marketing of raw petroleum coke ("RPC")
  for use as the raw material in the production of CPC and as a fuel source in
  a variety of other industrial applications.

The production and distribution of CPC, which is the focus of the first two
units, is accomplished utilizing the same process, plant facilities and
operating assets.  The RPC trading business, as conducted by the Company,
generally involves the use of such assets on a limited basis. Accordingly,
the Company does not segregate, or otherwise account for, the assets by
segments.

-----------------------------------------------------------------------------
                        Six Months ended June 30, 2000
-----------------------------------------------------------------------------
                           Anode    Industrial
                           Grade      Grade       RPC
                            CPC        CPC      Trading    Other     Total
                        ---------- ---------- ---------- --------- ----------
                                           (In thousands)
  Net sales             $  92,652  $  21,741  $   6,408  $  1,060  $ 121,861
  Cost of goods sold      (67,435)   (15,128)    (5,707)   (3,171)   (91,441)
                        ---------- ---------- ---------- --------- ----------
  Segment Profit        $  25,217  $   6,613  $     701  $ (2,111)    30,420
                        ========== ========== ========== =========
  Selling, general and
   administrative expenses                                            (9,303)
  Interest expense, net                                              (14,169)
  Other income (expense)                                                 656
                                                                   ----------
  Income before income taxes                                       $   7,604
                                                                   ==========

-----------------------------------------------------------------------------
                        Six months ended June 30, 2001
-----------------------------------------------------------------------------
                           Anode    Industrial
                           Grade      Grade       RPC
                            CPC        CPC      Trading    Other     Total
                        ---------- ---------- ---------- --------- ----------
                                           (In thousands)
  Net sales             $  93,641  $  25,410  $   8,817  $  1,262  $ 129,130
  Cost of goods sold      (70,493)   (18,475)    (8,003)   (3,405)  (100,376)
                        ---------- ---------- ---------- --------- ----------
  Segment Profit        $  23,148  $   6,935  $     814  $ (2,143)    28,754
                        ========== ========== ========== =========
  Selling, general and
   administrative expenses                                            (9,612)
  Interest expense, net                                              (12,299)
  Other income (expense)                                                 985
                                                                   ----------
  Income before income taxes
   and extraordinary item                                          $   7,828
                                                                   ==========
<PAGE> 10 of 17
                        Great Lakes Carbon Corporation
                               and Subsidiaries
              Notes to Condensed Consolidated Financial Statements
                                June 30, 2001
                                 (Unaudited)


-----------------------------------------------------------------------------
                        Quarter ended June 30, 2000
-----------------------------------------------------------------------------
                           Anode    Industrial
                           Grade      Grade        RPC
                            CPC        CPC       Trading   Other     Total
                        ---------- ---------- ---------- --------- ----------
                                           (In thousands)
  Net sales             $  47,941  $  11,235  $   3,957  $    584  $  63,717
  Cost of goods sold      (34,584)    (8,323)    (3,359)    1,575    (47,614)
                        ---------- ---------- ---------- --------- ----------
  Segment Profit        $  13,584  $   2,912  $     598  $   (991)    16,103
                        ========== ========== ========== =========
  Selling, general and
   administrative expenses                                            (4,780)
  Interest expense, net                                               (7,103)
  Other income (expense)                                                 439
                                                                   ----------
  Income before income taxes                                       $   4,659
                                                                   ==========

-----------------------------------------------------------------------------
                        Quarter ended June 30, 2001
-----------------------------------------------------------------------------
                           Anode    Industrial
                           Grade      Grade       RPC
                            CPC        CPC      Trading    Other     Total
                        ---------- ---------- ---------- --------- ----------
                                           (In thousands)
  Net sales             $  47,340  $  11,909  $   3,584  $    535  $  63,368
  Cost of goods sold      (35,515)    (8,604)    (3,221)   (1,675)   (49,015)
                        ---------- ---------- ---------- --------- ----------
  Segment Profit        $  11,825  $   3,305  $     363  $ (1,140)    14,353
                        ========== ========== ========== =========
  Selling, general and
   administrative expenses                                            (5,052)
  Interest expense, net                                               (6,086)
  Other income (expense)                                                 737
                                                                   ----------
  Income before income taxes                                       $   3,952
                                                                   ==========

7.  Extraordinary Item

The period ended June 30, 2001 reflects an extraordinary gain related to the
repurchase of the Company's debt of approximately $3,850,000 (net of income tax
expenses of $2,073,000).

<PAGE> 11 of 17

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

General

        This Form 10-Q contains certain forward-looking statements, including,
without limitation, statements concerning the Company's future financial
position, business strategy, budgets, projected costs and plans and objectives
of management for future operations. These forward-looking statements are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995.  Forward-looking statements generally can be identified by
the use of forward-looking terminology such as "may," "will," "expect,"
"intend," "estimate," "anticipate," "believe," "should," "plans," or "continue"
or the negative thereof or variations thereon or similar terminology.  Although
the Company believes that the expectations reflected in such forward-looking
statements are reasonable, it can give no assurance that such expectations will
prove to have been correct. These forward-looking statements are subject to a
number of risks and uncertainties, including, the factors discussed in the
Company's filings with the Securities and Exchange Commission. Actual results
could differ materially from these forward-looking statements.

        As used in this document, Adjusted EBITDA represents operating income
before depreciation, amortization and AIP fees and expenses.  Adjusted EBITDA
should not be considered a substitute for net income, cash flow from operating
activities or other cash flow statement data prepared in accordance with
generally accepted accounting principles or as an alternative to net income as
an indicator of operating performance or cash flows as a measure of liquidity.
Adjusted EBITDA is presented here only to provide additional information with
respect to the Company's ability to satisfy debt service.  While Adjusted
EBITDA is frequently used as a measure of operations and the ability to meet
debt service requirements, it is not necessarily comparable to other similarly
titled captions of other companies due to potential inconsistencies in the
method of calculation.

        The Company is the world's largest producer of calcined petroleum coke
("CPC").  The Company produces anode grade CPC, which is the principal raw
material used in the production of carbon anodes used in primary aluminum
production, and industrial grade CPC, which is used in a variety of specialty
metals and materials applications.  CPC is produced from raw petroleum coke
("RPC") utilizing a high temperature, rotary kiln process developed by the
Company in the 1930's.  RPC is a by-product of the petroleum refining process
and constitutes the largest single component of the Company's cost of goods
sold.  The Company's principal source of revenues and profits are sales of
anode grade CPC to the aluminum industry.  Historically, the Company's
profitability has been primarily a function of its CPC sales volumes, CPC
pricing and the cost of RPC.

Results of Operations

Three Months Ended June 30, 2001 Versus Three Months Ended June 30, 2000

        The Company's net sales for the quarter ended June 30, 2001 decreased
0.5% to $63.4 million from $63.7 million in the comparable 2000 period.  Net
sales of anode grade CPC decreased 1.3% to $47.3 million, net sales of
industrial grade CPC increased 6.0% to $11.9 million and net sales of RPC
decreased 9.4% to $3.6 million.
        The decrease in anode grade CPC net sales was primarily the result
of a 5.7% decrease in sales volume to 310,920 tons offset in large measure by a
4.7% increase in average per ton selling prices.  The decrease in sales volume
was a function of routine period to period scheduling fluctuations.  The
increse in selling prices was attributable to continued tightening of available
CPC supplies.
        The increase in industrial grade CPC net sales was the result of an
8.8% increase in average per ton selling prices partially offset by a 2.6 %
decrease in sales volume to 87,076 tons.  Higher prices across all product
lines coupled with greater shipments to chemical customers out-weighed volume
declines in recarb and titanium dioxide accounts.
<PAGE> 12 of 17

        The decrease in RPC net sales was primarily the result of a 40.0%
decrease in sales volume to 60,164 tons largely offset by a 50.9% increase in
the average per ton selling price.  Fewer shipments of higher priced anode
grade RPC was the primary reason for the change.
        The Company's gross profit for the second quarter decreased by 10.9% to
$14.4 million from $16.1 million in 2000.  The decrease in gross profit was
due to the decrease in sales discussed above and higher cost of goods sold.
The increase in cost of goods sold was primarily the result of higher average
per ton raw material costs offset partially by lower sales volume.  Tight anode
grade RPC supply, particularly in the United States Gulf coast, was the major
factor impacting raw material costs.
        Operating income decreased 17.9% to $9.3 million from $11.3 million in
the prior year quarter.  The decrease in operating income was due to the
decrease in gross profit discussed above coupled with a slight increase in
selling, general and administrative expenses.  The increase in selling, general
and administrative expenses was primarily the result of higher commission and
management fee expenses.
        Income before income taxes decreased 15.2% to $4.0 million from $4.7
million in the comparable 2000 period.  The decrease was due to the decrease in
operating income discussed above offset mainly by a decrease in net interest
expense.  The lower net interest expense was due primarily to the effects of
continued debt reduction.
        The Company's effective tax rate decreased to 44.0% in 2001 from 52.2%
in the corresponding 2000 period primarily as a result of providing for taxes
by means of an annualized rate in the current year.  This method alleviates the
distortions caused by applying statutory rates to interim period taxable income
when, as in the Company's case, the corresponding pretax book income includes
relatively large ratable amortizations of non-deductible items, such as
goodwill.
        As a result of the factors discussed above, net income for the three
months ended June 30, 2001 remained essentially unchanged at $2.5 million ( a
decrease of 0.4%) compared to 2000.
        Adjusted EBITDA for the second quarter decreased 9.8% to $15.4 million
from $17.1 million in 2000 due to the decrease in operating income discussed
above and increases to add-back adjustments for depreciation/amortization and
AIP management fee expenses of $0.21 million and $0.13 million, respectively.

Six Months Ended June 30, 2001 Versus Six Months Ended June 30, 2000

        The Company's net sales for the six months ended June 30, 2001
increased 6.0% to $129.1 million from $121.9 million in the comparable 2000
period.  Net sales of anode grade CPC increased 1.1% to $93.6 million, net
sales of industrial grade CPC increased 16.9% to $25.4 million and net sales of
RPC increased 37.6% to $8.8 million.
        The increase in anode grade CPC net sales was primarily the result
of a 4.0% increase in average per ton selling prices partially offset by a 2.8%
decrease in sales volume to 619,432 tons.  The increse in selling prices was
attributable to continued tightening of available CPC supplies.  The decrease
in sales volume was a function of routine period to period scheduling
fluctuations.
        The increase in industrial grade CPC net sales was the result of a
9.9% increase in sales volume to 189,594 tons augmented by a 6.4% increase in
average selling prices.  Higher prices across most product lines and greater
shipments to titanium dioxide and chemical customers out-weighed volume
declines in recarb accounts.
        The increase in RPC net sales was primarily the result of a 51.5%
increase in the average per ton selling price offset partially by a 9.2%
decrease in sales volume to 141,320 tons.  Fewer shipments of higher priced
anode grade RPC was the primary reason for the change.
        The Company's gross profit for the year-to-date period decreased by
5.5% to $28.8 million from $30.4 million in 2000.  The decrease in gross profit
was due to higher cost of goods sold that was only partially offset by the
increase in sales discussed above.  The increase in cost of goods sold was due
mainly to higher average per ton raw material costs which were only slightly
offset by the volume decline.  Tight anode grade RPC supply, particularly in
the United States Gulf coast, was the major factor impacting raw material
costs.
<PAGE> 13 of 17

        Operating income decreased 9.4% to $19.1 million from $21.1 million in
the prior year period.  The decrease in operating income was due to the
decrease in gross profit discussed above coupled by a slight increase in
selling, general and administrative expenses.  The increase in selling, general
and administrative expenses was primarily the result of higher employee
compensation, commission and management fee expenses.
        Income before income taxes and extraordinary item increased 2.9% to
$7.8 million from $7.6 million in the comparable 2000 period.  The increase was
attributable to a decrease in other income (expense) which more than offset the
decline in operating income discussed above.  Lower net interest expense,
mainly due to the effects of continued debt reduction, was the most significant
factor in the decrease in other income (expense).
        The Company's effective tax rate decreased to 45.5% in 2001 from 50.9%
in the corresponding 2000 period primarily as a result of providing for taxes
by means of an annualized rate in the current year.  This method alleviates the
distortions caused by applying statutory rates to interim period taxable income
when, as in the Company's case, the corresponding pretax book income includes
relatively large ratable amortizations of non-deductible items, such as
goodwill.
        An extraordinary gain related to the repurchase of debt of
approximately $3,850,000 (net of income tax expense of $2,073,000) was
recognized in current year period.
        As a result of the factors discussed above, net income for the six
months ended June 30, 2001 increased 117.6% to $8.1 million from $3.7 million
in 2000.
        Adjusted EBITDA for the year-to-date period decreased by 4.3% to $31.3
million from $32.8 million in 2000 due to the decrease in operating income
discussed above and an increase to the add-back adjustment for depreciation/
amortization of $0.43 million.

Liquidity and Capital Resources

        The Company's liquidity requirements are primarily for debt service,
capital expenditures and general working capital needs.  The timing of
inventory receipts and product shipments, all of which are entirely U.S.
dollar-denominated transactions, 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 2001 will be approximately $4.0
million.
        The Company expects to meet its liquidity needs, including debt
service, through cash from operations, its revolving credit facility and other
financing sources provided in its debt agreements.  The revolving credit
facility provides for borrowings of up to $25.0 million, including a $10.0
million sub-limit for letters of credit.  As of August 3, 2001, no funds had
been drawn down, and approximately $3.0 million in letters of credit were
outstanding under this facility.
        Pursuant to the terms of the 10 1/4% Senior Subordinated Notes
Indenture, the Company gave irrevocable notice of its election to make the
November 15, 2001 interest payment through the issuance of additional notes.
Any determination regarding future elections (applicable to interest payments
through May 2003) will depend upon the Company's financial condition, potential
business opportunities and such other factors as the Board of Directors may
deem relevant.
        The Company or its affiliates may, from time to time, depending on
liquidity and market and economic conditions, purchase in open-market
transactions its 10 1/4% Senior Subordinated Notes or the 13 1/8% Senior
Discount Debentures issued by GLAC.
<PAGE> 14 of 17

New Accounting Pronouncements

        In June 1998, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards No. 133 ("SFAS 133"), "Accounting
for Derivative Investments and Hedging Activities".  The Company adopted the
new Statement effective January 1, 2001.  SFAS 133, as amended, establishes
accounting and reporting standards for derivative instruments, including
certain derivative instruments imbedded in other contracts and for hedging
activities.  Under the Statement, certain contracts that were not formerly
considered derivatives may now meet the definition of a derivative.  The
adoption of SFAS 133 did not have a significant effect on the Company's
financial position, results of operations or cash flows.

        In July 2001, the FASB issued Statement of Financial Accounting
Standards No. 141 ("SFAS 141"), "Business Combinations".  SFAS 141 requires the
purchase method of accounting for business combinations initiated after June
30, 2001 and eliminates the pooling-of-interests method.  The Company does not
believe that the adoption of SFAS 141 will have a significant impact on its
financial statements.

        In July 2001, the FASB issued Statement of Financial Accounting
Standards No. 142 ("SFAS 142"), "Goodwill and Other Intangible Assets", which
is effective January 2002.  SFAS 142 requires, among other things, the
discontinuance of goodwill amortization.  In addition, the standard includes
provisions for the reclassification of certain existing recognized intangibles,
such as goodwill, reassessment of the useful lives of existing recognized
intangibles, reclassification of certain intangibles out of previously reported
goodwill and the identification of reporting units for purposes of assessing
potential future impairments of goodwill.  SFAS 142 also requires the Company
to complete a transtional goodwill impairment test six months from the date of
adoption.  The Company is currently assessing, but has not yet determined, the
impact that adoption of SFAS 142 may have on its financial position and results
of operations.
<PAGE> 15 of 17

PART II - OTHER INFORMATION

Item 1.   Legal Proceedings

          Refer to the Company's annual report on form 10K dated
          March 23, 2001.

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 three months ended June 30, 2001.
<PAGE> 16 of 17

                                  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: 8/3/01                      /s/James D. McKenzie
                                  James D. McKenzie
                                  President and Chief Executive Officer

<PAGE> 17 of 17