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           MARCH 31, 1998

				  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                                                   March 31, 1998

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

  Item 1.  Financial Statements

	   Condensed Consolidated Balance Sheets -
	   March 31, 1998 and December 31, 1997 . . . . . . . . . . . . . . 1

	   Condensed Consolidated Statements of Operations -
	   Three Months Ended March 31, 1998 and 1997. . . . . . . . . . . .2

	   Condensed Consolidated Statement of Stockholders'
	   Equity - Three Months Ended March 31, 1998. . . . . . . . . . . .3

	   Condensed Consolidated Statements of Cash Flows -
	   Three Months Ended March 31, 1998 and 1997. . . . . . . . . . . .4

	   Notes to Condensed Consolidated Financial Statements. . . . . . .5

  Item 2.  Management's Discussion and Analysis of
	   Financial Condition and Results of Operations . . . . . . . . . .6

PART II.   OTHER INFORMATION

  Item 1.  Legal Proceedings . . . . . . . . . . . . . . . . . . .. .7

  Item 2.  Changes in Securities . . . . . . . . . . . . . . . . .. .7

  Item 3.  Defaults Upon Senior Securities . . . . . . . . . . . .. .7

  Item 4.  Submission of Matters to a Vote
	   of Security Holders . . . . . . . . . . . . . . . . . . . . . . .7

  Item 5.  Other Information . . . . . . . . . . . . . . . . . . .  .7

  Item 6.  Exhibits and Reports on Form 8-K. . . .  . . . . . . . . .7
</TABLE>

<PAGE>
<TABLE>
                      		 GREAT LAKES CARBON CORPORATION

              		      CONDENSED CONSOLIDATED BALANCE SHEETS

                     			(In thousands, except share data)
<CAPTION>

                                          						March 31,      December 31,
                                          						  1998             1997
                                   					       ----------      -----------
                                   					       (Unaudited)      (Audited)
<S>                                             <C>             <C>
ASSETS
Current Assets
  Cash                                          $ 53,865        $  43,596
  Accounts receivable, net                        33,566           29,908
  Inventories                                     30,905           32,455
  Prepaid expenses and other current assets        5,127            4,349
						                                           -------          -------
       	Total Current Assets                     123,463          110,308 


Property, Plant and Equipment - Net               61,852           59,165

Other Assets                                       5,204            5,438
                                          						 -------          -------
                                          						$190,519         $174,911
                                          						 =======          =======

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities
  Accounts payable                              $ 16,890         $ 13,601
  Accrued expenses                                10,378           14,057
  Income taxes payable                             5,286            1,796
  Current portion of long-term debt                1,427            1,419
                                          						 -------          -------
       	Total Current Liabilities                 33,981           30,873

Long-Term Debt, Less Current Portion              87,010           82,595
Other Long-Term Liabilities                        4,208            4,190
Deferred Taxes                                     4,814            4,814

Stockholders' Equity
  Common stock, par value $0.01 per share;
  100,000 shares authorized and outstanding            1                1
  Additional paid-in capital                       5,509            5,509
  Retained earnings                               54,996           46,929
                                          						 -------           ------
                                          						  60,506           52,439
                                          						 -------          -------
                                          						$190,519         $174,911
                                          						 =======          =======

<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 March 31,
                                                 							 1998         1997
                                          						       --------    --------
<S>                                                    <C>         <C>
Net Sales                                              $62,070     $55,395
Cost of Goods Sold                                      45,683      42,236
		                                          				       --------    --------
       	Gross Profit                                    16,387      13,159

Selling, general and administrative expenses             2,684       4,385
                                          						       --------    --------
       	Operating Income                                13,703       8,774

Other income (expense):
  Interest, net                                         (1,157)     (1,867)
  Other, net                                               (72)        (67)
                                          						       --------    --------
                                                 							(1,229)     (1,934)

       	Income Before Income Taxes                      12,474       6,840

Provision for income taxes                               4,407       2,492
                                          						       --------    --------
       	Net Income                                     $ 8,067     $ 4,348 
						                                                 ========    ========

<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, 1997       $1          $5,509       $46,929       $52,439
  Net income            --             --          8,067         8,067
  Dividends             --             --            --            --
               	     --------     ----------    ---------    -----------
Balance at
March 31, 1998          $1          $5,509       $54,996       $60,506
		                   ========     ==========    =========    ===========

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

<PAGE>
<TABLE>                        
                    			GREAT LAKES CARBON CORPORATION

             		CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                           				 (Unaudited)
     
                               (In thousands)
 
<CAPTION>          
                                          					 Three Months Ended March 31,
                                           						     1998          1997
                                          						   ---------     ---------
<S>                                                <C>           <C>
Net Cash Provided (Used)By Operating Activities     $10,788       $(8,208)

Net Cash Used In Investing Activities                (4,942)       (3,651)

Financing Activities:
  Repayment of long-term debt                           (97)          (90)
  Additions to Long-term debt                         4,520           --
  Dividends                                             --           (375)
                                          						   ---------     ---------
Net Cash Provided (Used)
  By Financing Activities                             4,423          (465)

Increase (Decrease) In Cash                          10,269       (12,324)

Cash At Beginning Of Period                          43.596        24,097
                                          						   ---------     ---------
Cash At End Of Period                               $53,865       $11,773
				                                          		   =========     =========

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

<PAGE>
		      
                	      GREAT LAKES CARBON CORPORATION

         	   NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                      			      MARCH 31,1998
   
			                             (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:

                     				       March 31,    December 31,
                            					  1998         1997    
                             				   (In thousands)
                            					-------       -------
	   Raw materials                $20,524       $18,483
	   Finished goods                 4,327         7,821
	   Supplies and spare parts       6,054         6,151
                            					-------       -------
                            					$30,905       $32,455
                             				=======       =======

Note 3:  Accrued Expenses

Accrued expenses included interest payable of $1,923,000 and $3,467,000 at
March 31, 1998 and December 31, 1997, respectively.  

Note 4:  Subsequent Events

   On April 22, 1998, the Company issued a press release announcing that the 
Company had entered into an agreement with an affiliate of American Industrial 
Partners providing for the acquisition (by merger) of the Company by a company
organized by American Industrial Partners.  The foregoing is qualified in its 
entirety by reference to such press release, which was filed with the Company's
report on Form 8-K on April 23, 1998.

<PAGE>

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


       	       Three Months Ended March 31, 1998 Compared to
              		     Three Months Ended March 31, 1997.

   The Company's net sales for the quarter ended March 31, 1998 increased 12.0%
to $62.1 million from $55.4 million in the prior year's quarter.  Net sales of
anode grade CPC increased from $44.5 million to $52.5 million, primarily as a 
result of an increase in sales volume, which was partially offset by decreased
selling prices.  Net sales of industrial grade CPC decreased from $10.5 million
to $9.1 million, primarily due to reduced sales volume (resulting primarily
from the scheduling of greater anode grade CPC shipments in the current year
quarter), which was partially offset by increased selling prices.
   Gross profit for the first quarter increased to $16.4 million from $13.2
million in the prior year's quarter. The increase in gross profit was due to
the increase in sales discussed above which was only partially offset by an
increase in cost of sales.  The higher cost of sales was mainly the result of
higher sales volume as the average cost per ton decreased due primarily to a
decrease in raw material costs.
   Operating income for the quarter increased 56.2% to $13.7 million from $8.8
million in the prior year period.  The improvement in operating income was due
to the increase in gross profit discussed above coupled with a decrease in
selling, general and administrative expenses. The decrease in selling, general
and administrative expenses was primarily the result of decreased compensation
and professional fee expenses.
   Income before income taxes increased 82.4% to $12.5 million from $6.8
million in the prior year period.  The increase was attributable to the
improved operating income discussed above and a $0.7 million decrease in net
interest expense primarily due to increased interest income from larger cash
balances in the current year quarter.  As a result of the factors discussed
above, net income for first quarter 1998 increased to $8.1 million from $4.3
million for the comparable period in 1997.

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 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 1998 will be $15 million and
include amounts for a major expansion of the Company's La Plata, Argentina
facility operated by its wholly-owned subsidiary, Copetro S. A.  The Company
expects to meet its liquidity needs through cash from operations, its revolving
credit line and a credit facility arranged to finance the Copetro facility
expansion.
   The revolving credit line referred to above provides for borrowings of up to
$15.0 million, including a $10.0 million sub-limit for letters of credit, and
is subject to borrowing base limitations. As of April 24, 1998, the Company had
no borrowings and had outstanding letters of credit of $3.4 million under this
credit line.
   
<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 three months ended March 31, 1998.
			      
<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:   April 24, 1998                /s/James D. McKenzie
       	--------------                James D. McKenzie
                            				      President and Chief Executive Officer



Date:   April 24, 1998                /s/Ronald J. Statile
       	--------------                Ronald J. Statile
                             			      Vice President and Treasurer