<PAGE>

             THIS IS BEING FILED TO INCLUDE THE CORRECT EXHIBIT 23
 
                      SECURITIES AND EXCHANGE COMMISSION
                               Washington, D.C.
                                  FORM 10-K/A

           [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
                        SECURITIES EXCHANGE ACT OF 1934
                  For the fiscal year ended October 31, 1997

                        Commission File Number 1-11160

                     GLOBAL INDUSTRIAL TECHNOLOGIES, INC.
            (Exact name of registrant as specified in its charter)

             DELAWARE                                  75-2617871
  (State or other jurisdiction of         (I.R.S. Employer Identification No.)
   incorporation or organization)
 
2121 SAN JACINTO, SUITE 2500, DALLAS, TEXAS                   75201
 (Address of principal executive offices)                   (Zip Code)
 
                 (Registrant's telephone number)(214) 953-4500

          SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:
 
                                                NAME OF EACH EXCHANGE
         TITLE OF EACH CLASS                     ON WHICH REGISTERED
 
  Common Stock, Par Value $0.25 Per Share     New York Stock Exchange, Inc.
  Preferred Stock Purchase Rights             New York Stock Exchange, Inc.

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, 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 definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K.

The aggregate market value of the voting stock (based on the closing price on
the New York Stock Exchange as of December 31, 1997 held by non-affiliates of
the registrant was approximately $371,154,791.

As of December 31, 1997, there were 21,913,207 shares of Global Industrial
Technologies, Inc. Common Stock outstanding.

                      DOCUMENTS INCORPORATED BY REFERENCE

Portions of Registrant's definitive 1998 proxy statement filed or to be filed
pursuant to Regulation 14A are incorporated by reference into Part III of this
Form 10-K.
<PAGE>
 
                                  SIGNATURES

  Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, Global Industrial Technologies, Inc. has duly caused this report to
be signed by the undersigned, thereunto duly authorized in the City of Dallas,
State of Texas, on January 27, 1998.

                                Global Industrial Technologies, Inc.


                                By: /s/ Gary G. Garrison
                                    ----------------------------------
                                     Gary G. Garrison
                                     Vice President - Finance,
                                     Chief Financial Officer
                                     (Principal Finance and Accounting 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 on January 27, 1998.

     SIGNATURE                                TITLE
     ---------                                -----

*/s/ J. L. Jackson                       Chairman of the Board, Chief
-----------------------------
(J. L. Jackson)                           Executive Officer and Director
                                          (Principal Executive Officer)

/s/ Gary G. Garrison                        Vice President - Finance,
-----------------------------
(Gary G. Garrison)                            Chief Financial Officer
                                         (Principal Finance and Accounting 
                                         Officer)
 
/s/ David H. Blake                                  Director
-----------------------------
(David H. Blake)

/s/ Samuel B. Casey, Jr.                            Director
-----------------------------
(Samuel B. Casey, Jr.)

/s/ Rawles Fulgham                                  Director
-----------------------------
(Rawles Fulgham)

/s/ R. W. Vieser                                    Director
-----------------------------
(R. W. Vieser)

                                       21
<PAGE>
 
                               INDEX TO EXHIBITS

PAGE  EXHIBIT                       DESCRIPTION
----  -------                       -----------

            2.1     Agreement and Plan of Merger, dated as of October 30, 1995,
                    among Global Industrial Technologies, Inc., GPI Merger, Inc.
                    and INDRESCO Inc. (Incorporated herein by reference to
                    Exhibit 2.1 to Form 10-K for the year ended October 31,
                    1995).

            2.2     Reorganization Agreement, dated October 20, 1995, among
                    INDRESCO Inc., GIX Marion, Inc., Shred Pax Systems, Inc.,
                    INTOOL, Inc., Global Industrial Technologies, Inc., GPI
                    Merger, Inc., GPX Corp., and GLOBAL INDUSTRIAL TECHNOLOGIES,
                    INC. Limited. (Incorporated herein by reference to Exhibit
                    2.2 to Form 10-K for the year ended October 31, 1995).

           2.3      Acquisition Agreement dated as of August 12, 1994, by and
                    among Penoles, Quimica Magna, S.A. de C.V. ("Quimica"),
                    Refmex, RefGreen, Flir, Quimica de Rey, S.A. de C.V.
                    ("QDR"), INDRESCO, Indresco Mexico, IIRI and Refractarios
                    Mexicanos (Incorporated by reference to Exhibit 2 to Form 8-
                    K, Current Report, dated September 30, 1994).

           2.4      First Amendment to Acquisition Agreement dated as of
                    September 30, 1994, by and among Penoles, Quimica, Refmex,
                    RefGreen, Flir, QDR, INDRESCO, Indresco Mexico, IIRI and
                    Refractarios Mexicanos (Incorporated by reference to Exhibit
                    2.1 to Form 8-K, Current Report, dated September 30, 1994).

           2.5      Inventory Purchase Agreement dated as of September 30, 1994,
                    by and among Quimica and Refractarios Mexicanos
                    (Incorporated by reference to Exhibit 2.2 to Form 8-K,
                    Current Report, dated September 30, 1994).

           2.6      Assignment and Assumption Agreement dated as of September
                    30, 1994, by and among Refmex, RefGreen and Refractarios
                    Mexicanos (Incorporated by reference to Exhibit 2.3 to Form
                    8-K, Current Report, dated September 30, 1994).

           2.7      Flir Asset Purchase Agreement dated as of September 30,
                    1994, by and among Flir and Refractarios Mexicanos
                    (Incorporated by reference to Exhibit 2.4 to Form 8-K,
                    Current Report, dated September 30, 1994).

           2.8      Magnesite Supply Agreement dated as of September 30, 1994,
                    by and between QDR and Refractarios Mexicanos (Incorporated
                    by reference to Exhibit 2.5 to Form 8-K, Current Report,
                    dated September 30, 1994).

           2.9      Stock Purchase Agreement dated as of September 30, 1994, by
                    and among IIRI, Indresco Mexico and Quimica (Incorporated by
                    reference to Exhibit 2.6 to Form 8-K, Current Report, dated
                    September 30, 1994).

           2.10     Noncompetition Agreement dated as of September 30, 1994, by
                    and between Penoles and INDRESCO (Incorporated by reference
                    to Exhibit 2.7 to Form 8-K, Current Report, dated September
                    30, 1994).

           3.1      Form of Restated Certificate of Incorporation of the
                    Registrant filed with the Secretary of State of Delaware and
                    effective on November 1, 1995 (Incorporated by reference to
                    Exhibit 3.1 to Form 8-B, Registration Statement effective
                    November 1, 1995).

                                      E-1
<PAGE>
 
                         INDEX TO EXHIBITS (Continued)

PAGE  EXHIBIT                       DESCRIPTION
----  -------                       -----------

            3.2     Bylaws of the Registrant, as amended effective December 13,
                    1995. (Incorporated by reference to Exhibit 3.2 to Form 10K
                    for the year ended October 31, 1995).

            3.3     Certificate of Designations of Series A Junior Preferred
                    Stock of the Registrant (Incorporated by reference to
                    Exhibit 3.3 to Form 8-B,Registration Statement, effective
                    November 1, 1995).

            4.1     Form of Common Stock Certificate. (Incorporated herein by
                    reference to Exhibit 4.1 to Form 10-K for the year ended
                    October 31, 1995).

            4.2     Form of Rights Agreement between the Registrant and The Bank
                    of New York (Incorporated by reference to Exhibit 4.2 to
                    Form 8-B, Registration Statement, effective November 1,
                    1995).

           10.1     Distribution Agreement (Incorporated by reference to Exhibit
                    10.1 to Form 10).

           10.2     Master Corporate Services and Support Agreement
                    (Incorporated by reference to Exhibit 10.2 to Form 8, Post
                    Effective Amendment No. 3 to Form 10).

           10.3     Employee Matters Agreement (Incorporated by reference to
                    Exhibit 10.3 to Form 8, Post Effective Amendment No. 3 to
                    Form 10).

           10.4     Environmental Matters Agreement (Incorporated by reference
                    to Exhibit 10.4 to Form 8, Post Effective Amendment No. 3 to
                    Form 10).

           10.5     Intellectual Property Agreement (Incorporated by reference
                    to Exhibit 10.5 to Form 8, Post Effective Amendment No. 3 to
                    Form 10).

           10.6     Tax Sharing Agreement (Incorporated by reference to Exhibit
                    10.6 to Form 8, Post Effective Amendment No. 3 to Form 10).

          #10.7     Global Industrial Technologies, Inc. 1992 Stock Compensation
                    Plan, as amended, (Incorporated herein by reference to
                    Exhibit A to Registrant's Definitive Proxy Statement dated
                    February 12, 1993 for the Annual Meeting of Shareholders
                    held March 17, 1993).

          #10.8     Global Industrial Technologies, Inc. Deferred Compensation
                    Plan (Incorporated herein by reference to Exhibit A to
                    Registrant's Definitive Proxy Statement dated February 10,
                    1995 for the Annual Meeting of Shareholders held March 15,
                    1996).

          #10.9     Global Industrial Technologies, Inc. 1993 Directors' Stock
                    Incentive/Retirement Plan (Incorporated herein by reference
                    to Exhibit 10.7 to Form 10-K for the year ended October 31,
                    1993).

          #10.10    Global Industrial Technologies, Inc. Incentive Stock Unit
                    Plan (Incorporated herein by reference to Exhibit 10.11 to
                    Form 10).

                                      E-2
<PAGE>
 
                         INDEX TO EXHIBITS (Continued)

PAGE  EXHIBIT                       DESCRIPTION
----  -------                       -----------

          #10.11    Incentive Compensation Plan for the Officers and
                    Headquarters' Staff of Global Industrial Technologies, Inc.,
                    as amended (Incorporated by reference to Exhibit 10.7 to
                    Form 10-K for the year ended October 31, 1993).

          #10.12    Global Industrial Technologies, Inc. Retirement Income Plan
                    for Industrial Operations (Incorporated by reference to
                    Exhibit 10.10 to Form 10).

          #10.13    ERISA Compensation Limit Benefit Plan for Executives of
                    Global Industrial Technologies, Inc. (Incorporated by
                    reference to Exhibit 10.6 to Registrant's Form 10-Q for the
                    quarter ended July 31, 1992).

          #10.14    ERISA Excess Benefit Plan for Salaried Employees of Global
                    Industrial Technologies, Inc. and its Participating
                    Subsidiaries Who Are Not Represented By a Recognized Union
                    (Incorporated by reference to Exhibit 10.7 to Registrant's
                    Form 10-Q for the quarter ended July 31, 1992).

          #10.15    Supplemental Executive Retirement Plan for Top Executives of
                    Global Industrial Technologies, Inc. (Incorporated by
                    reference to Exhibit 10.7 to Form 10-K for the year ended
                    October 31, 1993).

          #10.16    Global Industrial Technologies, Inc. Division Executive
                    Incentive Plan (Incorporated by reference to Exhibit 10.16
                    to Form 10-K for the year ended October 31, 1994).

          #10.17    Global Industrial Technologies, Inc. Deferred Savings Plan,
                    as Amended and Restated, and related Trust Agreements
                    (Incorporated by reference to Exhibit 5.01 to Registration
                    Statement No. 33-98006 on Form S-8).

           10.18    Credit Agreement, dated as of September 23, 1994, among
                    INDRESCO Inc., Various Financial Institutions and Bank of
                    America Illinois, as Agent (Incorporated by reference to
                    Exhibit 10 to Form 10-Q for the quarter ended July 31, 1995)

           10.19    Assignment and Assumption Agreement and Second Amendment to
                    Credit Agreement, entered into as of November 1, 1995, among
                    Harbison-Walker Refractories Company (formerly known as
                    INDRESCO Inc.), Global Industrial Technologies, Inc., GPX
                    Corp. and Bank of America Illinois, as Lender and
                    Agent.(Incorporated by reference to Exhibit 10.19 to Form
                    10K for the year ended October 31, 1995).

           10.20    Asset Purchase Agreement, dated as of July 21, 1997 by and
                    among The Marion Power Shovel Company, Marion Power Shovel
                    Pty, Ltd., INTOOL International B.V., and Global-Gix Canada
                    Inc. (collectively, as Sellers) and Global Industrial
                    Technologies, Inc. as Parent and Bucyrus International,
                    Inc., Bucyrus (Australia) Proprietary Ltd., Bucyrus (Africa)
                    (Proprietary) Limited, and Bucyrus Canada Limited
                    (collectively, as Buyers) (Incorporated herein by reference
                    to Exhibit 10 to Form 10-Q for the quarter ending July 31,
                    1997)

          *21       Subsidiaries of the Registrant.

          *23       Consent of Price Waterhouse LLP.

          *27       Financial Data Schedule.

*Filed herewith.
# Management compensatory plan

The Company will furnish copies of any exhibit on request and payment of the
Company's reasonable expenses of furnishing such exhibit.

                                      E-3