<PAGE>   1
                                    FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                 Quarterly Report Under Section 13 or 15 (d) of
                       The Securities Exchange Act of 1934

(Mark One)

[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 14 (d) OF THE SECURITIES
         EXCHANGE ACT OF 1934
         For the quarterly period ended December 31, 2000

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

                           Commission File No. 0-7770

                            MCCLAIN INDUSTRIES, INC.
             (Exact name of registrant as specified in its charter)

            Michigan                                       38-1867649
     State of Incorporation                           IRS Employer I.D. No.

                               6200 Elmridge Road
                        Sterling Heights, Michigan 48310
                                 (810) 264-3611
          (Address of principal executive offices and telephone number)

         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      .
                                              -----     -----

         Indicate the number of shares outstanding of each of the issuer's
classes of common stock as of February 9, 2001.

Common Stock, No Par Value                                             4,504,953
--------------------------------------------------------------------------------
           Class                                                Number of Shares

                                     1 of 14

<PAGE>   2
               PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

                    MCCLAIN INDUSTRIES, INC. AND SUBSIDIARIES

                      CONDENSED CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                     ASSETS                                                   DECEMBER 31,            SEPTEMBER 30,
                                                                                                  2000                      2000
                                                                                              (UNAUDITED)

<S>                                                                                          <C>                      <C>
CURRENT ASSETS
      Cash and cash equivalents                                                                $1,512,164               $1,401,810
      Accounts receivable, (Net)                                                               11,438,706               20,292,647
      Inventories                                                                              48,624,577               52,031,112
      Net investment in sales-type leases, current portion                                      7,800,000                7,500,000
      Prepaid expenses                                                                          1,604,519                  238,404
      Refundable federal and state income taxes                                                 1,228,717                  587,612

TOTAL CURRENT ASSETS                                                                           72,208,683               82,051,585

PROPERTY, PLANT AND EQUIPMENT, NET                                                             22,623,193               23,298,832

NET INVESTMENT IN SALES-TYPE LEASES, NET OF
      CURRENT PORTION                                                                          17,334,261               16,486,444

OTHER ASSETS                                                                                    1,810,688                1,848,052

TOTAL OTHER ASSETS                                                                            113,976,825              123,684,913


                           LIABILITIES AND STOCKHOLDERS' INVESTMENT

CURRENT LIABILITIES
      Accounts payable                                                                        $13,439,771              $14,523,573
      Current portion of long-term debt                                                        64,012,777                4,200,000
      Accrued expenses                                                                          4,347,776                3,740,452

TOTAL CURRENT LIABILITIES                                                                      81,800,324               22,464,025

Long-term debt, net of current portion                                                                  0               67,476,117

Product liability                                                                                 969,155                1,182,315

Deferred income taxes                                                                           2,355,000                2,355,000

TOTAL LIABILITIES                                                                              85,124,479               93,477,457

STOCKHOLDERS' INVESTMENT                                                                       28,852,346               30,207,456

TOTAL LIABILITIES AND STOCKHOLDERS' INVESTMENT                                               $113,976,825             $123,684,913
</TABLE>


See notes to condensed consolidated financial statements


                                     2 of 14
<PAGE>   3
                    MCCLAIN INDUSTRIES, INC. AND SUBSIDIARIES

                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                                    UNAUDITED

<TABLE>
<CAPTION>
                                                                                           THREE MONTHS ENDED
                                                                                              DECEMBER 31,
                                                                                    2000                        1999
<S>                                                                              <C>                         <C>
Net sales                                                                        $21,087,686                 $29,592,618

Cost of sales                                                                     17,928,298                  24,005,434

GROSS PROFIT                                                                       3,159,387                   5,587,184

Selling, general and administrative
      expenses                                                                     4,086,270                   3,929,930

INCOME (LOSS) FROM OPERATIONS                                                       (926,883)                  1,657,254

OTHER INCOME (EXPENSE)
      Interest expense                                                            (1,572,364)                 (1,258,254)
      Interest income                                                                790,032                     468,333
      Other, net                                                                       8,350                    (142,063)

OTHER EXPENSE - NET                                                                 (773,982)                   (931,984)

INCOME (LOSS) BEFORE INCOME TAXES                                                 (1,700,865)                    725,270

Income taxes (benefit)                                                              (578,000)                    247,000

NET INCOME (LOSS)                                                                ($1,122,865)                   $478,270

Net income (loss) per share:
      Basic                                                                           ($0.25)                      $0.10

      Assuming dilution                                                               ($0.25)                      $0.10
</TABLE>



See notes to condensed consolidated financial statements

                                     3 of 14
<PAGE>   4
                    MCCLAIN INDUSTRIES, INC. AND SUBSIDIARIES

                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                    UNAUDITED

<TABLE>
<CAPTION>
                                                                                           THREE MONTHS ENDED
                                                                                              DECEMBER 31,
                                                                                        2000                   1999
<S>                                                                                <C>                      <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
      Net income (loss)                                                            ($1,122,865)             $561,486
      Adjustments to reconcile net income to
        net cash provided by operating activities
          Depreciation and amortization                                                832,516               800,753
          Common stock issued to directors for services                                  8,993                     0
          Net changes in operating assets and liabilities
            which provided (used) cash:
               Current assets excluding cash & cash equivalents                      9,612,151             1,746,712
               Other assets                                                         (1,244,163)             (306,331)
               Accounts payable                                                     (1,083,802)           (2,557,315)
               Accrued expenses                                                        607,324               243,404
               Federal and state income taxes                                          641,105              (513,994)
NET CASH (USED) PROVIDED BY OPERATING ACTIVITIES                                     8,251,258               (25,285)

CASH FLOWS FROM INVESTING ACTIVITIES:
      Purchases of plant and equipment                                                 (23,166)             (324,870)
      Payments (made on) received from liabilities assumed upon the
        Galion acquisition                                                            (213,160)              721,409

NET CASH USED IN INVESTING ACTIVITIES                                                 (236,326)              396,539

CASH FLOWS FROM FINANCING ACTIVITIES:
      Principal reduction of long term debt                                         (7,663,340)           (1,570,778)
      Repurchase of common stock                                                      (241,238)                    0

NET CASH PROVIDED BY FINANCING ACTIVITIES                                           (7,904,578)           (1,570,778)

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS                                   110,354            (1,199,524)

Cash and cash equivalents, beginning of year                                         1,401,810             1,924,006

CASH AND CASH EQUIVALENTS, END OF YEAR                                              $1,512,164              $724,482
</TABLE>



See notes to condensed consolidated financial statements

                                     4 of 14
<PAGE>   5

                            MCCLAIN INDUSTRIES, INC.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                      THREE MONTHS ENDED DECEMBER 31, 2000

1.       Basis of Presentation

         The accompanying unaudited Consolidated Financial Statements of McClain
         Industries, Inc. and subsidiaries (the "Company") have been prepared in
         accordance with generally accepted accounting principles for interim
         financial information and with the instructions to Form 10-Q and Rule
         10-01 of Regulation S-X. Accordingly, such Statements do not include
         all of the information and footnotes required by generally accepted
         accounting principles for complete financial statements. In the opinion
         of management, all adjustments consisting of normal recurring items
         considered necessary for a fair presentation have been included.
         Operating results for the three-month period ended December 31, 2000
         are not necessarily indicative of the results that may be expected for
         the year ending September 30, 2001. For further information, refer to
         the Consolidated Financial Statements and footnotes thereto included in
         the Company's annual report on Form 10-K for the year ended September
         30, 2000.

2.       Inventories

         Inventories at December 31, 2000 and September 30, 2000 are summarized
         as follows:

<TABLE>
<CAPTION>
                                                     (Unaudited)
                                                  December 31, 2000          September 30, 2000
                                                  ---------------------------------------------
<S>                                               <C>                        <C>
         Materials and Supplies                      $23,189,577                 $23,918,300
         Work in Process                               5,500,000                   5,521,754
         Finished Goods                               11,850,000                  11,146,428
         Chassis                                       8,085,000                  11,444,630
                                                     -----------                 -----------
                                                     $48,624,577                 $52,031,112
                                                     ===========                 ===========
</TABLE>

3.       Earnings per Common Share and Common Equivalent Share:

         Earnings per share are computed using the weighted average number of
         common shares outstanding during the year. The Company adopted
         Statement of Financial Accounting Standards ("SFAS") No. 128, "Earnings
         Per Share", effective September 30, 1998. This statement requires a
         dual presentation and reconciliation of "basic" and "diluted" per share
         amounts. Diluted reflects the potential dilution of all common stock
         equivalents. At December 31, 2000 and 1999 options to purchase 146,983
         and 258,337 shares, respectively, were excluded from the computation of
         earnings per share because the options' exercise prices were greater
         than the average market price of the common shares.

                                     5 of 14

<PAGE>   6

                            MCCLAIN INDUSTRIES, INC.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                      THREE MONTHS ENDED DECEMBER 31, 2000


4.       Depreciation

         For the three months ended December 31, 2000 and 1999, depreciation
         charges were $698,805 and $710,242, respectively. Accumulated
         depreciation totaled $23,977,679 and $23,259,276 at December 31, 2000
         and September 30, 2000, respectively.


5.       Debt


         The Company's debt agreements contain certain restrictive covenants
         that require the Company to, among other things, meet certain net worth
         and working capital requirements along with maintaining various
         financial ratios. As of December 31, 2000, the Company was not in
         compliance with certain of the financial covenants contained in the
         loan agreements with its principal lending institution and the Company
         has been unable to obtain a waiver from its principal lender of
         its right to accelerate repayment of debt arising from these covenant
         violations. Accordingly, the debt related to these agreements has been
         shown as a current liability.


6.       Contingencies

         Product Liability

         As a manufacturer of industrial products, the Company is occasionally
         subjected to various product liability claims. Such claims typically
         involve personal injury or wrongful death associated with the use or
         misuse of the Company's products. The Company is currently defending
         certain legal proceedings involving allegations of product liability
         relating to products manufactured and sold by the Company.
         Historically, such claims have not resulted in material losses to the
         Company in any one year, and the Company maintains product liability
         insurance in amounts believed by management to be adequate.






                                     6 of 14

<PAGE>   7

                            MCCLAIN INDUSTRIES, INC.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                      THREE MONTHS ENDED DECEMBER 31, 2000


         McClain E-Z Pack, Inc., as successor to Galion Holding Company (GHC),
         pursuant to an indemnification it provided to the seller in connection
         with GHC's July 1992 acquisition of the Galion operations, is currently
         defending a number of legal proceedings involving product liability
         claims arising out of products manufactured and sold prior to the
         acquisition. These claims are covered by insurance and many of these
         cases have been settled. In addition, the acquisition agreement called
         for the seller to share in the payment of certain costs related to the
         defense of these cases. On December 29, 1998 the Company reached a
         settlement agreement with the seller from its obligations related to
         product liability claims under the Galion acquisition agreement in
         exchange for a cash payment of $1,050,000.

         A reserve to provide for these product claims was established at the
         acquisition date. Since many of the cases have been settled and
         insurance coverage exists, management believes that the ongoing costs
         to defend these claims will not exceed the amount accrued on the
         accompanying consolidated balance sheet at December 31, 2000.
         Nevertheless, it is not possible to predict the ultimate outcome of any
         product liability claim, and any such claim not fully covered by
         insurance, as well as adverse publicity from a product claim, could
         have a material adverse effect on the Company.

         Environmental Matters

         The Company's operations are subject to extensive federal, state and
         local regulation under environmental laws and regulations concerning,
         among other things, emissions into the air, discharges into the waters
         and the generation, handling, storage, transportation, treatment and
         disposal of waste and other materials. Inherent in manufacturing
         operations and in owning real estate is the risk of environmental
         liabilities as a result of both current and past operations, which
         cannot be predicted with certainty. The Company has incurred and will
         continue to incur costs, on an ongoing basis, associated with
         environmental regulatory compliance in its business.

         Labor Union Matters

         Certain of the Company's hourly employees are represented by various
         labor unions pursuant to collective bargaining agreements which expire
         between November 2002 and June 2003.



                                     7 of 14

<PAGE>   8

                            MCCLAIN INDUSTRIES, INC.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                      THREE MONTHS ENDED DECEMBER 31, 2000


         On February 23, 1995, the National Labor Relations Board (NLRB)
         conducted an election in response to a petition filed by a local union
         (Union) to represent the hourly employees at the Company's Macon,
         Georgia plant. The ballots of certain employees were challenged as
         ineligible. The Union filed charges asserting that the Company
         committed various unfair labor practices, which affected the election
         results, and that the challenged ballots should be counted. On October
         17, 1996, the NLRB upheld the unfair labor practice charges and on
         November 5, 1996, the NLRB determined that the results of the election
         were in favor of the Union. The Company continues to vigorously defend
         against the unfair labor practice allegations. The Company does not
         believe a final decision upholding the Union certification or the
         unfair labor practice charges would have a material adverse effect on
         the Company. The Company believes that relations with the hourly
         employees at McClain of Georgia are generally satisfactory. There have
         been no work stoppages due to labor difficulties.

         Other Legal Matters

         The Company is also involved in routine litigation incidental to its
         business. Management believes that the resolution of these matters will
         not materially affect the consolidated financial statements.

6.       Segment Information

         During fiscal 1999, the Company adopted Statement of Financial
         Accounting Standards (SFAS) No. 131 "Disclosures About Segments of an
         Enterprise and Related Information. This statement requires financial
         information to be reported on the basis that management uses for
         evaluating segment performance and making operating decisions.

         The Company operates in three principal operating segments 1)
         Manufactured Equipment, 2) Truck Chassis Sales, and 3) Leasing
         Operations. The accounting policies of the reportable segments are the
         same as those described in Note 1. Management evaluates the performance
         of its operating segments separately to individually monitor the
         different factors affecting performance. The Company measures the
         performance of its operating segments based on net revenue and
         operating income. Income taxes are managed on a Company-wide basis.
         Segment performance is also evaluated based on profit or loss before
         income taxes.


                                     8 of 14


<PAGE>   9

                    MCCLAIN INDUSTRIES, INC. AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                      THREE MONTHS ENDED DECEMBER 31, 2000

Information regarding the Company's operating segments follows:

<TABLE>
<CAPTION>
                                      Manufacturing             Truck               Leasing
                                        Operations              Group              Operations             Totals
                                    -------------------   -------------------   -----------------   -------------------
<S>                                 <C>                   <C>                   <C>                 <C>
2000
----
    Net sales                              $15,446,670            $5,641,016                  $0           $21,087,686
    Lease revenues                                   0                     0           1,798,609             1,798,609
    Operating income (loss)                 (1,090,865)             (192,896)            356,877              (926,883)
    Interest expense, net                      933,386               250,870             388,108             1,572,364
    Income (loss) before
        income taxes                        (1,042,382)             (437,360)            356,877            (1,122,865)
    Identifiable assets                     77,408,495            11,434,069          25,134,261           113,976,825
    Capital expenditures                        23,166                     0                   0                23,166
    Depreciation and
        amortization                           832,516                     0                   0               832,516

1999
----
    Net sales                              $22,848,062            $6,744,556                  $0           $29,592,618
    Lease revenues                                   0                     0           1,188,257             1,188,257
    Operating income (loss)                  1,360,155                60,415             236,684             1,657,254
    Interest expense, net                      615,737               414,063             228,454             1,258,254
    Income (loss) before
        income taxes                           851,234              (362,648)            236,684               725,270
    Identifiable assets                     82,595,945            25,310,013          22,265,667           130,171,625
    Capital expenditures                       471,987                     0                   0               471,987
    Depreciation and
        amortization                           843,953                     0                   0               843,953

</TABLE>


                                     9 of 14

<PAGE>   10

                            MCCLAIN INDUSTRIES, INC.

ITEM TWO. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.

Overview

         The following discussion should be read in conjunction with the
condensed consolidated financial statements, including the notes thereto,
appearing elsewhere in this report.

         Selected financial data for the Company for the periods indicated:

<TABLE>
<CAPTION>
                                                                               (Unaudited)
                                                                           Three Months Ended
                                                                              December 31,
                                                                      2000                     1999
                                                                -----------------       ------------------

<S>                                                             <C>                     <C>
Net Sales                                                       $      21,087,686       $       29,592,618

Net Income (Loss)                                                      (1,122,865)                 478,270
Net Earnings (Loss) Per Common
 Share (Basic and Diluted)                                      $            (.25)      $              .10
</TABLE>
<TABLE>
<CAPTION>

                                                               (Unaudited)
                                                                  As of                        As of
                                                               December 31,                September 30,
                                                                   2000                        2000
                                                            ------------------            --------------
<S>                                                         <C>                           <C>
Working Capital                                             $       50,221,136            $   59,587,560

Total Assets                                                       113,976,825               123,684,913

Long-Term Debt                                                      59,812,777                67,476,117

Stockholder's Investment                                            28,852,346                30,207,456

Common Shares Outstanding
(Basic and Diluted)                                                  4,504,953                 4,565,661

Current Ratio                                                           0.88:1                    3:65:1

Long-Term Debt to Equity
Stockholders' Investment                                                2.07:1                    2.23:1
</TABLE>


                                    10 of 14
<PAGE>   11

                            MCCLAIN INDUSTRIES, INC.

The following table presents, as a percentage of net sales, certain selected
financial data for the Company for the periods indicated:


<TABLE>
<CAPTION>
                                                                     (Unaudited)
                                                                  Three Months Ended
                                                                     December 31,
                                                               2000               1999
                                                              -------------------------
<S>                                                           <C>                <C>
Net Sales                                                     100.00%            100.00%
Cost of Sales                                                  85.02              81.12
                                                              -------------------------

Gross Profit                                                   14.98              18.88

Selling, General &
Administrative Expenses                                        19.38              13.28
                                                              -------------------------

Operating Income (Loss)                                        (4.40)              5.60

Other Expenses                                                 (3.67)             (3.15)
                                                              -------------------------

Income (Loss) before Income Taxes                              (8.07)              2.45

Income Taxes (Benefit)                                         (2.74)              2.74
                                                              -------------------------

Net Income (Loss)                                              (5.33)%             1.62%
                                                              =========================
</TABLE>




                                    11 of 14


<PAGE>   12

                            MCCLAIN INDUSTRIES, INC.

                 DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION


         Net sales decreased 28.8% to $21.1 million for the quarter ended
December 31, 2000 (Quarter 2000) from $29.6 million for the quarter ended
December 31, 1999 (Quarter 1999). The decrease was due primarily to slumping
sales resulting from the slowdown in the manufacturing sector of the economy.
Sales for all product lines were down for the Quarter 2000. McClain E-Z Pack's
sales decreased 30.4% or $5.6 million during the Quarter 2000 compared to the
Quarter 1999 while McClain Truck sales decreased 24.5% or $1.3 million during
the Quarter 2000 compared to the Quarter 1999. These decreases were the result
of the economic slowdown and limited capital expenditures by the national
hauling companies. Sales of the Company's dump body products decreased by 25.8%
or $1.0 million for the Quarter 2000 compared to the Quarter 1999 due to the
continued slump and excess production capacity in the dump body markets. The
sales of the McClain Truck division accounted for 22.8% of the Company's sales
for the Quarter 2000 compared to 26.7% of the Company's sales for the Quarter
1999.


         Cost of goods sold increased to 85.02% for the Quarter 2000 from 81.12%
for the Quarter 1999. The gross profit margin on manufactured products decreased
to 20.3% for the Quarter 2000 compared to 22.98% for the Quarter 1999 due to the
lower sales volume. McClain Truck had a gross loss of 2.96% for the Quarter 2000
compared to a gross profit of 5.4% for the Quarter 1999 primarily as a result of
the liquidation of certain stale chassis from inventory.


         Selling, General & Administrative Expenses increased slightly to 19.38%
of net sales for the Quarter 2000 from 13.28% of net sales for the Quarter 1999
as a result of the lower sales volume.

         The Company had negative working capital of $9.6 million at December
31, 2000 compared to $59.6 million at September 30, 2000 (see subsequent
discussion regarding the Company's debt agreements). The ratio of current assets
to current liabilities was 0.88:1 at December 31, 2000 and 3.65:1 at September
30, 2000. The Company's cash and cash equivalents totaled $1.5 million at
December 31, 2000. Cash flows provided by operations were $8.3 million for the
three months ended December 31, 2000.








                                    12 of 14

<PAGE>   13

The Company's debt agreements contain certain restrictive covenants that require
the Company to, among other things, meet certain net worth and working capital
requirements along with maintaining various financial ratios. As of December 31,
2000, the Company was not in compliance with certain of the financial covenants
contained in the loan agreements with its principal lending institution and the
Company has been unable to obtain a waiver of the from its principal lender of
its right to accelerate repayment of debt arising from these covenant
violations. Accordingly, the debt related to these agreements has been shown as
a current liability. The Company is currently exploring other options while it
negotiates with its principal lender to amend its current agreements to among
other things reset those covenants that are currently out of compliance.


Management believes that the Company's cash flow, together with the credit
available to it under existing debt facilities, will provide it with adequate
cash for its working capital needs for the next 12 months (For further
information on the Company's debt agreements, refer to the Consolidated
financial statements and footnotes thereto included in the Company's annual
report on Form 10-K for the year ended September 30, 2000).










                                    13 of 14


<PAGE>   14

                                   SIGNATURES




         Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.









                                               McCLAIN INDUSTRIES, INC.

Date:  February 13, 2001                       By: /s/   Kenneth D. McClain
       -----------------------------------         ---------------------------
                                               Kenneth D. McClain, President

Date:  February 13, 2001                       By: /s/    Mark S. Mikelait
       -----------------------------------         ---------------------------
                                               Mark S. Mikelait, Treasurer






















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