<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 March 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 May 4, 2000.

Common Stock, No Par Value                                         4,586,084
-----------------------------------------------------------------------------
         Class                                              Number of Shares

                                     1 of 15

<PAGE>   2
           PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements

                    McCLAIN INDUSTRIES, INC. AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                      ASSETS                                          MARCH 31      SEPTEMBER 30,
                                                                                        2000            1999
                                                                                    (UNAUDITED)
                                                                                    -----------     ------------
<S>                                                                                 <C>             <C>
CURRENT ASSETS
     Cash and cash equivalents                                                       $2,575,673       $1,908,397
     Accounts receivable, (Net)                                                      16,920,847       20,140,166
     Inventories                                                                     63,563,786       63,281,785
     Net investment in sales-type leases, current portion                             7,200,000        5,900,000
     Prepaid expenses                                                                   582,011          237,129
                                                                                   ------------     ------------

TOTAL CURRENT ASSETS                                                                 90,842,317       91,467,477
                                                                                   ------------     ------------

PROPERTY, PLANT AND EQUIPMENT, NET                                                   22,738,272       23,236,170
                                                                                   ------------     ------------

NET INVESTMENT IN SALES-TYPE LEASES, NET OF
     CURRENT PORTION                                                                 13,950,972       12,871,973
                                                                                   ------------     ------------

OTHER ASSETS                                                                          2,493,747        2,348,369
                                                                                   ------------     ------------

TOTAL OTHER ASSETS                                                                  130,025,308      129,923,989
                                                                                   ============     ============

                           LIABILITIES AND STOCKHOLDERS' INVESTMENT
CURRENT LIABILITIES
     Accounts payable                                                               $19,895,347      $21,775,139
     Current portion of long-term debt                                                4,500,000        4,450,000
     Accrued expenses                                                                 5,801,332        4,682,156
     Federal and state income taxes                                                     471,840        1,870,217
                                                                                   ------------     ------------

TOTAL CURRENT LIABILITIES                                                            30,668,519       32,777,512

Long-term debt, net of current portion                                               64,192,907       62,648,684

Product liability                                                                     1,089,079        1,406,828

Deferred income taxes                                                                 2,200,000        2,200,000
                                                                                   ------------     ------------

TOTAL LIABILITIES                                                                    98,150,505       99,033,024
                                                                                   ------------     ------------

STOCKHOLDERS' INVESTMENT                                                             31,874,803       30,890,965
                                                                                   ------------     ------------

TOTAL LIABILITIES AND STOCKHOLDERS' INVESTMENT                                     $130,025,308     $129,923,989
                                                                                   ============     ============

See notes to condensed consolidated financial statements
</TABLE>


                                     2 of 15
<PAGE>   3
                    MCCLAIN INDUSTRIES, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                    UNAUDITED

<TABLE>
<CAPTION>
                                                      THREE MONTHS ENDED                   SIX MONTHS ENDED
                                                           MARCH 31,                           MARCH 31,
                                                   -------------------------          -------------------------
                                                       2000         1999                  2000         1999
                                                   -----------   -----------          -----------   -----------
<S>                                                <C>           <C>                  <C>           <C>
Net sales                                          $38,334,080   $31,856,781          $67,926,698   $59,013,687

Cost of sales                                       31,809,115    26,080,107           55,814,549    48,394,916
                                                   -----------   -----------          -----------   -----------

GROSS PROFIT                                         6,524,965     5,776,674           12,112,149    10,618,771

Selling, general and administrative
     expenses                                        4,251,512     3,891,727            8,181,442     7,338,270
                                                   -----------   -----------          -----------   -----------

INCOME FROM OPERATIONS                               2,273,453     1,884,947            3,930,707     3,280,501
                                                   -----------   -----------          -----------   -----------

OTHER INCOME (EXPENSE)
     Interest expense                               (1,435,795)     (771,449)          (2,694,049)   (1,634,525)
     Interest income                                   526,588       395,792              994,921       759,731
     Other, net                                       (153,632)      (56,635)            (295,695)     (102,266)
                                                   -----------   -----------          -----------   -----------

OTHER EXPENSE - NET                                 (1,062,839      (432,292           (1,994,823      (977,060)
                                                   -----------   -----------          -----------   -----------

INCOME  BEFORE INCOME TAXES                          1,210,614     1,452,655            1,935,884     2,303,441

Income taxes                                           411,000       494,000              658,000       783,000
                                                   -----------   -----------          -----------   -----------

NET INCOME                                            $799,614      $958,655           $1,277,884    $1,520,441
                                                   ===========   ===========          ===========   ===========

Net income  per share:
     Basic                                               $0.17         $0.20                $0.28         $0.32
                                                   ===========   ============         ===========   ============
     Assuming dilution                                   $0.17         $0.20                $0.28         $0.32
                                                   ===========   ============         ===========   ============
</TABLE>


            See notes to condensed consolidated financial statements

                                     3 of 15
<PAGE>   4
                    MCCLAIN INDUSTRIES, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                    UNAUDITED

<TABLE>
<CAPTION>
                                                                                              SIX MONTHS ENDED
                                                                                                  MARCH 31,
                                                                                    ---------------------------------
                                                                                       2000                   1999
                                                                                    ----------             ----------
<S>                                                                                 <C>                    <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
     Net income                                                                     $1,277,884             $1,503,137
     Adjustments to reconcile net income to
     net cash (used) provided by operating activities
         Depreciation and amortization                                               1,691,535              1,656,548
         Common stock issued to directors for services                                  16,484                 10,114
         Net changes in operating assets and liabilities which
           provided (used) cash:
             Current assets excluding cash & cash equivalents                        1,292,436             (8,038,942)
             Other assets                                                           (1,491,697)              (915,820)
             Accounts payable                                                       (1,879,792)             2,400,263
             Accrued expenses                                                        1,119,176                492,725
             Federal and state income taxes                                         (1,398,377)               (37,113)
                                                                                    ----------             ----------
NET CASH (USED) PROVIDED BY OPERATING ACTIVITIES                                       627,649             (2,929,088)
                                                                                    ----------             ----------

                                                                                    ----------             ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
     Purchases of plant and equipment                                                 (926,217)            (2,131,787)
     Payments (made on) received from liabilities assumed upon the
       Galion acquisition                                                             (317,749)               286,766
                                                                                    ----------             ----------
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES                                 (1,243,966)            (1,845,021)
                                                                                    ----------             ----------

                                                                                    ----------             ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
     Principal increase of long term debt                                            1,594,223              4,722,872
     Repurchase of common stock                                                       (310,630)               (76,378)

                                                                                    ----------             ----------
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES                                     1,283,593              4,646,494
                                                                                    ----------             ----------

                                                                                    ----------             ----------
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS                                   667,276               (127,615)
                                                                                    ----------             ----------

Cash and cash equivalents, beginning of period                                       1,908,397              1,924,006

                                                                                    ----------             ----------
CASH AND CASH EQUIVALENTS, END OF PERIOD                                            $2,575,673             $1,796,391
                                                                                    ==========             ==========
</TABLE>



            See notes to condensed consolidated financial statements

                                     4 of 15


<PAGE>   5

                            MCCLAIN INDUSTRIES, INC.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                         SIX MONTHS ENDED MARCH 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 six-month period ended March 31, 2000 are not
         necessarily indicative of the results that may be expected for the year
         ending September 30, 2000. 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,
         1999.

2.       Inventories

         Inventories at March 31, 2000 and September 30, 1999 are summarized as
         follows:

<TABLE>
<CAPTION>
                                             (Unaudited)
                                            March 31, 2000            September 30, 1999
                                            ------------                   ------------
<S>                                         <C>                            <C>
         Materials and Supplies             $ 21,960,385                   $ 19,416,535
         Work in Process                       6,100,106                      5,555,977
         Finished Goods                       12,606,888                     11,120,913
         Chassis                              22,896,407                     27,188,360
                                            ------------                   ------------
                                            $ 63,563,786                   $ 63,281,785
                                            ============                   ============
</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 periods, including a dual
         presentation and reconciliation of "basic" and "diluted" per share
         amounts. Diluted reflects the potential dilution of all common stock
         equivalents for the periods ended March 31, 2000 and 1999 options to
         purchase 134,684 and 259,464 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 15


<PAGE>   6

                            MCCLAIN INDUSTRIES, INC.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                         SIX MONTHS ENDED MARCH 31, 2000


4.       Depreciation

         For the six months ended March 31, 2000 and 1999, depreciation charges
         were $1,424,115 and $1,419,471, respectively. Accumulated depreciation
         totaled $22,333,555 and $21,046,447 at March 31, 2000 and September 30,
         1999, respectively.

5.       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.

         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, the terms of which called for the
         Company to release 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 March 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.

                                     6 of 15

<PAGE>   7

                            MCCLAIN INDUSTRIES, INC.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                         SIX MONTHS ENDED MARCH 31, 2000


         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 June 2000 and November 2002.

         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.


                                     7 of 15

<PAGE>   8

                            MCCLAIN INDUSTRIES, INC.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                         SIX MONTHS ENDED MARCH 31, 2000


6.       Year 2000 Compliance

         The Company did not experience any significant disruptions in its
         operations that were related to the Year 2000 issue.


7.       Segment Information

         The Company operates in three principal operating segments 1)
         Manufactured Equipment, 2) Truck Chassis Sales, and 3) Leasing
         Operations. 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 15


<PAGE>   9
                    MCCLAIN INDUSTRIES, INC. AND SUBSIDIARIES
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                         SIX MONTHS ENDED MARCH 31, 2000

Information regarding the Company's operating segments follows for the three
months ended March 31, 2000 and 1999 follows:

<TABLE>
<CAPTION>
                                        Manufacturing            Truck              Leasing
                                          Operations             Group             Operations             Totals
                                        -------------          -----------         -----------          -----------
<S>                                       <C>                  <C>                 <C>                  <C>
  2000
     Net sales                            $28,065,838          $10,268,242                  $0          $38,334,080
     Lease revenues                                $0                    0           1,450,250            1,450,250
     Operating income (loss)               $2,231,545             (118,822)            160,730            2,273,453
     Interest expense, net                   $708,475              472,328             254,992            1,435,795
     Income (loss) before
         income taxes                      $1,643,475             (600,150)            167,289            1,210,614
     Identifiable assets                  $84,452,910           23,150,563          22,421,835          130,025,308
     Capital expenditures                    $454,230                    0                   0              454,230
     Depreciation and
         amortization                        $847,582                    0                   0              847,582

  1999
     Net sales                            $25,445,169           $6,411,612                  $0          $31,856,781
     Lease revenues                                $0                    0             947,438              947,438
     Operating income                      $1,476,680              283,331             124,936            1,884,947
     Interest expense, net                   $377,626              238,144             155,679              771,449
     Income  before
         income taxes                      $1,187,015              109,984             155,656            1,452,655
     Identifiable assets                  $81,428,817           16,290,401          11,830,135          109,549,353
     Capital expenditures                  $1,807,008                    0                   0            1,807,008
     Depreciation and
         amortization                        $855,795                    0                   0              855,795
</TABLE>








                                                          9 of 15

<PAGE>   10
                    MCCLAIN INDUSTRIES, INC. AND SUBSIDIARIES
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                         SIX MONTHS ENDED MARCH 31, 2000

Information regarding the Company's operating segments follows for the six
months ended March 31, 2000 and 1999 follows:

<TABLE>
<CAPTION>
                                         Manufacturing            Truck              Leasing
                                          Operations              Group             Operations            Totals
                                         -------------         -------------       ------------         ------------
<S>                                       <C>                  <C>                 <C>                  <C>
  2000
     Net sales                            $50,913,900          $17,012,798                  $0          $67,926,698
     Lease revenues                                $0                    0           2,638,507            2,638,507
     Operating income (loss)               $3,591,700              (58,407)            397,414            3,930,707
     Interest expense, net                 $1,324,212              886,391             483,446            2,694,049
     Income (loss) before
         income taxes                      $2,494,709             (962,798)            403,973            1,935,884
     Identifiable assets                  $84,452,910           23,150,563          22,421,835          130,025,308
     Capital expenditures                    $926,217                    0                   0              926,217
     Depreciation and
         amortization                      $1,691,535                    0                   0            1,691,535

  1999
     Net sales                            $45,367,615          $13,646,072                  $0          $59,013,687
     Lease revenues                                $0                    0           1,712,087            1,712,087
     Operating income (loss)               $2,372,582              590,514             317,405            3,280,501
     Interest expense, net                 $1,087,414              238,144             308,967            1,634,525
     Income (loss) before
         income taxes                      $1,538,149              417,167             348,125            2,303,441
     Identifiable assets                  $81,428,817           16,290,401          11,830,135          109,549,353
     Capital expenditures                  $2,131,787                    0                   0            2,131,787
     Depreciation and
         amortization                      $1,656,548                    0                   0            1,656,548
</TABLE>






                                                          10 of 15


<PAGE>   11

                            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)             (Unaudited)
                                                    Three Months Ended         Six Months Ended
                                                         March 30,                 March 31,
                                                    2000          1999         2000         1999
                                                    ----          ----         ----         ----
<S>                                              <C>           <C>           <C>           <C>
Net Sales                                        $38,334,080   $31,856,781   $67,926,698   $59,013,687

Net Income                                           799,614       958,655     1,277,884     1,520,441

Net Earnings Per Common
   Share (Basic and Diluted)                     $       .17           .20   $       .28   $       .32
</TABLE>

<TABLE>
<CAPTION>
                                            (Unaudited)
                                               As of                     As of
                                              March 31,             September 30,
                                                2000                    1999
                                            ------------            ------------
<S>                                         <C>                     <C>
Working Capital                             $ 60,173,798            $ 58,689,965

Total Assets                                 130,025,308             129,923,989

Long-Term Debt                                64,192,907              62,648,684

Stockholder's Investment                      31,874,803              30,890,965

Common shares outstanding
  (Basic and Diluted)                          4,600,268               4,684,439

Current Ratio                                     2.96:1                  2:79:1
Long-Term Debt to Equity
Stockholders' Investment                          2.01:1                  2.03:1
</TABLE>


                                    11 of 15


<PAGE>   12
                            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)         (Unaudited)
                                Three Months Ended  Six Months Ended
                                     March 31,          March 31,
                                 2000      1999      2000     1999
                                -------------------------------------
<S>                             <C>       <C>       <C>       <C>
Net Sales                       100.00%   100.00%   100.00%   100.00%
Cost of Sales                    82.98     81.94     82.17     82.05
                                ------    ------    ------    ------

Gross Profit                     17.02     18.06     17.83     17.95

Selling, General &
Administrative Expenses          11.09     12.22     12.04     12.44
                                ------    ------    ------    ------

Operating Income                  5.93      5.84      5.79      5.51

Other Expenses                  ( 2.77)   ( 1.36)   ( 2.94)   ( 1.66)
                                ------    ------    ------    ------

Income before Income Taxes        3.16      4.48      2.85      3.85

Income Taxes                    ( 1.07)   ( 1.53)   ( 0.97)   ( 1.31)
                                ------    ------    ------    ------

Net Income                        2.09%     2.95%     1.88%     2.54%
                                ------    ------    ------    ------
</TABLE>



                                    12 of 15


<PAGE>   13
                            MCCLAIN INDUSTRIES, INC.

                 DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

         Net sales increased 20.3% to $38.3 million for the quarter ended March
31, 2000 (Quarter 2000) from $31.9 million for the quarter ended March 31, 1999
(Quarter 1999). The increase was due primarily to strong sales by the Company's
McClain Commodities and McClain Truck divisions. Sales for McClain Commodities
increased 35.9% or $3.5 million for the Quarter 2000 over the Quarter 1999,
while McClain Truck sales increased 63.0% or $3.4 million during the Quarter
2000 compared to the Quarter 1999. Sales of the Company's other product lines
were flat for the Quarter 2000 compared to the Quarter 1999. The sales of the
McClain Truck division accounted for 22.9% of the Company's sales for the
Quarter 2000 compared to 16.9% of the Company's sales for the Quarter 1999.

         Cost of goods sold increased to 83.0% for the Quarter 2000 from 81.9%
for the Quarter 1999. The gross profit margin on manufactured products decreased
to 22.0% for the Quarter 2000 compared to 21.5% for the Quarter 1999. The gross
profit margin for the McClain Truck division decreased to 3.7% for the Quarter
2000 from 6.1% for the Quarter 1999 due to tighter margins on the dump truck
chassis sold by the Company that result from continued softness in the dump
truck market.

         Selling, General & Administrative Expenses increased slightly to 11.09%
of net sales for the Quarter 2000 from 12.22% of net sales for the Quarter 1999
due primarily to increased sales.

         Net Income for the quarter decreased to 2.09% of sales for the quarter
2000 from 2.95% for the quarter 1999. This decrease was due primarily to the
additional interest costs of carrying the increased debt necessary to fund the
Company's expanded truck inventory. 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, 1999.

         Net sales increased 15.1% to $67.9 million for the six months ended
March 31, 2000 (six months 2000) from $59.0 million for the six months ended
March 31, 1999 (six months 1999). The increase was due primarily to strong sales
by the Company's McClain Commodities and McClain Truck divisions. Sales for
McClain Commodities increased 23.8% or $4.5 million for the six months 2000 over
the six months 1999, while McClain Truck sales increased 21.3% or $2.5 million
during the six months 2000 compared to the six months 1999. Sales of the
Company's other product lines were flat for the six months 2000 compared to the
six months 1999. The sales of the McClain truck division accounted for 20.7% of
the Company's sales for the six months 2000 compared to 19.7% of the Company's
sales for the six months 1999.

         Cost of goods sold increased to 82.2% for the six months ended March
2000 from 82.0% for the six months ended March 1999 due primarily to the higher
percentage of truck sales discussed previously. The gross profit margin on
manufactured products increased to 22.4% for

                                    13 of 15


<PAGE>   14

the six months 2000 compared to 22.0% for the six months 1999. This increase is
the result of increased production, providing overhead reductions at certain of
the Company's manufacturing facilities. The gross profit margin for the McClain
Truck division decreased to 4.2% for the six months 2000 from 6.3% for the six
months 1999 due to tighter margins on the dump truck chassis sold by the Company
that result from continued softness in the dump truck market.

         Selling, General & Administrative Expenses decreased to 12.04% of net
sales for the six months 2000 from 12.44% of net sales for the six months 1999
as a result of the increased sales volume.

         Net Income for the quarter decreased to 1.88% of sales for the six
months 2000 from 2.54% for the six months 1999. This decrease was due primarily
to the additional interest costs of carrying the increased debt necessary to
fund the Company's expanded truck inventory. 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, 1999.

         The Company had working capital of $60.2 million at March 31, 2000
compared to $58.7 million at September 30, 1999. The ratio of current assets to
current liabilities was 2.96:1 at March 31, 2000 and 2.79:1 at September 30,
1999. The Company's cash and cash equivalents totaled $2.6 million at March 31,
2000. Cash flows provided by operations were $.6 million for the six months
ended March 31, 2000.










                                    14 of 15

<PAGE>   15

                                   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:       May 5, 2000                 By:        Kenneth D. McClain
            ----------------------------      -------------------------------
                                              Kenneth D. McClain, President

Date:       May 5, 2000                 By:        Mark S. Mikelait
            ----------------------------      ----------------------------------
                                              Mark S. Mikelait, Treasurer








                                    15 of 15


<PAGE>   16
]

                                 Exhibit Index
                                 -------------

<TABLE>
<CAPTION>
Exhibit No.           Description
-----------           -----------
<S>                   <C>
   27                 Financial Data Schedule
</TABLE>