<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 June 30, 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 August 4, 2000.

Common Stock, No Par Value                                           4,576,216
--------------------------------------------------------------------------------
           Class                                              Number of Shares



                                     1 of 15
<PAGE>   2

                    McCLAIN INDUSTRIES, INC. AND SUBSIDIARIES

                      CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
                  ASSETS                                                        JUNE 30                SEPTEMBER 30,
                                                                                 2000                     1999
                                                                             (UNAUDITED)
                                                                       -------------------------  -----------------------
<S>                                                                    <C>                        <C>
CURRENT ASSETS
     Cash and cash equivalents                                                       $1,569,030               $1,908,397
     Accounts receivable, (Net)                                                      17,890,146               20,140,166
     Inventories                                                                     54,511,958               63,281,785
     Net investment in sales-type leases, current portion                             7,750,000                5,900,000
     Prepaid expenses                                                                   693,911                  237,129
                                                                       -------------------------  -----------------------

TOTAL CURRENT ASSETS                                                                 82,415,045               91,467,477
                                                                       -------------------------  -----------------------

PROPERTY, PLANT AND EQUIPMENT, NET                                                   23,198,071               23,236,170
                                                                       -------------------------  -----------------------

NET INVESTMENT IN SALES-TYPE LEASES, NET OF
     CURRENT PORTION                                                                 15,037,164               12,871,973
                                                                       -------------------------  -----------------------

OTHER ASSETS                                                                          2,229,590                2,348,369
                                                                       -------------------------  -----------------------

TOTAL  ASSETS                                                                       122,879,870              129,923,989
                                                                       =========================  =======================

         LIABILITIES AND STOCKHOLDERS' INVESTMENT
CURRENT LIABILITIES
     Accounts payable                                                               $10,397,119              $21,775,139
     Current portion of long-term debt                                                4,500,000                4,450,000
     Accrued expenses                                                                 4,386,855                4,682,156
     Federal and state income taxes                                                     690,059                1,870,217
                                                                       -------------------------  -----------------------

TOTAL CURRENT LIABILITIES                                                            19,974,033               32,777,512

Long-term debt, net of current portion                                               67,413,960               62,648,684

Product liability                                                                     1,282,093                1,406,828

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

TOTAL LIABILITIES                                                                -   90,870,086               99,033,024
                                                                       -------------------------  -----------------------

STOCKHOLDERS' INVESTMENT                                                             32,027,784               30,890,965
                                                                       -------------------------  -----------------------

TOTAL LIABILITIES AND STOCKHOLDERS' INVESTMENT                                     $122,879,870             $129,923,989
                                                                       =========================  =======================
</TABLE>

See notes to condensed consolidated financial statements

                                     2 of 15
<PAGE>   3
                    McCLAIN INDUSTRIES, INC. AND SUBSIDIARIES

                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                    UNAUDITED
<TABLE>
<CAPTION>
                                                   THREE MONTHS ENDED                           NINE MONTHS ENDED
                                                        JUNE 30,                                    JUNE 30,
                                        ------------------------------------------       ---------------------------------------
                                              2000                 1999                        2000                 1999
                                        ------------------   ------------------          ------------------   ------------------
<S>                                     <C>                  <C>                         <C>                  <C>
Net sales                               $      40,634,125    $      42,932,485           $     108,560,823    $     101,946,172

Cost of sales                                  33,826,791           35,247,417                  89,641,340           83,666,479
                                        ------------------   ------------------          ------------------   ------------------

GROSS PROFIT                                    6,807,334            7,685,068                  18,919,483           18,279,693

Selling, general and administrative
     expenses                                   5,033,101            4,683,884                  13,214,543           12,023,313
                                        ------------------   ------------------          ------------------   ------------------

INCOME FROM OPERATIONS                          1,774,233            3,001,184                   5,704,940            6,256,380
                                        ------------------   ------------------          ------------------   ------------------

OTHER INCOME (EXPENSE)
     Interest expense                          (1,701,772)          (1,019,744)                 (4,395,821)          (2,654,269)
     Interest income                              591,799              381,596                   1,586,720            1,141,328
     Other, net                                  (136,427)               2,303                    (432,122)             (99,963)
                                        ------------------   ------------------          ------------------   ------------------

OTHER EXPENSE - NET                            (1,246,400)            (635,845)                 (3,241,223)          (1,612,904)
                                        ------------------   ------------------          ------------------   ------------------

INCOME BEFORE INCOME TAXES                        527,833            2,365,339                   2,463,717            4,643,476

Income taxes                                      180,000              804,000                     838,000            1,579,000
                                        ------------------   ------------------          ------------------   ------------------

NET INCOME                              $         347,833    $       1,561,339                  $1,625,717           $3,064,476
                                        ==================   ==================          ==================   ==================

Net income per share:
     Basic                              $            0.08    $            0.33           $            0.36    $            0.65
                                        ==================   ==================          ==================   ==================
     Assuming dilution                  $            0.08    $            0.33           $            0.36    $            0.65
                                        ==================   ==================          ==================   ==================
</TABLE>

            See notes to condensed consolidated financial statements

                                    3 of 15
<PAGE>   4
                    McCLAIN INDUSTRIES, INC. AND SUBSIDIARIES

                 CONDENDSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                    UNAUDITED

<TABLE>
<CAPTION>
                                                                                        NINE MONTHS ENDED
                                                                                             JUNE 30,
                                                                        ---------------------------------------------------
                                                                                  2000                      1999
                                                                        -------------------------  -----------------------
<S>                                                                     <C>                        <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
     Net income                                                                       $1,625,717               $3,064,476
     Adjustments to reconcile net income to
     net cash (used) provided by operating activities
         Depreciation and amortization                                                 2,542,088                2,451,924
         Common stock issued to directors for services                                    23,977                   10,114
         Net changes in operating assets and liabilities
         which provided (used) cash:
           Current assets excluding cash & cash equivalents                            8,713,065              (17,761,479)
           Other assets                                                               (2,447,543)              (1,776,788)
           Accounts payable                                                          (11,378,020)              10,810,606
           Accrued expenses                                                             (313,300)                 993,298
           Federal and state income taxes                                             (1,180,158)                 924,145
                                                                        -------------------------  -----------------------
NET CASH (USED IN) OPERATING ACTIVITIES                                               (2,414,174)              (1,283,704)
                                                                        -------------------------  -----------------------

                                                                        -------------------------  -----------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
     Purchases of plant and equipment                                                 (2,102,859)              (3,293,071)
     Payments (made on) received from liabilities assumed upon the
     Galion acquisition                                                                 (124,735)                (282,567)
                                                                        -------------------------  -----------------------
NET CASH (USED IN) INVESTING ACTIVITIES                                               (2,227,594)              (3,575,638)
                                                                        -------------------------  -----------------------

                                                                        -------------------------  -----------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
     Principal increase of long term debt                                              4,815,276                5,945,914
     Repurchase of common stock                                                         (512,875)                (151,378)

                                                                        -------------------------  -----------------------
NET CASH PROVIDED BY FINANCING ACTIVITIES                                              4,302,401                5,794,536
                                                                        -------------------------  -----------------------

                                                                        -------------------------  -----------------------
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS                                    (339,367)                 935,194
                                                                        -------------------------  -----------------------

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

                                                                        -------------------------  -----------------------
CASH AND CASH EQUIVALENTS, END OF PERIOD                                              $1,569,030               $2,859,200
                                                                        =========================  =======================
</TABLE>



     See notes to condensed consolidated financial statements




                                    4 of 15
<PAGE>   5



                            McCLAIN INDUSTRIES, INC.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                         NINE MONTHS ENDED JUNE 30, 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 nine-month period ended June 30, 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 June 30, 2000 and September 30, 1999 are summarized as
         follows:
<TABLE>
<CAPTION>
                                                 (Unaudited)
                                              June 30, 2000     September 30, 1999
                                              ------------------------------------
<S>                                         <C>                      <C>
         Materials and Supplies             $  18,111,958            $  19,416,535
         Work in Process                        6,100,000                5,555,977
         Finished Goods                        11,500,000               11,120,913
         Chassis                               18,800,000               27,188,360
                                            --------------          --------------
                                            $  54,511,958            $  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 June 30, 2000 and 1999 options to
         purchase 239,665 and 183,339 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)
                         NINE MONTHS ENDED JUNE 30, 2000


4.       Depreciation

         For the nine months ended June 30, 2000 and 1999, depreciation charges
         were $2,140,958 and $2,096,308, respectively. Accumulated depreciation
         totaled $23,047,879 and $21,046,447 at June 30, 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 June 30, 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)
                         NINE MONTHS ENDED JUNE 30, 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 June 2003.

         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)
                         NINE MONTHS ENDED JUNE 30, 2000


6.       Year 2000 Compliance

         The Company did not experience any significant disruptions in its
         operation 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)
                         NINE MONTHS ENDED JUNE 30, 2000

Information regarding the Company's operating segments follows for the three
months ended June 30, 2000 and 1999 follows:
<TABLE>
<CAPTION>
                                              Manufacturing            Truck               Leasing
                                                Operations             Group             Operations            Totals
                                            -------------------  -------------------  ------------------ --------------------
<S>                                         <C>                  <C>                  <C>                <C>
           2000
              Net sales                      $      30,934,539    $       9,699,586    $              0    $      40,634,125
              Lease revenues                 $               0                    0           1,516,119            1,516,119
              Operating income (loss)        $       1,711,698             (176,994)            239,529            1,774,233
              Interest expense, net          $         861,161              457,879             382,732            1,701,772
              Income (loss) before
                  income taxes               $       1,029,865             (643,874)            141,842              527,833
              Identifiable assets            $      81,706,922           18,385,784          22,787,164          122,879,870
              Capital expenditures           $       2,102,859                    0                   0            2,102,859
              Depreciation and
                  amortization               $         850,553                    0                   0              850,553

           1999
              Net sales                      $      33,281,049    $       9,651,436    $              0    $      42,932,485
              Lease revenues                 $               0                    0             901,146              901,146
              Operating income               $         858,556              292,484             211,935            1,362,975
              Interest expense, net          $         526,040              297,380             196,324            1,019,744
              Income (loss) before
                  income taxes               $       2,169,642              (10,822)            181,215            2,340,035
              Identifiable assets            $      95,030,841           22,257,376          12,635,772          129,923,989
              Capital expenditures           $       3,293,071                    0                   0            3,293,071
              Depreciation and
                  amortization               $         795,376                    0                   0              795,376
</TABLE>

                                    9 of 15
<PAGE>   10
                    McCLAIN INDUSTRIES, INC. AND SUBSIDIARIES
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                         NINE MONTHS ENDED JUNE 30, 2000

Information regarding the Company's operating segments follows for the nine
months ended June 30, 2000 and 1999 follows:

<TABLE>
<CAPTION>
                                              Manufacturing            Truck               Leasing
                                                Operations             Group             Operations            Totals
                                            -------------------  -------------------  ------------------ --------------------
<S>                                         <C>                  <C>                  <C>                <C>
           2000
              Net sales                     $       81,848,439    $      26,712,384    $              0   $      108,560,823
              Lease revenues                $                0                    0           4,154,626            4,154,626
              Operating income (loss)       $        5,303,398             (235,401)            636,943            5,704,940
              Interest expense, net         $        2,185,373            1,344,270             866,178            4,395,821
              Income (loss) before
                  income taxes              $        3,524,574           (1,606,672)            545,815            2,463,717
              Identifiable assets           $       81,706,922           18,385,784          22,787,164          122,879,870
              Capital expenditures          $        2,102,859                    0                   0            2,102,859
              Depreciation and
                  amortization              $        2,542,088                    0                   0            2,542,088

           1999
              Net sales                     $       78,648,664    $      23,297,508    $              0   $      101,946,172
              Lease revenues                $                0                    0           2,613,233            2,613,233
              Operating income (loss)       $        3,231,138              882,998             529,340            4,643,476
              Interest expense, net         $        1,613,454              535,524             505,291            2,654,269
              Income (loss) before
                  income taxes              $        3,707,791              406,345             529,340            4,643,476
              Identifiable assets           $       95,030,841           22,257,376          12,635,772          129,923,989
              Capital expenditures          $        3,293,071                    0                   0            3,293,071
              Depreciation and
                  amortization              $        2,451,924                    0                   0            2,451,924

</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          Nine Months Ended
                                                        June 30,                 June 30,
                                                 2000          1999         2000        1999
                                                 ----          ----         ----        ----
<S>                                        <C>            <C>            <C>            <C>
Net Sales                                  $ 40,634,125   $ 42,932,485   $108,560,823   $101,946,172

Net Income                                 $    347,833   $  1,561,339   $  1,625,717   $  3,064,476

Net Earnings Per Common
   Share (Basic and Diluted)               $        .08            .33   $        .36   $        .65
</TABLE>

<TABLE>
<CAPTION>
                            (Unaudited)
                               As of             As of
                             June 30,       September 30,
                                 2000             1999
                        ----------------   ------------------
<S>                     <C>                <C>
Working Capital              $ 62,441,012    $ 58,689,965

Total Assets                  122,879,870     129,923,989

Long-Term Debt                 67,413,960      62,648,684

Stockholder's Investment       32,027,784      30,890,965

Common shares outstanding
  (Basic and Diluted)           4,581,084       4,684,439

Current Ratio                      4.13:1          2:79:1
Long-Term Debt to Equity
Stockholders' Investment           2.11:1          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        Nine Months Ended
                                         June 30,                   June 30,
                                2000                1999    2000                1999
                                ------------------------    ------------------------
<S>                             <C>             <C>         <C>             <C>
Net Sales                         100.00%       100.00%       100.00%       100.00%
Cost of Sales                      83.25         82.20         82.57         82.07
                                  ------        ------        ------        ------

Gross Profit                       16.75         17.80         17.43         17.93

Selling, General &
Administrative Expenses            12.38         10.61         12.17         11.79
                                   ------        ------        ------        ------

Operating Income                    4.37          7.19          5.26          6.14

Other Expenses                     (3.07)        (2.37)        (2.99)        (1.58)
                                   ------        ------        ------        ------

Income before Income Taxes          1.30          4.82          2.27          4.56

Income Taxes                       (0.44)        (1.65)        (0.77)        (1.55)
                                   ------        ------        ------        ------

Net Income                          0.86%         3.17%         1.50%         3.01%
                                   ------        ------        ------        ------
</TABLE>

                                    12 of 15
<PAGE>   13



                            McCLAIN INDUSTRIES, INC.

                 DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

                  Net sales decreased 5.4% to $40.6 million for the quarter
ended June 30, 2000 (Quarter 2000) from $42.9 million for the quarter ended June
30, 1999 (Quarter 1999). The decrease was due primarily to slower sales by the
Company's McClain E-Z Pack division. Sales for McClain E-Z Pack decreased 17.3%
or $1.6 million for the Quarter 2000 from 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 18.7% of the
Company's sales for the Quarter 2000 compared to 17.4% of the Company's sales
for the Quarter 1999.

         Cost of goods sold increased to 83.25% for the Quarter 2000 from 82.20%
for the Quarter 1999. The gross profit margin on manufactured products decreased
to 19.1% for the Quarter 2000 compared to 20.0% for the Quarter 1999. The gross
profit margin for the McClain Truck division decreased to 6.5% for the Quarter
2000 from 8.1% 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 to 12.38% of net
sales for the Quarter 2000 from 10.61% of net sales for the Quarter 1999 due
primarily to lower sales.

         Net Income for the quarter decreased to .86% of sales for the quarter
2000 from 3.17% 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 and increased health insurance costs. 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 6.5% to $108.6 million for the nine months ended
June 30, 2000 (nine months 2000) from $101.9 million for the nine months ended
June 30, 1999 (nine 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 11.6% or $4.4 million for the nine months 2000
over the nine months 1999, while McClain Truck sales increased 13.5% or $2.6
million during the nine months 2000 compared to the nine months 1999. Sales of
the Company's other product lines were flat for the nine months 2000 compared to
the nine months 1999. The sales of the McClain truck division accounted for
19.9% of the Company's sales for the nine months 2000 compared to 18.7% of the
Company's sales for the nine months 1999.

         Cost of goods sold increased to 82.6% for the nine months ended June
2000 from 82.1% for the nine months ended June 1999 due primarily to the higher
percentage of truck sales discussed previously. The gross profit margin on
manufactured products increased to 21.2% for

                                    13 of 15

<PAGE>   14

the nine months 2000 compared to 20.5% for the nine 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 2.3% for the nine months 2000 from 7.0% for
the nine 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 increased to 12.17% of net
sales for the nine months 2000 from 11.79% of net sales for the nine months
1999.

         Net Income for the quarter decreased to 1.5% of sales for the nine
months 2000 from 3.01% for the nine 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 and increased health insurance
costs. 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 $62.4 million at June 30, 2000
compared to $58.7 million at September 30, 1999. The ratio of current assets to
current liabilities was 4.13:1 at June 30, 2000 and 2.79:1 at September 30,
1999. The Company's cash and cash equivalents totaled $1.6 million at June 30,
2000. Cash flows used by operations were $2.4 million for the nine months ended
June 30, 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:    August 7, 2000                 By:      /s/ Kenneth D. McClain
         -------------------------------         -------------------------------
                                                 Kenneth D. McClain, President

Date:    August 7, 2000                 By:      /s/ 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>