SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                   FORM 10-Q

               Quarterly Report Pursuant to Section 13 or 15(d)
                    of the Securities Exchange Act of 1934

                   For the Quarter Ended September 30, 2001

                        Commission File Number 0-22206

                              NIAGARA CORPORATION
                              -------------------
            (Exact Name of Registrant as Specified in Its Charter)



                Delaware                                   59-3182820
      ------------------------------                    ----------------
     (State or Other Jurisdiction of                    (I.R.S. Employer
     Incorporation or Organization)                  Identification Number)


                               667 Madison Avenue
                            New York, New York 10021
                                   ----------
                    (Address of Principal Executive Offices)


                                 (212) 317-1000
                                ----------------
                             (Registrant's Telephone
                          Number, Including Area Code)


                                      N/A
                    --------------------------------------
              (Former Name, Former Address and Former Fiscal Year,
                         if Changed Since Last Report.)

         Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that
the registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. YES__X__. NO____.

         There were 8,238,517 shares of the registrant's Common Stock
outstanding as of September 30, 2001.


NIAGARA CORPORATION


Index to September 2001 Form 10-Q

                                                                          Page


Part I - Financial Information

  Financial Statements (Unaudited):
         Niagara Corporation
                  Balance Sheets........................................      3
                  Statements of Operations..............................    4-5
                  Statement of Stockholders' Equity.....................      6
                  Statements of Cash Flows..............................      7
                  Notes to Financial Statements.........................      8

  Management's Discussion and Analysis of Financial Condition
     and Results of Operations..........................................     14

  Quantitative and Qualitative Disclosures about Market Risk ...........     20

  Cautionary Statement for Purposes of the "Safe Harbor" Provisions of
     the Private Securities Litigation Reform Act of 1995...............     21

Part II - Other Information.............................................     21

Signatures..............................................................     25




<TABLE>
<CAPTION>
                                                                                                             Niagara Corporation
                                                                                                                and Subsidiaries


                                                                                                                  Balance Sheets
================================================================================================================================
                                                                                          December 31,             September 30,
                                                                                                  2000                     2001
--------------------------------------------------------------------------------------------------------------------------------
                                                                                                                     (unaudited)
Assets
Current:
<S>                                                                                        <C>                       <C>
   Cash and cash equivalents                                                               $ 2,350,515               $ 2,615,874
   Trade accounts receivable, net of allowance for doubtful accounts of
      $1,459,000 and $1,277,316                                                             46,138,149                37,601,573
   Inventories                                                                              60,901,482                48,319,413
   Deferred income taxes                                                                     1,736,000                 1,736,000
   Other current assets                                                                      2,829,295                 3,991,192
--------------------------------------------------------------------------------------------------------------------------------
        Total current assets                                                               113,955,441                94,264,052
Property, plant and equipment, net of accumulated depreciation and
   amortization of $31,950,713 and $39,624,590                                              98,075,506                93,454,989
Goodwill, net of accumulated amortization of $377,876 and $437,186                           1,983,579                 1,924,269
Deferred financing costs, net of accumulated amortization of $405,876
   and $488,892                                                                                369,124                   286,108
Intangible pension asset                                                                       422,000                   422,000
Other assets, net of accumulated amortization of $744,680 and $853,206                         612,338                   503,300
--------------------------------------------------------------------------------------------------------------------------------
                                                                                         $ 215,417,988              $190,854,718
================================================================================================================================
Liabilities and Stockholders' Equity
Current liabilities:
   Accounts payable                                                                       $ 44,468,035              $ 30,952,445
   Accrued expenses                                                                         10,495,664                11,980,986
   Current maturities of long-term debt                                                      7,652,774                 9,372,890
--------------------------------------------------------------------------------------------------------------------------------
        Total current liabilities                                                           62,616,473                52,306,321
Other:
   Long-term debt, less current maturities                                                  77,876,706                66,294,427
   Accrued pension cost                                                                      2,400,000                   542,517
   Accrued other postretirement benefits                                                     5,317,536                 5,192,216
   Deferred income taxes                                                                    11,266,000                11,266,000
   Other noncurrent liabilities                                                                 62,550                    43,574
--------------------------------------------------------------------------------------------------------------------------------
        Total liabilities                                                                  159,539,265               135,645,055
================================================================================================================================
Stockholders' equity:
   Preferred stock, $.001 par value - 500,000 shares authorized; none                                -                         -
      outstanding
   Common stock, $.001 par value - 15,000,000 shares authorized;
      9,997,455 issued                                                                           9,998                     9,998
   Additional paid-in capital                                                               50,111,675                50,111,675
   Retained earnings                                                                        16,478,678                16,291,238
   Accumulated other comprehensive loss                                                     (2,691,219)               (2,953,564)
--------------------------------------------------------------------------------------------------------------------------------
                                                                                            63,909,132                63,459,347
   Treasury stock, at cost, 1,633,638 and 1,758,938 shares                                  (8,030,409)               (8,249,684)
--------------------------------------------------------------------------------------------------------------------------------
        Total stockholders' equity                                                          55,878,723                55,209,663
--------------------------------------------------------------------------------------------------------------------------------
                                                                                         $ 215,417,988             $ 190,854,718
================================================================================================================================

                                                                                 See accompanying notes to financial statements.
</TABLE>




<TABLE>
<CAPTION>
                                                                                                             Niagara Corporation
                                                                                                                and Subsidiaries

                                                                                                        Statements of Operations
                                                                                                                     (Unaudited)
================================================================================================================================

Three months ended September 30,                                                                2000                        2001
--------------------------------------------------------------------------------------------------------------------------------
<S>                                                                              <C>                              <C>
Net sales                                                                               $ 77,462,193                 $60,372,998
Cost of products sold                                                                     67,178,673                  54,568,276
--------------------------------------------------------------------------------------------------------------------------------
          Gross profit                                                                    10,283,520                   5,804,722
Operating expenses:
   Selling, general and administrative                                                     7,100,880                   6,440,541
--------------------------------------------------------------------------------------------------------------------------------
        Income (loss) from operations                                                      3,182,640                    (635,819)
Other income (expense):
   Interest expense                                                                       (1,925,157)                 (1,267,532)
   Other income                                                                               76,321                      94,078
--------------------------------------------------------------------------------------------------------------------------------
        Income (loss) before income taxes                                                  1,333,804                  (1,809,273)
Provision (benefit) for income taxes                                                         500,000                    (650,000)
--------------------------------------------------------------------------------------------------------------------------------
Net income (loss)                                                                       $    833,804                 $(1,159,273)
--------------------------------------------------------------------------------------------------------------------------------
Earnings (loss) per share (basic)                                                       $        .10                 $      (.14)
--------------------------------------------------------------------------------------------------------------------------------
Earnings (loss) per share (diluted)                                                     $        .10                 $      (.14)
================================================================================================================================
Weighted average common shares outstanding:

   Basic                                                                                   8,581,038                   8,351,559

   Diluted                                                                                 8,581,038                   8,351,559

================================================================================================================================

                                                                                 See accompanying notes to financial statements.
</TABLE>




<TABLE>
<CAPTION>

                                                                                                             Niagara Corporation
                                                                                                                and Subsidiaries

                                                                                                        Statements of Operations
                                                                                                                     (Unaudited)
=================================================================================================================================
                                                                                              2000                          2001
Nine months ended September 30,
---------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                   <C>                           <C>
Net sales                                                                             $265,157,641                  $211,928,548

Cost of products sold                                                                  229,595,880                   188,022,882
---------------------------------------------------------------------------------------------------------------------------------
          Gross profit                                                                  35,561,761                    23,905,666

Operating expenses:

   Selling, general and administrative                                                  22,425,419                    19,993,365
---------------------------------------------------------------------------------------------------------------------------------
        Income from operations                                                          13,136,342                     3,912,301

Other income (expense):

   Interest expense                                                                     (5,612,172)                   (4,348,949)

   Other income                                                                            145,706                       189,208
---------------------------------------------------------------------------------------------------------------------------------
        Income (loss) before income taxes                                                7,669,876                      (247,440)

Provision (benefit) for income taxes                                                     2,900,000                       (60,000)
---------------------------------------------------------------------------------------------------------------------------------
Net income (loss)                                                                       $4,769,876                   $  (187,440)
---------------------------------------------------------------------------------------------------------------------------------
Earnings (loss) per share (basic)                                                       $      .55                   $      (.02)
---------------------------------------------------------------------------------------------------------------------------------
Earnings (loss) per share (diluted)                                                     $      .55                   $      (.02)
=================================================================================================================================

Weighted average common shares outstanding:

   Basic                                                                                 8,729,344                     8,359,686

   Diluted                                                                               8,729,344                     8,359,686

=================================================================================================================================
                                                                                See accompanying notes to financial statements
</TABLE>




<TABLE>
<CAPTION>

                                                                                                              Niagara Corporation
                                                                                                                 and Subsidiaries

                                                                                                 Statement of Stockholders' Equity
                                                                                                              (Unaudited)
==================================================================================================================================
Nine Months ended September 30, 2001
----------------------------------------------------------------------------------------------------------------------------------
                                               Common Stock
                                     ---------------------------
                                                                                                           Accumulated other
                                                                         Additional paid-in    Retained      comprehensive
                                      Number of  shares    Amount             capital          earnings           loss
------------------------------------------------------------------------------------------------------------------------------
<S>              <C>                       <C>             <C>              <C>               <C>             <C>
Balance, January 1, 2001                   9,997,455       $9,998           $50,111,675       $16,478,678     $(2,691,219)

Comprehensive income (loss):
   Net loss for the
   period                                      -             -                   -              (187,440)          -
   Foreign currency translation
   adjustments (Note 2)                        -             -                   -                               (262,345)
------------------------------------------------------------------------------------------------------------------------------
Total comprehensive
loss                                           -             -                                     -               -
==============================================================================================================================
Purchase of treasury stock,
     at cost (a)                               -             -                   -                 -               -
==============================================================================================================================
Balance, September 30, 2001                9,997,455       $9,998           $50,111,675       $16,291,238     $(2,953,564)
==============================================================================================================================
</TABLE>




(Chart Continued)
                                                      Total
                                  Treasury Stock   stockholders'
                                      at cost        equity
----------------------------------------------------------------
Balance, January 1, 2001           $(8,030,409)    $55,878,723

Comprehensive income (loss):
   Net loss for the
   period                                -            (187,440)
   Foreign currency translation
   adjustments (Note 2)                  -            (262,345)
---------------------------------------------------------------
Total comprehensive
loss                                     -            (449,785)
===============================================================
Purchase of treasury stock,
     at cost (a)                      (219,275)       (219,275)
===============================================================
Balance, September 30, 2001        $(8,249,684)    $55,209,663
===============================================================



(a)  During the nine months ended September 30, 2001, Niagara Corporation
     repurchased 125,300 shares at a cost of $219,275. The repurchased
     shares are held as treasury stock.

                  See accompanying notes to financial statements.




<TABLE>
<CAPTION>

                                                                                                             Niagara Corporation
                                                                                                                and Subsidiaries

                                                                                                        Statements of Cash Flows
                                                                                                                     (Unaudited)
==================================================================================================================================
Nine months ended September 30,                                                                 2000                        2001
----------------------------------------------------------------------------------------------------------------------------------
Cash flows from operating activities:
<S>                                                                                      <C>                          <C>
   Net income (loss)                                                                       $4,769,876                   $(187,440)
   Adjustments to reconcile net income (loss) to net cash provided by
      operating activities:
        Depreciation and amortization                                                       7,214,652                   7,217,569
        Provision for doubtful accounts                                                       199,674                     309,460
        Deferred income taxes                                                                 600,000                           -
        Pension costs                                                                      (2,069,767)                 (1,857,483)
        Other postretirement benefits                                                        (194,494)                   (125,320)
        Changes in assets and liabilities:
              (Increase) decrease in accounts receivable                                     (738,366)                  7,716,976
              Decrease in accounts receivable - other                                       2,255,687                           -
              (Increase) decrease in inventories                                           (2,881,430)                 12,119,620
              Increase in other assets, net                                                  (721,879)                 (1,147,331)
              Increase (decrease) in trade accounts payable, accrued
                expenses and other non-current liabilities                                  2,649,274                 (11,305,350)
----------------------------------------------------------------------------------------------------------------------------------
                Total adjustments                                                           6,313,351                  12,928,141
----------------------------------------------------------------------------------------------------------------------------------
                Net cash provided by operating  activities                                 11,083,227                  12,740,701
----------------------------------------------------------------------------------------------------------------------------------
Cash flows from investing activities:
   Acquisition of property and equipment                                                   (3,673,742)                (2,703,285)
----------------------------------------------------------------------------------------------------------------------------------
                Net cash used in investing activities                                      (3,673,742)                (2,703,285)
----------------------------------------------------------------------------------------------------------------------------------
Cash flows from financing activities:
   Repayment of long-term debt                                                             (4,645,865)                (9,434,966)
   Payments to acquire treasury stock                                                      (2,023,605)                  (219,275)
----------------------------------------------------------------------------------------------------------------------------------
                Net cash used in financing activities                                      (6,669,470)                (9,654,241)
----------------------------------------------------------------------------------------------------------------------------------
Effect of exchange rate changes on cash and cash equivalents                                 (574,107)                  (117,816)
----------------------------------------------------------------------------------------------------------------------------------
Net increase in cash and cash equivalents                                                     165,908                    265,359
Cash and cash equivalents, beginning of period                                              2,234,181                  2,350,515
----------------------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents, end of period                                                   $2,400,089                 $2,615,874
==================================================================================================================================
                                                                                   See accompanying notes to financial statements.
</TABLE>






                                                          Niagara Corporation
                                                             and Subsidiaries

                             Notes to Financial Statements - Information as of
                                  September 30, 2001 and for the periods ended
                                     September 30, 2000 and 2001 is unaudited.

===============================================================================
1.  Basis of Presentation          The accompanying financial statements
                                   are unaudited; however, in the opinion
                                   of management, all adjustments necessary
                                   for a fair statement of financial
                                   position and results for the stated
                                   periods have been included. These
                                   adjustments are of a normal recurring
                                   nature. Selected information and
                                   footnote disclosures normally included
                                   in financial statements prepared in
                                   accordance with generally accepted
                                   accounting principles have been
                                   condensed or omitted. Results for
                                   interim periods are not necessarily
                                   indicative of the results to be expected
                                   for an entire fiscal year. It is
                                   suggested that these condensed financial
                                   statements be read in conjunction with
                                   the audited financial statements and
                                   accompanying notes for the year ended
                                   December 31, 2000.

                                   Niagara Corporation ("Niagara") and its
                                   subsidiaries (together with Niagara, the
                                   "Company"), Niagara LaSalle Corporation
                                   ("Niagara LaSalle"), LaSalle Steel
                                   Company ("LaSalle," and together with
                                   Niagara LaSalle, "Niagara US") and
                                   Niagara LaSalle (UK) Limited ("Niagara
                                   UK"), have adopted the classification
                                   requirements for freight costs required
                                   by Emerging Issues Task Force ("EITF")
                                   No. 00-10, "Accounting for Shipping and
                                   Handling Fees and Costs." This
                                   pronouncement, issued in September 2000,
                                   requires that all such costs billed to
                                   customers be classified as revenue. This
                                   reclassification, to conform to current
                                   year presentation, resulted in the
                                   recording of such amounts in both net
                                   sales and cost of products sold for the
                                   three and nine months ended September
                                   30, 2000, and, accordingly, resulted in
                                   no change to gross profit for such
                                   periods. Previously, net sales had been
                                   stated after reduction for freight
                                   costs. For the quarter and nine months
                                   ended September 30, 2000, the amounts
                                   reclassified were $5,047,000 and
                                   $17,276,000, respectively.

2.  Foreign Currency               Niagara UK, an English company, uses British
    Translation and                pounds sterling ("(pound)") as its
    Transactions                   functional currency and its accounts are
                                   translated to United States dollars in
                                   conformity with Statement of Financial
                                   Accounting Standards ("SFAS") No. 52,
                                   "Foreign Currency Translation." Assets
                                   and liabilities of this subsidiary are
                                   translated at the exchange rate in
                                   effect at the balance sheet dates and
                                   the related revenues and expenses have
                                   been translated at rates prevailing at
                                   the transaction dates, which approximate
                                   average rates for the periods.
                                   Translation adjustments arising from the
                                   use of different exchange rates from
                                   period to period are included as
                                   accumulated other comprehensive loss
                                   within the Statement of Stockholders'
                                   Equity. Gains and losses resulting from
                                   foreign currency transactions are
                                   included in other income within the
                                   Statements of Operations.

3.  Inventories                    Inventories consisted of the following:

<TABLE>
<CAPTION>

                                                                                                 December 31,      September 30,
                                                                                                         2000               2001
                                                                                     --------------------------------------------
<S>                                                                                             <C>                <C>
                                      Raw materials                                               $21,575,657        $13,765,136
                                      Work-in-process                                               5,173,259          3,188,869
                                      Finished goods                                               34,152,566         31,365,408
                                                                                     --------------------------------------------
                                                                                                  $60,901,482        $48,319,413
                                   ==============================================================================================
</TABLE>

                                   At September 30, 2001, Niagara US
                                   inventories were $30,308,205 determined
                                   using the LIFO method and Niagara UK
                                   inventories were $18,011,208 determined
                                   using the FIFO method.

4.  Contingencies                  Niagara US and Niagara UK are subject to
                                   extensive environmental laws and
                                   regulations concerning, among other
                                   things, water and air emissions and
                                   waste disposal. Under such laws,
                                   including the Comprehensive
                                   Environmental Response, Compensation and
                                   Liability Act of 1980, as amended
                                   ("CERCLA"), Niagara US and Niagara UK
                                   may be responsible for parts of the
                                   costs required to remove or remediate
                                   previously disposed wastes or hazardous
                                   substances at the locations they own or
                                   operate or at the locations which they
                                   arranged for disposal of such materials.
                                   Claims for such costs have been made
                                   against LaSalle with respect to five
                                   third-party sites. The costs expended
                                   through September 30, 2001 have been
                                   largely covered by insurance. Management
                                   believes that any resolution of these
                                   matters will not have a material adverse
                                   effect on the Company's financial
                                   position or results of operations.

                                   Under the Company's insurance programs,
                                   coverage is obtained for catastrophic
                                   exposures as well as those risks
                                   required to be insured by law or
                                   contract. In connection with these
                                   programs, Niagara US has provided
                                   certain insurance carriers with a bond
                                   or irrevocable standby letter of credit
                                   totaling $1,199,000 as of September 30,
                                   2001. It is the policy of the Company to
                                   retain a portion of certain expected
                                   losses related primarily to workers'
                                   compensation, physical loss to property,
                                   business interruption resulting from
                                   such loss, and comprehensive general,
                                   product, vehicle, medical and life
                                   benefits and liability. Provisions for
                                   losses expected under these programs are
                                   recorded based upon the Company's
                                   estimates of the aggregate liability for
                                   claims. Such estimates utilize certain
                                   actuarial assumptions followed in the
                                   insurance industry and are included in
                                   accrued expenses.

5.  Segments and                   The Company operates in two reportable
    Related                        segments: (i) Niagara US which has
    Information                    operations in the United States and (ii)
                                   Niagara UK which has operations in the
                                   United Kingdom. The Company operates
                                   these segments as separate strategic
                                   business units and measures the
                                   segment performance based on earnings
                                   before interest, taxes, depreciation and
                                   amortization ("EBITDA"). Niagara UK uses
                                   British pounds sterling as its
                                   functional currency and its accounts are
                                   translated to United States dollars in
                                   conformity with SFAS No. 52, "Foreign
                                   Currency Translation." Assets and
                                   liabilities of this subsidiary have been
                                   translated at the exchange rates in
                                   effect on September 30, 2000 and 2001,
                                   and the related revenues and expenses
                                   have been translated at rates prevailing
                                   at the transaction dates, which
                                   approximate average rates for the
                                   periods. The following tables set forth
                                   certain performance and other
                                   information by reportable segment.

<TABLE>
<CAPTION>

                                   Three months ended
                                   September 30, 2000                                Niagara US         Niagara UK
                                   -------------------------------------------------------------------------------
<S>                                                                                   <C>             <C>
                                      Net sales (a)                                   $ 49,550,687    $ 27,911,506

                                      Segment profit (EBITDA)                            4,376,572       1,535,417

                                      Depreciation and amortization                      1,785,397         393,058

                                      Interest expense                                   1,242,136         683,021

                                      Long-lived assets                                 86,680,620      14,884,217

                                      Segment assets                                   147,163,603      71,532,236

                                      Acquisition of property and equipment                666,833         266,303
                                   -------------------------------------------------------------------------------

                                   (a) In accordance with EITF No. 00-10, net sales have been restated to
                                   include all freight costs billed to customers. See Note 1.
</TABLE>




<TABLE>
<CAPTION>


                                      Three months ended
                                      September 30, 2001                             Niagara US         Niagara UK
                                   --------------------------------------------------------------------------------
<S>                                                                                   <C>             <C>
                                      Net sales                                       $ 34,591,666    $  25,781,332

                                      Segment profit (EBITDA)                            1,621,399          484,466

                                      Depreciation and amortization                      1,817,405          393,108

                                      Interest expense                                     756,515          511,017

                                      Long-lived assets                                 81,766,043       14,257,062

                                      Segment assets                                   129,784,149       60,401,809

                                      Acquisition of property and equipment                473,600          702,560
                                   --------------------------------------------------------------------------------


                                    Nine months ended
                                    September 30, 2000                               Niagara US         Niagara UK
                                   --------------------------------------------------------------------------------
                                      Net sales (a)                                   $166,763,112    $  98,394,529

                                      Segment profit (EBITDA)                           16,645,569        5,204,260

                                      Depreciation and amortization                      5,708,792        1,430,172

                                      Interest expense                                   3,554,939        2,057,233

                                      Long-lived assets                                 86,680,620       14,884,217

                                      Segment assets                                   147,163,603       71,532,236

                                      Acquisition of property and equipment              1,838,889        1,812,556
                                   --------------------------------------------------------------------------------
                                      (a) In accordance with EITF No. 00-10, net sales have been restated
                                      to include all freight costs billed to customers. See Note 1.
</TABLE>




<TABLE>
<CAPTION>
                                    Nine months ended
                                    September 30, 2001                               Niagara US         Niagara UK
                                   -------------------------------------------------------------------------------
<S>                                                                                  <C>              <C>
                                      Net sales                                      $ 128,296,148    $ 83,632,400

                                      Segment profit (EBITDA)                            9,387,576       3,461,313

                                      Depreciation and amortization                      5,729,342       1,399,208

                                      Interest expense                                   2,678,852       1,670,097

                                      Long-lived assets                                 81,766,043      14,257,062

                                      Segment assets                                   129,784,149      60,401,109

                                      Acquisition of property and equipment              1,649,860       1,016,759
                                   -------------------------------------------------------------------------------
</TABLE>


                                   Niagara US sells its products primarily
                                   to customers in the United States.

                                   Approximately 63% of Niagara UK's sales
                                   during the nine months ended September
                                   30, 2001 were within the United Kingdom
                                   with 19% to continental Europe and 18%
                                   to the rest of the world. These amounts
                                   were 64%, 19% and 17%, respectively, for
                                   the nine months ended September 30,
                                   2000. Niagara UK's sales to any one
                                   foreign country, other than the United
                                   States, for these periods represented
                                   less than 5% of its total sales.

                                   Certain of the foregoing segment
                                   information (profit, depreciation and
                                   amortization, assets and acquisition of
                                   property and equipment) does not include
                                   components attributable to Niagara or
                                   incurred by Niagara on behalf of its
                                   operating subsidiaries.




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

Overview

         Niagara was organized in April of 1993. In August 1995, Niagara
acquired Niagara LaSalle . With plants in Buffalo, New York and Chattanooga,
Tennessee, Niagara LaSalle was an established cold finished steel bar producer
in the northeast and southeast regions of the United States.

         In January 1996, Niagara LaSalle acquired Southwest Steel Company,
Inc. ("Southwest"), the leading cold drawn steel bar producer servicing the
southwest region of the United States. During 1996, Southwest completed
construction of a new plant in Midlothian, Texas and relocated its Tulsa,
Oklahoma operations to this new facility.

         In April 1997, Niagara LaSalle acquired LaSalle, which had plants in
Hammond and Griffith, Indiana. This acquisition gave Niagara LaSalle a strong
market position in the midwest region of the United States and broadened
Niagara LaSalle's product range by adding thermal treated and chrome plated
bars. With this acquisition, Niagara US became the largest independent
producer of cold drawn steel bars in the United States.

         On May 21, 1999, Niagara UK purchased the equipment, inventory and
certain other assets of the eight steel bar businesses of Glynwed Steels
Limited ("Glynwed Steels"). These steel bar businesses are engaged in hot
rolling, cold finishing and distribution and represent the largest independent
steel bar concern in the United Kingdom.

         In November 1999, the Company announced a restructuring plan for its
hot rolled bar operations in the United Kingdom. Under this plan, Niagara UK
closed its Ductile Hot Mill facility in Willenhall, transferred most of the
production from this facility to its W Wesson facility in Moxley (which was
renamed Ductile Wesson) and invested approximately $1.5 million in its
remaining hot rolling businesses. During 2000, Niagara UK also reorganized the
management structures in each of its three operating divisions (hot rolling,
cold finishing and distribution).

Results of Operations

         During the third quarter 2001, the Company continued to experience
the decline in sales and net income that began during the third quarter 2000.
In the U.S., demand for the Company's products by service centers, the
Company's major customer base in the U.S., continued to decline in the face of
weak conditions in the manufacturing sector of the economy. In addition,
competitive pressures in the U.S. during the quarter resulted in a further
decline in prices.

         In the U.K., the Company's operations performed poorly due primarily
to weak conditions in the manufacturing sector of the U.K. and other European
countries. In addition, the high value of the pound sterling relative to
Western European currencies continued to impact negatively on Niagara UK's
export business.

         Faced with these conditions, management has reviewed all operations
for cost cutting opportunities and has effected reductions in raw material,
production and transportation costs and reduced capital expenditures. The
Company has also evaluated its staffing needs and has cut back on some shifts
in both its U.S. and U.K operations.

         In addition, the Company intends to implement a further restructuring
plan for its hot rolled bar operations in the United Kingdom. Under this plan,
Niagara UK would close its Gadd Dudley Port plant in Tipton and transfer most
of its production to the Company's two other hot rolled bar plants at Dudley
and Moxley.

Three Months ended September 30, 2001 compared with September 30, 2000

         Net sales for the three months ended September 30, 2001 were
$60,372,998, representing a decrease of $17,089,195, or 22.1%, over the same
period in 2000. Approximately 87.5% of this decrease was attributable to the
Company's U.S. operations with the remainder, 12.5%, attributable to the
Company's U.K. operations. The decrease in net sales attributable to the
Company's U.S. and U.K. operations was due primarily to a marked decrease in
sales volume (28% and 17%, respectively) and, to a lesser extent, a decrease
in prices.

         Cost of products sold for the three months ended September 30, 2001
decreased by $12,610,397 to $54,568,276, representing a decrease of 18.8% over
the same period in 2000. This decrease was primarily attributable to the
decreased sales volume from both the Company's U.S. and U.K. operations.

         Gross margins for the three months ended September 30, 2001 decreased
by 3.7% compared to the same period in 2000 due primarily to the Company's
decreased net sales and a decrease in prices.

         Selling, general and administrative expenses for the three months
ended September 30, 2001 decreased by $660,339 to $6,440,541, or 10.7% of
sales, compared to 9.2% of sales for the same period in 2000. The reduction in
dollar amount was primarily attributable to the Company's cost cutting
measures, and the increase as a percentage of sales was due primarily to the
decrease in net sales.

         Interest expense for the three months ended September 30, 2001
decreased by $657,625 to $1,267,532, due to decreased levels of borrowing and
lower interest rates.

         Net loss for the three months ended September 30, 2001 was
$1,159,273, a decrease of $1,993,077, as compared to the net income of
$833,804 for the three months ended September 30, 2000. Approximately 68.1% of
this decrease was attributable to the Company's U.S. operations and the
balance, 31.9%, was attributable to the Company's U.K. operations.

Nine Months ended September 30, 2001 compared with September 30, 2000

         Net sales for the nine months ended September 30, 2001 were
$211,928,548, representing a decrease of $53,229,093, or 20.1%, over the same
period in 2000. Approximately 72.3% of this decrease was attributable to the
Company's U.S. operations with the remainder, 27.7%, attributable to the
Company's U.K. operations. The decrease in net sales attributable to the
Company's U.S. and U.K. operations was due primarily to a marked decrease in
sales volume (22% and 19%, respectively) and, to a lesser extent, a decrease
in prices.

         Cost of products sold for the nine months ended September 30, 2001
decreased by $41,572,998 to $188,022,882, representing a decrease of 18.1%
over the same period in 2000. This decrease was primarily attributable to the
decreased sales volume from both the Company's U.S. and U.K. operations.

         Gross margins for the nine months ended September 30, 2001 decreased
by 2.1% compared to the same period in 2000 due primarily to the Company's
decreased net sales and a decrease in prices.

         Selling, general and administrative expenses for the nine months
ended September 30, 2001 decreased by $2,432,054 to $19,993,365, or 9.4% of
sales, compared to 8.5% of sales for the same period in 2000. The reduction in
dollar amount was primarily attributable to the Company's cost cutting
measures, and the increase as a percentage of sales was due primarily to the
decrease in net sales.

         Interest expense for the nine months ended September 30, 2001
decreased by $1,263,223 to $4,348,949, due primarily to decreased levels of
borrowing and lower interest rates.

         Net loss for the nine months ended September 30, 2001 was $187,440, a
decrease of $4,957,316, as compared to the net income of $4,769,876 for the
nine months ended September 30, 2000. Approximately 80.3% of this decrease was
attributable to the Company's U.S. operations and the balance, 19.7%, was
attributable to the Company's U.K. operations.

Liquidity and Capital Resources

         The Company's short-term liquidity requirement for day-to-day
operating expenses has been, and is expected to continue to be, funded by cash
provided by operations, borrowings under its revolving credit facilities and
advances under its invoice discounting agreement. The Company's principal
long-term liquidity requirement has been, and is expected to continue to be,
the repayment of debt and the funding of capital expenditures to modernize,
improve and expand its facilities, machinery and equipment. Capital
expenditures for the nine months ended September 30, 2001 totaled $2,703,285
as compared to $3,673,742 for the same period in 2000. This decrease was
attributable to a decrease by both U.S. and U.K. operations in the purchase of
new machinery and equipment.

         Cash flows provided by operating activities were $12,740,701 for
the nine months ended September 30, 2001, an increase of $1,657,474 as
compared to cash flows provided by operating activities of $11,083,227 for
the same period in 2000. This increase was largely attributable to a
decrease in accounts receivable in 2001 as compared to 2000 (a decrease of
$7,716,976 in 2001 as compared to a decrease of $1,517,321 in 2000) and a
decrease in inventories in 2001 as compared to 2000 (a decrease of
$12,119,620 in 2001 as compared to an increase of $2,881,430 in 2000).
These were partially offset by a decrease in accounts payable, accrued
expenses and other non-current liabilities in 2001 as compared to an
increase in 2000 (a decrease of $11,305,350 in 2001 as compared to an
increase of $2,649,274 in 2000), and a decrease in net income (net loss of
$187,440 in 2001 as compared to net income of $4,769,876 in 2000). Cash and
cash equivalents at September 30, 2001 was $2,615,874, an increase of
$265,359 as compared to December 31, 2000. Such funds are used for working
capital and other corporate purposes.

         On April 18, 1997 and in connection with the acquisition of LaSalle,
Niagara US entered into a revolving credit and term loan agreement (as
amended, the "Credit Agreement") and Niagara LaSalle terminated its previously
existing credit agreements. The other parties to the Credit Agreement are
Manufacturers and Traders Trust Company ("M&T"), CIBC Inc., Security Pacific
Business Credit, National Bank of Canada and the Prudential Insurance Company
of America. The Credit Agreement provides for a $50,000,000 revolving credit
facility and a $40,000,000 term loan. The obligations of Niagara US under the
Credit Agreement are guaranteed by Niagara and secured by substantially all of
the assets and a pledge of all outstanding capital stock of Niagara US.

         Principal of the term loan under the Credit Agreement amortizes in
monthly installments that commenced on November 1, 1997 and end on April 1,
2004. The principal repayment installments on the term loan escalate
throughout its term. Interest on the term loan is payable in monthly
installments either at the LIBOR rate (for a period specified by Niagara US
from time to time) plus 2.35% (2.10% through June 27, 2001), or M&T's prime
rate plus 0.5%. Revolving credit loans made pursuant to the Credit Agreement
are based on a percentage of eligible accounts receivable and inventory and
will mature on December 31, 2002. Interest on such loans is payable in monthly
installments at a rate that is either 2.0% (1.75% through June 27, 2001) above
the LIBOR rate (for a period specified by Niagara US from time to time) or
M&T's prime rate plus 0.25%.

         The Credit Agreement carries restrictions on, among other things,
indebtedness, liens, capital expenditures, dividends, asset dispositions,
cross-defaults and changes in control of Niagara and Niagara US, and requires
minimum levels of net worth through maturity. Also included in this agreement
are requirements regarding the ratio of consolidated current assets to
consolidated current liabilities and the ratio of net income before interest,
taxes, depreciation and amortization to cash interest expense. Niagara US was
in compliance with all of these requirements as of September 30, 2001.

         On April 18, 2000, Niagara LaSalle entered into a rate cap
transaction with The Bank of New York ("BNY") pursuant to which, and in
exchange for $63,000, BNY agreed to make certain payments to Niagara LaSalle
in the event the applicable three-month LIBOR rate exceeds 8.28% at any time
between July 20, 2000 and April 20, 2002. In such event, BNY has agreed to pay
Niagara LaSalle, on a quarterly basis beginning on October 20, 2000, an amount
equal to that which would be payable on $45 million (for the period in
question), at an interest rate equal to the difference between such LIBOR rate
and 8.28%.

         On May 20, 1998, Niagara's Board of Directors authorized the
repurchase, from time to time, of up to one million shares of Niagara
Common Stock in open market and privately negotiated transactions. On
October 6, 1999, Niagara's Board authorized the repurchase of an additional
one million Niagara shares. Such repurchases are subject to market and
other conditions and financed with internally generated funds and borrowings
under the Company's credit facilities. Shares of Niagara Common Stock
repurchased are held as treasury stock and are available for use in the
Company's benefit plans and for general corporate purposes. As of September
30, 2001, Niagara had repurchased 1,758,938 shares of its Common Stock at a
cost of $8,249,684, of which 125,300 shares were repurchased at a cost of
$219,275 during the nine months ended September 30, 2001.

         On May 21, 1999 and in connection with the acquisition of the steel
bar businesses from Glynwed Steels, Niagara UK entered into a bank facilities
agreement (the "Facilities Agreement") with National Westminster Bank Plc
("National Westminster"). The Facilities Agreement provides for a (pound)10
million (approximately $14.6 million) term loan and a (pound)9.8 million
(approximately $14.3 million) revolving credit facility. The obligations of
Niagara UK under the Facilities Agreement are secured by standby letters of
credit issued by M&T to National Westminster (respectively, the "Term Letter
of Credit" and the "Revolving Letter of Credit," and, together, the "Letters
of Credit") and substantially all of the assets of Niagara UK (for the benefit
of M&T). Niagara UK's agreement to reimburse M&T for drawdowns under the
Letters of Credit is guaranteed by Niagara and Niagara US, which guarantees
are secured by substantially all of the assets of Niagara US on a second
priority basis. As consideration for the issuance of the Letters of Credit,
Niagara UK paid M&T a total of (pound)178,400 (approximately $285,440) at the
time of issuance and agreed to pay further annual fees (in monthly
installments) of 2.5% and 2.75% in respect of the Revolving and Term Letters
of Credit, respectively.

         Principal of the term loan under the Facilities Agreement amortizes
in monthly installments commencing on May 31, 2000 and ending on April 30,
2006. The principal repayment installments on the term loan escalate
throughout its term. Revolving credit loans made pursuant to the Facilities
Agreement are based upon a percentage of eligible inventory and will mature on
May 21, 2002. Interest under the Facilities Agreement accrues at the LIBOR
rate (for periods specified by Niagara UK from time to time) plus 0.15% and is
payable at the conclusion of such interest periods.

         The purchase of the U.K. steel bar businesses was also financed
pursuant to (i) a (pound)3.75 million (approximately $6 million) equity
investment by Niagara in Niagara UK (the "Equity Investment"), (ii) a
(pound)3.75 million (approximately $6 million ) subordinated loan from Niagara
to Niagara UK which accrues interest at 7.5% per annum (the "Subordinated
Loan") and (iii) a (pound)2.5 million (approximately $4 million) non-interest
bearing short-term loan from Niagara to Niagara UK (the "Short-Term Loan").
The Equity Investment, the Subordinated Loan and the Short-Term Loan were
financed by borrowings under the Credit Agreement. The Short-Term Loan was
repaid during the third quarter of 1999.

         On August 23, 1999, Niagara UK entered into an Invoice Discounting
Agreement (the "Discount Agreement") with Royal Bank of Scotland Invoice
Discounting Limited ("RBID") (formerly known as Lombard Natwest Discounting
Limited). The Discount Agreement matures on August 23, 2003 and provides for
up to (pound)20 million (approximately $29.2 million) of advances to Niagara
UK based upon a formula tied to the receivables purchased by RBID. Interest on
such advances accrues at the National Westminster base rate plus 2.25%. The
obligations of Niagara UK under the Discount Agreement are guaranteed by
Niagara and secured by substantially all of the assets of Niagara UK. In
connection with the execution of the Discount Agreement, the Revolving Letter
of Credit and the revolving credit facility under the Facilities Agreement
were reduced to (pound)4.9 million (approximately $6.9 million) and
subsequently reduced to (pound)2.5 million (approximately $3.5 million) as of
December 31, 1999.

         The Facilities and Discount Agreements carry restrictions on, among
other things, security interests, borrowed money, asset dispositions,
dividends, transactions with affiliates, capital expenditures, cross-defaults,
changes in control of Niagara UK and mergers and acquisitions. Also included
in these agreements are requirements regarding tangible net worth, the ratio
of consolidated EBITDA to consolidated fixed charges and the ratio of current
assets to current liabilities. Niagara UK was in compliance with all of these
requirements as of September 30, 2001.

         In connection with the execution of the Facilities and Discount
Agreements, Niagara and Niagara UK entered into intercreditor agreements
which, among other things (i) restrict the payment of dividends in respect of
the Niagara UK shares, (ii) prohibit the repayment of the Subordinated Loan
until after the discharge of all of Niagara UK's liabilities under the
Facilities and Discount Agreements and (iii) permit the repayment of the
Short-Term Loan upon demand unless payments of principal or interest under
these agreements are owing, certain financial covenants in these agreements
have not been met or an event of default thereunder has occurred and is
continuing.

         At September 30, 2001, the Company had borrowed or been advanced
$40,930,000 under its revolving credit facilities and the Discount Agreement
and had approximately $11,715,000 in available credit thereunder, and the
outstanding balance of its term loans was $34,027,000. Working capital of the
Company at September 30, 2001 was $41,957,731 as compared to $51,338,968 at
December 31, 2000.

Effect of Recent Accounting Pronouncements

         In June 1998, the Financial Accounting Standards Board (the "FASB")
issued SFAS No. 133, "Accounting for Derivative Instruments and Hedging
Activities," which requires entities to recognize all derivatives as either
assets or liabilities in the balance sheet and measure those instruments at
fair value. SFAS No. 133, as amended by SFAS No. 137, is effective for all
fiscal years beginning after June 15, 2000. The adoption of this statement has
not had a material effect on the Company's financial statements.

         In July 2001, the FASB issued SFAS No. 141, "Business Combinations,"
which requires that entities use the purchase method of accounting (and
prohibits the pooling-of-interests method of accounting) for all business
combinations initiated after June 30, 2001. This statement also requires that
entities recognize acquired intangible assets apart from goodwill if such
assets meet certain criteria. The adoption of this statement has not had an
effect on the Company's financial statements.

         In July 2001, the FASB issued SFAS No. 142, "Goodwill and Other
Intangible Assets," which requires that entities no longer amortize goodwill
and other intangible assets having indefinite useful lives, but rather test
them, at least annually, for impairment. In accordance with this statement,
intangible assets that have finite useful lives will continue to be amortized
over their useful lives. SFAS No. 142 is required to be applied in fiscal
years beginning after December 15, 2001 to all goodwill and other intangible
assets recognized at that date, regardless of when such assets were initially
recognized. This statement also requires that entities complete a transitional
goodwill impairment test six months from the date of adoption and reassess the
useful lives of other intangible assets within the first quarter of its
adoption. The adoption of this statement is not currently expected to have a
material effect on the Company's financial statements.

          QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         The Company's primary market risks include fluctuations in interest
rates, variability in interest rate spreads (i.e., prime to LIBOR spreads),
exchange rate variability and the credit risk of its customers. The Company
does not trade in derivative financial instruments. Substantially all of the
Company's non-trade indebtedness relates to loans made pursuant to the Credit
and Facilities Agreements and advances under the Discount Agreement. Interest
on the term loan under the Credit Agreement accrues at either the LIBOR rate
(for a period specified by Niagara US from time to time) plus 2.35% (2.10%
through June 27, 2001), or M&T's prime rate plus 0.5%. Interest on revolving
credit loans made pursuant to such agreement accrues at either 2.0% (1.75%
through June 27, 2001) above the LIBOR rate (for a period specified by Niagara
US from time to time) or M&T's prime rate plus 0.25%. Interest under the
Facilities Agreement accrues at the LIBOR rate (for a period specified by
Niagara UK from time to time) plus 0.15%. Interest on advances under the
Discount Agreement accrues at National Westminster's base rate plus 2.25%.
Management has attempted to reduce market risks associated with the
fluctuations in interest rates through the selection of LIBOR periods under
the Credit and Facilities Agreements and advance amounts under the Discount
Agreement. Management has also attempted to reduce such risks by entering into
an interest rate cap agreement which protects Niagara LaSalle with respect to
$45 million of indebtedness in the event the applicable three-month LIBOR rate
exceeds 8.28% (see "MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS -- Liquidity and Capital Resources").

         The Company sells its products primarily to customers in North
America and Europe. Revenues from sales by Niagara US are collected
exclusively in U.S. dollars. Niagara UK's revenues are generally collected in
the local currency of its customers. To reduce the Company's exposure to
fluctuations in exchange rates, Niagara UK purchases foreign exchange
contracts in amounts and with expiration dates in line with customer orders.
At September 30, 2001, Niagara UK had approximately (pound)9,232,000
(approximately $13,619,000) of such contracts. The unrealized deferred loss
with respect to such contracts at September 30, 2001 was immaterial.

         The Company is subject to the economic conditions affecting its
customers. To reduce its customer credit risk, Niagara UK has insured
substantially all of its accounts receivable. In the U.S., management
continuously reviews information concerning the financial condition of its
customers and believes that its allowance for doubtful accounts is sufficient
to cover such risks.

CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

         The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for certain forward-looking statements. Some of the statements in this
Form 10-Q, including, without limitation, in "MANAGEMENT'S DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS," may constitute
forward-looking statements. When used in this Form 10-Q, the words "may,"
"will," "should," "could," "expects," "plans," "anticipates," "intends,"
"believes," "estimates," "predicts," "projects," "potential," "likely" or
"continue" and other similar expressions are intended to identify such
forward-looking statements. These statements involve known and unknown risks,
uncertainties and other factors, many of which are beyond the control of the
Company, that may cause the Company's actual results to be materially
different from those expressed or implied by such forward-looking statements,
in future filings by Niagara with the Securities and Exchange Commission, in
the Company's press releases or in oral statements made by authorized officers
of the Company. The factors discussed under "CAUTIONARY STATEMENT FOR PURPOSES
OF THE `SAFE HARBOR' PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM
ACT OF 1995" in Niagara's Report on Form 10-K for the fiscal year ended
December 31, 2000, among others, could cause actual results to differ
materially from those contained in forward-looking statements made in this
Form 10-Q.


                          PART II - OTHER INFORMATION


Item 1.  Legal Proceedings.



         Niagara US and Niagara UK are subject to extensive environmental laws
and regulations concerning, among other matters, water and air emissions and
waste disposal. Under such laws, including the Comprehensive Environmental
Response, Compensation and Liability Act of 1980, as amended ("CERCLA"),
Niagara US and Niagara UK may be responsible for parts of the costs required
to remove or remediate previously disposed wastes or hazardous substances at
locations they own or operate or at locations owned or operated by third
parties where they, or a company from which they acquired assets, arranged for
the disposal of such materials. Claims for such costs have been made against
LaSalle with respect to five such third-party sites. Management believes that,
in four cases, the volumes of the waste allegedly attributable to LaSalle and
the share of costs for which it may be liable are de minimis. At two of these
sites, LaSalle has entered into de minimis settlement agreements resolving the
pending claims of liability. In the fifth case, LaSalle has entered into an
agreement with a group of other companies alleged to be responsible for
remediation of the site in an effort to share proportionately the cost of
remediation. LaSalle and this group of companies have also signed an
Administrative Order on Consent with the United States Environmental
Protection Agency and agreed to perform a limited remediation at the site.
LaSalle has received insurance settlements in amounts that largely cover the
financial contributions it has been required to make for these sites through
September 30, 2001. Because liability under CERCLA and analogous state laws is
generally joint and several, and because further remediation work may be
required at these sites, LaSalle may be required to contribute additional
funds. However, based on its volumetric share of wastes disposed and the
participation of other potentially liable parties, management does not believe
that LaSalle's share of the additional costs will have a material adverse
effect on the Company's financial position or results of operations.


Item 2.           Changes in Securities and Use of Proceeds.

                  Not applicable.


Item 3.           Defaults Upon Senior Securities.

                  None.

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

                  None.


Item 5.           Other Information.

                  Not applicable.

Item 6.       Exhibits and Reports on Form 8-K.

                  (a) Exhibits.

       +3.1      Registrant's Restated Certificate of Incorporation, as
                 amended on May 16, 1996.
       *3.2      Registrant's By-laws.
       *4.1      Form of Common Stock Certificate.
   !!!!!4.2      Revolving Credit and Term Loan Agreement, dated as of
                 April 18, 1997, by and among Niagara Cold Drawn Corp.,
                 LaSalle Steel Company, Manufacturers and Traders Trust
                 Company (individually and as Agent), CIBC Inc. and
                 National City Bank (the "Credit Agreement").
     +++4.3      First Amendment to the Credit Agreement, dated as of
                 September 4, 1997.
     +++4.4      Second Amendment to the Credit Agreement, effective as of
                 December 31, 1997.
      !!4.5      Third Amendment to the Credit Agreement, effective May 15,
                 1998.
      **4.6      Fourth Amendment to the Credit Agreement, effective as of
                 December 1, 1998.
    ****4.7      Fifth Amendment to the Credit Agreement, effective as of
                 May 21, 1999.
   +++++4.8      Sixth Amendment to the Credit Agreement, effective as of
                 December 31, 1999.
  !!!!!!4.9      Seventh Amendment to the Credit Agreement, effective as of
                 March 31, 2000.
  !!!!!!4.10     Eighth Amendment to the Credit Agreement, effective as of
                 June 8, 2000.
        4.11     Ninth Amendment to the Credit Agreement, effective as of
                 June 28, 2001.
    ****4.12     Bank Facilities Agreement, dated May 21, 1999, between
                 National Westminster Bank Plc and Niagara LaSalle (UK)
                 Limited (the "Facilities Agreement").
  ++++++4.13     Amendment, dated September 11, 2000, to the Facilities
                 Agreement.
        4.14     Second Amendment, dated July 16, 2001, to the Facilities
                 Agreement.
    ****4.15     Intercreditor Agreement, dated May 21, 1999, between
                 National Westminster Bank Plc, Niagara Corporation and
                 Niagara LaSalle (UK) Limited.
    ++++4.16     Invoice Discounting Agreement, dated August 23, 1999,
                 between Niagara LaSalle (UK) Limited and Lombard Natwest
                 Discounting Limited (the "Discount Agreement").
  ++++++4.17     Amendment, dated September 11, 2000, to the Discount
                 Agreement.
        4.18     Second Amendment, dated July 16, 2001, to the Discount
                 Agreement.
    ++++4.19     Intercreditor Agreement, dated August 23, 1999, between
                 Lombard Natwest Discounting Limited, Niagara Corporation
                 and Niagara LaSalle (UK) Limited.
    ++++4.20     Deed of Priority, dated August 23, 1999, between Lombard
                 Natwest Discounting Limited, National Westminster Bank
                 Plc, Manufacturers and Traders Trust Company, Niagara
                 LaSalle (UK) Limited and Niagara Corporation.
  !!!!!!4.21     Amended Rate Cap Transaction Agreement, dated June 7,
                 2000, between The Bank of New York and Niagara LaSalle
                 Corporation.
    ***10.1      Employment Agreement, dated as of January 1, 1999, by and
                 among Niagara Corporation, Niagara LaSalle Corporation and
                 Michael Scharf.
      !10.2      Amended and Restated Promissory Note made by Southwest
                 Steel Company, Inc. in favor of the Cohen Family Revocable
                 Trust, u/t/a dated June 15, 1988, in the principal amount
                 of $898,000, dated January 31, 1996.
      !10.3      Guaranty, made by the Registrant in favor of the Cohen
                 Family Revocable Trust, u/t/a dated June 15, 1988, dated
                 January 31, 1996.
     !!10.4      International Metals Acquisition Corporation 1995 Stock
                 Option Plan (the "Stock Option Plan").
   !!!!10.5      First Amendment to the Stock Option Plan, dated October 5,
                 1996.
     ++10.6      Second Amendment to the Stock Option Plan, dated June 8,
                 1998.
     ++10.7      Niagara Corporation Employee Stock Purchase Plan.
     **10.8      First Amendment to Lease, dated May 4, 1998, between
                 Niagara LaSalle Corporation and North American Royalties,
                 Inc.
  *****10.9      Sale of Business Agreement, dated April 16, 1999, between
                 Glynwed Steels Limited, Glynwed International plc, Niagara
                 LaSalle (UK) Limited and Niagara Corporation.
  *****10.10     Property Agreement, dated April 16, 1999, between Glynwed
                 Property Management Limited, Glynwed Properties Limited,
                 Niagara LaSalle (UK) Limited, Niagara Corporation and
                 Glynwed International plc.
  *****10.11     Agreement For Lease of Unit 6-8 Eagle Industrial Estate,
                 dated April 16, 1999, between Glynwed Property Management
                 Limited, Glynwed Properties Limited, Niagara LaSalle (UK)
                 Limited and Niagara Corporation.
  +++++10.12     Form of Niagara LaSalle (UK) Limited Lease.
  +++++10.13     Form of Niagara LaSalle (UK) Limited Side Deed.
  +++++10.14     Form of Niagara LaSalle (UK) Limited Option Agreement.
  +++++10.15     Form of Niagara LaSalle (UK) Limited Lease Renewal Deed.


----------------------

       +   Incorporated by reference to exhibit 3.1 filed with the
           Registrant's Report on Form 10-Q for the quarter ended June 30,
           1996.
      ++   Incorporated by reference to Annexes to the Registrant's Proxy
           Statement for the Annual Meeting of Stockholders held on July 7,
           1998.
     +++   Incorporated by reference to exhibits filed with the Registrant's
           Report on Form 10-K for the fiscal year ended December 31, 1997.
    ++++   Incorporated by reference to exhibits filed with the Registrant's
           Report on Form 10-Q for the quarter ended September 30, 1999.
   +++++   Incorporated by reference to exhibits filed with the Registrant's
           Report on Form 10-K for the fiscal year ended December 31, 1999.
  ++++++   Incorporated by reference to exhibits filed with the Registrant's
           Report on Form 10-K for the fiscal year ended December 31, 2000.
       *   Incorporated by reference to exhibits filed with the Registrant's
           Registration Statement on Form S-1, Registration No. 33-64682.
      **   Incorporated by reference to exhibits filed with the Registrant's
           Report on Form 10-K for the fiscal year ended December 31, 1998.
     ***   Incorporated by reference to exhibit 10.1 filed with the
           Registrant's Report on Form 10-K/A for the fiscal year ended
           December 31, 1998.
    ****   Incorporated by reference to exhibits filed with the
           Registrant's Report on Form 8-K, dated June 4, 1999.
   *****   Incorporated by reference to exhibits filed with the
           Registrant's Report on Form 8-K, dated April 27, 1999.
       !   Incorporated by reference to exhibits filed with the
           Registrant's Report on Form 10-K for the year ended December 31,
           1995.
      !!   Incorporated by reference to Annex A to the Registrant's Proxy
           Statement for the Annual Meeting of Stockholders held on May 16,
           1996.
     !!!   Incorporated by reference to exhibit 4.8 to the Registrant's
           Report on Form 10-Q for the quarter ended June 30, 1998.
    !!!!   Incorporated by reference to exhibit 10.10 to the Registrant's
           Report on Form 10-K for the fiscal year ended December 31, 1996.
   !!!!!   Incorporated by reference to exhibits filed with the
           Registrant's Report on Form 8-K, dated May 2, 1997.
  !!!!!!   Incorporated by reference to exhibits filed with the
           Registrant's Report on Form 10-Q for the quarter ended June 30,
           2000.


                  (b) Reports on Form 8-K.

                      None.





                                 SIGNATURES

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


Date: November 14, 2001         NIAGARA CORPORATION
                                -------------------
                                   (Registrant)


                                  /s/ Michael Scharf
                                -----------------------------------------------
                                Michael Scharf, President


Date: November 14, 2001           /s/ Raymond Rozanski
                                -----------------------------------------------
                                Raymond Rozanski, Vice President and Treasurer