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, 2000

                       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      .
                                                   ------      ------
Number of shares of Common Stock outstanding at September 30, 2000

Common Stock, par value $.001 per share              8,498,817
---------------------------------------      -------------------------
              (Class)                           (Number of Shares)



NIAGARA CORPORATION


INDEX TO SEPTEMBER 2000 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................................  8-13

  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
   AND RESULTS OF OPERATIONS............................................. 14-19

  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK ............    19

  CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF
   THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995..................    20

PART II - OTHER INFORMATION.............................................. 21-22

SIGNATURES...............................................................    25



<TABLE>
<CAPTION>
                                                                       Niagara Corporation
                                                                          and Subsidiaries

                                                                            Balance Sheets
==========================================================================================
                                                             December 31,    September 30,
                                                                    1999             2000
                                                                               (unaudited)
------------------------------------------------------------------------------------------
Assets
Current:
<S>                                                           <C>              <C>
 Cash and cash equivalents                                 $   2,234,181    $   2,400,089
 Trade accounts receivable, net of allowance
  for doubtful accounts of  $925,000 and $1,119,000           53,126,071       50,365,973
 Accounts receivable, other                                    2,255,687                -
 Inventories                                                  59,441,872       59,879,372
 Deferred income taxes                                           957,000          957,000
 Other current assets                                          3,112,453        3,586,145
------------------------------------------------------------------------------------------
      Total current assets                                   121,127,264      117,188,579
 Property, plant and equipment, net of accumulated
  depreciation of $21,160,043 and $26,570,134                102,983,882       98,662,213
 Goodwill, net of accumulated amortization of
  $300,077 and $358,226                                        2,022,061        1,963,912
 Deferred financing costs, net of accumulated
  amortization of $295,168 and $378,204                          479,832          396,796
 Intangible pension asset                                        474,000          474,000
 Other assets, net of accumulated amortization of
  $581,444 and $700,215                                          847,260          704,916
------------------------------------------------------------------------------------------
                                                           $ 227,934,299    $ 219,390,416
==========================================================================================
Liabilities and Stockholders' Equity
Current:
 Accounts payable                                          $  50,191,265    $  41,856,908
 Accrued expenses                                              9,506,238       16,986,250
 Current maturities of long-term debt                          6,410,741        7,657,339
------------------------------------------------------------------------------------------
        Total current liabilities                             66,108,244       66,500,497
Other:
 Long-term debt, less current maturities                      87,387,943       78,576,882
 Accrued pension cost                                          2,690,987          621,220
 Accrued other postretirement benefits                         5,331,586        5,137,092
 Deferred income taxes                                         9,849,000       10,449,000
 Other noncurrent liabilities                                    105,261           76,449
------------------------------------------------------------------------------------------
        Total liabilities                                    171,473,021      161,361,140
------------------------------------------------------------------------------------------
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                                            12,141,460       16,911,336
 Accumulated other comprehensive loss                           (175,644)      (1,353,917)
------------------------------------------------------------------------------------------
                                                              62,087,489       65,679,092
 Treasury stock, at cost, 1,034,509 and
  1,498,638 shares                                            (5,626,211)      (7,649,816)
------------------------------------------------------------------------------------------
     Total stockholders' equity                               56,461,278       58,029,276
------------------------------------------------------------------------------------------
                                                           $ 227,934,299    $ 219,390,416
=========================================================================================

                                          See accompanying notes to financial statements.

</TABLE>



<TABLE>
<CAPTION>
                                                                      Niagara Corporation
                                                                         and Subsidiaries

                                                                  Statement of Operations
                                                                              (Unaudited)
=========================================================================================

Three months ended September 30,                                    1999            2000
------------------------------------------------------------------------------------------
<S>                                                          <C>              <C>
Net sales                                                  $  75,718,037    $  72,415,193
Cost of products sold                                         65,105,971       62,131,673
------------------------------------------------------------------------------------------
      Gross profit                                            10,612,066       10,283,520
Operating expenses:
  Selling, general and administrative                          7,385,339        7,100,880
------------------------------------------------------------------------------------------
      Income from operations                                   3,226,727        3,182,640
Other income (expense):
  Interest income                                                  7,524                -
  Interest expense                                            (1,792,783)      (1,925,157)
  Other income                                                     3,040           76,321
------------------------------------------------------------------------------------------
      Income before income taxes                               1,444,508        1,333,804
Income taxes                                                     528,000          500,000
------------------------------------------------------------------------------------------
Net income                                                 $     916,508    $     833,804
-----------------------------------------------------------------------------------------
Earnings per share (basic)                                 $         .10    $         .10
-----------------------------------------------------------------------------------------
Earnings per share (diluted)                               $         .10    $         .10
-----------------------------------------------------------------------------------------
Weighted average common shares outstanding:

   Basic                                                       9,443,660        8,581,038

   Diluted                                                     9,443,660        8,581,038
=========================================================================================

                                          See accompanying notes to financial statements.
</TABLE>




<TABLE>
<CAPTION>
                                                                      Niagara Corporation
                                                                         and Subsidiaries

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

Nine months ended September 30,                                  1999 (a)           2000
------------------------------------------------------------------------------------------
<S>                                                         <C>              <C>
Net sales                                                  $ 186,716,649    $ 247,881,641
Cost of products sold                                        160,874,036      212,319,880
------------------------------------------------------------------------------------------
        Gross profit                                          25,842,613       35,561,761
Operating expenses:
   Selling, general and administrative                        16,885,651       22,425,419
------------------------------------------------------------------------------------------
        Income from operations                                 8,956,962       13,136,342
Other income (expense):
   Interest income                                                22,285              207
   Interest expense                                           (3,770,622)      (5,612,172)
   Other income                                                   77,510          145,499
------------------------------------------------------------------------------------------
        Income before income taxes                             5,286,135        7,669,876
Income taxes                                                   2,018,000        2,900,000
-----------------------------------------------------------------------------------------
Net income                                                 $   3,268,135    $   4,769,876
-----------------------------------------------------------------------------------------
Earnings per share (basic)                                 $         .35    $         .55
-----------------------------------------------------------------------------------------
Earnings per share (diluted)                               $         .34    $         .55
-----------------------------------------------------------------------------------------
Weighted average common shares outstanding:

 Basic                                                         9,469,472        8,729,344

 Diluted                                                       9,521,111        8,729,344

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

(a) Includes the results of Niagara LaSalle (UK) Limited from May 22, 1999.

                                          See accompanying notes to financial statements.
</TABLE>


<TABLE>
<CAPTION>

                                                                                                                Niagara Corporation
                                                                                                                   and Subsidiaries

                                                                                                  Statement of Stockholders' Equity
                                                                                                                        (Unaudited)
===================================================================================================================================
Nine Months ended September 30, 2000
-----------------------------------------------------------------------------------------------------------------------------------

                               Common Stock
                             ---------------                                    Accumulated other                       Total
                          Number of                 Additional       Retained    comprehensive     Treasury stock    stockholders'
                            shares      Amount    paid-in capital    earnings        loss             at cost           equity
-----------------------------------------------------------------------------------------------------------------------------------
<S>                        <C>          <C>          <C>            <C>           <C>             <C>               <C>
Balance, January 1, 2000   9,997,455    $9,998      $50,111,675     $12,141,460     $(175,644)     $(5,626,211)     $56,461,278
Comprehensive income:
 Net income for the
  period                       -            -            -            4,769,876            -             -            4,769,876
 Foreign currency
  translation adjust-
  ments (Note 2)               -            -            -               -         (1,178,273)                       (1,178,273)
-----------------------------------------------------------------------------------------------------------------------------------
Total comprehensive
income                                                                                                                3,591,603
===================================================================================================================================
Purchase of treasury
stock, at cost (a)             -            -            -               -                 -             -           (2,023,605)
===================================================================================================================================
Balance, September 30,      9,997,455   $9,998      $50,111,675     $16,911,336   $(1,353,917)      $(7,649,816)     $58,029,276
2000
===================================================================================================================================
(a) During the nine months ended September 30, 2000, Niagara Corporation repurchased 464,129 of its Common Stock at a cost of
    $2,023,605. The shares repurchased are held as treasury stock.

                                                                                    See accompanying notes to financial statements.

</TABLE>



<TABLE>
<CAPTION>
                                                                               Niagara Corporation
                                                                                  and Subsidiaries

                                                                          Statements of Cash Flows
                                                                                       (Unaudited)
==================================================================================================
Nine months ended September 30,                                          1999 (a)             2000
--------------------------------------------------------------------------------------------------
Cash flows from operating activities:
<S>                                                                  <C>               <C>
 Net income                                                          $ 3,268,135       $ 4,769,876
--------------------------------------------------------------------------------------------------
 Adjustments to reconcile net income to net cash provided by
  (used in) operating activities:
     Depreciation and amortization                                     5,912,011         7,214,652
     Provision for doubtful accounts                                     106,896           199,674
     Deferred income taxes                                               234,000           600,000
     Accrued pension costs                                              (454,952)       (2,069,767)
     Accrued other postretirement benefits                                90,198          (194,494)
     Changes in assets and liabilities, net of effect from the
       purchase of U.K. steel bar businesses in 1999:
        Increase in accounts receivable                              (39,046,793)         (738,366)
        Decrease in accounts receivable - other                                -         2,255,687
        Increase in inventories                                       (2,814,500)       (2,881,430)
        Increase in other assets, net                                 (3,644,131)         (721,879)
        Increase in trade accounts payable and accrued
          expenses                                                    29,673,262         2,649,274
---------------------------------------------------------------------------------------------------
          Total adjustments                                           (9,944,009)        6,313,351
---------------------------------------------------------------------------------------------------
          Net cash (used in) provided by operating activities         (6,675,874)       11,083,227
---------------------------------------------------------------------------------------------------
Cash flows from investing activities:
  Acquisition of U.K. steel bar businesses, net of cash acquired     (29,443,773)                 -
  Acquisition of property and equipment                               (5,514,713)       (3,673,742)
---------------------------------------------------------------------------------------------------
          Net cash used in investing activities                      (34,958,486)       (3,673,742)
---------------------------------------------------------------------------------------------------
Cash flows from financing activities:
  Proceeds from long-term debt                                        44,515,887                 -
  Repayment of long-term debt                                                  -        (4,645,865)
  Payments to acquire treasury stock                                  (2,344,137)       (2,023,605)
----------------------------------------------------------------------------------------------------
          Net cash provided by (used in) financing activities         42,171,750        (6,669,470)
----------------------------------------------------------------------------------------------------
Effect of exchange rate changes on cash and cash equivalents                   -          (574,107)
----------------------------------------------------------------------------------------------------
Net increase (decrease) in cash and cash equivalents                     537,390           165,908
Cash and cash equivalents, beginning of period                           440,654         2,234,181
----------------------------------------------------------------------------------------------------
Cash and cash equivalents, end of period                             $   978,044      $  2,400,089
====================================================================================================
(a) Includes the cash flows of Niagara LaSalle (UK) Limited from May 22, 1999.


                                                     See accompanying notes to financial statements.
</TABLE>





                                                            Niagara Corporation
                                                               and Subsidiaries

                              Notes to Financial Statements - Information as of
                                   September 30, 2000 and for the periods ended
                                      September 30, 1999 and 2000 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, 1999.

2.   FOREIGN CURRENCY
     TRANSLATION AND TRANSACTIONS  Niagara LaSalle (UK) Limited ("Niagara
                                   UK"), an English company and a
                                   subsidiary of Niagara Corporation
                                   ("Niagara," and together with its
                                   subsidiaries, the "Company"), uses
                                   British pounds sterling ("(pound)") as
                                   its 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 on September 30,
                                   2000 and the related revenues and
                                   expenses have been translated at rates
                                   prevailing at the transaction date,
                                   which approximates average rates for the
                                   period. 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.   ACQUISITION OF U.K.
     STEEL BAR BUSINESSES          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"), an English company
                                   and a subsidiary of Glynwed
                                   International plc ("Glynwed"). In
                                   consideration for the sale of such
                                   assets, Niagara UK paid Glynwed Steels
                                   (pound)21,202,000 (approximately $34
                                   million) in cash at the closing,
                                   (pound)3,015,500 (approximately $4.9
                                   million) of which was returned to
                                   Niagara UK during the third quarter of
                                   1999 as an adjustment to reflect the
                                   value of the net assets transferred.
                                   These steel bar businesses, which are
                                   engaged in hot rolling, cold finishing
                                   and distribution, currently consist of
                                   the following unincorporated trading
                                   units: Ductile Wesson, Gadd Dudley Port,
                                   GB Longmore, Macreadys, Midland
                                   Engineering Steels and W Wesson.

                                   The financial statements include the
                                   results of Niagara UK from May 22, 1999.
                                   Accordingly, Niagara UK's results are
                                   included for the entire three and nine
                                   months ended September 30, 2000 and the
                                   three months ended September 30, 1999,
                                   but are only included from May 22, 1999
                                   for the nine months ended September 30,
                                   1999.

                                   The acquisition of the U.K. steel bar
                                   businesses was accounted for as a
                                   purchase. The purchase price for these
                                   businesses was approximately
                                   (pound)21,275,000 (approximately $34.4
                                   million) which amount includes (i)
                                   approximately (pound)1,302,000
                                   (approximately $2.1 million) of
                                   acquisition costs and (ii) approximately
                                   (pound)1,787,000 (approximately $2.9
                                   million) of estimated costs relating to
                                   the intended closure of certain
                                   facilities and intended consolidation of
                                   certain operations, which estimate was
                                   subsequently increased to
                                   (pound)2,040,000 (approximately $3.1
                                   million). As of September 30, 2000,
                                   approximately (pound)1,415,000
                                   (approximately $2.2 million) of such
                                   estimated costs had been expended.

                                   In connection with the acquisition of
                                   the U.K. steel bar businesses, Niagara
                                   and Niagara UK entered into agreements
                                   with subsidiaries of Glynwed providing
                                   for the lease or sublease by Niagara UK
                                   of 10 operating facilities and the
                                   assignments of 5 sales office leases.
                                   Pursuant to these agreements (i) the
                                   initial term of the lease is 10 years
                                   for 9 of the operating facilities and 5
                                   years for the remaining operating
                                   facility at aggregate rents of
                                   (pound)50,000 (approximately $73,000)
                                   for the first two years; (pound)850,000
                                   (approximately $1.2 million) for years
                                   3-6; and (pound)1,000,000 (approximately
                                   $1.5 million) for years 7-10, (ii) each
                                   operating facility lease can be
                                   terminated by Niagara UK on one year's
                                   notice and (iii) Niagara UK has the
                                   option to purchase any or all of the 7
                                   primary operating facilities at prices
                                   fixed for 10 years (which prices total
                                   (pound)9,468,000 (approximately $13.9
                                   million)), or to renew the leases with
                                   respect thereto for an additional term
                                   of 15 years at commercial market rates.

                                   The purchase of the U.K. steel bar
                                   businesses was financed by (i)
                                   borrowings under a bank facilities
                                   agreement entered into on May 21, 1999
                                   by Niagara UK providing for a (pound)10
                                   million (approximately $16 million)
                                   seven-year term loan and a (pound)9.8
                                   million (approximately $15.7 million)
                                   three-year revolving credit facility,
                                   (ii) a (pound)3.75 million
                                   (approximately $6 million) equity
                                   investment by Niagara in Niagara UK,
                                   (iii) a (pound)3.75 million
                                   (approximately $6 million) subordinated
                                   loan from Niagara to Niagara UK and (iv)
                                   a (pound)2.5 million (approximately $4
                                   million) short-term loan from Niagara to
                                   Niagara UK. The equity investment and
                                   subordinated and short-term loans were
                                   financed by borrowings under a revolving
                                   credit and term loan agreement dated
                                   April 18, 1997, as amended, with
                                   Niagara's U.S. subsidiaries, Niagara
                                   LaSalle Corporation ("Niagara LaSalle")
                                   and LaSalle Steel Company ("LaSalle,"
                                   and together with Niagara LaSalle,
                                   "Niagara US").

                                   On August 23, 1999, Niagara UK entered
                                   into a three-year invoice discounting
                                   agreement with Lombard Natwest
                                   Discounting Limited providing for up to
                                   (pound)20 million (approximately $32.2
                                   million) of advances to Niagara UK based
                                   upon a formula tied to the receivables
                                   purchased by such institution. In
                                   connection with the execution of this
                                   agreement, the revolving credit facility
                                   under Niagara UK's bank facilities
                                   agreement was reduced to (pound)4.9
                                   million (approximately $7.9 million).
                                   This facility was further reduced to
                                   (pound)2.5 million (approximately $4.0
                                   million) as of December 31, 1999.

                                   Pro forma results of operations,
                                   assuming the acquisition of the U.K.
                                   steel bar businesses had occurred on
                                   January 1, 1999 are unaudited and
                                   detailed below. Pro forma adjustments
                                   primarily include reductions in
                                   depreciation and amortization based on
                                   changes in the useful lives of the
                                   assets acquired, additional interest
                                   expense relating to the debt incurred in
                                   connection with the acquisition, and
                                   changes in rent expense based on
                                   property leases entered into in
                                   connection with the acquisition.

   Nine Months ended                                    September 30, 1999
   -----------------------------------------------------------------------
   Net Sales                                                 $247,005,829
   Net Loss                                                   $(2,610,576)
   Net Loss per share (basic)                                       $(.28)
   Net Loss per share (diluted)                                     $(.28)
   -----------------------------------------------------------------------

4.   INVENTORIES

Inventories consisted of the following:

                               December 31,      September 30,
                                      1999               2000
                               ------------------------------
Raw materials                 $25,231,191         $22,849,898
Work-in-process                 5,260,767           5,654,828
Finished goods                 28,949,914          31,374,646
                              --------------------------------------------
                              $59,441,872         $59,879,372

==========================================================================
At September 30, 2000, inventories totaling $37,518,817 and owned by
Niagara US are stated using the LIFO method and inventories totaling
$22,360,555 and owned by Niagara UK are stated using the FIFO method.

5.   CONTINGENCIES                 Niagara US and Niagara UK are subject to
                                   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. The costs expended through
                                   September 30, 2000 have been largely
                                   covered by insurance. Management
                                   believes any resolution of these matters
                                   will not have a material adverse effect
                                   on the Company's financial position or
                                   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
                                   irrevocable standby letters of credit
                                   totaling $350,000 as of September 30,
                                   2000. 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,
                                   actual and estimated, for claims. Such
                                   estimates utilize certain actuarial
                                   assumptions followed in the insurance
                                   industry and are included in accrued
                                   expenses.

6.   SEGMENTS AND
     RELATED INFORMATION           The Company operates in two reportable
                                   segments: (i) Niagara US which has
                                   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 Translations." Assets and
                                   liabilities have been translated at the
                                   exchange rate in effect on September 30,
                                   1999 and 2000, and the related revenues
                                   and expenses have been translated at
                                   rates prevailing at the transaction
                                   date, which approximates average rates
                                   for the period. The following tables set
                                   forth certain performance and other
                                   information by reportable segment.


 Three months ended
 September 30, 1999                           Niagara US         Niagara UK
-------------------------------------------------------------------------------
 Net sales                                  $ 44,060,507        $31,657,530

 Segment profit (EBITDA)                       3,925,215          1,969,176

 Depreciation and amortization                 1,819,140            315,462

 Interest expense                              1,134,613            658,170

 Segment assets                              147,298,070         74,032,022

 Acquisition of property and equipment           996,429             30,714
 ------------------------------------------------------------------------------


 Three months ended
 September 30, 2000                           Niagara US         Niagara UK
 ------------------------------------------------------------------------------
 Net sales                                  $ 46,824,687        $25,590,506

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

 Depreciation and amortization                 1,785,397            393,058

 Interest expense                              1,242,136            683,021

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

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


 Nine months ended
 September 30, 1999 (a)                       Niagara US         Niagara UK
 ------------------------------------------------------------------------------
 Net Sales                                  $140,809,884        $45,906,765

 Segment Profit (EBITDA)                      14,154,886          2,228,165

 Depreciation and amortization                 5,447,228            457,862

 Interest expense                              2,986,822            783,800

 Segment assets                              147,298,070         74,032,022

 Acquisition of property and equipment         5,078,816             30,714
 ------------------------------------------------------------------------------
 (a) Segment information for Niagara UK reflects the results of such
 segment from May 22, 1999.


 Nine months ended
 September 30, 2000                            Niagara US         Niagara UK
 ------------------------------------------------------------------------------
 Net sales                                   $157,644,112        $90,237,529

 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

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

 Acquisition of property and equipment          1,838,889          1,812,556
 ------------------------------------------------------------------------------


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. Prior to the acquisition of the U.K. steel
bar businesses, the Company had one segment as all of its operations were
located in the United States.



                  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.
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.

         The Company has announced a restructuring plan for its hot rolling
operations in the United Kingdom. Under the plan, Niagara UK will close its
Ductile Hot Mill facility in Willenhall, transfer most of the production
from this facility to its W Wesson facility in Moxley (which has been
renamed Ductile Wesson) and invest approximately $1.6 million in its
remaining hot rolling businesses. The Company has also determined to
consolidate certain additional U.K. operations. These restructurings are
scheduled to be completed during 2000 and are expected to expand Niagara
UK's product range, improve its product quality and enhance its customer
service capabilities.

Results of operations

         While the Company's sales and profitability for the nine months
ended September 30, 2000 improved over the comparable period in 1999,
results for the third quarter 2000 were mixed with both sales and
profitability at Niagara UK declining from the comparable period in 1999
which more than offset increases attributable to the Company's U.S.
operations for the period. The declines at Niagara UK were primarily caused
by the high value of the British pound relative to other Western European
currencies, which constrained export sales during the period.

         The results of operations for the three months ended September 30,
1999 and 2000, and the nine months ended September 30, 2000, include the
results of Niagara UK for the entire periods, while the results for the
nine months ended September 30, 1999 include the results of Niagara UK only
from May 22, 1999.

Three Months ended September 30, 2000 compared with September 30, 1999

         Net sales for the three months ended September 30, 2000 were
$72,415,193, representing a decrease of $3,302,844, or 4.4%, over the same
period in 1999. This decrease was attributable to a 19.2% reduction in
sales by the Company's U.K operations following the consolidation of such
operations and the closure of the Ductile Hot Mill facility, which was
partially offset by a 6.3% increase in sales by the Company's U.S.
operations.

         Cost of sales for the three months ended September 30, 2000
decreased by $2,974,298 to $62,131,673, representing a decrease of 4.6%
over the same period in 1999. This decrease was primarily attributable to
the decreased sales volume from the Company's U.K. operations.

         Gross margins for the three months ended September 30, 2000
increased by 0.2% compared to the same period in 1999 due primarily to the
Company's continued emphasis on higher margin value-added products.

         Selling, general and administrative expenses for the three months
ended September 30, 2000 decreased by $284,459 to $7,100,880, or 9.8% of
sales, which, when compared to the corresponding period in 1999, represents
the same 9.8% of sales.

         Interest expense for the three months ended September 30, 2000
increased by $132,374 to $1,925,157, due primarily to increased levels of
borrowing following the acquisition of the U.K. steel bar businesses and
increased interest rates.

         Net income for the three months ended September 30, 2000 was
$833,804, a decrease of $82,704, or 9.0%, as compared to the net income for
the three months ended September 30, 1999. This decrease was primarily due
to a 61.7% reduction in net income attributable to the Company's U.K.
operations which was partially offset by a 53.2% increase in net income
attributable to the Company's U.S. operations.


Nine Months ended September 30, 2000 compared with September 30, 1999

         Net sales for the nine months ended September 30, 2000 were
$247,881,641, representing an increase of $61,164,992, or 32.8%, over the
same period in 1999. Approximately 27.5% of this increase was attributable
to the Company's U.S. operations with the remainder, 72.5%, attributable to
the Company's U.K. operations.

         Cost of sales for the nine months ended September 30, 2000
increased by $51,445,844 to $212,319,880, representing an increase of 32.0%
over the same period in 1999. This increase was primarily attributable to
the increased sales volume from the Company's U.S. and U.K. operations.

         Gross margins for the nine months ended September 30, 2000
increased by .5% as compared to the same period in 1999, due primarily to
Niagara UK's greater emphasis on higher margin value-added products.

         Selling, general and administrative expenses for the nine months
ended September 30, 2000 increased by $5,539,768 to $22,425,419, or 9.0% of
sales, which, when compared to the corresponding period in 1999, represents
the same 9.0% of sales. The increase in dollar amount was due to the
inclusion of Niagara UK's expenses for the entire period in 2000.

         Interest expense for the nine months ended September 30, 2000
increased by $1,841,550 to $5,612,172, due primarily to increased levels of
borrowing following the acquisition of the U.K. steel bar businesses and
increased interest rates.

         Net income for the nine months ended September 30, 2000 was
$4,769,876, an increase of $1,501,741, or 46.0%, as compared to the net
income for the nine months ended September 30, 1999. Approximately 81.5% of
this increase was attributable to the Company's U.S. operations and the
balance, 18.5%, was attributable to the Company's U.K. operations.

         On a pro forma basis, and as disclosed in Note 3 to the financial
statements, actual net income for the nine months ended September 30, 2000
was $4,769,876 compared to a pro forma net loss of $2,610,576 for the same
period in 1999. The pro forma results for the nine months ended September
30, 1999 were negatively impacted by an inventory adjustment of
approximately $5,700,000 to estimated net realizable value at Niagara UK.


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 funding of capital expenditures to
modernize, improve and expand its facilities, machinery and equipment.
Capital expenditures for the nine months ended September 30, 2000 totaled
$3,673,742 as compared to $5,514,713 for the same period in 1999. This
decrease was attributable to an increase by U.S. operations in the
financing of new machinery and equipment through leases.

         Cash flows provided by operating activities were $11,083,227 for
the nine months ended September 30, 2000, an increase of $17,759,101 as
compared to cash flows used in operating activities of $6,675,874
for the same period in 1999. This increase is largely attributable to the
large increase in accounts receivable in 1999 following the acquisition of
the U.K. steel bar businesses, which was partially offset by an increase in
accounts payable and accrued expenses for the nine months ended September
30, 1999. Cash and cash equivalents at September 30, 2000 was $2,400,089,
an increase of $165,908 as compared to December 31, 1999. 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
(the "Credit Agreement") with Manufacturers and Traders Trust Company
("M&T"), CIBC Inc., National City Bank, National Bank of Canada and the
Prudential Insurance Company of America, and Niagara LaSalle terminated its
previously existing credit agreements with M&T. The Credit Agreement
provides for a $50,000,000 five-year revolving credit facility and a
$40,000,000 seven-year 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 210 basis points, or M&T's prime rate plus 50 basis
points. Revolving credit loans made pursuant to the Credit Agreement are
based on a percentage of eligible accounts receivable and inventory and
will mature on April 18, 2002. Interest on such loans is payable in monthly
installments at a rate that is either 175 basis points above the LIBOR rate
(for a period specified by Niagara US from time to time) or M&T's prime
rate plus 25 basis points.

         The Credit Agreement carries restrictions on, among other things,
indebtedness, liens, capital expenditures, dividends, asset dispositions
and changes in control of 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, 2000.

         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, borrowings
under the Company's revolving credit facilities or advances under Niagara
UK's invoice discounting agreement. 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, 2000, Niagara had repurchased 1,498,638 shares of its Common Stock at a
cost of $7,649,816, of which 464,129 shares were repurchased at a cost of
$2,023,605 during the nine months ended September 30, 2000.

         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 $16 million) seven-year term loan and a
(pound)9.8 million (approximately $15.7 million) three-year 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 3% 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 of the term and revolving credit
loans under the Facilities Agreement accrue at the LIBOR rate (for periods
specified by Niagara UK from time to time) plus 15 basis points 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 a three-year Invoice
Discounting Agreement (the "Discount Agreement") with Lombard Natwest
Discounting Limited ("Lombard") providing for up to (pound)20 million
(approximately $32.2 million) of advances to Niagara UK based upon a
formula tied to the receivables purchased by Lombard. 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 $7.9 million)
and subsequently reduced to (pound)2.5 million (approximately $4.0 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, changes in
control and mergers and acquisitions. Also included in these agreements are
requirements regarding tangible net worth, the ratio of profit before
interest and taxes to interest and the ratio of current assets to current
liabilities. Niagara UK was in compliance with all of these requirements as
of September 30, 2000.

         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 agreement 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, 2000, the Company had borrowed or been advanced
$44,021,000 under its revolving credit facilities and the Discount
Agreement and had approximately $25,000,000 in available credit thereunder,
and the outstanding balance of its term loans was $40,573,000. Working
capital of the Company at September 30, 2000 was $50,688,082 as compared to
$55,019,020 at December 31, 1999.


         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) and exchange rate variability. 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 210
basis points, or M&T's prime rate plus 50 basis points. Interest on
revolving credit loans made pursuant to such agreement accrues at either
175 basis points above the LIBOR rate (for a period specified by Niagara US
from time to time) or M&T's prime rate plus 25 basis points. Interest on
the term and revolving credit loans under the Facilities Agreement accrues
at the LIBOR rate (for a period specified by Niagara UK from time to time)
plus 15 basis points. 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 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). Management has also attempted to reduce
such risks through the selection of LIBOR periods under the Credit and
Facilities Agreements and advance amounts under the Discount Agreement.

         The Company sells its products primarily to customers in North
America and Europe. Niagara UK's revenues are generally collected in the
local currency of its customers. To reduce the Company's sensitivity to
fluctuations in exchange rates, Niagara UK purchases foreign exchange
contracts in amounts and with expiration dates in line with customer
orders. Revenues from sales by Niagara US are collected exclusively in U.S.
dollars.

    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, 1999,
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 costs required
to remove or remediate previously disposed wastes or hazardous substances
at locations owned or operated by them 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 three of these sites, LaSalle has entered into de
minimis settlement agreements resolving the pending claims of liability,
one of which awaits further governmental approval. 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 an insurance
settlement in an amount that largely covers the financial contributions it
has been required to make for these sites through September 30, 2000.
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.
    **4.1l       Amended and Restated Promissory Note, dated December 15,
                 1998, made by Gilbert D. Scharf in favor of Niagara
                 Corporation.
  ****4.12       Bank Facilities Agreement, dated May 21, 1999 between
                 National Westminster Bank Plc and Niagara LaSalle (UK)
                 Limited.
  ****4.13       Intercreditor Agreement, dated May 21, 1999, between
                 National Westminster Bank Plc, Niagara Corporation and
                 Niagara LaSalle (UK) Limited.
  ++++4.14       Invoice Discounting Agreement, dated August 23, 1999,
                 between Niagara LaSalle (UK) Limited and Lombard Natwest
                 Discounting Limited.
  ++++4.15       Intercreditor Agreement, dated August 23, 1999, between
                 Lombard Natwest Discounting Limited, Niagara Corporation
                 and Niagara LaSalle (UK) Limited.
  ++++4.16       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.
!!!!!!4.17       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       Employment Agreement, dated August 16, 1995, between
                 International Metals Acquisition Corporation, Niagara Cold
                 Drawn Corp. and Frank Archer.
  **  10.3       Employment Agreement, dated August 16, 1995, between
                 International Metals Acquisition Corporation, Niagara Cold
                 Drawn Corp. and Raymond Rozanski.
     !10.4       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.
     !10.5       Guaranty, made by the Registrant in favor of the Cohen
                 Family Revocable Trust, u/t/a dated June 15, 1988, dated
                 January 31, 1996.
    !!10.6       International Metals Acquisition Corporation 1995 Stock
                 Option Plan.
  !!!!10.7       First Amendment to the International Metals Acquisition
                 Corporation 1995 Stock Option Plan, dated October 5, 1996.
    ++10.8       Second Amendment to the Niagara Corporation 1995 Stock
                 Option Plan, dated June 8, 1998.
    ++10.9       Niagara Corporation Employee Stock Purchase Plan.
  ** 10.10       First Amendment to Lease, dated May 4, 1998, between
                 Niagara LaSalle Corporation and North American Royalties,
                 Inc.
*****10.11       Sale of Business Agreement, dated April 16, 1999, between
                 Glynwed Steels Limited, Glynwed International plc, Niagara
                 LaSalle (UK) Limited and Niagara Corporation
*****10.12       Property Agreement, dated April 16, 1999, between Glynwed
                 Property Management Limited, Glynwed Properties Limited,
                 Niagara LaSalle (UK) Limited, Niagara Corporation and
                 Glynwed International plc.
*****10.13       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.
+++++10.14       Form of Niagara LaSalle (UK) Limited Lease.
+++++10.15       Form of Niagara LaSalle (UK) Limited Side Deed.
+++++10.16       Form of Niagara LaSalle (UK) Limited Option Agreement.
+++++10.17       Form of Niagara LaSalle (UK) Limited Lease Renewal Deed.
        27       Financial Data Schedule.
-----------------------------------

       +  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 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, 1999.

          (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 13, 2000          NIAGARA CORPORATION
                                 -------------------
                                    (Registrant)




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




Date: November 13, 2000          /s/ Raymond Rozanski
                                 --------------------------------
                                 Raymond Rozanski, Vice President
                                   and Treasurer




                               EXHIBIT INDEX


Exhibit No.           Description                       Page No.
-----------           ---------------                   --------

27                  Financial Data Schedule                   27