<PAGE>

                       U.S. SECURITIES AND EXCHANGE COMMISSION

                                WASHINGTON, D.C. 20549


                                     FORM 10-Q/A


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

                     For the quarterly period ended June 30, 1997


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


                           Commission File Number  00-22690


                             CONSOLIDATED STAINLESS, INC.

                          State of Incorporation:  Delaware

                   IRS Employer Identification Number:  59-1669166

                               1601 East Amelia Street
                                Orlando, Florida 32803

                                   (407)  896-4000

   Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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 
                               -----                   ----

   As of August 1, 1997,  Consolidated Stainless, Inc. had outstanding 4,610,329
shares of Common Stock,  par value $.01 per share.


<PAGE>


                             Consolidated Stainless, Inc.

                             Part II:  Other Information




                      ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K



(a)  Exhibits

    10.1 - First Amendment to Loan and Security Agreement as of March 31,
           1997 with Mellon Bank, N.A.

   
    10.2 - Waiver and Modification Agreement No.2 to Convertible 
           Subordinated Note Purchase Agreement Amendment as of March 
           31, 1997 with Suntrust Banks, Inc. 

    10.3 - Second Amendment to Loan and Security Agreement dated August 11,
           1997 between Consolidated Stainless, Inc. and Mellon Bank, N.A.

    10.4 - Waiver and Modification Agreement No.3 to Convertible Subordinated
           Note Purchase Agreement Amendment dated August 12, 1997 with Suntrust
           Banks, Inc. 
    



(b)  Form 8 - K

      The Company filed a Form 8-K dated July 22, 1997 with respect to a 30-day
letter received on April 30, 1997 from the Internal Revenue Service regarding
the tax periods ended December 31, 1992, November 30, 1993, December 31, 1994
and December 31, 1995.



                                        - 11 -
<PAGE>


                                      SIGNATURES


In accordance with the requirements of the Exchange Act,  the registrant caused
this report to be signed on its behalf by the undersigned,  thereunto duly
authorized.


                                          CONSOLIDATED STAINLESS, INC.
                                         ----------------------------
                                                  (Registrant)



Date:  SEPTEMBER 24, 1997                  By: /s/Burton R. Chasnov
                                              -----------------------
                                               Burton R. Chasnov

                                           Executive Vice President
                                           Chief Financial Officer


                                        - 12 -