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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

|                    |  |                                                                                                                                         
|------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------
|CHECK IN BALLOT BOX |  | Quarterly report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended June 30, 2002, or
|                    |  |                                                                                                                                         
|o                   |  | Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from        to       

Commission File Number 0-17028

Ironton Iron, Inc.
(Exact name of registrant as specified in its charter)

|                                                               |  |                                  
|-------------------------------------------------------------- |  | ---------------------------------
|Ohio                                                           |  | 31-1117407                       
|(State or other jurisdiction of
incorporation or organization) |  | (IRS Employer
Identification No.)

|                                                                                        |  |                      
|--------------------------------------------------------------------------------------- |  | ---------------------
|5445 Corporate Drive, Suite 200, Troy Michigan
(Address of principal executive offices) |  | 48098-2683
(Zip code)

(248) 952-2500
(Registrants telephone number, including area code)

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

At August 13, 2002 there were 23,000 shares of common stock, no par value,
outstanding.





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TABLE OF CONTENTS



|                                                |  |  |  |  |  |  |  | 
|----------------------------------------------- |  |  |  |  |  |  |  | 
|PART I  FINANCIAL INFORMATION                 
|Statement of Net Liabilities in Liquidation    
|Statement of Deficiency                        
|Notes to Interim Condensed Financial Statements
|PART II  OTHER INFORMATION                    
|SIGNATURES                                     
|Certification of President                     



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PART I  FINANCIAL INFORMATION




Item 1. Financial Statements

Ironton Iron, Inc.
(In Process of Orderly Shutdown)

Statement of Net Liabilities in Liquidation(in thousands of dollars)

|                               |                      |   |             |        |  |              |        |        | 
|------------------------------ | -------------------- | - | ----------- | ------ |  | ------------ | ------ | ------ | 
|                               |                      |   | June 30,    |        |  | December 31, |       
|                               |                      |   | 2002        |        |  | 2001         |       
|                               |                      |   |             |        |  |              |       
|                               |                      |   | (Unaudited) |        |  |              |        |       
|Assets:                        |                      |   |             |        |  |              |        |       
|                               | Assets held for sale |   | $           | 927    |  |              | $      | 962    | 
|Liabilities:                   |                      |   |             |        |  |              |        |       
|                               | Accrued liabilities  |   |             | 367    |  |              |        | 484    | 
|                               | Due to affiliates    |   |             | 73,314 |  |              |        | 73,005 | 
|                               |                      |   |             |        |  |             
|Total liabilities              |                      |   | 73,681      |        |  |              | 73,489 |       
|                               |                      |   |             |        |  |             
|Net liabilities in liquidation |                      | $ | 72,754      |        |  | $            | 72,527 |       
|                               |                      |   |             |        |  |             

See accompanying notes.

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Ironton Iron, Inc.
(In Process of Orderly Shutdown)

Statement of Deficiency(in thousands of dollars)

|                                                    |                                           |   |             |     | 
|--------------------------------------------------- | ----------------------------------------- | - | ----------- | --- | 
|                                                    |                                           |   | Six Months  |    
|                                                    |                                           |   | ended June  |    
|                                                    |                                           |   | 30, 2002    |    
|                                                    |                                           |   |             |    
|                                                    |                                           |   | (Unaudited) |    
|Net liabilities in liquidation at December 31, 2001 |                                           | $ | 72,527      |    
|                                                    | Changes in net liabilities in liquidation |   |             | 227 | 
|                                                    |                                           |   |            
|Net liabilities in liquidation at June 30, 2002     |                                           | $ | 72,754      |    
|                                                    |                                           |   |            

See accompanying notes.

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Ironton Iron, Inc.
(In Process of Orderly Shutdown)

Notes to Interim Condensed Financial Statements

June 30, 2002 (Unaudited)

1. Summary of Significant Accounting Policies

Background and Summary of Significant Developments

Until March 31, 2000 Ironton Iron, Inc. was engaged in the production and sale
of ductile iron castings, primarily for the automotive industry. INTERMET
Corporation owns all of the issued and outstanding common stock of Ironton.

During the fourth quarter of 1999, INTERMETs board of directors authorized the
closure of Ironton. INTERMETs management approved and announced its plan
for the liquidation of Ironton. The decision to close this foundry was the
principal reason for treating the assets as held for sale and valuing them
at the estimated fair market value. At December 31, 1999, Ironton
recorded a shut down accrual for the building demolition and environmental
remediation costs. Also at December 31, 1999 Ironton adopted the
liquidation basis of accounting.

The $484 thousand accrued at December 31, 2001 consisted primarily of
workers compensation costs and environmental remediation costs. During the
six months ended June 30, 2002, we incurred costs of $134 thousand related to
workers compensation, $65 thousand related to environmental remediation and
$151 thousand related to health insurance. Those amounts not accrued
previously were recorded directly to the statement of deficiency. The
remaining accrued liabilities at June 30, 2002 are managements estimate of the
remaining costs for workerscompensation.

The $0.9 million included as Assets held for sale on the accompanying
statement of net liabilities in liquidation at June 30, 2002 is the estimated
fair value of the remaining assets.

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Ironton Iron, Inc.
(In Process of Orderly Shutdown)

Notes to Interim Condensed Financial Statements

June 30, 2002 (Unaudited)

1. Summary of Significant Accounting Policies (continued)

Use of Estimates

The preparation of financial statements in accordance with generally accepted
accounting principles under the liquidation basis of accounting requires
management to make estimates and assumptions that affect the amounts reported
in the financial statements and accompanying notes. Ironton has made
significant estimates relative to the valuation of all its assets and
liabilities, including, among others, the estimate for shutdown and the fair
value of assets held for sale. Actual results may differ from amounts
estimated.

Basis of Accounting

Ironton adopted the liquidation basis of accounting as of December 31, 1999.
The liquidation basis of accounting requires that assets and liabilities be
stated at their estimated fair value. Accordingly, the statement of net
liabilities in liquidation reflects assets and liabilities based on their
estimated fair values and estimated settlement amounts. Changes in the
estimated liquidation value of assets and liabilities are recognized in the
statement of deficiencies in the period in which such changes are known. The
statement of net liabilities in liquidation has been presented on such basis to
provide more relevant information. However, as a result of the adoption of the
plan for liquidation, comparative information using accounting principles
applicable to a going concern and certain other disclosures are not meaningful
and have not been presented in the accompanying financial statements.

2. Related Party Transactions

INTERMET incurs various selling, general and administrative costs principally
related to salaries, professional services, aircraft and occupancy, which are
allocated to each of its subsidiaries, including Ironton. Based on INTERMETs
decision to close the Ironton foundry in 2000, no allocation has been made for
the administrative expenses incurred related to Ironton during 2002.

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Ironton Iron, Inc.
(In Process of Orderly Shutdown)

Notes to Interim Condensed Financial Statements

June 30, 2002 (Unaudited)

3. Commitments and Contingencies

Ironton is a party to various legal proceedings arising out of the ordinary
course of business prior to its shutdown. Ironton does not believe any of these
matters will have a material adverse effect on its net liabilities in
liquidation.

4. Guarantee of Debt

On June 13, 2002, INTERMET Corporation, our parent company, along with certain of its
subsidiaries issued $175 million of senior notes, which will mature in 2009. Approximately $161.7
million of the net proceeds of the senior note offering was used to pay the outstanding balance of
INTERMETs bank term loan which Ironton was a guarantor. The
senior notes are guaranteed by each of INTERMETs domestic wholly-owned subsidiaries (including Ironton) other than Intermet International,
Inc., Intermet Holding Company, Transnational Indemnity Company, and Western Capital Corporation
(Combined Guarantor Subsidiaries). The guarantees are unconditional and joint and several. The
senior notes are subordinated to any secured debt of the Company.

As of June 30, 2002, INTERMET Corporation and the guarantors including Ironton had approximately
$132.4 million of secured debt outstanding and approximately $155.7 million of unused commitments,
net of outstanding letters of credit, under the INTERMET credit facility. Some of INTERMET
Corporation subsidiaries, including all of the foreign subsidiaries, are not guarantors of the notes
(Combined Non-Guarantor Subsidiaries). The notes are also effectively subordinated to any debt and
other liabilities of subsidiaries that are not guarantors. The non-guarantor subsidiaries had
approximately $0.4 million of debt outstanding as of June 30, 2002. Under the terms of the indenture
covering the notes, INTERMET Corporation and its subsidiaries are
permitted to incur additional secured debt up to an amount as defined in the offering, which was $232.6 million at June 30, 2002.
Other restrictions include restricted payments, repurchasing capital stock, disposal of assets, affiliate
transactions, and transfer of assets.

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Forward Looking Statement

The following Item 2. Managements Discussion and Analysis of Financial
Condition and Results of Operations and Item 3. Quantitative and Qualitative
Disclosures about Market Risk contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. When used in
these sections, the words anticipate, believe, estimate and expect and
similar expressions are generally intended to identify forward-looking
statements. Readers are cautioned that any forward-looking statements,
including statements regarding the intent, belief or current expectations of
Ironton or its management, are not guarantees of future performance and involve
risks and uncertainties, and that actual results may differ materially from
those in the forward-looking statements as a result of various factors
including, but not limited to:



| |  | the ability of Ironton to liquidate its assets at the stated values,                                                                                                                                 
|- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| 
| |  | the ability of Ironton to address and remediate any environmental
issues within the amounts that have been reserved,                                                                                 
| 
| |  | the future costs that may be associated with the shutdown, including,
but not limited to, environmental remediation work that may be
required at Irontons property for which Ironton has no accrual,
| 
| |  | other risks detailed from time to time in Irontons filings with the
Securities and Exchange Commission.                                                                                             

Ironton does not intend to update these forward-looking statements.

Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations

Plant Closure and Liquidation Update

Ironton ceased operations on March 31, 2000. As of June 30, 2002, Ironton has
$927 thousand in fixed assets remaining, including the real property at which
Ironton operated. Management anticipates that the remaining assets, other than
real property, will be sold or transferred to other INTERMET facilities during
the remainder of 2002. The demolition of the Ironton facility commenced during
the third quarter of 2000 and was completed in third quarter of 2001.
Management believes that when the plan for orderly shutdown is complete and
that when Irontons present and contingent liabilities are satisfied, there
will not be any assets available for distribution to its preferred
shareholders. Management does not anticipate that any such distributions will
be made.

During the six months ended June 30, 2002, Ironton spent approximately $134
thousand for workers compensation claims, $151 thousand for health insurance,
and $65 thousand on environmental remediation. Those amounts not previously
accrued were recorded directly to the statement of deficiency. The remaining
accrual of $367 thousand is our estimate of the remaining costs to be incurred
related primarily to workers compensation.

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Assets and Liabilities following the Plan for Orderly Shutdown

As a result of the plan for orderly shutdown, Ironton adopted the liquidation
basis of accounting as of December 31, 1999. The liquidation basis of
accounting requires that assets and liabilities be stated at their estimated
fair values. Accordingly, the statement of net liabilities in liquidation
reflects assets and liabilities based on their estimated fair values and
estimated settlement amounts at June 30, 2002 and December 31, 2001. The
statement of net liabilities in liquidation has been presented on such basis to
provide more relevant information. However, as a result of the plan for
orderly shutdown, comparative information and certain other disclosures are not
meaningful and have not been presented in the Managements Discussion and
Analysis of Financial Condition and Results of Operations and accompanying
financial statements.

Irontons land, machinery and equipment were segregated on the statement of net
liabilities in liquidation as assets held for sale. We did not accrue any
additional amounts for asset impairment or shutdown for the six months ended
June 30, 2002. However, we may have additional costs related to asset
impairment or shutdown after that date, which would be recorded directly to the
statement of deficiency.

Guarantee of Debt

On June 13, 2002, INTERMET Corporation, our
parent company, along with certain of its subsidiaries issued
$175 million of senior notes, which will mature in 2009.
Approximately $161.7 million of the net proceeds of the
senior note offering was used to pay the outstanding balance of
INTERMETs bank
term loan for which Ironton was a guarantor. The senior notes are
guaranteed by each of INTERMETs domestic wholly-owned subsidiaries
(including Ironton) other than Intermet International, Inc., Intermet Holding Company,
Transnational Indemnity Company, and Western Capital Corporation
(Combined Guarantor Subsidiaries). The guarantees
are unconditional and joint and several. The senior notes are subordinated
to any secured debt of the Company. See note 4 in the accompanying
notes to interim condensed consolidated financial statements for
further discussion.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

As part of the plan for orderly shutdown, Ironton ceased production on June 30,
2000. Therefore, quantitative and qualitative disclosures about market risk
are not applicable.

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PART II  OTHER INFORMATION

Item 1. Legal Proceedings

Ironton is a party to various legal proceedings arising out of the ordinary
course of its business prior to its shutdown. Ironton does not believe any of
these matters will have a material adverse effect on its net liabilities in
liquidation.

Item 2. Changes in Securities and Use of Proceeds

None.

Item 3. Defaults upon Senior Securities

None.

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

None.

Item 5. Other Information

None.

Item 6. Exhibits and Reports on Form 8-K

(a)  The following exhibits are filed with this Report pursuant to Item 601 of
Regulation S-K:

|        |  |                           
|------- |  | --------------------------
|Exhibit |  |                           
|Number  |  | Description of Exhibit    
|        |  |                           
|99.1    |  | Certification of President

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Company has duly caused this Report to be signed on its behalf
by the undersigned, thereunto duly authorized.

|      |                    |                                                                    
|----- | ------------------ | -------------------------------------------------------------------
|      | Ironton Iron, Inc.
|      |                    |                                                                    
|      | By:                | /s/ Doretha Christoph                                              
|      |                    |                                                                    
|      |                    | Doretha Christoph                                                  
|      |                    | President and Director (Principal Financial
and Accounting Officer)
|     
|Date: |                    | August 13, 2002                                                    

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Exhibits Index

|               |  |                           
|-------------- |  | --------------------------
|Exhibit Number |  | Description of Exhibit    
|               |  |                           
|99.1           |  | Certification of President

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