<PAGE>   1


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

                                    FORM 10-Q

[X]    Quarterly report pursuant to Section 13 or 15(d) of the Securities
       Exchange Act of 1934 For the quarterly period ended September 30, 1997,
       or

[ ]    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             (IRS Employer
             incorporation or organization)              Identification No.)

            5445 Corporate Drive, Suite 200, Troy Michigan   48098-2683
             (Address of principal executive offices)        (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 October 31, 1997 there were 23,000 shares of Common Stock, no par value,
outstanding.



<PAGE>   2


                         PART I - FINANCIAL INFORMATION

ITEM 1.    FINANCIAL STATEMENTS

                               Ironton Iron, Inc.

                        Interim Condensed Balance Sheets

<TABLE>
<CAPTION>
                                                               September 30,       December 31, 
                                                                    1997              1996  
                                                             -------------------------------------
                                                                (Unaudited)
                                                                  (in thousands of dollars)
<S>                                                          <C>                <C> 
Assets
Current assets:
   Cash                                                      $              57  $              53
   Accounts receivable:
       Trade, less allowance for doubtful accounts of
        $0 in 1997 and $300 in 1996                                      5,517              3,886
       Other                                                               216                407
   Inventories                                                           3,205              2,283
   Other current assets                                                    162                 64
                                                             -------------------------------------
Total current assets                                                     9,157              6,693

Property, plant and equipment:
   Land                                                                    295                295
   Building and improvements                                             5,280              5,280
   Machinery and equipment                                              27,966             27,344
   Construction in progress                                              1,932                783
                                                             -------------------------------------
                                                                        35,473             33,702

   Less accumulated depreciation                                        19,109             16,809
                                                             -------------------------------------
Net property, plant and equipment                                       16,364             16,893

Other noncurrent assets                                                     23                 11
                                                             -------------------------------------
                                                             $          25,544  $          23,597
                                                             =====================================
</TABLE>

See accompanying notes.







                                       2
<PAGE>   3


                               Ironton Iron, Inc.

                        Interim Condensed Balance Sheets

<TABLE>
<CAPTION>
                                                               September 30,    December 31, 
                                                                    1997           1996  
                                                             -------------------------------------
                                                                (Unaudited)
                                                                  (in thousands of dollars)
<S>                                                          <C>                <C>    
Liabilities and shareholders' deficiency                     
Current liabilities:
   Accounts payable                                          $          3,519   $          3,505
   Accrued wages and benefits                                             941              1,009
   Accrued workers' compensation                                          398                642
   Other accrued liabilities                                            2,138                910
                                                             -------------------------------------
Total current liabilities                                               6,996              6,066

Due to affiliates                                                      36,631             31,302

Redeemable preferred stock                                              3,359              3,272

Net shareholder's deficiency:
    Common stock                                                        2,000              2,000
    Additional paid-in capital                                         49,523             49,523
    Accumulated deficit                                               (72,965)           (68,566)
                                                             -------------------------------------

Net shareholder's deficiency:                                         (21,442)           (17,043)
                                                             -------------------------------------

                                                             $         25,544   $         23,597
                                                             =====================================
</TABLE>
See accompanying notes.





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<PAGE>   4


                               Ironton Iron, Inc.

                     Interim Condensed Statements of Income

<TABLE>
<CAPTION>
                                                   Three months ended                    Nine months ended
                                             September 30,     September 30,      September 30,      September 30,
                                                  1997              1996              1997               1996
                                           --------------------------------------------------------------------------
                                                                          (Unaudited)
                                                                   (in thousands of dollars)

<S>                                        <C>                 <C>                <C>                <C>           
Net sales                                  $        12,531     $       12,266     $       38,432     $       44,479
Cost of sales                                       13,330             13,439             41,094             44,617
                                           --------------------------------------------------------------------------
Gross margin                                          (799)            (1,713)            (2,662)              (138)

Corporate charges from parent                          416                598              1,281              1,790
                                           --------------------------------------------------------------------------
Operating profit (loss)                             (1,215)            (1,771)            (3,943)            (1,928)

Interest expense                                       133                125                369                389
                                           --------------------------------------------------------------------------

Income (loss) before income taxes                   (1,348)            (1,896)            (4,312)            (2,317)
Provision for income taxes                               -                  -                  -                  -
                                           --------------------------------------------------------------------------

Net income (loss)                                  ($1,348)           ($1,896)           ($4,312)           ($2,317)
                                           ==========================================================================
</TABLE>

See accompanying notes.








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<PAGE>   5


                               Ironton Iron, Inc.

                   Interim Condensed Statements of Cash Flows


<TABLE>
<CAPTION>
                                                                                Nine months ended
                                                                         September 30,      September 30,
                                                                              1997               1996
                                                                        ------------------------------------
                                                                                    (Unaudited)
                                                                             (in thousands of dollars)
<S>                                                                     <C>               <C>             
OPERATING ACTIVITIES
Net loss                                                                        ($4,312)           ($2,317)
Adjustments to reconcile net loss to net cash (used in)
  provided by operating activities:
      Depreciation and amortization                                               2,036              2,765
      Changes in assets and liabilities:
         Accounts receivable                                                     (1,439)               935
         Inventories                                                               (922)               (33)
         Accounts payable and accrued liabilities                                    32                104
         Other assets and liabilities                                               859                (24)
                                                                        ------------------------------------
Net cash (used in) provided by operating activities                               (3,746)            1,430

INVESTMENT ACTIVITIES
      Additions to property, plant and equipment                                 (1,149)              (987)
      Other                                                                        (369)                  -
                                                                        ------------------------------------
Net cash used in investment activities                                           (1,518)              (987)

FINANCING ACTIVITIES
     Increase (decrease) due to affiliates                                        5,269               (348)
                                                                        ------------------------------------
Net cash provided by (used in ) financing activities                              5,269               (348)

                                                                        ------------------------------------
Net increase in cash and cash equivalents                                             5                 95

Cash at beginning of period                                                          52                290
                                                                        ------------------------------------             
Cash at end of period                                                   $            57   $            385
                                                                        ====================================
</TABLE>

See accompanying notes.



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<PAGE>   6


                               Ironton Iron, Inc.

                 Notes to Interim Condensed Financial Statements

                         September 30, 1997 (Unaudited)


1.   Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed financial statements of Ironton Iron, Inc.
("Company") have been prepared in accordance with generally accepted accounting
principles for interim financial information and with the instructions to Form
10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of
the information and footnotes required by generally accepted accounting
principles for complete financial statements. In the opinion of management, all
adjustments (consisting of normal recurring accruals) considered necessary for a
fair presentation have been included. Operating results for the three and nine
months ended September 30, 1997 are not necessarily indicative of the results
that may be expected for the year ended December 31, 1997. For further
information, refer to the financial statements and footnotes thereto included in
the Company's annual report on Form 10-K for the year ended December 31, 1996.

Inventories

Inventories consist of the following (in thousands of dollars):


                                       September 30,          December 31,
                                            1997                  1996
                                      -----------------     -----------------

Finished goods                                    $72                  $572
Work in process                                   768                   640
Raw materials                                     478                   456
Supplies and patterns                           1,887                   615
                                      -----------------     -----------------
                                               $3,205                $2,283
                                      =================     =================

Income (Loss) Per Common Share

Because all common stock of the Company is owned by Intermet Corporation
("Intermet"), no income or loss per common share information is included herein.



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<PAGE>   7


                               Ironton Iron, Inc.

           Notes to Interim Condensed Financial Statements (continued)

                         September 30, 1997 (Unaudited)


2.   Environmental and Legal Matters

The Company entered into a consent order with the Office of the Ohio Attorney
General, which was filed in Ohio State Court, with respect to certain past
violations of Ohio water pollution laws and regulations by the Company. The
Attorney General's Office advised the Company that it could avoid litigation
with respect to such violations by entering into this consent order. The consent
order decreed that the Company reimburse the Attorney General's Office $13,000
for the costs of investigating this case. These costs were paid in July 1997.
The Company paid $272,103 in civil penalties in August 1997. These amounts were
fully accrued in 1995.

3.   Changes in Accounting Estimates

The Company has a production line consisting of many fixed assets with differing
useful lives, all depreciated using the straight line method. On February 1,
1997, the Company reevaluated the service lives of substantially all of the
fixed assets of this production line and extended them an additional three
years. This change in accounting estimate decreases depreciation expense by
$82,000 per month.

ITEM 2.  MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL  CONDITION AND
         RESULTS OF OPERATIONS

Material Changes in Financial Condition

The Company's financial condition has continued to deteriorate since the fourth
quarter of 1995. Cash used in operations during the nine months ended September
30, 1997 was $3.7 million versus cash generated by operations during the nine
months ended September 30, 1996 of $1.4 million. The principle reason cash flow
for the Company was slightly positive through September 30, 1997 was that the
increase in amounts due to affiliates (funding from Intermet) was higher than
the sum ($5.3 million) of cash used in operating activities, additions to
property, plant and equipment and other investing activities. The Company
remains dependent on Intermet for continued financial support.

Material Changes in Results of Operations

SALES. Sales in the three and nine months ended September 30, 1997 were $12.5
million and $38.4 million, and $12.3 million and $44.5 million for the same
period in 1996. The major sales decline for the nine month period is due to the
phase-out of the Ford F-150 I-beam on the dry sand process line that began in
the fourth quarter 1995 following a model change. The Company has secured
additional 1999 model year business for the dry sand and Spo process lines which
is expected to increase capacity utilization by mid 1998.


                                       7
<PAGE>   8


GROSS PROFIT. Gross margin for the third quarter of 1997 was negative 6.4%
compared to a negative gross margin of 9.6% for the third quarter of 1996. Gross
margins for the nine months ended September 30, 1997 and September 30, 1996 were
negative 6.9% and 0.3%, respectively. These decreases occurred as a result of
the underutilized capacity caused by the severe volume decline. Corporate
charges have declined due to lower costs incurred by the parent company. As a
result of the very low sales volume, the Company incurred losses of
approximately $1.3 million and $4.3 million for the three and nine month periods
ended September 30, 1997, respectively, versus losses of approximately $1.9
million and $2.3 million for the same periods in 1996. Cumulative losses since
1988, when the Company was acquired by Intermet, are approximately $73.0
million.

INCOME TAXES. The Company's income tax provisions are calculated and reported as
if the Company filed a separate federal income tax return. The Company has net
operating loss carryforwards available at September 30, 1997 which are fully
reserved. As such, the Company has no tax provision for the first nine months of
1997.


                           PART II - OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS

The Company is not aware of any material pending or threatened legal proceedings
to which the Company is a party or of which any of its property is the subject,
except as set forth below.

The Company entered into a consent order with the Office of the Ohio Attorney
General, which was filed in Ohio State Court, with respect to certain past
violations of Ohio water pollution laws and regulations by the Company. The
Attorney General's Office advised the Company that it could avoid litigation
with respect to such violations by entering into this consent order. The consent
order decreed that the Company reimburse the Attorney General's Office $13,000
for the costs of investigating this case. These costs were paid in July 1997.
The Company paid $272,103 in civil penalties in August 1997. These amounts were
fully accrued in 1995.

ITEM 2.  CHANGES IN SECURITIES

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




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<PAGE>   9


ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K

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

Exhibit Number     Description of Exhibit

27.1               Financial Data Schedule.


(b) No reports on Form 8-K were filed by the Company for the three months ended
    September 30, 1997.


SIGNATURES

Pursuant to the requirements 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 J. Christoph
                                                 ------------------------------
                                                 Doretha J. Christoph
                                                 Secretary and Treasurer 
                                                 (Principal Financial Officer)

                                                 Date:    November 3, 1997



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Exhibits Index



Exhibit Number        Description of Exhibit

27.1                  Financial Data Schedule.






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