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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 September 30, 2001, or                    
| |  |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | OPEN BALLOT BOX    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 IN BALLOT BOX        No

At November 2, 2001 there were 23,000 shares of preferred 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                                     



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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)

|                               |                      |   |               |        |  |              |        |        | 
|------------------------------ | -------------------- | - | ------------- | ------ |  | ------------ | ------ | ------ | 
|                               |                      |   | September 30, |        |  | December 31, |       
|                               |                      |   | 2001          |        |  | 2000         |       
|                               |                      |   |               |        |  |              |       
|                               |                      |   | (Unaudited)   |        |  |              |        |       
|                              
|Assets:                        |                      |   |               |        |  |              |        |       
|                               | Assets held for sale |   |               | 962    |  |              | $      | 1,912  | 
|Liabilities:                   |                      |   |               |        |  |              |        |       
|                               | Accrued liabilities  |   |               | 42     |  |              |        | 2,184  | 
|                               | Due to affiliates    |   |               | 75,261 |  |              |        | 71,413 | 
|                               |                      |   |               |        |  |             
|Total liabilities              |                      |   | 75,303        |        |  |              | 73,597 |       
|                               |                      |   |               |        |  |             
|Net liabilities in liquidation |                      | $ | 74,341        |        |  | $            | 71,685 |       
|                               |                      |   |               |        |  |             

See accompanying notes.

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




Statement of Deficiency(in thousands of dollars)

|                                                     |                                           |   |               |       | 
|---------------------------------------------------- | ----------------------------------------- | - | ------------- | ----- | 
|                                                     |                                           |   | Nine Months   |      
|                                                     |                                           |   | ended         |      
|                                                     |                                           |   | September 30, |      
|                                                     |                                           |   | 2001          |      
|                                                     |                                           |   |               |      
|                                                     |                                           |   | (Unaudited)   |      
|                                                    
|Net liabilities in liquidation at December 31, 2000  |                                           | $ | 71,685        |      
|                                                     | Changes in net liabilities in liquidation |   |               | 2,656 | 
|                                                     |                                           |   |              
|Net liabilities in liquidation at September 30, 2001 |                                           | $ | 74,341        |      
|                                                     |                                           |   |              

See accompanying notes.

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




Notes to Interim Condensed Financial Statements

September 30, 2001 (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.

During the period of January 1, 2001 through September 30, 2001, Ironton paid approximately $2.0 million
primarily for environmental remediation, which was included principally in accrued liabilities at December 31,
2000. The remaining accrued liabilities at September 30, 2001, are managements estimate of the remaining costs
for environmental remediation.

The $1.0 million included as Assets held for sale on the accompanying statement of net liabilities in
liquidation at September 30, 2001 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

September 30, 2001 (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 was made for the administrative expenses
incurred related to Ironton during 2001.

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

Notes to Interim Condensed Financial Statements

September 30, 2001 (Unaudited)

3. Commitments and Contingencies

Ironton is engaged in various other legal proceedings and other matters. Ironton does not believe any of these
matters will have a material adverse effect on its net liabilities in liquidation, or that any of these matters
will affect its liquidation.

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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, work that may
be required at Irontons property
| |  | 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

Liquidity and Capital Resources

Ironton ceased operations on March 31, 2000. As of September 30, 2001 only $1 million in fixed assets remain.
Management anticipates that the remaining assets, other than real property, will be sold or transferred to other
INTERMET facilities during the remainder of 2001. The demolition of the Ironton facility commenced during the
third quarter of 2000 and was completed in third quarter of 2001. Further, Management believes that when the
plan for orderly shutdown is complete and Irontons present and contingent liabilities are satisfied, there will
not be any assets available for distribution to its preferred shareholders and management does not anticipate
that any such distributions will be made. During this period, Irontons uses of cash consisted primarily of
remediation costs previously included in accrued liabilities.

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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 September 30, 2001 and December 31, 2000. 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 nine
months ended September 30, 2001. 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.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

As part of the plan for orderly shutdown, Ironton ceased production on March 31, 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 engaged in various legal proceedings and other matters incidental to its normal business activities.
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
|        |  |                       
|       
|None   

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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
Vice President and Director (Principal Financial and
Accounting Officer)
|     
|     
|Date: |  |                    | November 2, 2001                                                                           



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