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

FORM 10-Q

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| |  | Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 
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| |  | For the quarterly period ended June 30, 2001, or                                        
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| |  | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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| |  | For the transition period from        to       .                                        

Commission File Number 0-17028

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

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

At August 1, 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)

|                               |                      |   |          |        |  |              |        |        | 
|------------------------------ | -------------------- | - | -------- | ------ |  | ------------ | ------ | ------ | 
|                               |                      |   | June 30, |        |  | December 31, |       
|                               |                      |   | 2001     |        |  | 2000         |       
|                               |                      |   |          |        |  |              |       
|Assets:                       
|                              
|                              
|                              
|                              
|                               | Other receivables    |   | $        | 43     | 
|                              
|                              
|                              
|                              
|                               | Assets held for sale |   |          | 877    |  |              | $      | 1,912  | 
|                               |                      |   |          |        |  |              |       
|Total assets                   |                      |   | 920      |        |  |              | 1,912  |       
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|Liabilities:                  
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|                               | Accrued Liabilities  |   |          | 242    |  |              |        | 2,184  | 
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|                               | Due to affiliates    |   |          | 72,357 |  |              |        | 71,413 | 
|                               |                      |   |          |        |  |              |       
|Total liabilities              |                      |   | 72,599   |        |  |              | 73,597 |       
|                               |                      |   |          |        |  |              |       
|Net liabilities in liquidation |                      | $ | 71,679   |        |  | $            | 71,685 |       
|                               |                      |   |          |        |  |              |       

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, 2001    |   
|                                                    |                                           |   |                  |   
|Net liabilities in liquidation at December 31, 2000 |                                           | $ | 71,685           |   
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|                                                    | Changes in net liabilities in liquidation |   |                  | (6 | )
|                                                    |                                           |   |                 
|Net liabilities in liquidation at June 30, 2001     |                                           | $ | 71,679           |   
|                                                    |                                           |   |                 

See accompanying notes.

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

Notes to Interim Condensed Financial Statements

June 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. Ironton is a
subsidiary of INTERMET Corporation.

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 remediation
costs. Also at December 31, 1999 Ironton adopted the liquidation basis of
accounting.

During the period of January 1, 2001 through June 30, 2001, the Company
paid approximately $1.9 million primarily for remediation, which was included
principally in accrued liabilities at December 31, 2000. The remaining
shutdown costs accrued at June 30, 2001, are managements estimate of the
remaining costs for remediation.

The $0.9 million included as Assets held for sale on the accompanying
statement of net liabilities in liquidation at June 30, 2001 is the estimated
fair value of the remaining assets. During the quarter, management transferred
$0.7 million of equipment to other INTERMET owned facilities and sold $0.3
million of equipment.

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

Notes to Interim Condensed Financial Statements

June 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 during 2001, 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

June 30, 2001 (Unaudited)



|3. |  | Commitments and Contingencies
|-- |  | -----------------------------

Ironton is engaged in various other 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, 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, demolition of the buildings and other 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 June 30, 2001 only $0.9
million in fixed assets remain. Management anticipates that the remaining
assets, other than real property, will be sold or used at other INTERMET
facilities during the remainder of 2001. The demolition of the Ironton
facility commenced during the third quarter of 2000 and is approximately 95.0%
complete. Management anticipates that demolition will be complete 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 June 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 six months ended
June 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.

|      |  |                                                     
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|      |  | Ironton Iron, Inc.                                  
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|      |  | By: /s/ Doretha Christoph                           
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|      |  | Doretha Christoph                                   
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|      |  | Vice President and Director (Principal Financial and
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|      |  | Accounting Officer)                                 
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|Date: |  | August 13, 2001                                     

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Exhibits Index

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|-------------- | ---------------------- |  |  | 
|Exhibit Number | Description of Exhibit | 
|               |                        | 
|None          

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