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

FORM 10-Q

| |  |                                                                                                                                                  
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2002, 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
(State or other jurisdiction of
incorporation or organization)                     |  | 31-1117407
(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.

At April 30, 2002 there were 23,000 shares of common stock, no par value,
outstanding.

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TABLE OF CONTENTS



|                               |                              |                                                 |  |  |  |  |  | 
|------------------------------ | ---------------------------- | ----------------------------------------------- |  |  |  |  |  | 
|PART I  FINANCIAL INFORMATION
|                               | Item 1. Financial Statements
|                               |                              | 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)

|                               |                      |   |                |        |  |                   |        |        | 
|------------------------------ | -------------------- | - | -------------- | ------ |  | ----------------- | ------ | ------ | 
|                               |                      |   | March 31, 2002 |        |  | December 31, 2001 |       
|                               |                      |   |                |        |  |                   |       
|                               |                      |   | (Unaudited)    |       
|Assets:                        |                      |   |                |        |  |                   |        |       
|                               | Assets held for sale |   | $              | 962    |  |                   | $      | 962    | 
|Liabilities:                   |                      |   |                |        |  |                   |        |       
|                               | Accrued liabilities  |   |                | 433    |  |                   |        | 484    | 
|                               | Due to affiliates    |   |                | 73,134 |  |                   |        | 73,005 | 
|                               |                      |   |                |        |  |                   |       
|Total liabilities              |                      |   | 73,567         |        |  |                   | 73,489 |       
|                               |                      |   |                |        |  |                   |       
|Net liabilities in liquidation |                      | $ | 72,605         |        |  | $                 | 72,527 |       
|                               |                      |   |                |        |  |                  

See accompanying notes.

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

Statement of Deficiency(in thousands of dollars)

|                                                    |                                           |   |                    |    | 
|--------------------------------------------------- | ----------------------------------------- | - | ------------------ | -- | 
|                                                    |                                           |   | Three Months ended |   
|                                                    |                                           |   | March 31, 2002     |   
|                                                    |                                           |   |                    |   
|                                                    |                                           |   | (Unaudited)        |   
|Net liabilities in liquidation at December 31, 2001 |                                           | $ | 72,527             |   
|                                                    | Changes in net liabilities in liquidation |   |                    | 78 | 
|                                                    |                                           |   |                   
|Net liabilities in liquidation at March 31, 2002    |                                           | $ | 72,605             |   
|                                                    |                                           |   |                   

See accompanying notes.

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

Notes to Interim Condensed Financial Statements

March 31, 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 and environmental. During the three months ended March
31, 2002, we incurred costs of $40 thousand related to workers compensation,
$40 thousand related to environmental and $60 thousand related to health
insurance. Those amounts not accrued previously were recorded directly to the
statement of deficiency. The remaining accrued liabilities at March 31, 2002
are managements estimate of the remaining costs for workerscompensation.

The $1.0 million included as Assets held for sale on the accompanying
statement of net liabilities in liquidation at March 31, 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

March 31, 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 was 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

March 31, 2002 (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


Plant Closure and Liquidation
Update

Ironton ceased operations on March 31, 2000. As of March 31, 2002, Ironton has
$962 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
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 the three months ended March 31, 2002, Ironton spent approximately $40
thousand for workers compensation claims, $60 thousand for health insurance,
and $40 thousand on environmental remediation. Those amounts not previously
accrued were recorded directly to the statement of deficiency. The remaining
accrual of $433 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 March 31, 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 three months ended
March 31, 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.

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: |  |                    |  | May 14, 2002                                                                                                      

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Exhibits Index

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

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