FORM 10-QSB

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

(Mark One)

[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
         SECURITIES EXCHANGE ACT OF 1934

         For the quarterly period ended:     November 30, 1995   


[ ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
         SECURITIES EXCHANGE ACT OF 1934


                          Commission File No.: 0-10093


                         AMERICAN METALS SERVICE, INC. 
       (Exact name of small business issuer as specified in its charter)


         Florida                                            59-1224913   
(State or other jurisdiction of                           (I.R.S. Employer
incorporation or organization)                           Identification No.)


           376 Main Street, P.O. Box 74, Bedminster, New Jersey 07921
              (Address of principal executive offices) (Zip Code)


                                 (908) 234-0078
                           (Issuer's telephone number)

                                 Not Applicable
              (Former name, former address and former fiscal year,
                          if changed since last report)

     Check  whether  the issuer (1) filed all  reports  required  to be filed by
Section 13 or 15(d) of the  Exchange  Act during the past 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 ___

     State the number of shares  outstanding of each of the issuer's  classes of
common equity as of the latest  practicable  date: As of December 31, 1995,  the
issuer  had  1,959,201  shares of its  common  stock,  par value $.01 per share,
outstanding.

     Transitional Small Business Disclosure Format (check one):

                                  Yes ____  No X

<PAGE>



PART I -       FINANCIAL INFORMATION

Item 1. -      Financial Statements


                          AMERICAN METALS SERVICE, INC.
                                  BALANCE SHEET
                                   (Unaudited)

<TABLE>
<CAPTION>


                                                        November 30,
                                                            1995
                                                       ($000 Omitted)
                                                       --------------
<S>                                                         <C>
ASSETS

    Current assets:
        Cash and cash equivalents, including
          U.S. treasury bills of $1,968,000 ..............  $ 2,044
        Interest receivable ..............................        7
                                                            -------   
               Total current assets ......................  $ 2,051
                                                            =======            



LIABILITIES AND STOCKHOLDERS' EQUITY

    Current liabilities:
        Accrued liabilities ..............................  $    29
                                                            -------
               Total current liabilities ................        29
                                                            -------

    Stockholders' equity:
        Common stock, $.01 par value, 6,000,000
           shares authorized, 1,959,365 issued
             and outstanding ............................        20
        Additional capital in excess of par value .......     3,062
        Accumulated deficit .............................   ( 1,060)
                                                            -------
            Total stockholders' equity ..................     2,022
                                                            -------
             Total liabilities and stockholders'
                  equity ................................   $ 2,051
                                                            =======



</TABLE>




                 See accompanying note to financial statements.

<PAGE>


                                                                



                          AMERICAN METALS SERVICE, INC.
                            STATEMENTS OF OPERATIONS
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                          For the three months
                                                            ended November 30,
                                                       1995                  1994
                                                     --------             ---------
                                                              ($000 Omitted,
                                                           Except Per Share Data)
<S>                                                  <C>                    <C>

Interest income ...................................  $    27                $    24
 
General and administrative expenses ...............       16                     16
                                                     -------                -------

Income before income taxes ........................       11                      8

Provision for income taxes ........................        -                      -
                                                     -------                -------
Net income ........................................  $    11                $     8 
                                                     =======                =======
Net income per common share .......................  $   .01                $     -
                                                     =======                =======
Weighted average number of shares
    outstanding (in 000's) ........................    1,959                  1,960
                                                     =======                =======


</TABLE>










                 See accompanying note to financial statements.



                                                               
<PAGE>



                          AMERICAN METALS SERVICE, INC.
                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                         For the three months
                                                           ended November 30,
                                                       1995                  1994
                                                     --------             ---------
                                                             ($000 Omitted) 
<S>                                                  <C>                    <C>
Cash flows from operating activities:
        Net cash provided by
           operating activities ...................  $    26                $     2
                                                     -------                -------
Cash flows from investing activities:
    Maturity of U.S. Treasury Securities .........         -                  1,580
                                                     -------                -------
        Net cash provided by investing
           activities ............................         -                  1,580
                                                     -------                -------
Net increase in cash and cash
    equivalents ..................................        26                  1,582
Cash and cash equivalents at beginning
    of the period ................................     2,018                    428
                                                     -------                ------- 
Cash and cash equivalents at end of
    the period ...................................   $ 2,044                $ 2,010
                                                     =======                =======
Reconciliation of net income
        to net cash provided by
        operating activities:
    Net income ...................................   $    11                $     8
        Adjustments to reconcile net income
               to net cash provided by
               operating activities:
           Increase in other assets ..............         -                (    20)
           Increase in accounts
                 payable and accrued liabilities .        15                     14
                                                     -------               -------- 
    Net cash provided by operating
        activities ...............................   $    26                $     2
                                                     =======                =======

</TABLE>



                 See accompanying note to financial statements.


<PAGE>




                          AMERICAN METALS SERVICE, INC.

                          NOTE TO FINANCIAL STATEMENTS

                                   (Unaudited)



     The accompanying unaudited financial statements of American Metals Service,
Inc.  (the  "Company")  as of November  30, 1995 and for the three  months ended
November  30,  1995 and 1994  reflect all  material  adjustments  which,  in the
opinion of management,  are necessary for a fair presentation of results for the
interim periods.  Certain  information and footnote  disclosures  required under
generally accepted accounting principles have been condensed or omitted pursuant
to the rules and regulations of the Securities and Exchange Commission, although
the Company  believes that the  disclosures are adequate to make the information
presented  not  misleading.   These  financial  statements  should  be  read  in
conjunction with the year-end financial statements and notes thereto included in
the  Company's  Annual Report on Form 10-KSB for the year ended August 31, 1995,
as filed with the Securities and Exchange Commission.

     The results of operations  for the three months ended November 30, 1995 are
not  necessarily  indicative of the results to be expected for the entire fiscal
year or for any other period.



<PAGE>



Item 2. -      MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF
               OPERATIONS
             

Results of Operations
---------------------

     Until the fourth  quarter of fiscal  1992,  the  Company was engaged in the
wholesale distribution of aluminum alloys, steel and other specialty metals. The
Company has liquidated the assets of its former business and is actively seeking
an acquisition with the goal of becoming an operating  company.  In the interim,
available cash is being invested in U.S.  Treasury  securities.  Interest income
for the quarter ended November 30, 1995, was  approximately  $27,000 compared to
$24,000 in the comparable  quarter of the prior year.  Higher interest rates and
investable balances were the reasons for the increase in revenue.

     General and  administrative   expenses  were  $16,000  for the  three-month
periods  ended  November  30,  1995 and 1994.  A  management  fee of $12,500 per
quarter  is  paid  to  an  affiliated  company  for  accounting,  financial  and
administrative management. This fee is based on the affiliate's estimated costs,
and management believes that the allocation method is reasonable.  The remaining
general and administrative expenses for the quarters ended November 30, 1995 and
1994 consist of stockholder, insurance and other miscellaneous expenses.


Liquidity and Capital Resources
-------------------------------

     At November 30, 1995,  cash and cash  equivalents  and net working  capital
were approximately  $2,044,000 and $2,022,000,  respectively.  The U.S. Treasury
bills of approximately  $1,968,000  mature at various dates through February 15,
1996  and  bear  interest  rates  ranging  between  5.45%  and  5.51%. Investing
activities in the quarter ended November 30, 1994,  consisted of the maturity of
U.S.  Treasury  bills with an  original  maturity  greater  than  three  months.
Management  believes the  Company's  cash and cash  equivalents  and net working
capital are adequate for its remaining business  activities and for the costs of
seeking  an  acquisition  of an  operating  business.  The net book value of the
Company at November 30, 1995 is $1.03 per share.


<PAGE>


PART II -      OTHER INFORMATION

Item 6. -      EXHIBITS AND REPORTS ON FORM 8-K

    (a)        EXHIBITS

    27.        Financial Data Schedule for the three months ended November
30, 1995.

    (b)        REPORTS OF FORM 8-K

     No reports on Form 8-K were filed  during the  quarter  for which this Form
10-QSB is filed.



<PAGE>




                                    SIGNATURE



     In accordance  with the  requirements  of the Exchange Act, the  registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                                  AMERICAN METALS SERVICE, INC.




Dated:  January 12, 1996                          By: /s/ MARK KOSCINSKI
                                                      -------------------
                                                      Vice President, Treasurer
                                                      and Chief Accounting
                                                      Officer