<PAGE>   1
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                                WASHINGTON, D.C.
                                    FORM 10-Q

(Mark One)

    [X]     Quarterly report pursuant to Section 13 or 15(d)  of the 
                            Securities Act of 1934

For the quarterly period ended April 4, 1998
                              ---------------
                                       OR

    [ ]     Transition report pursuant to Section 13 or 15(d) of the 
                            Securities Act of 1934

For the transition period from ______________________ to _____________________

Commission file number 1-12164
                       ---------

                               WOLVERINE TUBE INC.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)



           Delaware                                     63-0970812
------------------------------                       -------------------
(State or other jurisdiction of                       (I.R.S. Employer 
incorporation or organization)                       Identification No.)

           1525 Perimeter Parkway, Suite 210
           Huntsville, Alabama                                     35806
           ----------------------------------------              ----------
           (Address of Principal executive offices)              (Zip Code)

                                 (205) 353-1310
              ----------------------------------------------------
              (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
                                ------        -------

Indicate the number of shares outstanding of each class of common stock, as of
the latest practicable date:


                Class                             Outstanding at April 30, 1998
             -----------                          -----------------------------
Common Stock, par value $0.01 per share              14,104,004 shares

<PAGE>   2

                              WOLVERINE TUBE, INC.

                                      INDEX


<TABLE>
<CAPTION>

                                                                                              Page No.
                                                                                              --------
<S>               <C>                                                                         <C>
PART I.           Financial  Information

     Item 1.      Financial Statements

                  Condensed Consolidated Statements of Income (unaudited) -
                  Three Month Periods Ended April 4, 1998 and
                  March 29, 1997.................................................................2

                  Condensed Consolidated Balance Sheets (unaudited) -
                  April 4, 1998 and December 31, 1997............................................3

                  Condensed Consolidated Statements of Cash Flows (unaudited) -
                  Three Month Periods Ended April 4, 1998 and
                  March 29, 1997.................................................................4

                  Notes to Condensed Consolidated
                  Financial Statements (unaudited)...............................................5

    Item 2.       Management's Discussion and Analysis of
                  Financial Condition and Results of Operations..................................8

PART II.          Other Information

      Item 1.     Legal Proceedings..............................................................15

      Item 6.     Exhibits and Reports on Form 8-K...............................................15
</TABLE>

<PAGE>   3
                               WOLVERINE TUBE, INC

                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                   (UNAUDITED)

                      (In thousands, except per share data)


<TABLE>
<CAPTION>
                                                    Three - Month Period Ended:
                                                  ------------------------------
                                                   April 4,            March 29,
                                                    1998                 1997
                                                  ---------            ---------
<S>                                               <C>                  <C>      
Net sales .....................................   $ 170,299            $ 173,576
Cost of goods sold ............................     145,504              151,981
                                                  ---------            ---------
                                                                     
Gross profit ..................................      24,795               21,595
Selling, general and administrative expenses ..       6,435                5,406
                                                  ---------            ---------
                                                                     
Income from operations ........................      18,360               16,189
                                                                     
Other expenses:                                                      
  Interest expense ............................       1,586                2,424
  Amortization and other, net .................         245                  254
                                                  ---------            ---------
Income before income taxes ....................      16,529               13,511
                                                                     
Income taxes ..................................       5,954                4,674
                                                  ---------            ---------
                                                                     
Net income ....................................      10,575                8,837
                                                                     
Less: preferred stock dividends ...............         (70)                 (70)
                                                  ---------            ---------
                                                                     
Net income applicable to common shares ........   $  10,505            $   8,767
                                                  =========            =========
                                                                     
                                                                     
Earnings per common share - basic:                                   
                                                                     
  Net income per share ........................   $    0.75            $    0.63
                                                  =========            =========
                                                                     
  Basic weighted average number of common                            
      shares ..................................      14,085               13,980
                                                  =========            =========
                                                                     
                                                                     
Earnings per common share - diluted:                                 
                                                                     
  Net income per share ........................   $    0.74            $    0.62
                                                  =========            =========
                                                                     
  Diluted weighted average number of common and                      
      common equivalent shares ................      14,272               14,240
                                                  =========            =========
</TABLE>
                                                              

See notes to condensed consolidated financial statements. 







                                                  2

<PAGE>   4
                              WOLVERINE TUBE, INC.

                     CONDENSED CONSOLIDATED BALANCE SHEETS

                        (In thousands,except share data)

<TABLE>
<CAPTION>
                                     ASSETS
                                                                                                            April 4,    December 31,
                                                                                                              1998          1997
                                                                                                            ---------    ---------
                                                                                                           (Unaudited)     (Note)
<S>                                                                                                         <C>          <C>      
Current assets:    
   Cash and equivalents .................................................................................   $  16,707    $  15,096
   Accounts receivable, net .............................................................................      88,603       71,879
   Inventories ..........................................................................................      84,150       87,829
   Prepaid expenses and other ...........................................................................       1,227        1,067
                                                                                                            ---------    ---------
      Total current assets ..............................................................................     190,687      175,871

Property, plant and equipment, net ......................................................................     157,159      153,917
Deferred charges and intangible assets, net .............................................................      86,969       87,937
Prepaid pensions ........................................................................................       7,685        7,197
                                                                                                            ---------    ---------
      Total assets ......................................................................................   $ 442,500    $ 424,922
                                                                                                            =========    =========

                      LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
   Accounts payable .....................................................................................   $  35,345    $  39,937
   Accrued liabilities ..................................................................................      15,589        6,429
   Deferred income taxes ................................................................................       3,875        3,659
                                                                                                            ---------    ---------
      Total current liabilities .........................................................................      54,809       50,025

Deferred income taxes ...................................................................................      26,879       27,057
Long-term debt ..........................................................................................     100,078       98,411
Postretirement benefit obligations ......................................................................      12,046       12,126
Accrued environmental remediation .......................................................................       2,540        2,540
                                                                                                            ---------    ---------
      Total liabilities .................................................................................     196,352      190,159


Redeemable cumulative preferred stock, par value $1 per share; 20,000
   shares issued and outstanding at April 4, 1998 and
   December 31, 1997 ....................................................................................       2,000        2,000

Stockholders' equity:

   Cumulative preferred stock, par value $1 per share;
    500,000 shares authorized ...........................................................................          --           --

   Common stock, par value $.01 per share; 20,000,000 shares
    authorized, 14,100,550 and 14,069,064 shares issued and outstanding
    at April 4, 1998 and December 31, 1997, respectively ................................................         141          141

   Additional paid-in capital ...........................................................................     100,482      100,064
   Retained earnings ....................................................................................     153,578      143,073
   Accumulated currency translation adjustment ..........................................................     (10,053)     (10,515)
                                                                                                            ---------    ---------
      Total stockholders' equity ........................................................................     244,148      232,763
                                                                                                            ---------    ---------
      Total liabilities, redeemable cumulative preferred stock
      and stockholders' equity...........................................................................   $ 442,500    $ 424,922
                                                                                                            =========    =========
</TABLE>

Note: The Balance Sheet at December 31, 1997 has been derived from the audited
financial statements at that date but does not include all of the information
and footnotes required by generally accepted accounting principles for complete
financial statements.

See notes to condensed consolidated financial statements.


                                        3
<PAGE>   5
                              WOLVERINE TUBE, INC 

                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                   (UNAUDITED)

                                 (In thousands)



<TABLE>
<CAPTION>
                                                                    Three - month period ended:
                                                                    ---------------------------
                                                                    April 4,          March 29,
                                                                      1998              1997
                                                                    --------          --------
                                                                                    
<S>                                                                 <C>               <C>     
OPERATING ACTIVITIES                                                                
Net income ......................................................   $ 10,575          $  8,837
Adjustments to reconcile net income to net cash                                     
 provided (used) by operating activities:                                           
   Depreciation and amortization ................................      4,604             4,448
   Changes in operating assets and liabilities:                                     
    Accounts receivable .........................................    (16,894)          (14,622)
    Inventories .................................................      3,794            (3,436)
    Prepaid expenses and other ..................................       (346)             (510)
    Accounts payable ............................................     (4,049)            4,666
    Accrued liabilities including pension, postretirement benefit                   
     and environmental ..........................................      8,589              (574)
                                                                    --------          --------
Net cash provided (used) by operating activities ................      6,273            (1,191)
                                                                                    
INVESTING ACTIVITIES                                                                
Additions to property, plant and equipment ......................     (6,485)           (7,239)
Other ...........................................................       (166)               -- 
                                                                    --------          --------
Net cash used by investing activities ...........................     (6,651)           (7,239)
                                                                                    
FINANCING ACTIVITIES                                                                
Net borrowings from revolving credit facility ...................      2,009             8,295
Issuance of common stock ........................................        418                --
Principal payments on long-term debt ............................       (351)             (152)
Dividends paid ..................................................        (70)              (70)
                                                                    --------          --------
Net cash provided  by financing activities ......................      2,006             8,073
                                                                                    
Effect of exchange rate on cash and equivalents .................        (17)              (32)
                                                                    --------          --------
Net increase (decrease) in cash and equivalents .................      1,611              (389)
                                                                                    
Cash and equivalents beginning of period ........................     15,096             2,967
                                                                    --------          --------
                                                                                    
Cash and equivalents end of period ..............................   $ 16,707          $  2,578
                                                                    ========          ========
</TABLE>

See notes to condensed consolidated financial statements. 







                                          4
<PAGE>   6
WOLVERINE TUBE, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
APRIL 4, 1998
(Unaudited)


NOTE 1 - BASIS OF PRESENTATION

         The accompanying unaudited condensed consolidated financial statements
include the accounts of the Company and its wholly-owned subsidiaries after
elimination of significant intercompany accounts and transactions. The
accompanying condensed consolidated financial statements have been prepared in
accordance with instructions to Form 10-Q and do not include all the information
and footnotes required by generally accepted accounting principles for complete
financial statements. The accompanying condensed consolidated financial
statements (and all information in this report) have not been examined by
independent auditors; but, in the opinion of management all adjustments, which
consist of normal recurring accruals necessary for a fair presentation of the
results for the periods, have been made. The results of operations for the
three-month period ended April 4, 1998 are not necessarily indicative of the
results of operations that may be expected for the year ending December 31,
1998. For further information, refer to the consolidated financial statements
and footnotes included in the Company's annual report on Form 10-K for the year
ended December 31, 1997.

         The Company uses its internal operational reporting cycle for quarterly
financial reporting.

NOTE 2 - CONTINGENCIES

         The Company is subject to extensive U.S. and Canadian federal, state,
provincial and local environmental laws and regulations. These laws, which are
constantly changing, regulate the discharge of materials into the environment.

         The Company has received various communications from regulatory
authorities concerning certain environmental matters and has currently been
named as a potentially responsible party ("PRP") at various waste disposal
sites. The Company believes that its potential liability with respect to these
waste disposal sites is not material.

         The Company has accrued environmental remediation costs of $2,520,000
as of April 4, 1998, consisting primarily of $38,000 for estimated remediation
costs for the London and Fergus, Canada, facilities, $1,272,500 for the Decatur,
Alabama facility, $399,500 for the Greenville, Mississippi facility, and an
aggregate of $810,000 for the Ardmore, Tennessee facility and the Shawnee,
Oklahoma facility (with respect to the Double Eagle Refinery site). Based on
information currently available, the Company believes that the costs of these
matters are not reasonably likely to have a material adverse effect on the
Company's consolidated financial condition, results of operations or liquidity.






                                       5
<PAGE>   7


NOTE 3 - INVENTORIES

Inventories are as follows:

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
                                                        April 4,      December 31,
                                                          1998            1997
-------------------------------------------------------------------------------
                                                            (In thousands)
<S>                                                     <C>             <C>    
Finished products                                       $18,968         $21,235
Work-in-progress                                         23,848          23,515
Raw materials and supplies                               41,334          43,079
-------------------------------------------------------------------------------
                                                        $84,150         $87,829
===============================================================================
</TABLE>

NOTE 4 - INTEREST EXPENSE, NET

         Interest expense is net of interest income and capitalized interest of
$292,000 and $60,000 for the three-month period ended April 4, 1998,
respectively, and $94,000 and $29,000 for the three-month period ended March 29,
1997, respectively.

NOTE 5 - INTEREST RATE INSTRUMENTS

         The Company has entered into two interest rate swap agreements with a
certain lender providing bank financing. The agreements effectively fixed the
interest rate on $82,000,000 in principal amount of floating debt provided under
the New Credit Agreement at a rate of 6.82% and 5.86% respectively, plus the
specified margin from the New Credit Agreement of .25% to .875%. The interest
rate swaps expire on May 7, 2002 and February 7, 1999 and are based on 3-month
LIBOR. These interest rate swaps are accounted for as a hedge; the differential
to be paid as interest rates change is accrued and recognized as an adjustment
to interest expense.

NOTE 6 - COMPREHENSIVE INCOME

         As of January 1, 1998, the Company adopted Financial Accounting
Standards Board Statement 130, Reporting Comprehensive Income ("Statement 130").
Statement 130 establishes new rules for the reporting and display of
comprehensive income and its components; however, the adoption of Statement 130
had no impact on the Company's net income or shareholders' equity. Statement 130
requires unrealized gains or losses on the Company's foreign currency
translation adjustments, which prior to adoption were reported separately in
stockholders' equity to be included in other comprehensive income. Prior year
financial statements have been reclassified to conform to the requirements of
Statement 130. During the first quarters of 1998 and 1997, total comprehensive
income amounted to $10,894,000 and $8,579,000, respectively.





                                       6
<PAGE>   8




 NOTE 7 - EARNINGS PER SHARE

         The following table sets forth the computation of basic and diluted
earnings per share:

<TABLE>
<CAPTION>
                                         Three-month period ended:
------------------------------------------------------------------
                                         April 4,        March 29,
                                          1998             1997
------------------------------------------------------------------
                                         (In thousands, except 
                                             per share data)
<S>                                     <C>               <C>     
Net income                              $ 10,575          $  8,837
Preferred dividends                          (70)              (70)
------------------------------------------------------------------
Net income applicable to
  Common shares                         $ 10,505          $  8,767
==================================================================

Basic weighted common
  shares outstanding                      14,085            13,980
Employee stock options                       187               260
------------------------------------------------------------------
Diluted weighted average common
  and common equivalent shares
  outstanding                             14,272            14,240
==================================================================

Net income per common
  share-basic                           $    .75          $    .63
==================================================================

Net income per common
  share-diluted                         $    .74          $    .62
==================================================================
</TABLE>



                                       7
<PAGE>   9


                              WOLVERINE TUBE, INC.
                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                      CONDITION AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS

Three-Month Period Ended April 4, 1998 Compared to
Three-Month Period Ended March 29, 1997

         For the three-month period ended April 4, 1998 consolidated net sales
were $170.3 million compared with $173.6 million in the three-month period ended
March 29, 1997. The decrease in sales for the three-month period this year
versus last year was attributable to a decrease in copper prices which was
partially offset by an increase in pounds of product shipped and an increase in
unit fabrication charges. The average Comex price of copper was $0.77 per pound
in the most recent three-month period compared with $1.11 per pound in the same
period a year ago. The primary impact to Wolverine of lower copper prices is
lower net sales and costs of goods sold. The Company uses various strategies to
minimize the effect of copper prices on the Company's earnings.

         Total pounds shipped for the three-month period of 1998 increased by
10.8 million pounds to 95.6 million pounds compared with 84.8 million pounds in
the three-month period a year ago. Shipments of commercial tube products
increased 7.9%, primarily as a result of increased shipments of industrial tube
used in the residential air conditioning industry and increased shipments of
technical tube as the CFC phase-out continues. Shipments of the Company's
wholesale products increased 23.1% to 23.1 million pounds as unit fabrication
charges increased in the United States and Canadian markets. Shipments of rod,
bar and strip products increased 22.1% as shipments of these products to
Canadian service centers increased during the quarter.

         Consolidated gross profit increased 14.8% to $24.8 million in the
three-month period of 1998 compared to $21.6 million in the three-month period
of 1997. This increase is primarily the result of increased shipments of
commercial products, which are generally the Company's highest margin product.
In addition, the increase in shipments of wholesale products resulted in an
increase in fabrication charges, thus an increase in gross profit for these
products during the three-month period in 1998 as compared to the three-month
period in 1997.

         Consolidated selling, general and administrative expenses for the
three-month period of 1998 were $6.4 million as compared to $5.4 million in the
three-month period in 1997. This increase was primarily the result of additional
employee incentive expenses as a result of the Company's increase in
profitability during the period as well as professional fees associated with the
Company's conversion of its computer system.





                                       8
<PAGE>   10



         Consolidated net interest expense for the three-month period in 1998
decreased to $1.6 million from $2.4 million in the three-month period in 1997.
This decrease is primarily the result of reduced interest expense achieved
through the Company's April 1997 refinancing and the related repayment of its 10
1/8% Senior Subordinated Notes due 2002 ("Notes").

         The effective tax rate for the three-month period ended April 4, 1998
was 36.0%, compared with 34.6% in the three-month period a year ago. During the
first quarter of 1997, the Company reached a favorable settlement with the
Internal Revenue Service regarding audits of prior year tax returns, which
resulted in the reduction of the effective tax rate for the three-month period
ended March 29, 1997.

         Consolidated net income for the three-month period in 1998 was $10.6
million or $0.74 per diluted share, or $0.75 per basic share, compared to $8.8
million or $0.62 per diluted share, or $0.63 per basic share, in the three-month
period a year ago.


LIQUIDITY AND CAPITAL RESOURCES

         Net cash provided by operating activities totaled $6.3 million in the
first three-months of 1998 compared to net cash used by operating activities of
$1.2 million in the first three-months of 1997. The increase in cash provided by
operations in the first three months of 1998 was primarily due to increased net
income and accrued liabilities and the decrease in inventory. This increase was
partially offset by a decrease in accounts payable and the increase in accounts
receivable. The $16.9 million increase in net accounts receivable from December
31, 1996 is primarily due to increased sales which was partially offset by
decreases in Comex copper prices over the prevailing prices at year end 1997.

         The Company's $200 million unsecured credit agreement (the "Credit
Agreement") (i) provides for an aggregate available revolving credit facility of
$200 million, including a $20 million sub-limit facility available to Wolverine
Tube (Canada) Inc., (ii) matures in full in April 2002, and (iii) provides for
an interest rate, at the Company's selection, at a floating base rate that is
either (a) the higher of the federal funds effective rate plus .50% or the prime
rate or (b) LIBOR plus a specified margin of .25% to .875%. As of April 4, 1998
the Company had approximately $102 million in outstanding borrowings and
obligations under the Credit Agreement and approximately $98 million in
additional borrowing availability thereafter.

         The Company adopted the 1997 Voluntary Early Retirement Program (the
"Plan"). This Plan rewards certain eligible employees who elected on a voluntary
basis to take early retirement from the Company between March 26, 1997 and May
12, 1997. After the execution of a binding Voluntary Early Retirement Agreement
and General Release by each eligible employee, the Company paid each such
employee an early retirement payment and provided certain other considerations.
The payment was an amount equal to four weeks' base pay plus one additional
week's pay for each year of service, up to a maximum of twenty-six weeks' total,
less applicable taxes and withholdings required by law. Twenty-six employees
from various locations and departments throughout the Company elected to
participate in the Plan. At the end of the second quarter in 1997, the
implementation of the Plan was completed. The Company expects to realize
approximately $2.0 million in reduced salary and related expenses per year as 





                                       9
<PAGE>   11

a result of the Plan. Implementation of the Plan resulted in an approximate $1.8
million charge that was included in the Company's non-recurring charge and
recognized in the second quarter of 1997. The primary components of the charge
relating to the Plan include approximately $1.0 million relating to severance
and vacation pay and $0.6 million in increased pension expense and $0.2 million
for professional fees and miscellaneous expenses resulting from these early
retirements.

         In the ordinary course of business the Company enters into various
types of transactions that involve contracts and financial instruments with
off-balance sheet risk. The Company enters into these financial instruments to
manage financial market risk, including foreign exchange risk, commodity price
risk for certain customers and interest rate risk. The Company is exposed to
loss on the forward contracts in the event of non-performance by the customer
whose orders are covered by such contracts. However, the Company does not
anticipate non-performance by such customers. The Company accounts for its
interest rate swap as a hedge, accordingly, gains and losses are recognized as
interest expense. The Company enters into these financial instruments utilizing
over-the-counter as opposed to exchange traded instruments. The Company
mitigates the risk that counter parties to these over-the-counter agreements
will fail to perform by only entering into agreements with major international
financial institutions.

         Capital expenditures were $6.5 million for the first three months of
1998 compared to $7.2 million for the first three months of 1997. The Company
currently expects to spend approximately $40 million in the aggregate in 1998
under its existing capital program. The Company believes that it will be able to
satisfy its existing working capital needs, interest obligations and capital
expenditure requirements with cash flow from operations and funds available from
the Credit Agreement.



IMPACT OF YEAR 2000

The Company utilizes a number of computer software programs and operating
systems throughout its organization, including applications used in order
processing, shipping and receiving, accounts payable and receivable processing,
financial reporting and in various other administrative functions. The Company
recognizes the need to ensure that its operations will not be adversely impacted
by applications and processing issues related to the upcoming calendar year 2000
(the "Year 2000 Issue"). The Year 2000 Issue is the result of computer programs
that have been written to recognize two digit, rather than four digit, date
codes to define the applicable year. To the extent that the Company's software
applications contain source codes that are unable to appropriately interpret a
code using "00" as the upcoming year 2000 rather than 1900, the Company could
experience system failures or miscalculations that could disrupt operations and
cause a temporary inability to process transactions, send and process invoices
or engage in similar normal business activities.

Based on a recent assessment of its systems, the Company has determined that it
will be required to modify or replace significant portions of its software so
that its computer systems will function properly with respect to dates in the
year 2000 and thereafter. The Company presently believes that with modifications
to its existing software and certain conversions to new software, the Year 2000
Issue will not pose significant operational problems for its computer systems.
In addition, the Company's systems and operations are dependent, in part, on
interaction with systems operated or provided by vendors or 






                                       10
<PAGE>   12

other third-parties, and the Company is surveying those parties about their
progress in identifying and addressing problems that their computer systems may
face in connection with the Year 2000 Issue. The Company estimates that it has
no exposure for contingencies related to the Year 2000 Issue for the products it
has sold.

The Company will utilize both internal and external resources to reprogram, or
replace, and test its software for Year 2000 modifications. The Company
anticipates completing the modifications necessary to make its systems Year 2000
compliant by March 31, 1999, which is prior to any anticipated impact on its
operating systems. The total cost of the Year 2000 project is estimated at $5.5
million and is being funded through operating cash flow. Of the total project
cost, approximately $5.3 million is attributable to the purchase of new
software, which will be capitalized. The remaining $0.2 million, which will be
expensed as incurred, is not expected to have a material effect on the results
of operations. To date, the Company has incurred approximately $1.0 million in
expenses related to the assessment of, and preliminary efforts on, its Year 2000
modification project, the development of the plan for the purchase of new
systems and system modifications.

The costs of the project and the timeframe in which the Company believes it will
complete the Year 2000 modifications are based on management's best estimates,
which were derived utilizing numerous assumptions of future events, including
the continued availability of certain resources, third-party modification plans
and other factors. Specific factors that might result in additional costs or
time delays include, but are not limited to, the availability and cost of
personnel trained in this area, the ability to locate and correct all relevant
computer codes, and similar uncertainties. Based upon the Company's current
estimates, the Company does not anticipate that the cost of compliance with the
Year 2000 Issue will be material to its business, financial condition or results
of operations; however, there can be no assurance that the Company's systems, or
those of its vendors, customers or other third parties, will be made Year 2000
compliant in a timely manner or that the impact of the failure to achieve such
compliance will not have a material adverse effect on the Company's business,
financial condition or results of operations.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

         Certain of the statements and subject areas contained herein that are
not based upon historical or current facts deal with or may be impacted by
potential future circumstances and developments. Such statements and the
discussion of such subject areas involve, and are therefore qualified by, the
inherent risks and uncertainties surrounding future expectations generally, and
also may materially differ from the Company's actual future experience involving
any one or more of such subject areas. The Company has attempted to identify, in
context, certain of the factors that it currently believes may cause actual
future experience and results to differ from current expectations regarding the
relevant statement or subject area. The Company's operations and results also
may be subject to the effect of other risks and uncertainties in addition to the
relevant qualifying factors identified elsewhere herein, including, but not
limited to, cyclicality and seasonality in the industries to which the Company
sells its products, the impact of competitive products and pricing,
extraordinary fluctuations in the pricing and supply of the Company's raw
materials, volatility of commodities markets, unanticipated developments in the
areas of environmental compliance, and other risks and uncertainties identified
from time to time in the Company's reports filed with the Securities and
Exchange Commission.






                                       11
<PAGE>   13

ENVIRONMENTAL

         The Company's facilities and operations are subject to extensive
environmental laws and regulations. During the three-month period ended April
4,1998, the Company spent approximately $0.1 million on environmental matters
which include remediation costs, monitoring costs and legal and other costs. The
Company has a reserve of $2.5 million for environmental remediation costs which
is reflected in the Company's Condensed Consolidated Balance Sheet. The Company
has approved $0.4 million for capital expenditures relating to environmental
matters during 1998, of which $0.3 million has been spent through April 4, 1998.
Based upon information currently available, the Company believes that the costs
of the environmental matters described below are not reasonably likely to have a
material adverse effect on the Company's consolidated financial condition,
results of operations or liquidity.



Oklahoma City, Oklahoma

         The Company is one of a number of Potentially Responsible Parties
("PRP's") named by the Environmental Protection Agency ("EPA") with respect to
the soil and groundwater contamination at the Double Eagle Refinery Superfund
site in Oklahoma City, Oklahoma. The costs associated with the cleanup of this
site will be entirely borne by the PRP group (the "Group"), as the site owner
has filed for bankruptcy protection. In March 1993, twenty-three PRP's named
with respect to the soil contamination of the site, including the Company,
submitted a settlement offer to the EPA. Settlement negotiations between the
Group and the EPA are continuing, but currently contemplate a settlement and
consent order among the PRP's, the EPA and the State of Oklahoma, which would
provide for each PRP's liability to be limited to a prorata share of an
aggregate amount based upon the EPA's worst-cast cost scenario to remediate the
site. Under the current proposal, the Company's settlement amount is estimated
to be $390,000.

Decatur, Alabama

         The Company is subject to an order under Section 3008(h) of the
Resource Conservation and Recovery Act ("RCRA") to perform a facilities
investigation of its site in Decatur, Alabama, including a portion of the site
where wastes were buried (the "Burial Site"). Should the EPA decide to order
remediation, the remaining monitoring, legal and other costs are estimated to be
$1.2 million. Under an agreement between the Company and an affiliate of the
Henley Group, Inc. (collectively, "Henley"), the prior owner of the property,
Henley took control of investigation and any required cleanup of the Burial
Site. In February 1997, the Company exercised its option to release Henley from
liability for further remediation, monitoring and related costs with respect to
the Burial Site in exchange for a settlement payment, all pursuant to the terms
of the existing agreements with Henley. In June 1997, the Company released
Henley from liability of the Burial Site following the receipt of the settlement
payment. The Company is currently awaiting comments and approval from the EPA on
a Corrective Measures Study ("CMS") that Henley had submitted to the EPA
regarding the Burial Site. The cost to the Company to comply with the CMS, as
currently presented, will not have an adverse effect on the Company's financial
position, results of operations or liquidity.






                                       12
<PAGE>   14

Ardmore, Tennessee

         On December 28, 1995, the Company entered into a Consent Order and
Agreement with the Tennessee Division of Superfund (the "Tennessee Division"),
relating to the Ardmore facility, under which the Company agreed to conduct a
preliminary investigation regarding whether volatile organics detected in and
near the municipal drinking water supply are related to the Ardmore facility
and, if necessary, to undertake an appropriate response. That investigation has
disclosed contamination, including elevated concentrations of certain volatile
organic compounds, in soils of certain areas of the Ardmore facility and also
has disclosed elevated levels of certain volatile organic compounds in the
shallow residuum groundwater zone at the Ardmore facility. Under the terms of
the Consent Order and Agreement, the Company submitted a Remedial Investigation
and Feasibility Study ("RI/FS") work plan, which was accepted by the Tennessee
Division, and the Company has initiated the RI/FS. Based on the available
information, and recognizing that the nature and scope of remediation will be
affected by the results of the RI/FS, the Company preliminarily estimates a
range of between $1,255,000 and $2,055,000 to complete the investigation and
remediation of this site, of which approximately $835,000 has been spent.

         A recent report of a 1995 EPA site inspection of the Ardmore facility
recommended further action for the site. The Company believes, however, that
because the Tennessee Division is actively supervising an ongoing investigation
of the Ardmore facility, it is unlikely that EPA will intervene and take
additional action. If the EPA should intervene, however, the Company could incur
additional costs for any further investigation or remedial action required.


Greenville, Mississippi

         Following the Company's acquisition of its Greenville, Mississippi
facility, (the "Greenville facility"), a preliminary investigation disclosed
volatile organic contaminants in soil and groundwater at the site. Based on
further investigation, it appears that the contamination has not spread
off-site. The Company entered into a Consent Order with the Mississippi
Department of Environmental Quality ("MDEQ") for a pilot study program which
will help determine the effectiveness of certain technology tentatively
identified for remediation and which will also help define the scope of
remediation for the site. The pilot study program concluded on June 1, 1997. The
Company entered into a final consent agreement with the MDEQ on July 15, 1997.
Remediation efforts began in the third quarter of 1997 and are expected to
continue for approximately three years. However, there can be no assurance that
remediation efforts will be allowed to be discontinued after three years, and
operations, maintenance and other expenses of the remediation system may
continue for a longer period of time. The remaining total investigative and
remedial costs could total $799,000 under the remediation plan the Company
adopted, and it could increase further if the remediation system is required to
operate for more than three years. Applicable costs of testing and remediation
required at the Greenville facility are being shared with the former owners of
the facility on a dollar-for-dollar basis, not to exceed $750,000, pursuant to
the terms of an Escrow Agreement established at the time the facility was
acquired. Any remediation costs in excess of the shared amount would be the sole
responsibility of the Company.






                                       13
<PAGE>   15

Other

         The Company has been identified by the EPA as one of a number of PRP's
at Superfund sites in Athens, Alabama and in Criner, Oklahoma. The Company
believes that its potential liability with respect to these Superfund sites is
not material. However, there can be no assurance that the Company will not be
named a PRP at additional Superfund sites in the future or that the costs
associated with those sites would not be substantial.

         The Company believes that it faces no significant liability for the
Athens, Alabama site because it has removed all of the material that it
contributed to the site. The Company believes that it faces no significant
liability for the Criner, Oklahoma site because Henley, the prior owner of the
site, has retained liability for all cleanup costs resulting from past disposal
of used oil at the Criner, Oklahoma site pursuant to an indemnification
agreement between the Company and Henley. Henley, which is not affiliated with
the Company, has discharged these obligations to date.





                                       14
<PAGE>   16


                           PART II. OTHER INFORMATION



ITEM 1.  LEGAL PROCEEDINGS

         There were no material legal proceeding developments during the
three-month period ended April 4, 1998.


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         (a)      Exhibits

                  10.1       Severance Agreement dated March 23, 1998 by and
                             between the Company and Dennis Horowitz
                             
                  10.2       Consulting Agreement dated May 8, 1998 by and 
                             between the Company and John M. Quarles

                  27.1       Financial Data Schedule (for SEC use only)

                  27.2       Financial Data Schedule (for SEC use only)

         (b)   Reports
                  No reports on Form 8-K were filed by the Company during the
three-month period ended April 4, 1998.




                                       15
<PAGE>   17


                                   SIGNATURES

                  Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereto duly authorized.

                                                     Wolverine Tube, Inc.
                                                         (registrant)



Dated:  May 15, 1998                       By:     /s/  James E. Deason
                                                 ------------------------------

                                                 James E. Deason
                                                 Executive Vice President
                                                 Chief Financial Officer




                                       16