<PAGE>   1

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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-K

[X]     Annual report pursuant to Section 13 or 15(d) of the Securities Exchange
        Act of 1934 for the fiscal year ended September 30, 1997, 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 NO. 1-10459

                              GENEVA STEEL COMPANY
               (Exact name of Registrant as specified in charter)

           UTAH                                        93-0942346
(State or other jurisdiction              (I.R.S. Employer Identification No.)
of incorporation or organization)

      10 SOUTH GENEVA ROAD
         VINEYARD, UTAH                                           84058
(Address of principal executive office)                         (Zip Code)

       Registrant's telephone number, including area code: (801) 227-9000

          Securities registered pursuant to Section 12(b) of the Act:

                                                Name of each exchange on
  Title of each class                               which registered
  -------------------                               ----------------
 CLASS A COMMON STOCK,                          NEW YORK STOCK EXCHANGE
      NO PAR VALUE                               PACIFIC STOCK EXCHANGE

  WARRANTS TO PURCHASE
  CLASS A COMMON STOCK                           PACIFIC STOCK EXCHANGE

        Securities registered pursuant to Section 12(g) of the Act: NONE


        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 by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of the Registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [ ]

        The aggregate market value of the Class A Common Stock held by
non-affiliates of the Registrant, based upon the closing sale price of the Class
A Common Stock on the New York Stock Exchange on November 28, 1997, was
approximately $34,894,898. Shares of Class A Common Stock held by each officer
and director and by each person who may be deemed to be an affiliate have been
excluded. As of November 28, 1997, the Registrant had 14,050,515 and 19,151,348
shares of Class A and Class B Common Stock, respectively, outstanding.

                       DOCUMENTS INCORPORATED BY REFERENCE

        Parts of the following documents are incorporated by reference in Parts
II, III and IV of this Report: (1) Registrant's Annual Report to Shareholders
for the fiscal year ended September 30, 1997 (Parts II and IV), and (2)
Registrant's Proxy Statement for the Annual Meeting of Shareholders to be held
on February 25, 1998 (Part III).

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                                     PART I

ITEM 1.  BUSINESS.

BACKGROUND

            Geneva Steel Company (the "Company" or "Geneva") owns and operates
the only integrated steel mill operating west of the Mississippi River. The
Company's mill manufactures steel slabs and hot-rolled sheet, plate and pipe
products for sale primarily in the western and central United States.

            The steel mill is located 45 miles south of Salt Lake City, Utah on
approximately 1,400 acres. The steel mill's facilities include four coke oven
batteries, three blast furnaces, a plasma-fired cupola ironmaking facility, two
Basic Oxygen Process ("Q-BOP") furnaces, a continuous casting facility, a
combination continuous rolling mill and various finishing facilities. The
Company's coke ovens produce coke from a blend of various grades of
metallurgical coal. Coke is used as the principal fuel for the Company's blast
furnaces, which convert iron ore into liquid iron. The liquid iron is then
blended with scrap metal and metallic alloys and further refined in the Q-BOP
furnaces to produce liquid steel. The liquid steel is then processed through the
continuous casting facility. Steel slabs are either direct rolled or allowed to
cool and then reheated prior to rolling. Slabs are rolled into hot-rolled steel
products (sheet, plate and pipe) in the Company's rolling and finishing mills.
The Company also sells a portion of its slabs to other steel processors.

            The Company acquired the steel mill and related facilities from USX
Corporation ("USX") on August 31, 1987 at a price of approximately $44.1 million
plus the assumption of certain liabilities. USX had operated the mill from 1944
until 1986, when it placed the mill on hot-idle status. Pursuant to the
acquisition agreement between USX and the Company, USX retained liability for
retiree life insurance, health care and pension benefits relating to employee
service prior to the acquisition. USX also indemnified the Company for costs due
to any environmental condition existing on the Company's real property as of the
acquisition date that is determined to be in violation of environmental laws or
otherwise results in the imposition of environmental liability, subject to the
Company's sharing the first $20 million of certain clean-up costs on an equal
basis. See "Environmental Matters." Since the Company began operations, its
strategy has been to be a low-cost producer of steel products and to optimize
its product quality and mix.

CAPITAL PROJECTS

   Overview

            The Company has spent approximately $68 million, $26 million and $48
million on capital projects during the fiscal years ended September 30, 1995,
1996 and 1997, respectively. These expenditures were made primarily in
connection with the Company's ongoing modernization efforts. Management believes
that the modernization projects completed to date have resulted in production
efficiencies, increased throughput capacity and improved product quality and
yield.

            The Company's capital projects are under continuous review, and
depending on market, operational, liquidity and other factors, the Company may
elect to adjust the design, timing and budgeted expenditures of its capital
plan. There can be no assurance that the projected benefits of the capital
projects will be fully achieved, sufficient product demand will exist for the
Company's additional throughput capacity, or that the planned capital projects
can be completed in a timely manner or for the amounts budgeted. Notwithstanding
the completion of many capital projects, management believes that additional
capital projects will be critical to the Company's long-term ability to compete.

  Capital Projects

            As a part of its capital plan, the Company has (i) completed a new
continuous casting facility and related improvements, (ii) installed two Q-BOP
furnaces, (iii) completed a direct rolling and large coil project, including
installation of a coilbox and a 42-megawatt induction slab heating furnace, (iv)
completed a wide coiled plate project, (v) installed a plasma-fired cupola
ironmaking facility, (vi) installed various environmental projects, and (vii)
completed various other projects. The following discussion highlights the major
projects which remain to be completed.


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            Rolling Mill Finishing Stand Improvements. The Company has a
six-stand 132-inch combination continuous rolling mill, the widest of its type
in the world, which gives the Company the flexibility to alter its mix of sheet
and plate products in response to customer demands and changing market
conditions. The final phase of the rolling mill modernization includes hydraulic
gauge control, roll bending and automatic roll change. These improvements are
designed to enhance the shape and gauge of the Company's products and to
increase throughput capacity. Substantially all of the equipment for the rolling
mill finishing stand improvements was completed during fiscal year 1996. The
Company elected to defer installation of that equipment until fiscal year 1997
and 1998. The Company anticipates that it may incur significant start-up and
transition costs as the finishing stand equipment is installed and implemented.

            Development Venture. The Company has formed a limited liability
company with certain unrelated parties, which in turn has entered into a
cooperative agreement with the United States Department of Energy ("DOE") for
the demonstration of a cokeless ironmaking facility and associated power
generation and air separation facilities. As of September 30, 1997, the Company
had spent approximately $0.9 million (net of DOE reimbursement) in connection
with the project. Expenditures on the project are subject to government cost
sharing arrangements. Completion of the project remains subject to several
contingencies. Under certain circumstances, the Company will be required to
repay some or all of the government cost share funds and expense other funds
included in construction in progress in the event the project is terminated.

 PRODUCTS

            The Company's principal products are steel slabs and hot-rolled
sheet, plate and pipe products. The Company also sells non-steel materials that
are by-products of its steelmaking operations.

            The Company has a 132-inch combination continuous rolling mill, the
widest of its type in the world, which gives the Company the flexibility to
alter its mix of sheet and plate products in response to customer demands and
changing market conditions and the opportunity to maximize utilization of the
facilities. Generally, the Company manufactures products in response to specific
customer orders. During fiscal year 1997, the Company increased its percentage
of pipe products sold and reduced its percentage of slab products sold.
Consistent with the Company's strategic objectives, plate shipments have
increased as various upgrades to plate processing and finishing equipment have
been integrated into the production process. The Company sells slabs to maximize
production from the continuous caster while efforts to increase rolling mill
throughput continue. The Company expects that slab shipments will continue to
gradually decrease as rolling mill throughput improves. Product mix shifts are
also determined by Geneva's product mix optimization efforts. The Company's
product sales mix as a percent of net sales for fiscal years 1993 through 1997
is shown below:


<TABLE>
<CAPTION>
                                                    1993            1994            1995            1996           1997
                                                 ----------      ----------      ----------      ----------     -----------
<S>                                              <C>             <C>             <C>             <C>            <C>
Sheet............................................        56%             65%             41%             30%             30%
Plate............................................        31              24              35              45              45
Pipe.............................................        10               7               6               6              10
Slab.............................................        --               1              15              16              12
Non-steel........................................         3               3               3               3               3
                                                 ----------      ----------      ----------      ----------     -----------
            Total................................       100%            100%            100%            100%            100%
                                                 ==========      ==========      ==========      ==========     ===========
</TABLE>

            Sheet. The mill produces hot-rolled sheet steel which is sold in
sheet or coil form in thicknesses of .096 to .230 of an inch and widths of 40 to
74 inches. Maximum widths vary according to thickness. Included in the sheet
products made by the Company are cut-to-length sheet, hot-rolled bands and
tempered coil. Sheet is used in a variety of applications such as storage tanks,
light structural components and supports and welded tubing.

            Plate. The Company's plate products consist of hot rolled carbon and
high-strength low alloy steel plate in coil form, cut-to-length from coil and
flat rolled in widths varying from 48 to 126 inches and in thicknesses varying
from .1875 of an inch to 3 inches. Plate can be used for heavy steel structures
such as storage tanks, railroad cars, ships and bridges.


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            Pipe. The Company produces electric resistance welded pipe ("ERW
pipe") ranging from approximately 7 to 16 inches in diameter. ERW pipe is
manufactured by heating and fusing the edges of the steel coil to form the pipe.
The Company's ERW pipe is used primarily in pipelines, including water, natural
gas and oil transmission and distribution systems, and in standard and
structural pipe applications.

            Slab and Non-Steel. The Company sells steel slabs when market
conditions are favorable and as a means of maximizing production through the
continuous caster. The Company also sells various by-products resulting from its
steelmaking activities.

MARKETING; PRINCIPAL CUSTOMERS

            The Company sells its sheet and plate products primarily to steel
service centers and distributors, which in recent years have become one of the
largest customer groups in the domestic steel industry. Service centers and
distributors accounted for approximately 63% of the Company's finished product
sales (excluding slabs) in fiscal year 1997. The Company also sells its products
to steel processors and various end-users, including manufacturers of welded
tubing, highway guardrail, storage tanks, railcars, ships and agricultural and
industrial equipment. The Company believes that sales of its products, either
directly or through service centers or distributors, to automotive or appliance
manufacturers have been immaterial. The Company has developed a broad customer
base. In fiscal year 1997, the Company sold its products domestically to
approximately 250 customers in 39 states and abroad through exporters to 7
customers in Canada and Mexico.

            The Company sells its ERW pipe to end-users and through distributors
primarily in the western and central United States, where demand for pipe
fluctuates in partial response to oil and gas industry cycles. The Company also
occasionally sells products in the export market. Export sales, which generally
have lower margins than domestic sales, accounted for approximately 1.3%, 0.7%
and 1.4% of the Company's net sales during fiscal years 1995, 1996 and 1997,
respectively.

            The Company's principal direct marketing efforts are in the western
and central United States. Five sales representatives are employed in the
western market, two of whom are located in the greater Los Angeles area, the
largest single market for steel in the western United States. The Company
believes that it holds a significant market share of the hot-rolled sheet, plate
and pipe sales in the eleven western states.

            In the Central United States, the Company currently has a small
share of the market. Management believes, however, that there are attractive
opportunities for revenue growth in this market. Substantially all of Geneva's
sales in the central United States are made through a sales arrangement with
Mannesmann Pipe and Steel Corporation ("Mannesmann"), the United States steel
marketing subsidiary of Mannesmann A.G., a major German industrial company. The
sales arrangement entitles Mannesmann to sell the Company's products in 15
central states and to certain of the Company's customers in the Eastern United
States, and to receive a variable commission on its sales. Mannesmann has an
exclusive right to sell the Company's products in these areas, subject to
certain exceptions. The payment terms previously provided that Mannesmann make a
production prepayment of up to $15 million. The prepayment arrangement was
terminated during fiscal year 1997. Mannesmann accounted for approximately 31%
and 33% of the Company's net sales in fiscal years 1996 and 1997, respectively.
Any termination or disruption of the Company's arrangements with Mannesmann
could have a material adverse effect on the Company's results of operations and
financial condition.

            The Company's strategy is to maintain its core market in the western
United States, where its market position is the strongest, and to increase
growth in the Midwest and Eastern regions, while focusing on profit
maximization. The Company believes that service centers and distributors account
for a substantially larger proportion of its sales than of sales for the
industry as a whole. Demand from this customer group historically has fluctuated
widely due to substantial changes in the group's inventory levels. In view of
these factors, the Company intends to develop a somewhat more diverse customer
base, including selected steel processors and various end-users, while retaining
strong relationships with service center and distributor customers. The Company
expects its modernization efforts to play a critical role in the implementation
of these strategies by enabling the Company to produce higher quality products
and to gain access to a wider range of customers.

            The Company generally produces steel in response to specific orders.
As of November 30, 1997, the Company had estimated total orders on hand for
approximately 309,000 tons compared to approximately 210,000 tons as of


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November 30, 1996. The Company does not believe that its orders on hand are
necessarily indicative of future operating results.

EMPLOYEES; LABOR AGREEMENT

            The Company has a workforce of approximately 2,600 full-time
employees, of whom approximately 475 are salaried and approximately 2,125 are
hourly. The Company's 149 operating management personnel generally have had
considerable experience in the steel industry. Almost half have more than 20
years of industry experience, with most of the remaining managers ranging in
experience from 10 to 20 years. The Company's senior operating managers have an
average of approximately 15 years of industry experience.

            Substantially all of the Company's hourly employees are represented
by the United Steelworkers of America under a collective bargaining agreement
that expires in March 1998. The Company believes that its labor agreement is an
important competitive advantage. Although the Company's wage rates under the
agreement are high by local standards and comparable to regional competitors,
its total hourly labor costs are substantially below recent industry averages
compiled by the American Iron and Steel Institute. Unlike labor agreements
negotiated by many other domestic integrated steel producers, the Company's
labor agreement does not contain traditional work rules, limits the Company's
financial pension obligations to a defined contribution plan and entitles the
Company to reduce its profit sharing obligations by an amount equal to a portion
of its capital expenditures. The Company did not assume any pension obligations
or retiree medical obligations related to workers' service while the plant was
owned by USX.

            The Company's labor agreement also contains a performance dividend
plan designed to reward employees for increased shipments of steel products.
Compensation under the plan includes a monthly guarantee of $.33 per hour for
all union represented workers. The guaranteed payment is based on an annualized
shipment rate of 1.5 million tons. As shipments increase above this level,
compensation under the plan also increases.

            The Company has also implemented a performance dividend plan for all
non-union employees that provides additional compensation as shipment levels
increase. Unlike the union plan, however, there are no guaranteed payments.

            The Company's profit sharing obligations under the labor agreement
are based on earnings before taxes, extraordinary items and profit sharing.
Unlike the profit sharing arrangements of many major domestic integrated steel
producers, the Company's profit sharing obligations are reduced by an amount
equal to a portion of its capital expenditures. The Company is required to
contribute each year to the profit sharing pool 10% of earnings before taxes,
extraordinary items and profit sharing after deducting 25% of the first $50
million of capital expenditures and 30% of all additional capital expenditures
in such year (including, in each case, capital maintenance). All payments made
to workers under the union performance dividend plan are deducted from any
profit sharing obligations otherwise required.

            Effective March 1, 1995, the Company established a voluntary
employee beneficiary association trust ("VEBA Trust") to fund post retirement
medical benefits for future retirees covered by the collective bargaining
agreement. Company contributions to the VEBA Trust are ten cents for each hour
of work performed by employees covered by the collective bargaining agreement.
In addition, union employees provide a contribution to the VEBA Trust based on a
reduction from the performance dividend plan payment. No benefits will be paid
from the VEBA Trust prior to March 31, 1998. Eligibility requirements and
related matters will be determined at a later date.

RAW MATERIALS AND RELATED SERVICES

            The Company is located near major deposits of several of the
principal raw materials used to make steel, including iron ore, high volatile
coal, limestone and natural gas. The Company believes that, in certain
instances, this proximity, together with the Company's importance as a customer
to suppliers of these materials, enhances its ability to obtain competitive
terms for these raw materials. As the Company evaluates emerging technologies
for the production of iron and steel, it focuses on those technologies that
allow increased utilization of resources available in the western United States.

            Iron Ore. The Company's steelmaking process can use both iron ore
and iron ore pellets. In recent years, the Company has used iron ore pellets in
an effort to maximize the operating efficiencies of its blast furnaces in
response to increased production needs. Iron ore pellets are generally purchased
from USX, as discussed below, as well as on the


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spot market. The Company has iron ore deposits at mines in Utah. When used, the
ore is mined by an independent contractor under claims owned by the Company and
transported by railroad to the steel mill. The Company expects future costs of
recovery of this ore to increase gradually as the open reserves are depleted.

            The Company has historically purchased iron ore pellets from USX.
Pursuant to a five year agreement entered into as of September 1, 1994, the
Company has commitments to purchase a minimum of 2,700,000 net tons in each of
the fourth and fifth years of the agreement. The agreement also limits the
maximum quantity of pellets USX is obligated to supply. The remainder of the
Company's pellet requirements is generally purchased on the spot market. The
Company may in the future elect to purchase additional amounts of pellets on a
longer-term basis.

            Coal and Coke. The coke batteries operated by the Company require a
blend of various grades of metallurgical coal. The Company currently obtains
high volatile coal from a mine in western Colorado owned by Oxbow Carbon and
Minerals, Inc. under a contract that expires in March 2004. The Company also
purchases various grades of coal under short-term contracts from sources in the
Eastern United States. Although the Company believes that such coal is available
from several alternative eastern suppliers, the Company is subject to price
volatility resulting from fluctuations in the spot market. There can be no
assurance that the Company's blend of coal will not change or that its overall
cost of coal will not increase.

            The Company is currently purchasing imported coke as a result of its
increasing steel production and decreasing capacity to produce its own coke as
the Company's coke ovens deteriorate. The ability of other domestic integrated
steel mills to produce coke is also decreasing, thereby increasing the demand
for purchased coke in the United States. The Company purchases coke from sources
in Japan and China. As the Company's consumption of purchased coke increases,
the Company's average cost of coke used in the manufacturing process will be
higher.

            Energy. The Company's steel operations consume large amounts of
oxygen, electricity and natural gas. The Company purchases oxygen, nitrogen and
argon from three facilities located on the Company's premises. Two of the
facilities were constructed by Air Liquide America Corporation ("Air Liquide")
and the third by Praxair, Inc. ("Praxair"). These facilities are capable of
providing approximately 275, 800 and 550 tons of oxygen per day under contracts
which expire in 2002, 2012 and 2006, respectively.

            The Company generates a portion of its electrical requirements using
a 50 megawatt rated generator located at the steel mill and currently purchases
most of its remaining electrical requirements from Utah Power Company under a
110 megawatt interruptible power contract expiring in 2002. The contract
provides for price increases tied to the cost of energy used by the utility to
produce electricity. The Company has also entered into a firm power contract
expiring in 2002 with Utah Power under which the Company purchases additional
electrical needs. The firm contract provides for energy charges and price
increases similar to the interruptible contract but also includes a
significantly higher capacity charge. The Company also has other short-term
contracts for additional power needs.

            Natural gas is purchased at the wellhead in the Rocky Mountain
region and is transported to the steel mill by pipeline utilizing firm and
interruptible transportation contracts. The Rocky Mountain region has
substantial natural gas reserves.

            Other. The Company's mill can be served by both the Burlington
Northern Santa Fe Railroad ("BNSF") and the Union Pacific Railroad Company
("UP"). The Company believes that it is one of the largest western customers of
the UP railroad. The Company's location in the western United States facilitates
backhauling, which reduces freight costs. In connection with the merger of the
UP and Southern Pacific Transportation Company, the Company negotiated a
long-term transportation contract with the UP intended to maintain a competitive
rate structure. The Company has experienced and continues to experience a
shortage of railcars which has adversely impacted operating results. See
Management's Discussion and Analysis of Financial Condition and Results of
Operations. The terms of the contract, together with certain merger conditions,
permit the Company to seek bids from the BNSF for a portion of its
transportation needs. The Company also owns mining claims in a limestone quarry
located approximately 30 miles from the Company's plant. The limestone is mined
by the Company and transported by railroad to the mill.

            The Company uses scrap metal obtained from its own operations and
external sources in its steelmaking process. As the Company increases its
production volume or improves yields, management anticipates that increased
amounts of scrap will be purchased.


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            The cost of the Company's raw materials, including energy, has been
susceptible in the past to fluctuations in price and availability and is
expected to increase over time. Worldwide competition in the steel industry has
frequently limited the ability of steel producers to raise finished product
prices to recover higher raw material costs. The Company's future profitability
will be adversely affected to the extent it is unable to pass on higher raw
material costs to its customers.

COMPETITION AND OTHER MARKET FACTORS

            The Company competes with domestic and foreign steel producers on
the basis of price, quality and service. Many of the Company's competitors are
larger companies, have greater capital resources and, in some cases, more modern
technology than the Company. Intense worldwide sales competition exists for all
the Company's products. Both the industry and the Company face increasing
competition from producers of certain materials such as aluminum, composites,
plastics and concrete.

            The Company believes that certain of its raw material arrangements,
particularly with respect to energy, and its current labor contract are
favorable in relation to those of the domestic steel industry as a whole. The
Company currently purchases iron ore pellets and a significant portion of its
coal requirements from locations in the Midwest and Eastern United States, for
which it has a transportation cost disadvantage. The Company believes that its
geographic location enhances its ability to compete in the western United
States, although it has a transportation disadvantage in Midwestern and Eastern
markets.

            Product quality has improved significantly as a result of the
Company's modernization efforts. The Company is presently at a competitive
disadvantage with respect to certain product quality factors particularly with
respect to sheet products. The Company believes, however, that its ongoing
modernization efforts have enhanced the competitiveness of its products,
particularly with respect to plate products. Standards of quality in the steel
industry are, nevertheless, rising as buyers continually expect higher quality
products. Foreign and domestic producers continue to invest heavily to achieve
increased production efficiencies and product quality.

            The steel industry is cyclical in nature and highly competitive.
Moreover, overall throughput capacity and competition are increasing due
primarily to construction of mini-mills and improvements in production
efficiencies at existing mills. The Company, like other steel producers, is
highly sensitive to price and production volume changes. Consequently, downward
movements have had and will continue to have an adverse effect on the Company's
results of operations.

            Integrated steel producers are facing increasing competitive
pressures from mini-mills. Mini-mills use ferrous scrap metal as their basic raw
material and serve regional markets. These operations traditionally produced
lower margin, commodity type steel goods such as bars, rods and structural
products. A number of mini-mills, however, produce plate, coil and pipe products
that compete directly with the Company's products. Three mini-mills have been
completed that produce wide plate in coil form, thereby competing with products
produced by the Company. Thin slab/direct rolling techniques have also allowed
mini-mills to produce some of the types of sheet products that have
traditionally been supplied by integrated producers. Several competitors have
constructed or are constructing mini-mill facilities that are expected to
significantly increase domestic steel production and thereby further increase
competition.

            Foreign competition is a significant factor in the steel industry
and has adversely affected product prices in the United States and tonnage sold
by domestic producers. The intensity of foreign competition is substantially
affected by fluctuations in the value of the United States dollar against
several other currencies as well as the strength of the United States economy
relative to foreign economies. In addition, many foreign steel producers are
controlled or subsidized by foreign governments whose decisions concerning
production and exports may be influenced in part by political and social policy
considerations as well as by prevailing market conditions and profit
opportunities. Domestic pricing for all of the Company's products has been
adversely affected by unfairly traded imports. In November 1996, the Company,
together with another domestic plate producer, filed anti-dumping petitions with
the Department of Commerce and the International Trade Commission ("ITC")
against imports of cut-to-length carbon plate from the Russian Federation,
Ukraine, the Peoples' Republic of China and the Republic of South Africa (the
"Plate Trade Cases"). The petitions alleged large dumping margins and also set
forth the injury to the U.S. industry caused by dumped imports from the subject
countries. The United States Department of Commerce issued a final affirmative
determination of dumping for each country in


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<PAGE>   8
October 1997, finding substantial dumping margins on cut-to-length steel plate
imports from those countries. In December 1997, the International Trade
Commission ("ITC") voted unanimously that the United States industry producing
cut-to-length carbon steel plate was injured due to imports of dumped
cut-to-length plate from the People's Republic of China, the Russian Federation,
Ukraine and South Africa. The United States has negotiated suspension agreements
that have become effective due to the affirmative injury determination by the
ITC. Those agreements will limit imports of cut-to-length carbon steel plate
from the four countries to a total of approximately 440,000 tons per year for
the next five years, a reduction of about two-thirds from 1996 import levels,
and provide for an average 10-15% increase in import prices to remove the
injurious impact of the imports. Any violation or abrogation of the suspension
agreements will result in immediate imposition of the dumping duties found by
the Commerce Department. Dumped imports from countries not covered by the Plate
Trade Cases continue to suppress plate prices. The Company continues to monitor
cut-to-length plate imports from other countries as well as imports of other of
its products and may file additional trade cases in the future. The Company has
also filed a civil lawsuit in Federal District Court against two defendants
which the Company believes have facilitated the importation of dumped plate
products. Existing trade laws and regulations may be inadequate to prevent
unfair trade practices whereby imports could pose increasing problems for the
domestic steel industry and the Company.

ENVIRONMENTAL MATTERS

            Compliance with environmental laws and regulations is a significant
factor in the Company's business. The Company is subject to federal, state and
local environmental laws and regulations concerning, among other things, air
emissions, wastewater discharge, and solid and hazardous waste disposal.

            The Company has incurred substantial capital expenditures for
environmental control facilities, including the Q-BOP furnaces, the wastewater
treatment facility, the benzene mitigation equipment, the coke oven gas
desulfurization facility and other projects. The Company has budgeted a total of
approximately $2.3 million for environmental capital improvements in fiscal
years 1998 and 1999. Environmental legislation and regulations have changed
rapidly in recent years and it is likely that the Company will be subject to
increasingly stringent environmental standards in the future. Although the
Company has budgeted capital expenditures for environmental matters, it is not
possible at this time to predict the amount of capital expenditures that may
ultimately be required to comply with all environmental laws and regulations.

            Under the Comprehensive Environmental Response, Compensation and
Liability Act of 1980, as amended ("CERCLA"), the U.S. Environmental Protection
Agency and the states have authority to impose liability on waste generators,
site owners and operators and others regardless of fault or the legality of the
original disposal activity. Other environmental laws and regulations may also
impose liability on the Company for conditions existing prior to the Company's
acquisition of the steel mill.

            At the time of the Company's acquisition of the steel mill, the
Company and USX identified certain hazardous and solid waste sites and other
environmental conditions which existed prior to the acquisition. USX has agreed
to indemnify the Company (subject to the sharing arrangements described below)
for any fines, penalties, costs (including costs of clean-up, required studies,
and reasonable attorneys' fees), or other liabilities for which the Company
becomes liable due to any environmental condition existing on the Company's real
property as of the acquisition date that is determined to be in violation of any
environmental law, is otherwise required by applicable judicial or
administrative action, or is determined to trigger civil liability (the
"Pre-existing Environmental Liabilities"). The Company has provided a similar
indemnity (but without any similar sharing arrangement) to USX for conditions
that may arise after the acquisition. Although the Company has not completed a
comprehensive analysis of the extent of the Pre-existing Environmental
Liabilities, such liabilities could be material.

            Under the acquisition agreement between the two parties, the Company
and USX agreed to share on an equal basis the first $20 million of costs
incurred by either party to satisfy any government demand for studies, closure,
monitoring, or remediation at specified waste sites or facilities or for other
claims under CERCLA or the Resource Conservation and Recovery Act. The Company
is not obligated to contribute more than $10 million for the clean-up of wastes
generated prior to the acquisition. The Company believes that it has paid the
full $10 million necessary to satisfy its obligations under the cost-sharing
arrangement. USX has advised the Company, however, of its position that a
portion of the amount paid by the Company may not be properly credited against
Geneva's obligations. Although the Company believes that USX's position is
without merit, there can be no assurance that this matter will be resolved
without litigation.


                                       7
<PAGE>   9
The Company believes that resolution of this matter will not likely have a
material adverse effect. The Company's ability to obtain indemnification from
USX in the future will depend on factors which may be beyond the Company's
control and may also be subject to dispute.


ITEM 2.  PROPERTIES.

            The Company's principal properties consist of the approximately
1,400-acre site on which the steel mill and related facilities are located, the
Company's iron ore mines in southern Utah and the limestone quarry near the
steel mill. The Company also leases from the State of Utah, under a lease
expiring in 2016, a 300-acre site which includes a retention pond. The retention
pond is a significant part of the Company's water pollution control facilities.
Although the Company's facilities are generally suitable to its needs, the
Company believes that such facilities will continue to require future
improvements and additional modernization projects in order to remain
competitive. See Item 1. "Business--Capital Projects" and "--Competition and
Other Market Factors."


ITEM 3.  LEGAL PROCEEDINGS.

            On February 25, 1997, the Company filed a complaint in the Fourth
Judicial District Court for Utah County, State of Utah, against Commerce &
Industry Insurance Co. ("C&I"), a New York corporation. A First Amended
Complaint was filed and served on April 9, 1997, alleging that C&I had breached
its insurance contract with Geneva by failing to pay on Geneva's claim for the
loss it incurred on January 25 and 26, 1996 when it lost its internal generator.
C&I removed the case to the United States District Court for the District of
Utah on May 1, 1997. Upon C&I's formal request for additional investigation,
Geneva stipulated with C&I on June 6, 1997, to stay the litigation until October
31, 1997, to provide C&I additional time to review documents and interrogate
witnesses. That investigation continued until September, 1997. During early
October, Geneva had several meetings with C&I in an attempt to resolve the case
and assess the strength of the case.

            On October 15, 1997, C&I provided a formal response to the claim in
which it declined coverage as an excluded peril under the policy, relying on,
among other defenses, an exclusion for "power, heating or cooling failure."

            Pursuant to the June 1997 stipulation, C&I answered the First
Amended Complaint on October 31, 1997, denying most of the substantive factual
allegations in the First Amended Complaint and asserting as an affirmative
defense, among others, that Geneva's loss was excluded from coverage. On
November 24, 1997, Geneva filed a Second Amended Complaint against C&I, adding
claims seeking relief for breach of contractual implied covenant of good faith
and fair dealing, and bad faith--intentional and outrageous tortious conduct and
oppression. C&I's answer or other response to the Second Amended Complaint must
be filed December 26, 1997. Geneva requested the Court to require that discovery
be completed within approximately six months and the trial be held as soon
thereafter as the Court's schedule would allow. C&I requested the Court to allow
discovery until June 1, 1999 and require that the case be ready for trial after
October 1, 1999. At a Scheduling Conference held on November 21, 1997, the Court
set trial beginning July 2, 1999. The Court has set May 1, 1998 as a deadline
for dispositive motions on initial coverage issues and required that all
discovery be completed by January 15, 1999. The parties are presently involved
in resolving discovery issues and proceeding with discovery. The Company intends
vigorously to pursue its claims.

            In addition to the matters described under Item 1.
"Business--Environmental Matters" and the insurance claim described above, the
Company is a party to routine legal proceedings incidental to its business. In
the opinion of management, after consultation with its legal counsel, none of
the proceedings to which the Company is currently a party to are expected to
have a material adverse effect on the Company's financial condition or results
of operation.


ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

            No matters were submitted to a vote of security holders during the
fourth quarter of the fiscal year covered by this Report.


                                       8
<PAGE>   10
                                     PART II

ITEM 5.  MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.

            The Company's Class A Common Stock is listed and traded on the New
York Stock Exchange ("NYSE") and the Pacific Stock Exchange under the symbol
"GNV." The following table sets forth, for the periods indicated, the high and
low sales prices for the Class A Common Stock as reported on the NYSE Composite
Tape.

<TABLE>
<CAPTION>
Fiscal Year Ended September 30, 1996                       HIGH                 LOW

<S>                                                       <C>                   <C>
      First Quarter ended December 31                       $8                  $6 3/8
      Second Quarter ended March 31                          8 1/4               5 1/8
      Third Quarter ended June 30                            7 1/8               5 1/4
      Fourth Quarter ended September 30                      5 1/2               3 1/8

Fiscal Year Ended September 30, 1997                       HIGH                 LOW

      First Quarter ended December 31                       $4 1/2              $2 3/4
      Second Quarter ended March 31                          3 5/8               2
      Third Quarter ended June 30                            3 1/2               2 1/4
      Fourth Quarter ended September 30                      4 1/4               2 5/8
</TABLE>

            As of November 28, 1997, the Company had 14,050,515 shares of Class
A Common Stock outstanding, held by 644 stockholders of record, and 19,151,348
shares of Class B Common Stock outstanding, held by five stockholders of record.
Shares of Class B Common Stock are convertible into shares of Class A Common
Stock at the rate of ten shares of Class B Common Stock for one share of Class A
Common Stock. There is no public market for the Class B Common Stock.

            The Company currently anticipates that it will retain all available
funds to finance its capital expenditures and other business activities, and it
does not anticipate paying any cash dividends on the Common Stock in the
foreseeable future. In addition, the Company's revolving credit facility and
senior notes restrict the amount of dividends that the Company may pay. See Item
7. "Management's Discussion and Analysis of Financial Condition and Results of
Operations -- Liquidity and Capital Resources" and Note 2 of Notes to
Consolidated Financial Statements included in this Report.

ITEM 6.  SELECTED FINANCIAL DATA.

            The information required by this Item is incorporated by reference
to pages 4 through 5 of the Company's Annual Report to Shareholders for the
fiscal year ended September 30, 1997.


ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS.

            The information required by this Item is incorporated by reference
to pages 6 through 14 of the Company's Annual Report to Shareholders for the
fiscal year ended September 30, 1997.


ITEM 8.  CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

            The information required by this Item is incorporated by reference
to pages 15 through 39 of the Company's Annual Report to Shareholders for the
fiscal year ended September 30, 1997.


ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND 
         FINANCIAL DISCLOSURE.

            None.


                                       9
<PAGE>   11
                                    PART III


ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.

            The information required by this Item is incorporated by reference
to the sections entitled "Election of Directors -- Nominees for Election as
Directors" and "Executive Officers" in the Company's definitive Proxy Statement
for the Annual Meeting of Shareholders to be held on February 25, 1998. The
definitive Proxy Statement will be filed with the Securities and Exchange
Commission not later than 120 days after September 30, 1997, pursuant to
Regulation 14A of the Securities Exchange Act of 1934, as amended.


ITEM 11.  EXECUTIVE COMPENSATION.

            The information required by this Item is incorporated by reference
to the sections entitled "Election of Directors -- Director Compensation" and
"Executive Compensation" in the Company's definitive Proxy Statement for the
Annual Meeting of Shareholders to be held on February 25, 1998.


ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

            The information required by this Item is incorporated by reference
to the section entitled "Principal Holders of Voting Securities" in the
Company's definitive Proxy Statement for the Annual Meeting of Shareholders to
be held on February 25, 1998.


ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

            The information required by this Item is incorporated by reference
to the section entitled, "Certain Relationships and Related Transactions" in the
Company's definitive Proxy Statement for the Annual Meeting of Shareholders to
be held on February 25, 1998.


                                       10
<PAGE>   12
                                     PART IV


ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULE AND REPORTS ON FORM 8-K.

        (a)     Documents Filed:

                1.      Consolidated Financial Statements. The following
                        Consolidated Financial Statements of the Company and
                        Report of Independent Public Accountants included in the
                        Company's Annual Report to Shareholders for the fiscal
                        year ended September 30, 1997 are incorporated by
                        reference in Item 8 of this Report:

                        -       Report of Independent Public Accountants

                        -       Consolidated Balance Sheets at September 30,
                                1997 and 1996

                        -       Consolidated Statements of Operations for the
                                years ended September 30, 1997, 1996 and 1995

                        -       Consolidated Statements of Stockholders' Equity
                                for the years ended September 30, 1997, 1996 and
                                1995

                        -       Consolidated Statements of Cash Flows for the
                                years ended September 30, 1997, 1996 and 1995

                        -       Notes to Consolidated Financial Statements

                2.      Financial Statement Schedule. The following Financial
                        Statement Schedule of the Company for the years ended
                        September 30, 1997, 1996 and 1995 is filed as part of
                        this Report and should be read in conjunction with the
                        Company's Consolidated Financial Statements and Notes
                        thereto:

                        Schedule                                           Page

                        II - Valuation and Qualifying Accounts              17

                        Financial statements and schedules other than those
                        listed are omitted for the reason that they are not
                        required or are not applicable, or the required
                        information is shown in the Consolidated Financial
                        Statements or Notes thereto, or contained in this
                        Report.

        (b)     Reports on Form 8-K

                None.


                                       11
<PAGE>   13
        (c)     Exhibits


<TABLE>
<CAPTION>
   EXHIBIT                                                                                       INCORPORATED     FILED
     NO.                                    EXHIBIT                                              BY REFERENCE    HEREWITH
-------------       -------------------------------------------------------------------------    ------------    --------
<S>                 <C>                                                                          <C>             <C>
     3.1            Revised Articles of Incorporation of the Registrant                              (1)
     3.2            Articles of Amendment dated February 17, 1993 to the Registrant's                (2)
                    Revised Articles of Incorporation
     3.3            Articles of Amendment dated March 12, 1993 to the Registrant's                   (3)
                    Revised Articles of Incorporation
     3.4            Restated Bylaws of the Registrant dated March 12, 1993                           (2)
     4.1            Specimen Certificate of the Registrant's Class A Common Stock, no                (1)
                    par value
     4.2            Specimen Certificate of the Registrant's Series B Preferred Stock,               (4)
                    no par value
     4.3            Rights Agreement dated as of May 19, 1997, between Registrant and                (5)
                    Rights Agent
    10.1            Asset Sales Agreement between USX and the Registrant dated as of                 (1)
                    June 26, 1987, as Amended and Restated August 31, 1987
    10.2            Registration Rights Agreement among the signatories listed on the                (1)
                    signature pages thereof and the Registrant dated November 6, 1989
    10.3            License Agreement between ENSR Corporation and the Registrant                    (1)
                    dated December 8, 1988
    10.4            Second Amended and Restated Revolving Credit Agreement among                     (6)
                    the Registrant, the Lender Parties named therein, Citicorp U.S.A.,
                    Inc. and Heller Financial Inc., dated May 14, 1996.
    10.5            Second Amended and Restated Security Agreement dated May 14,                     (6)
                    1996.
    10.6            Amended and Restated Sales Representation Agreement between                      (6)
                    Mannesmann Pipe & Steel Corporation and the Registrant dated
                    April 1, 1996.
    10.7            Geneva Steel Key Employee Plan*                                                  (7)
    10.8            Amendment to Geneva Steel Key Employee Plan dated May 12,                        (8)
                    1991*
    10.9            Form of Non-Statutory Stock Option Agreement*                                    (1)
    10.10           Management Employee Savings and Pension Plan, as Amended and                     (9)
                    Restated generally effective January 1, 1994, dated as of July 3,
                    1995*
    10.11           Amendment No. 1 to the Geneva Steel Management Employee                          (10)
                    Savings and Pension Plan, effective as of January 1, 1997, dated
                    June 25, 1997.
    10.12           Form of revised Executive Split Dollar Insurance Agreement*                      (11)
    10.13           Form of revised Executive Supplemental Retirement Agreement*                     (11)
</TABLE>


                                       12
<PAGE>   14
<TABLE>
<CAPTION>
   EXHIBIT                                                                                       INCORPORATED     FILED
     NO.                                    EXHIBIT                                              BY REFERENCE    HEREWITH
-------------       -------------------------------------------------------------------------    ------------    --------
<S>                 <C>                                                                          <C>             <C>
    10.14           Union Employee Savings and Pension Plan, as Amended and                                          X
                    Restated effective January 1, 1995, dated as of August 13, 1997*
    10.15           Collective Bargaining Agreement between United Steelworkers of                   (12)
                    America and the Registrant ("Collective Bargaining Agreement")
                    dated March 1, 1995*
    10.16           Agreement between Union Carbide Industrial Gases, Inc. and the                   (7)
                    Registrant dated July 12, 1990, as amended August 3, 1990 (the
                    "Union Carbide Agreement")
    10.17           Amendment to the Union Carbide Agreement dated December 1,                       (11)
                    1992
    10.18           Oxygen Supply Agreement between Air Liquide America                                              X
                    Corporation and the Registrant dated June 10, 1997
    10.19           Coilbox License Agreement between Stelco Technical Services                      (1)
                    Limited and the Registrant dated August 23, 1989
    10.20           License Agreement for the K-OBM Process between                                  (1)
                    Klockner Contracting and Technologies GmbH and the Registrant
                    dated November 25, 1989
    10.21           Special Use Lease Agreement No. 897 between the State of Utah                    (11)
                    and the Registrant dated January 13, 1992 and Amendment thereto
                    dated June 19, 1992
    10.22           Indenture dated as of January 15, 1994 between the Registrant and                (13)
                    Bankers Trust Company, as Trustee, including a form of 9 1/2%
                    Senior Note due 2004
    10.23           Indenture dated as of March 15, 1993 between the Registrant and                  (3)
                    The Bank of New York, as Trustee, including a form of 11 1/8%
                    Senior Note due 2001
    10.24           License Agreement relating to the desulfurization process between                (1)
                    BS&B Engineering Company, Inc. and the Registrant dated March
                    1, 1990
    10.25           Lo-Cat(R)Licensing Agreement between ARI Technologies, Inc. and                  (7)
                    the Registrant dated April 16, 1990
    10.26           Agreement relating to the closure of hazardous waste surface                     (7)
                    impoundments between USX Corporation, the Registrant and
                    Duncan Lagnese Associates, Incorporated dated October 22, 1990
    10.31           Agreement for Sale and Purchase of Coke between the Registrant                   (14)
                    and Pacific Basin Resources (a division of Oxbow Carbon and
                    Minerals, Inc.) dated April 29, 1994 (the "Oxbow Coke
                    Agreement")
    10.32           First Amendment to the Oxbow Coke Agreement dated April 11,                      (15)
                    1996
    10.33           Agreement for the Sale and Purchase of Coal between the Registrant               (16)
                    and Oxbow Carbon and Minerals, Inc. dated February 19, 1996,
                    effective as of April 1, 1994
    10.34           Warrant Agreement dated as of March 16, 1993 between the                         (2)
                    Registrant and The Bank of New York, as Warrant Agent
    10.35           Form of Indenture between the Registrant and the Trustee thereunder              (3)
                    related to the Exchange Debentures, including a form of Exchange
                    Debenture
</TABLE>


                                       13
<PAGE>   15
<TABLE>
<CAPTION>
   EXHIBIT                                                                                       INCORPORATED     FILED
     NO.                                    EXHIBIT                                              BY REFERENCE    HEREWITH
-------------       -------------------------------------------------------------------------    ------------    --------
<S>                 <C>                                                                          <C>             <C>
    10.36           Taconite Pellet Sales Agreement between USX Corporation and                      (12)
                    Geneva Steel dated May 31, 1995
    10.37           First Amendment to Taconite Pellet Sales Agreement between USX                                   X
                    Corporation and the Registrant dated July 25,1997.
    10.38           Industrial Gas Supply Agreement between Air Liquide America                      (12)
                    Corporation and Geneva Steel dated June 8, 1995.
    10.39           Geneva Steel Company 1996 Incentive Plan*                                        (17)
    10.40           Form of Employment Agreement between Registrant and Certain
                    Executive Officers.                                                                              X
     13             Selected portions of the Registrant's Annual Report to Shareholders                              X
                    for the year ended September 30, 1997 which are incorporated by
                    reference in Parts II and IV of this Report
     23             Consent of Arthur Andersen LLP, independent public accountants                                   X
     27             Financial Data Schedule                                                                          X
</TABLE>

----------

                *       Management contract or compensatory plan or arrangement.

                (1)     Incorporated by reference to the Registration Statement
                        on Form S-1 dated March 27, 1990, File No. 33-33319.

                (2)     Incorporated by reference to the Registration Statement
                        on Form S-3 dated June 16, 1993, File No. 33-64548.

                (3)     Incorporated by reference to the Registration Statement
                        on Form S-4 dated April 15, 1993, File No. 33-61072.

                (4)     Incorporated by reference to the Registration Statement
                        on Form S-4 dated August 9, 1993, File No. 33-61072.

                (5)     Incorporated by reference to Exhibit 99.1 of the
                        Registration Statement on Form 8-A filed on November 21,
                        1997.

                (6)     Incorporated by reference to the Quarterly Report on
                        Form 10-Q for the fiscal quarter ended June 30, 1996.

                (7)     Incorporated by reference to the Registration Statement
                        on Form S-1 dated November 5, 1990, File No. 33-37238.

                (8)     Incorporated by reference to the Annual Report on Form
                        10-K for the fiscal year ended September 30, 1991.

                (9)     Incorporated by reference to the Annual Report on Form
                        10-K for the fiscal year ended September 30, 1995.


                                       14
<PAGE>   16
                (10)    Incorporated by reference to the Quarterly Report on
                        Form 10-Q for the fiscal quarter ended June 30, 1997.

                (11)    Incorporated by reference to the Annual Report on Form
                        10-K for the fiscal year ended September 30, 1992.

                (12)    Incorporated by reference to the Quarterly Report on
                        Form 10-Q for the fiscal quarter ended June 30, 1995.

                (13)    Incorporated by reference to the Quarterly Report on
                        Form 10-Q for the fiscal quarter ended December 31,
                        1993.

                (14)    Incorporated by reference to the Quarterly Report on
                        Form 10-Q for the fiscal quarter ended June 30, 1994.

                (15)    Incorporated by reference to the Annual Report on Form
                        10-K for the fiscal year ended September 30, 1996.

                (16)    Incorporated by reference to the Quarterly Report on
                        Form 10-Q for the fiscal quarter ended March 31, 1996.

                (17)    Incorporated by reference to the Quarterly Report on
                        Form 10-Q for the fiscal quarter ended March 31, 1997.

        (d)     Financial Statement Schedule

                See page 17 herein.


                                       15
<PAGE>   17
                    REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS


To Geneva Steel Company:

            We have audited in accordance with generally accepted auditing
standards, the consolidated financial statements incorporated by reference in
Item 8 of this Form 10-K, and have issued our report thereon dated October 29,
1997. Our audit was made for the purpose of forming an opinion on those
statements taken as a whole. The schedule listed in Item 14(a)2 is the
responsibility of the Company's management and is presented for purposes of
complying with the Securities and Exchange Commission's rules and is not part of
the basic financial statements. This schedule has been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in our
opinion, fairly states in all material respects the financial data required to
be set forth therein in relation to the basic financial statements taken as a
whole.




ARTHUR ANDERSEN LLP

Salt Lake City, Utah
October 29, 1997


                                       16
<PAGE>   18
                              GENEVA STEEL COMPANY
                 SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
             FOR THE YEARS ENDED SEPTEMBER 30, 1997, 1996 AND 1995
                             (Dollars in Thousands)


<TABLE>
<CAPTION>
                                                                 Additions
                                        Balance at              Charged to            Deductions,          Balance
                                         Beginning               Costs and              Net of              at End
Description                               of Year                 Expenses            Recoveries           of Year
-----------                             ----------              ----------            -----------          -------
<S>                                     <C>                     <C>                   <C>                  <C>   

Year Ended September 30, 1997
   Allowance for doubtful accounts        $4,031                  $6,558                $(6,025)            $4,564
                                          ======                  ======                =======             ======

Year Ended September 30, 1996
   Allowance for doubtful accounts        $2,012                  $8,616                $(6,597)            $4,031
                                          ======                  ======                =======             ======


Year Ended September 30, 1995
   Allowance for doubtful accounts        $3,113                  $5,138                $(6,239)            $2,012
                                          ======                  ======                =======             ======
</TABLE>


                                       17
<PAGE>   19
                                   SIGNATURES


            Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized, on
December 26, 1997.

                                   GENEVA STEEL COMPANY


                                   By: /s/ Joseph A. Cannon
                                       ----------------------------------------
                                       Joseph A. Cannon, Chairman of the Board
                                       and Chief Executive Officer

            Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.

<TABLE>
<CAPTION>
                Signature                                 Title                                          Date
                ---------                                 -----                                          ----

<S>                                   <C>                                                         <C> 
/s/ Joseph A. Cannon                  Chairman of the Board and Chief                             December 26, 1997
------------------------------------    Executive Officer (Principal executive officer)
Joseph A. Cannon


/s/ Robert J. Grow                    President and Chief Operating                               December 26, 1997
------------------------------------    Officer and Director
Robert J. Grow                          



/s/ Richard D. Clayton                Senior Vice President of Marketing                          December 26, 1997
------------------------------------   and Distribution and Director
Richard D. Clayton                   



/s/ Dennis L. Wanlass                 Vice President, Treasurer and Chief                         December 26, 1997
------------------------------------    Financial Officer
Dennis L. Wanlass                       (Principal financial and accounting officer)


/s/ Alan C. Ashton                    Director                                                    December 26, 1997
------------------------------------ 
Alan C. Ashton                       



/s/ K. Fred Skousen                   Director                                                    December 26, 1997
------------------------------------
K. Fred Skousen                       



/s/ R. J. Shopf                       Director                                                    December 26, 1997
------------------------------------                                                              
R. J. Shopf                        
                                                                                                  
                                                                                                  
                                                                                                  
/s/ Kevin S. Flannery                 Director                                                    December 26, 1997
------------------------------------                                                              
Kevin S. Flannery                    
                                                                                                  
                                                                                                  
                                                                                                  
/s/ Gregory T. Hradsky                Director                                                    December 26, 1997
------------------------------------                                                        
Gregory T. Hradsky                    
</TABLE>