SECURITIES AND EXCHANGE COMMISSION

                            Washington, D.C.   20549

                                 _______________

                                    FORM 10-Q

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

                                 _______________


   For the quarter ended September 30, 1995        Commission File No. 0-16452
                         ------------------                            -------

                          A. P. GREEN INDUSTRIES, INC.
                          ----------------------------
             (Exact name of registrant as specified in its charter)
     

             Delaware                                        43-0899374       
             --------                                        ----------
   (State or other jurisdiction of                         (I.R.S. Employer   
   incorporation or organization)                          Identification No.)

     Green Boulevard, Mexico, Missouri                           65265        
     ---------------------------------                           -----
   (Address of principal executive offices)                    (Zip Code)     

   Registrant's telephone number, including area code:  (314) 473-3626

   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  of the  registrant's
   classes of  common stock as of the latest practicable date:  As of November
   13, 1995, 4,037,259 shares of Common Stock, $1 par value, were outstanding.

                                                               
                                  Page 1 of 24 
<PAGE>

   A. P. GREEN INDUSTRIES, INC.

   PART I.  FINANCIAL INFORMATION

   Item 1.  FINANCIAL STATEMENTS

   CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

                                                September 30,  December 31,
                                                    1995          1994   
                                                -------------  ------------
   (Dollars in thousands, except per share data)

   ASSETS

     Current Assets
        Cash and cash equivalents                 $ 11,034      $  9,637
        Receivables (net of allowances -
          1995, $2,441; 1994, $1,992)               42,835        43,728
        Reimbursement due on paid asbestos
          claims                                     3,485        11,475
        Inventories                                 52,833        53,452
        Projected insurance recovery on
          asbestos claims                           35,540        35,540
        Deferred income tax benefit                  4,671         5,355
        Other                                        5,913         4,965
                                                  --------      --------
          Total current assets                     156,311       164,152

     Property, plant and equipment, net             96,268        95,412
     Non-current projected insurance
       recovery on asbestos claims                  73,082        97,344
     Long-term pensions                              9,200         9,166
     Other assets                                    6,815         7,048
                                                  --------      --------
   Total assets                                   $341,676      $373,122
                                                  ========      ========

   LIABILITIES AND STOCKHOLDERS' EQUITY
     Current Liabilities
       Accounts payable                           $ 14,323      $ 22,874
       Accrued expenses
         Payrolls                                    6,176         6,044
         Taxes other than on income                  2,297         1,961
         Insurance reserves                          4,838         6,995
         Current portion of projected 
           asbestos claims                          35,793        35,793
         Other                                       8,703        10,650
       Current maturities of long-term debt          2,655           139
       Income taxes                                  1,038         1,384
                                                  --------      --------
          Total current liabilities                 75,823        85,840
     
     Deferred income taxes                          13,692        15,677
     Long-term non-pension benefits                 15,550        15,270
     Long-term pensions                             12,562        12,472
     Long-term debt                                 34,469        37,023
     Non-current projected asbestos claims          74,950        99,802
                                                  --------      --------
          Total liabilities                        227,046       266,084
                                                  --------      --------
     Minority Interests                              1,895           -  

     Stockholders' Equity
       Preferred stock - $1 par value;
        authorized: 2,000,000 shares;
        issued and outstanding: none                   -             -  
       Common stock - $1 par value;
        authorized: 10,000,000 shares;
        issued: 4,476,879 in 1995 and
        4,475,629 in 1994                            4,477         4,476
       Additional paid-in capital                   72,762        72,739
       Retained earnings                            54,916        49,279
       Less: Deferred currency translation          (2,396)       (2,428)
             Treasury stock of 448,347
              shares, at cost                       (9,003)       (9,003)
             Note receivable - ESOT                 (8,021)       (8,021)
             Deferred compensation-restricted
              stock                                    -              (4)
                                                  --------      --------
          Total stockholders' equity               112,735       107,038
                                                  --------      --------
   Total liabilities and stockholders'
     equity                                       $341,676      $373,122
                                                  ========      ========
   See accompanying notes to consolidated financial statements.

                                  -2-

<PAGE>

   A. P. GREEN INDUSTRIES, INC.

   CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)


   (Dollars in thousands,                   Three months ended September 30,
   except per share data)                   --------------------------------
                                                    1995           1994   
                                                    ----           ----
   
   Net sales                                     $  62,652     $  54,255

   Cost of sales                                    51,464        44,967
                                                  --------      --------
     Gross profit                                   11,188         9,288

   Expenses and other income

     Selling & administrative expenses               8,029         6,438

     Interest expense                                  806           633

     Interest income                                  (414)         (343)

     Minority interest in loss of
       partnership                                     (15)          -   

     Other income, net                                (382)         (541)
                                                  --------      --------
      Earnings before income taxes                   3,164         3,101

   Income tax expense                                  920           995

   Equity in net income of affiliates                 (136)          (70)

   Minority interest in income of
      consolidated subsidiary                          115           -  
                                                  --------      --------
     Net earnings                                 $  2,265      $  2,176
                                                  ========      ========

   Net earnings per common share and
     common equivalent share                      $   0.55      $   0.54
                                                  ========      ========
   Weighted average number of common shares
     used in primary calculation                 4,124,047     4,027,282
                                                 =========     =========
   Earnings per common share assuming full
     dilution                                     $   0.54      $   0.54
                                                  ========      ========
   Weighted average number of common shares
     used in fully diluted calculation           4,158,432     4,027,282
                                                 =========     =========
   Dividends per common share                    $    0.07     $    0.06   
                                                 =========     =========

   See accompanying notes to consolidated financial statements.

                                     -3-

<PAGE>

   A. P. GREEN INDUSTRIES, INC.

   CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)


   (Dollars in thousands,                     Nine months ended September 30,
   except per share data)                     ------------------------------
                                                    1995           1994   
                                                    ----           ----

     Net sales                                   $ 188,856     $ 132,607

   Cost of sales                                   157,271       109,761
                                                  --------      --------
     Gross profit                                   31,585        22,846

   Expenses and other income

     Selling & administrative expenses              23,688        18,183

     Interest expense                                2,396         1,153

     Interest income                                (1,124)         (986)

     Minority interest in loss of partnership          (42)          -   

     Other income, net                                (644)       (1,141)
                                                  --------      --------
      Earnings before income taxes and
        cumulative effect of an accounting
        change                                       7,311         5,637

   Income tax expense                                1,279         1,739

   Equity in net income of affiliates                 (542)          (70)

   Minority interest in income of
      consolidated subsidiary                          115           -  
                                                  --------      --------

   Earnings before cumulative effect of an
     accounting change                               6,459         3,968

   Cumulative effect of an accounting change
     Postemployment benefits, net of tax               -            (255)
                                                  --------      --------
     Net earnings                                 $  6,459      $  3,713
                                                  ========      ========

   Earnings per common share and common
     equivalent share:

   Earnings before cumulative
     effect of an accounting change              $    1.59     $    0.98
                            
   Cumulative effect of an accounting change 
     Postemployment benefits, net of tax               -           (0.06)  
                                                 ---------     ---------
   Net earnings                                  $    1.59     $    0.92
                                                 =========     =========
   Weighted average number of common shares
     used in primary calculation                 4,060,587     4,023,980
                                                 =========     =========
   Earnings per common share assuming full
     dilution:

   Earnings before cumulative effect of an
     accounting change                           $    1.55     $    0.98

   Cumulative effect of an accounting change
     Postemployment benefits, net of tax              -            (0.06)
                                                 ---------     ---------
     Net earnings                                $    1.55     $    0.92
                                                 =========     =========
   Weighted average number of common shares
     used in fully diluted calculation           4,158,299     4,023,980
                                                 =========     =========
   Dividends per common share                    $     .21     $    0.18   
                                                 =========     =========

   See accompanying notes to consolidated financial statements.

                                  -4-

<PAGE>

   A. P. GREEN INDUSTRIES, INC.

   CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

                                                Nine Months Ended September 30,
                                                ------------------------------
   (Dollars in thousands)                              1995        1994 
                                                       ----        ----

   Cash flows from operating activities

     Net earnings                                   $  6,459    $  3,713

     Adjustments for items not requiring cash
      Cumulative effect of an accounting change-
       Postemployment benefits, net of tax               -           255
      Equity in undistributed earnings of 
       affiliates                                       (127)        -  
      Depreciation, depletion and amortization         7,538       6,256
      Deferred compensation earned                         4          19
      Stock compensation to directors                     23          28
      Provision for losses on accounts receivable        483         178
      Loss (gain) on sale of assets                       79        (415)
      Minority interest in earnings of consolidated
       subsidiaries                                       73         -  
  
     Decrease (increase) in assets
       Trade receivables                               2,488      (1,013)
       Asbestos claim and fee reimbursements
        received                                      24,295      24,906
       Inventories                                     1,211      (5,746)
       Receivable and prepaid taxes                      -           509
       Other current assets                             (896)     (1,709)

     Increase (decrease) in liabilities
       Accounts payable and accrued expenses         (12,628)     (1,260)
       Asbestos claims paid                          (17,755)    (33,429)
       Pensions                                           77         392
       Income taxes                                     (386)        577
       Deferred income taxes                          (1,189)       (229)
       Long-term non-pension benefits                    239         393
                                                    --------    --------
     Net cash from (used in) operating
      activities                                       9,988      (6,575)
                                                    --------    --------
   Cash flows from investing activities

     Capital expenditures                             (6,924)     (5,177)
     Decrease in other long-term assets                  677         270
     Increase in pension assets                          (34)       (517)
     Proceeds from sales of assets                       252         494
     Payment received on ESOT note                       -           471
     Purchase of General Refractory operations           -       (24,497)
     Purchase of Plibrico de Mexico operation,    
       net of cash acquired                           (1,763)        -  
                                                    --------    --------
     Net cash used in investing activities            (7,792)    (28,956)
                                                    --------    --------
   Cash flows from financing activities

     Repayments of debt                                 (131)        (91)
     Capital contribution from minority partner          120         -  
     Proceeds from issuance of long-term debt            -        25,000
     Dividends paid                                     (846)       (725)
     Exercised stock options                             -           237
     Tax benefit on dividends paid to ESOP                23          22
     Tax effect on stock plan                              2          (3)
                                                    --------    --------
     Net cash from (used in) financing activities       (832)     24,440
                                                    --------    --------
   Effect of exchange rate changes                        33         225
                                                    --------    --------
   Net increase (decrease) in cash and cash  
     equivalents                                       1,397     (10,866)

   Cash and cash equivalents at beginning of year      9,637      16,331
                                                    --------    --------
   Cash and cash equivalents at end of period       $ 11,034    $  5,465
                                                    ========    ========

   See accompanying notes to consolidated financial statements.

                                  -5-
<PAGE>
       
   A. P. GREEN INDUSTRIES, INC.

   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


   1. MANAGEMENT'S COMMENTS REGARDING ADJUSTMENTS AND RESULTS OF OPERATIONS
      ---------------------------------------------------------------------
     In  the opinion  of management,  the accompanying  consolidated financial
     statements include  all  adjustments of  a  normal  and recurring  nature
     necessary for a fair  presentation of the financial position and  results
     of  operations  for the  periods presented.   These  financial statements
     should be read  in conjunction with the  Company's Annual Report  on Form
     10-K for the year ended  December 31, 1994.  The  results for the quarter
     ended September  30, 1995 are not  necessarily indicative of the  results
     which may occur for the full year.  

   2. EARNINGS PER SHARE
      ------------------
     Earnings per common share and common equivalent share are computed  based
     on the  weighted average number of  common shares outstanding during  the
     period  and the  assumed exercise  of dilutive  stock options,  less  the
     number  of treasury  shares assumed  to be  purchased from  the  proceeds
     using the average market price of the  Company's common stock during  the
     period.   Earnings per common share  assuming full dilution are  computed
     based on the assumption that the options were exercised at the  beginning
     of  the period,  and reflect  additional dilution due  to the use  of the
     market  price at  the end  of the  period, when  higher than  the average
     price for  the  period.   The impact  of stock  options in  1994 was  not
     significant.

   3. ACQUISITIONS
      ------------
     On  July 26,  1995  the  Company  acquired a  51%  ownership interest  in
     Plibrico  de  Mexico SA  de  CV,  a refractory  manufacturer  located  in
     Monterrey, Mexico,  effective July 3,  1995.  Plibrico  de Mexico,  which
     has been renamed  A. P.  Green de  Mexico SA  de CV, has  one plant  with
     annual sales  of approximately $7.0 million.  The Company acquired all of
     the ownership interest of Cookson America, Inc., a subsidiary of  Cookson
     PLC, and a portion of  the holdings of Grupo Industrial  Trebol SA de CV,
     which will continue to own a 49% interest in A. P. Green de Mexico.   The
     purchase  price and transaction costs of approximately  $2.0 million were
     paid out of operating capital.

     The acquisition  was accounted for  using the purchase  method, with  the
     operating  results of  A. P.  Green de  Mexico included  in  consolidated
     operating  results   since  the  date  of   acquisition.    Goodwill   of
     approximately $560,000, which represents the excess of cost over the fair 
     value of net tangible assets acquired, is being  amortized on a straight- 
     line basis over a ten-year period.

                                       -6-

<PAGE>

   4. INVENTORIES
      -----------
                                        September 30, 1995   December 31, 1994
                                        ------------------   -----------------
Finished goods and work-in-process
  Valued at LIFO:
    FIFO cost                                 $ 34,684            $ 36,233 
    Less LIFO reserve                          (14,219)            (14,919)
                                              --------            -------- 
      LIFO cost                                 20,465              21,314 
  Valued at FIFO                                 9,971               9,033
                                              --------            --------
    TOTAL                                       30,436              30,347 
                                              --------            --------
Raw materials and supplies
  Valued at LIFO:
    FIFO cost                                   17,713              20,007 
    Less LIFO reserve                           (5,164)             (5,875)
                                              --------            --------
      LIFO cost                                 12,549              14,132 
  Valued at FIFO                                 9,848               8,973 
                                              --------            --------
    TOTAL                                       22,397              23,105 
                                              --------            --------
                                               $52,833             $53,452 
                                              ========            ========
5.  LITIGATION
    ----------
Asbestos-related Claims - Personal Injury
-----------------------------------------
     A.  P. Green  is  among  numerous defendants  in lawsuits  pending  as of
     September 30, 1995 that seek to  recover compensatory, and in many cases,
     punitive damages  for personal injury  allegedly resulting  from exposure
     to asbestos-containing products.

     A.  P.  Green is  a  member of  the  Center  for  Claims Resolution  (the
     Center), an  organization of twenty companies (Members) who were formerly
     distributors  or  manufacturers  of asbestos-containing  products.    The
     Center administers,  evaluates,  settles, pays  and  defends  all of  the
     asbestos-related personal injury lawsuits involving  its Members.   Under
     the  terms  of  the  Center  Agreement,  each  Member's  portion  of  the
     liability payments and defense costs are based upon, among other  things,
     the  number and type of  claims brought against  it.  Claims activity for
     the Company  for each of  the years ended December 31,  1994 and 1993 was
     as follows:

                                      -7-
                                      
<PAGE>
------------------------------------------------------------------------------
                                                    1994        1993
------------------------------------------------------------------------------
                                                    
Claims pending at January 1                        52,122      50,007 
    Claims filed                                   14,836      26,100 
Cases settled, dismissed or
  otherwise resolved                              (16,038)    (23,985)
                                                  -------     -------
  Claims pending at December 31                    50,920      52,122 
                                                  =======     =======
Average settlement amount per claim (1)           $ 1,816     $ 1,728 
==============================================================================

(1) Substantially all settlements are covered by the Company's insurance
    program.

     On  January 15, 1993,  the Members were  named as  defendants in  a class
     action  lawsuit  brought  on   behalf  of  all  persons  who  have   been
     occupationally  exposed to  asbestos-containing products  of the  Members
     and who have unasserted  claims for such exposure (the Class) pursuant to
     Federal Rule  of Civil Procedure 23(b)(3)  in the Federal District  Court
     for  the Eastern District  of Pennsylvania.  At about  the same time, the
     Center negotiated and filed with the Court a settlement (the  Settlement)
     between  the Members and the  Class.  Under  the terms of the Settlement,
     the  Members have agreed  to pay compensation to any  member of the Class
     who has, according to objective medical criteria, physical impairment  as
     a result of  such exposure.   Different  levels of  compensation will  be
     paid  depending  on the  type  and degree  of  physical  impairment.   No
     punitive damages  will be  paid.   The Settlement  provides, among  other
     things,  for a cap  on the  number of  claims to  be processed  each year
     during  the next  ten years  and a  range of  settlement values  for each
     disease  category.   Settlement  values are  based on  historical average
     payments  by  the  Center  for  similar  cases.    Each  Member  will  be
     responsible for its percentage share of each claim payment (no joint  and
     several  liability),  such  shares having  been  previously  established.
     Hearings were held  to determine the  fairness of the Settlement  and the
     court  ruled that the Settlement  was fair.  The ruling has been appealed
     by certain objectors.

     In a third party  action filed simultaneously with the class action  (and
     in parallel Alternate Dispute Resolution  proceedings), the Members  have
     asked for a declaratory judgment  against their respective  insurers that
     such insurers cannot  use the Settlement  as a  defense to their  payment
     under  applicable policies  of insurance.   The  Settlement is  expressly
     contingent upon  such  declaratory relief.   In  addition, some  Members,
     including A.  P. Green,  have asked  for a  declaratory judgment  against
     their insurers with  whom they have not reached coverage resolutions.  No
     decision has been rendered at this date with respect to these issues.
                                       
                                       -8-
                              
<PAGE>

     Under  the  assumption  that  it  receives  these  court  approvals,  the
     Settlement  has provided  the Company  with a  basis for  estimating  its
     potential  liability  and  related  insurance  recovery  associated  with
     asbestos  cases.    The  Company  has  reviewed  its  insurance policies,
     historical  settlement  amounts,  the number  of  pending  cases  and the
     projected number of  claims to be  filed pursuant  to the Settlement  and
     the  Company's share of amounts  to be paid  thereunder.  The Company has
     also  reviewed its contractual  liability for  the payment of deductibles
     under certain  insurance policies  insuring The  E.  J. Bartells  Company
     (Bartells),  a  former  subsidiary,  against  asbestos-related   personal
     injury claims, such policies  having been issued when Bartells was  owned
     by A. P. Green.   Based upon such reviews, the Company has estimated  its
     liability for  such cases and claims  to be approximately $110.7  million
     and  $135.6  million  at  September  30,  1995  and  December  31,  1994,
     respectively,    with   partially    offsetting    projected    insurance
     reimbursements  of  approximately  $108.6  million  and  $132.9  million,
     respectively.  While management understands  the inherent uncertainty  in
     litigation of this type and  the possibility that past  costs may not  be
     indicative  of future  costs,  management  does not  believe  that  these
     claims  and cases will have any additional material adverse effect on the
     Company's  consolidated  financial  position or  results  of  operations.
     Management anticipates that payments for these claims will occur over  at
     least ten years and can be made from normal operating cash sources.

     In addition to asbestos-related personal  injury claims asserted  against
     A. P.  Green,  a number  of claims  have been  asserted against  Bigelow-
     Liptak  Corporation  (now  known  as  A.  P.  Green  Services,  Inc.),  a
     subsidiary of  the Company.   These  claims have  been and  are currently
     being  handled  by such  subsidiary's  insurance  carriers.   Except  for
     deductible amounts or retentions provided  for under insurance  policies,
     no claim  for reimbursement  of defense  or indemnity  payments has  been
     made against the Company or such subsidiary by any such carriers.


Asbestos-related Claims - Property Damage
-----------------------------------------
     A. P. Green is also  among numerous defendants in a property damage class
     action  suit pending in South  Carolina.  A. P. Green previously has been
     dismissed from a  number of property  damage cases  and believes that  it
     should  be dismissed from the  South Carolina case  based on the end uses
     of its  products.  A similar suit pending in the State of Oregon involves
     a former wholly owned subsidiary of the Company and  is being defended by
     the Company's  insurance carrier.   Based upon the  Company's history  in
     these  asbestos-related  property  damage  claims,  management  does  not
     believe  that  the ultimate  resolution  of  these matters  will  have  a
     material adverse effect on the  Company's consolidated financial position
     or results of operations.

     There was  no assumption of  asbestos-related liability,  either personal
     injury  or  property  damage,   in  connection  with   the  August   1994
     acquisition of the refractories business  of General Refractories Company
     and its affiliated companies (General).

                                       -9-
                                         
<PAGE>

Environmental
-------------
     The EPA or other  private parties have  named the  Company or one of  its
     subsidiaries as  a potentially responsible  party in  connection with two
     superfund sites in the  United States.  The Company is a de minimis party
     with respect to one  of the sites and expects  to arrive at  a settlement
     agreement and Consent  Decree with  respect to  it for  an amount of  not
     more  than $10,000.  With respect to the second, involving a wholly owned
     subsidiary of the Company, there  does not appear to  be any evidence  of
     delivery  to  the  site  of hazardous  material  by the  subsidiary.   An
     estimate has been made of the costs to  be incurred in these matters  and
     the Company has recorded a reserve respecting those costs.

Other
-----
     A. P. Green is  subject to claims  and other  lawsuits that arise in  the
     ordinary  course  of  business,  some  of  which  may  seek  damages   in
     substantial  amounts,  including   punitive  or   extraordinary  damages.
     Reserves for these  claims and lawsuits are  recorded to the extent  that
     losses  are  deemed  probable and  are  estimable.   In  the  opinion  of
     management, the disposition of  all current claims and lawsuits will  not
     have a material adverse effect on the consolidated financial position  or
     results of operations of A. P. Green.
     
                                      -10-

<PAGE>

   A. P. GREEN INDUSTRIES, INC.

   PART I.  FINANCIAL INFORMATION

   ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF
                 OPERATIONS AND FINANCIAL CONDITION

   RESULTS OF OPERATIONS  - THREE MONTHS ENDED SEPTEMBER 30,  1995 COMPARED TO
   ---------------------------------------------------------------------------
   THREE MONTHS ENDED SEPTEMBER 30, 1994
   -------------------------------------
     Total sales increased 15.5% to  $62.7 million for the  three months ended
     September 30,  1995 from  $54.3 million  for the  comparable 1994  three-
     month  period.  Gross profit  increased 20.5% to $11.2  million from $9.3
     million for  the comparable  periods.  The  impact from  the August  1994
     General acquisition was  to increase sales by approximately $4.9  million
     and  gross profit by  approximately $670,000.   The impact  from the July
     1995  A. P.  Green de  Mexico acquisition was  to increase sales  by $1.8
     million and gross profit by approximately $710,000.

   Refractory Products and Services
   --------------------------------                                        
     Refractory products and services sales  increased 16.6% to  $53.2 million
     for  the three months ended September 30, 1995 from $45.6 million for the
     comparable  1994 period.    United  States refractory  sales  were  $44.6
     million and  $39.8 million  for the  three-month periods ended  September
     30,  1995 and 1994, respectively,  an increase of 11.9%.  The impact from
     the General  acquisition was to  increase U.S. refractory  sales by  $3.9
     million.   Excluding this  acquisition  impact,  U.S. refractory  product
     sales  volumes increased an average of 1.7%, with  increases in brick and
     ceramic fiber products  partially offset by  decreases in specialties and
     precast shape volumes.   Specialty  and precast  shape prices  increased,
     partially  offset by  decreases in  pricing of  brick and  ceramic  fiber
     products for a net price  increase of 3.1%.   U.S. export sales  improved
     43.5% to $5.1 million in the  third quarter of 1995 from $3.6 million for
     the third quarter of 1994, largely due to the General acquisition.

     Sales of  the Canadian subsidiary increased  7.7% to $5.7 million for the
     three-month period  ended September 30,  1995 from $5.3  million for  the
     comparable 1994 period.  The impact  from the General acquisition  was to
     increase Canadian sales by  $1.0 million.  Excluding this impact,  brick,
     specialty  and  precast  shape  volumes  declined,  partially  offset  by
     increases  in ceramic  fiber  products and  crucibles  for a  net  volume
     decrease  of  12.8%.   Prices increased  an  average of  5.9%  across all
     product lines except precast shapes.  The Canadian operation generated  a
     pre-tax loss of $12,000 for  the third quarter of  1995 compared to  pre-
     tax earnings of $372,000 for  the comparable 1994 period.   The 1995 loss
     was  due  to  unfavorable  production  variances  resulting  from reduced
     volumes,  increased salaries  and pension  expense (primarily  related to
     the  General  acquisition),  higher  equipment  maintenance  expense  and

                                      -11-
                                      
<PAGE>

     additional expense in   1995  for  obsolete   inventory, partially offset 
     by  1995  currency conversion  gains on  U.S. dollar denominated accounts 
     compared to losses in 1994.

     Sales in  the United  Kingdom (U.K.)  increased to  $2.7 million for  the
     third quarter of 1995 from $2.4  million for the comparable  1994 period,
     reflecting continued improvement in the U.K. market.  The sales  increase
     generated  pre-tax  earnings  of  $196,000  for  the  three months  ended
     September  30,  1995 compared  to  $187,000 for  the  1994 period.    The
     Company's  51% share  of  A.P. Green  de  Mexico's pre-tax  earnings  was
     $127,000 on sales  of  $1.8  million for the  first  three  months  under 
     A. P. Green ownership.

     Refractory products  cost of  sales as  a percentage  of sales  increased
     slightly to  83.3% compared to 82.9% for the three months ended September
     30, 1995  and 1994, respectively.   Increased raw  material, freight  and
     mold building costs were largely offset by reduced maintenance costs  and
     a reduction in estimated environmental remediation  costs at the acquired
     General  facilities,  as  well as  reduced  group  health  insurance  and
     workers'  compensation  costs.    Refractory  operating  profits declined
     14.0% to  $3.3 million from $3.8  million for the comparable  three-month
     periods,  due  primarily  to  increased  research  and  selling  expenses
     resulting from the General acquisition.

   Industrial Lime
   ---------------
     Industrial lime  sales increased 9.2% to  $9.5 million from $8.7  million
     for the  respective third quarters of  1995 and 1994.   Volumes increased
     an average of 6.6%,  with increases in industrial and road  stabilization
     lime at the New  Braunfels, Texas plant and quicklime at the  Kimballton,
     Virginia  plant partially  offset by  declines in  building lime  at  New
     Braunfels  and  cal-dol  and hydrate  at  Kimballton.    Prices increased
     across all product lines at  both plants with the exception of industrial
     lime at New Braunfels for an overall price increase of 2.4%.

     The gross  margins  of  the  Company's  industrial  lime  operations  are
     sensitive to  volume changes due  to the capital intensive  nature of the
     operations  and semi-fixed  nature of  other costs.   As a result  of the
     sales  increase, gross  profit and  operating profit  increased 52.4% and
     61.8%, respectively.  Also contributing  to these increases  were reduced
     processing fuel, equipment maintenance and  purchased materials costs  at
     both  plants  and  reduced  workers'  compensation  expense  at  the  New
     Braunfels plant, partially offset by  increased outside processing  costs
     at Kimballton.
                                         -12-

<PAGE>

   Expenses and Other Income
   -------------------------
     Selling and  administrative expenses increased 24.7%  to $8.0 million  in
     the  third quarter  of 1995  from $6.4  million for  the  comparable 1994
     period.   Increases  in  salaries and  related costs,  salaried pensions,
     travel,  professional  fees  and  amortization  of  intangibles  were all
     largely related to the  addition of General sales and research  personnel
     and  intangible  assets  included  in  the  acquisition.    Selling   and
     administrative expenses at A. P. Green de Mexico contributed $465,000  of
     the  increase.   Also  contributing to  the  increase were  an  increased
     provision for losses on accounts receivable, primarily due to the  higher
     sales  and accounts  receivable  levels and  the  bankruptcy of  a  steel
     customer,   and  higher   employee   recruiting  and   relocation,  sales
     promotion,  sales  incentive  and  director  retirement  plan   expenses,
     partially offset by reduced legal fees and management incentive expense.

     Interest expense  increased to $806,000 in 1995 from $633,000 in 1994 due
     primarily to three months  of interest expense in  1995 on the additional
     debt associated  with the General acquisition  compared to two months  in
     1994.   There  were no  bank line  borrowings during  either  three-month
     period.  Interest  income for the third  quarter of 1995 increased  20.7%
     to $414,000 from $343,000  in the comparable 1994 three-month period  due
     to  increased funds  available for  investing and  higher interest rates.
     Other  income  declined  29.4%  for  the  comparable  three-month periods
     primarily  due to  a  gain on  the sale  of a  warehouse property  in Los
     Angeles, California in 1994, partially offset by 1995 currency conversion
     gains on  U.S.  dollar  denominated accounts at  the  Canadian subsidiary
     compared to  losses in 1994  and an increase in royalty income.

     The  Company and  its Canadian  and U.K. subsidiaries  typically transact
     business  in their  own currencies  and accordingly  are not  subject  to
     significant  currency conversion gains and losses.  A. P. Green de Mexico
     transacts a significant  portion of its business  in U.S. dollars and, as
     such, uses  the dollar  as  its  functional currency.   This  results  in
     currency  conversion  gains  and  losses  on  Mexican  peso transactions, 
     A.  P.  Green's   portion   of   which  are  not   significant  to  the   
     consolidated results.

   Equity in Net Income of Affiliates
   ----------------------------------
     The  Company's share  of income  from  two Colombian  affiliates acquired
     from  General in  August 1994  was $136,000  for the  three months  ended
     September 30, 1995 compared to $70,000 for August and September 1994.

                                     -13-
                                     
<PAGE>


   RESULTS OF  OPERATIONS - NINE MONTHS  ENDED SEPTEMBER 30, 1995  COMPARED TO
   ---------------------------------------------------------------------------
   NINE MONTHS ENDED SEPTEMBER 30, 1994
   ------------------------------------
     Total sales increased 42.4% to $188.9 million  for the nine months  ended
     September 30,  1995 from  $132.6 million  for the  comparable 1994  nine-
     month period.  Gross  profit increased 38.3% to $31.6 million from  $22.8
     million for  the comparable  periods.   The impact from  the August  1994
     General acquisition was to increase sales by  approximately $38.8 million
     and gross  profit by  approximately $3.9  million.   The impact  from the
     July 1995 A.  P. Green  de Mexico  acquisition was  to increase sales  by
     $1.8 million and gross profit by approximately $710,000.

   Refractory Products and Services
   --------------------------------
     Refractory  products and  services sales  were $160.5  million and $107.0
     million  for the nine months  ended September 30, 1995  and September 30,
     1994, respectively,  reflecting an increase  of 50.0%.   U.S.  refractory
     sales  increased  46.6% to  $138.7  million  for the  nine  months  ended
     September 30,  1995 from $94.6  million for the  comparable 1994  period.
     The impact from the  General acquisition was to increase U.S.  refractory
     sales by $33.3 million.  Excluding this impact, volumes increased  across
     all  product lines  except precast  shapes an  average of  12.1%.   Lower
     brick  and ceramic fiber prices were offset by increases in specialty and
     precast shape  prices,  resulting  in a  slight overall  price  increase.
     U.S. export  sales increased 64.2%  to $13.4 million  for the  nine-month
     period ended  September 30,  1995 from  $8.2 million  for the  comparable
     1994 period, due largely to the General acquisition.

     Sales at  the Canadian subsidiary  increased 54.8% to  $18.3 million  for
     the nine  months ended  September  30, 1995  from $11.8  million for  the
     comparable 1994  period, of  which $6.2  million was  due to  the General
     acquisition.   Excluding this  acquisition  impact,  decreases in  brick,
     specialties and precast  shape volumes were partially offset by increases
     in crucible and ceramic fiber  volumes for a net volume decrease of 2.1%.
     Prices  increased  across  all  product  lines  with   the  exception  of
     crucibles, resulting in an overall  price increase of 4.8%.  The Canadian
     operation generated a pre-tax loss of $138,000  for the nine months ended
     September  30, 1995  compared to  pre-tax earnings  of $589,000  for  the
     comparable  1994 period.   The  change  from 1994  was primarily  due  to
     establishment of a reserve  of approximately $380,000 for exit costs  and
     termination  benefits for  26 employees  associated with the  closing and
     sale of the Weston, Ontario plant, which was announced  in June 1995, and
     additional interest  expense of $244,000  for the first  seven months  of
     1995  on  the  debt  associated  with  the  acquisition  of  the  General
     operation  in Canada.   Earnings  in 1994 included  a pre-tax  reserve of
     approximately $315,000  which was established during the first quarter of
     1994  for the  cost of  Canadian personnel  reductions made  during  that
     quarter.

                                     -14-
                                   
<PAGE>

     The United Kingdom market  continued to show signs  of strength as  sales
     by the  U.K. subsidiary  increased 40.3% to  $7.1 million  for the  first
     nine months of 1995 from $5.1 million for the first  nine months of 1994.
     The sales  increase generated pre-tax earnings  of $438,000 for the  nine
     months ended September 30,  1995 compared to pre-tax earnings of  $67,000
     for the  1994 period.  The Company's  51% share of A.P. Green de Mexico's
     pre-tax earnings  was $127,000  on sales of  $1.8 million  for the  first
     three months under A. P. Green ownership.

     Refractory products cost of sales as  a percentage of sales  increased to
     84.6%  in 1995 from 82.8% in  1994.  This increase was primarily due to a
     higher percentage  of lower  margin sales to  the steel  industry at  the
     acquired  General facilities,  increased raw  material and  mold building
     costs  and   higher  unfavorable   brick   breakage   variances.     Also
     contributing  to  the  cost  increase  were  increases  in  the  obsolete
     inventory  and  U.S.   plant  shutdown  reserves,   both  of  which  were
     established at the time of the General acquisition related to  facilities
     to be  closed, as well  as establishment of  the Canadian plant  shutdown
     reserve  previously mentioned.    The  U.S. plant  shutdown  reserve  was
     increased approximately  $330,000 due primarily  to revised  estimates of
     employee  termination   benefits  resulting  from   the  sale   of  these
     facilities taking longer than anticipated.   Substantially all  employees
     at these facilities have been terminated, and approximately $2.8  million
     of  termination  benefits  and  plant closing  costs  have  been  charged
     against the reserve to  date.  Partially offsetting these increases  were
     improved labor efficiencies and reduced  power, processing fuel,  freight
     out  and  group  insurance  expenses.      Refractory  operating  profits
     increased  16.9% to  $8.4 million  from $7.2  million in  1995  and 1994,
     respectively.

   Industrial Lime
   ---------------
     Industrial  lime  sales  increased  10.8% to  $28.5  million  from  $25.7
     million for  the nine-month periods  ended September 30,  1995 and  1994,
     respectively.  Volumes increased across all product lines at both  plants
     for  an overall increase  of 8.7%.  Prices increased  an average of 1.9%,
     with increases  in quicklime and hydrate  prices at the Kimballton  plant
     partially offset  by price declines  in cal-dol at the Kimballton plant 
     and industrial lime  at the New Braunfels plant.  New Braunfels pricing 
     was unchanged on road stabilization and building lime.

     The  gross  margins  of  the Company's  industrial  lime  operations  are
     sensitive to  volume changes due to  the capital intensive  nature of the
     operations and semi-fixed  nature of  other costs.   As  a result of  the
     sales increase,  gross profit and  operating profit  increased 53.0%  and
     62.4%, respectively.   Also contributing to  this increase were  improved
     labor efficiencies  and reduced group insurance and processing fuel costs
     at both  plants, lower equipment  maintenance, workers'  compensation and
     purchased materials  costs at  the New  Braunfels plant  and lower  power
     costs  at the  Kimballton plant,  partially offset  by increased  outside
     processing  costs  at Kimballton.   Production  variances at  both plants
     also improved in 1995 compared to 1994, when

                                      -15-
                                      
<PAGE>

     a first-quarter weather-related production  curtailment of  several days
     was  incurred  at  Kimballton  and  downtime  was  incurred  at  the  New
     Braunfels  plant related to installation of a new kiln preheater and dust
     collection system. 

  Expenses and Other Income
  -------------------------
     Selling and administrative  expenses increased 30.3%  to $23.7 million in
     1995 from  $18.2  million in  1994.   Increases in  salaries and  related
     costs, salaried pensions, travel, office  expenses, professional fees and
     amortization of intangibles were  all largely related to the addition  of
     General sales  and research  personnel and intangible assets  included in
     the acquisition.  Selling  and administrative expenses at A. P. Green  de
     Mexico contributed  $465,000 of the increase.   Also contributing to  the
     increase were an  increased provision for losses on accounts  receivable,
     primarily due to the higher  sales and accounts receivable levels and the
     bankruptcy  of  a  steel  customer,  and  higher sales  promotion,  sales
     incentive, employee  recruiting and  relocation  and director  retirement
     plan expenses.

     Interest expense increased to  $2.4 million in 1995  from $1.2 million in
     1994 due to the additional debt associated with the General  acquisition.
     There were  no bank  line borrowings  during either  nine-month period.  
     Interest  income increased  14.0% due  to increased  funds available  for
     investing and  higher interest rates.   Other income  decreased 43.6%  to
     $644,000  in 1995 from $1.1 million  in 1994, due  primarily to a gain on
     the  sale of  a warehouse  property  in Los  Angeles, California  in 1994
     and  a  reduction  in  royalty income  resulting  from cancellation  of a
     licensing agreement with a significant Mexican licensee during the fourth
     quarter  of 1994.  Also  contributing to  the   decrease  were  increased
     bank   charges,  a   1994  business interruption insurance  recovery and 
     gains on land sales in 1994, partially offset by 1995 currency conversion
     gains  on  U.S. dollar  denominated accounts  at the  Canadian subsidiary
     compared to losses in 1994.  

     The Company  and its Canadian  and U.K.  subsidiaries typically  transact
     business  in their  own currencies  and accordingly  are not  subject  to
     significant currency conversion gains and losses.   A. P. Green de Mexico
     transacts a  significant portion of its business in U.S.  dollars and, as
     such,  uses the  dollar as  its  functional currency.   This  results  in
     currency  conversion  gains  and  losses  on  Mexican  peso  transactions, 
     A.  P. Green's  portion  of  which  are  not  significant  to  the  
     consolidated results.

   Income Taxes
   ------------
     During the  second quarter of  1995, a  review of tax years  1988 through
     1993 was completed by the  Internal Revenue Service, resulting in a small
     additional  payment  to clear  those  federal  tax  years.    Due to  the
     outcome of  this review being  more favorable than  accrued, the  Company
     reduced its  provision for  federal income taxes  by $1.1  million.   The
     17.5% effective tax rate in 1995 compared to 30.8% in 1994 was

                                     -16-
                                     
<PAGE>

     due to this tax adjustment.  Absent the  adjustment, the tax rate for the
     nine months  ended September 30, 1995 was 32.1% compared to 30.8% for the
     same period in 1994.

   Accounting Changes
   ------------------
     The cumulative  effect of  adopting  the  Financial Accounting  Standards
     Board  Statement  No.  112,  "Employer's  Accounting  for  Postemployment
     Benefits," further reduced 1994 net income by $255,000.

   Equity in Net Income of Affiliates
   ----------------------------------
     The Company's  share of  income from  two  Colombian affiliates  acquired
     from General  in  August  1994 was  $542,000 for  the  nine months  ended
     September 30, 1995 compared to $70,000 for August and September 1994.
     

                                      -17-

<PAGE>
     
                                INDUSTRY SEGMENTS
                                 (In thousands)

                                              Nine Months Ended September 30,
                                              ------------------------------
                                                     1995        1994
                                                     ----        ----
   Net Sales

   Refractory products and services                $160,472    $106,978 
   Industrial lime                                   28,523      25,745 
   Intersegment eliminations                           (139)       (116)
                                                   --------    --------
                                                   $188,856    $132,607 
                                                   ========    ========
   Gross Profit   

   Refractory products and services                $ 24,753    $ 18,380 
   Industrial lime                                    6,832       4,466 
                                                   --------    --------
                                                   $ 31,585    $ 22,846 
                                                   ========    ========
   Gross Profit Percentage

   Refractory products and services                    15.4%       17.2%
   Industrial lime                                     24.0%       17.3%

                                                       16.7%       17.2%
                                                       =====       =====
   Operating Profit

   Refractory products and services                $  8,402    $  7,186 
   Industrial lime                                    5,945       3,661 
                                                   --------    --------
                                                     14,347      10,847 
                                                   --------    --------
   Other Charges to Income

   General corporate expenses, net                    5,764       5,043 
   Interest expense                                   2,396       1,153 
   Interest income                                   (1,124)       (986)
                                                   --------    --------
     Total other charges                              7,036       5,210 
                                                   --------    --------
   Earnings Before Income Taxes and Cumulative
     Effect of an Accounting Change                $  7,311    $  5,637 
                                                   ========    ========
   Identifiable Assets (at period end)

   Refractory products and services                $280,188    $322,084 
   Industrial lime                                   46,935      47,396 
   Corporate                                         14,553       9,641 
                                                   --------    --------
                                                   $341,676    $379,121 
                                                   ========    ========

                                      -18-
                                    
<PAGE>

                                              Nine Months Ended September 30,
                                              ------------------------------
                                                     1995        1994  
                                                     ----        ----
   Depreciation, Depletion and Amortization
                                                            
   Refractory products and services                $  4,720    $  3,528 
   Industrial lime                                    2,043       1,998 
   Corporate                                            775         730 
                                                   --------    --------
                                                   $  7,538    $  6,256 
                                                   ========    ========

   Capital Expenditures                 
                                                             
   Refractory products and services                $  5,208    $  1,688 
   Industrial lime                                    1,531       2,986 
   Corporate                                            185         503 
                                                   --------    --------
                                                   $  6,924    $  5,177 
                                                   ========    ========

                               GEOGRAPHIC SEGMENTS
                                 (In thousands)

                                              Nine Months Ended September 30,
                                              ------------------------------
                                                     1995        1994
                                                     ----        ----
   Net Sales                                                       

   United States                                   $167,183    $120,333 
   Canada                                            18,332      11,843 
   United Kingdom                                     7,108       5,065 
   Mexico                                             1,754         -   
   Intersegment transfers (primarily U.S.)           (5,521)     (4,634)
                                                   --------    --------
                                                   $188,856    $132,607 
                                                   ========    ========
   Earnings (Loss) Before Income Taxes and
     Cumulative Effect of an Accounting Change

   United States                                   $  6,762    $  4,981 
   Canada                                              (138)        589 
   United Kingdom                                       438          67 
   Mexico                                               249         -   
                                                   --------    --------
                                                   $  7,311    $  5,637 
                                                   ========    ========
   Identifiable Assets (at period end)

   United States                                   $298,713    $348,481 
   Canada                                            16,909      16,760 
   United Kingdom                                     4,930       4,239 
   Mexico                                             5,460         -   
   Far East                                           1,111         -   
   Corporate                                         14,553       9,641 
                                                   --------    --------
                                                   $341,676    $379,121 
                                                   ========    ========

                                      -19-
                                      
<PAGE>
                              PRICE/VOLUME SUMMARY
                            1995 AS COMPARED TO 1994
                                PERCENT INCREASE 
      
                                                Three               Nine
                                                Months              Months
                                                Ended               Ended 
                                          September 30, 1995  September 30, 1995
                                          ------------------  ------------------

   U.S. Refractory Products Sales
    (excluding impact of General 
       acquisition)

     Volume                                      1.7%                12.1%

     Price                                       3.1                  0.3  

   Industrial Lime Sales

     Volume                                      6.6                  8.7 

     Price                                       2.4                  1.9  

                                                               
                                      -20-
                                      
<PAGE>

   FINANCIAL CONDITION
   -------------------
        The Company continues to maintain a strong balance sheet.

                               Summary Information
                             (Dollars in thousands)

                                  September 30,           December 31,
                               -------------------        ------------
                               1995           1994           1994   
                               ----           ----           ----
   Working capital          $ 80,488        $ 73,249       $ 78,312

   Current ratio               2.1:1           1.8:1          1.9:1

   Total assets             $341,676        $379,121       $373,122

   Current maturities of
    long-term debt             2,655             135            139

   Long-term debt             34,469          37,057         37,023

   Stockholders' equity     $112,735        $104,918       $107,038

   Debt to total
    capitalization (1)          24.8%           26.2%          25.7%



        (1)  Calculated  as  total  Debt  (long-term  debt  including  current
             maturities)  divided by  total  stockholders' equity  plus  total
             Debt.

   The following balance sheet increases resulted from the General acquisition
   on August 1, 1994 (in millions):

               Receivables, net                          $12.3
               Inventories                                22.7
               Deferred income tax benefit                 1.1
               Other current assets                        0.4
                                                         -----
                  Total current assets                    36.5

               Property, plant and equipment              18.7
               Long-term pension assets                    0.5
               Other long-term assets                      5.4
                                                         -----
                  Total assets                           $61.1
                                                         =====

                                      -21-
                                                              
<PAGE>
               
               Accounts payable                          $ 8.9
               Accrued payrolls                            1.5
               Accrued taxes other than on income          0.6
               Accrued insurance                           4.7
               Accrued other                               7.6
                                                         -----
                  Total current liabilities               23.3

               Deferred income taxes                       1.1
               Long-term non-pension benefits              0.1
               Long-term pensions                         11.6
               Notes payable                              25.0
                                                         -----
                  Total liabilities                      $61.1
                                                         =====
               Working Capital                           $13.2
               

     Working capital  increased 9.9%,  or $7.2  million, to  $80.5 million  at
     September  30, 1995 from  $73.2 million at September  30, 1994, while the
     ratio of  current assets to current  liabilities increased to 2.1:1  from
     1.8:1.   The increase in  working capital was  primarily due to increases
     in  cash of $5.6  million, trade receivables  of $2.8  million and closed
     plants' fixed assets held for sale (included in other  current assets) of
     $1.4 million,  partially offset by  a reduction in  reimbursement due  on
     paid asbestos  claims of $10.2 million and an increase in current portion
     of long-term  debt of $2.5  million. Also contributing  to the  increased
     working  capital were  reductions in  accounts payable  of $5.7  million,
     plant  shutdown reserves (included  in other current liabilities) of $1.9
     million and insurance reserves of $3.0 million.

     The increase in  cash and decrease in  reimbursement due on paid asbestos
     claims since September 30, 1994, as well as the  $8.0 million decrease in
     reimbursement due on paid  asbestos claims since December 31, 1994,  were
     due  primarily to payments being  made directly to the  Center for Claims
     Resolution by one insurance  carrier starting in May 1995.  These  direct
     payments are  expected to  continue for  the foreseeable  future, with  a
     resulting  favorable  impact on  the  Company's  cash balances  and  cash
     requirements.

     The increase in trade receivables since September 30, 1994 was  primarily
     due  to the  increased sales  level.  The  reduction in  accounts payable
     since September 30,  1994, as  well as the  $8.6 million reduction  since
     December  31, 1994,  was primarily due to  a $6.5 million  payment to the
     Center for Claims Resolution in January 1995.

     The increase  in current portion  of long-term debt  since September  30,
     1994, as well as the increase since December 31, 1994, was  due to a $2.5
     million payment  due July  29,  1996 against  the debt  incurred for  the
     General acquisition.  As such, long-term  debt declined by the  same $2.5
     million.  


                                      -22-

     <PAGE>

     The decline in plant shutdown reserves since  September 30, 1994 was  due
     to  termination  benefits and  plant closing  costs  charged against  the
     reserve during the past  12 months, partially offset by increases in  the
     U.S.  and  Canadian  reserves  as  discussed  above.    The  decrease  in
     insurance reserves since September  30, 1994, as  well as the decline  of
     $2.2 million  since December 31, 1994,  was due to  payments to insurance
     carriers   and  favorable  workers'  compensation  claims  experience  in
     comparison to the historical experience used to establish the reserve.

     The  decreases in  non-current projected  insurance recovery  on asbestos
     claims  and non-current  projected asbestos  claims were due  to asbestos
     claim payments recovered from insurance carriers.  

     Capital expenditures  for the  refractories  business  increased by  $3.5
     million in  the first nine months of  1995 compared to the same period in
     1994, partially  offset by reductions  in capital expenditures related to
     corporate functions and the  lime plants.  The refractories increase  was
     due  to  both  upgrading  and  modernization   of  the  acquired  General
     facilities  and   replacement,  modernization  and   expansion  of   pre-
     acquisition operations.

     During 1995 capital contributions were  made by A. P.  Green and INTOCAST
     AG to form  a joint venture partnership,  INTOGREEN Co., which  will sell
     and  install cast monolithic ladle  linings to the steel  industry in the
     United States, Canada and Mexico.   INTOCAST AG is a world leader in  the
     development of cast ladle  linings.  Its contribution to the  partnership
     is  reflected  in  minority  interests  on  the  balance  sheet,  net  of
     INTOCAST AG's share of the year-to-date loss at INTOGREEN.  Also included
     in  minority  interests is  Grupo  Industrial  Trebol's  49%  interest in
     A. P. Green de Mexico.

     In  September 1995  the  Company reached  an  agreement in  principle  to
     acquire a majority interest in  privately held Lanxide  ThermoComposites,
     Inc., (LTI).  The joint venture will focus on commercializing  refractory
     products  for  the steel industry utilizing ceramic composites technology
     licensed   from  Lanxide  Corporation  (Lanxide),   currently  the   sole
     shareholder  of LTI.  The acquisition is  expected  to  close  during the
     fourth quarter.

     In a separate licensing  agreement with Lanxide, A. P. Green will develop
     and   market  refractory   products  utilizing   the  advanced  materials
     technology  developed  by  Lanxide  for  certain  non-steel  refractories
     applications.  In addition,  A. P. Green  will  obtain  worldwide rights,
     excluding Japan, for certain  refractories products  utilizing  Lanxide's
     technology.   Included under the  terms of the agreements are all  future
     technologies developed by  Lanxide and  its licensees and  joint ventures
     as  applicable to  the refractories market.

   SUBSEQUENT EVENT
   ----------------
     On November 3, 1995, the Company executed a contract  to sell the Weston,
     Ontario  plant,  with closing  scheduled  for  December 20,  1995.    The
     estimated  after-tax  gain on  the sale of this property is approximately
     $900,000.
     
                                      -23-

<PAGE>

   A. P. GREEN INDUSTRIES, INC.

   PART II.  OTHER INFORMATION

   Item 6.   EXHIBITS AND REPORTS ON FORM 8-K
             --------------------------------
        (a)  Exhibits
             --------
             Exhibit No.
             -----------
             27   Financial Data Schedule for Nine Months Ended September  30,
                  1995

        (b)  Reports on Form  8-K:  No reports  on Form 8-K were  filed during
             the quarter ended September 30, 1995.




                                    SIGNATURE
                                    ---------
   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 thereunto duly authorized.

                                   A. P. Green Industries, Inc.
                                           (Registrant)



                                   By:     /s/ Gary L. Roberts                
                                        ---------------------------------
                                                 Gary L. Roberts

                                   Vice President, Chief Financial
                                     Officer and Treasurer




   Date:  November 13, 1995
          -----------------

          
                                      -24-

<PAGE>