Exhibit 10.1

EMPLOYMENT AGREEMENT

This Employment Agreement (the "Agreement") is made and entered into effective as of July 1, 2002 between Atchison Casting Corporation, a Kansas
corporation (the "Company"), and Hugh H. Aiken (the "Employee") and supersedes the Employment Agreement between the parties dated as of June 14, 1991, as amended, in its entirety.

WHEREAS,
the Company desires to employ the Employee, and the Employee desires to be employed by the Company, as provided herein;

NOW,
THEREFORE, in consideration of the rights and obligations described herein, the Company and the Employee hereby agrees as follows:

1.Term.The Company shall employ the Employee for a term commencing upon the effective date of this Agreement
and continuing for three years after the date hereof. This Agreement shall be considered renewed for additional one year terms unless the Company or the Employee provides three months notice to the
other party that such party intends to terminate this Agreement.

2.Duties.The Employee shall be employed as Vice President, with responsibility for European operations,
insurance claims, the Deloitte claim and such other duties as may be assigned to him by the Chief Executive Officer of the Company from time to time. The Employee will account and be directly
responsible to the Chief Executive Officer.

3.Full Time; Best Efforts.During the term of this Agreement, the Employee shall use his best efforts to
promote the interests of the Company and shall devote his full business time and efforts to its business and affairs. The Employee shall not, without the prior approval of the Chief Executive Officer
of the Company, engage in any other business activity which would interfere with the performance of his duties, services and responsibilities hereunder.

4.Compensation.In consideration of the services to be furnished by the Employee hereunder and subject to the
other terms of this Agreement, the Employee shall be entitled to:



5.Benefits.In addition to the foregoing compensation, the Employee will be entitled to such reasonable and
customary fringe benefits as are generally and regularly available to the Company's employees, including life insurance and health insurance except that the Employee will not be entitled to any
benefits or payments on account of the termination of this Agreement or the severance of his relationship with the Company other than those set forth in Section 7 hereof. The Employee shall be
entitled to reimbursement of all reasonable expenses incurred by him in the ordinary course of business on behalf of the Company, subject to presentation of appropriate documentation and reasonable
approval by the Company. The Employee shall also be reimbursed for all reasonable out-of-pocket expenses incurred by him in selling his house in Atchison, Kansas and moving
himself and his immediate family from Atchison, Kansas to Europe.

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6.Confidentiality and Non-Competition.



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7.Termination.



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8.Enforceability, etc.This Agreement shall be interpreted in such a manner as to be effective and valid under
applicable law, but if any provision hereof shall be prohibited or invalid under any such law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating
or nullifying the remainder of such provisions or any other provisions of this Agreement. If any one or more of the provisions contained in this Agreement shall for any reason be held to be

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excessively broad as to duration, geographical scope, activity or subject, such provisions shall be construed by limiting and reducing it so as to be enforceable to the maximum extent compatible with
applicable law.

9.Notices.Any notice or other communication pursuant to this Agreement shall be in writing and shall be
personally delivered, sent by telecopy or mailed by first class certified or registered mail, postage prepaid, return receipt requested as follows:





or
to such other address as the parties shall have designated by notice to the other parties. Any notice or other communication shall be deemed to have been duly given if personally delivered or
mailed via registered or certified mail, postage prepaid, return receipt requested, or, if sent by telecopy, when confirmed.

10.Governing Law.This Agreement shall be governed by and construed in accordance with the laws of the State of
Kansas.

11.Amendments and Waivers.No amendment or waiver of this Agreement or any provision hereof shall be binding
upon the party against whom enforcement of such amendment or waiver is sought unless it is made in-writing and signed by or on behalf of both parties hereto. The waiver by either party of
a breach of any provision of this Agreement by the other party shall not operate and be construed as a waiver or a continuing waiver by that party of the same or any subsequent breach of any provision
of this Agreement by the other party.

12.Binding Effect.This Agreement shall be binding on and inure to the benefit of the parties hereto and their
respective heirs, executors and administrators, successors and assigns.

13.Assignability.This Agreement shall not be assignable in whole or in part by either party, except that the
Company may assign this Agreement to and it shall be binding upon and inure to the benefit of any parent, subsidiary or affiliate of the Company or any person, firm or corporation with which the
Company may be merged or consolidated or which may acquire all or substantially all of the assets of the Company.

14.Entire Agreement.This Agreement constitutes the final and entire agreement of the parties with respect to
the matters covered hereby, and replaces and supersedes all other agreements and understandings relating thereto.

Dated
this 8th day of August, 2002, but effective as of July 1, 2002.

| |  | ATCHISON CASTING CORPORATION 
| |  | -----------------------------
| |  | By:                          
| |  | /s/HUGH H. AIKENHugh H. Aiken

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