<PAGE>   1


                                    FORM 10-Q

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549

(MARK ONE)

[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934

For the Quarter Ended June 30, 2001

                                       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 Number:      333-15789
                        ---------------------


                                 ChemFirst Inc.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter.)


            Mississippi                                     64-0679456
----------------------------------                    --------------------------
 (State or other jurisdiction of                         (I.R.S. Employer
  incorporation or organization)                         Identification No.)

  700 North Street, Jackson, MS                               39202-3095
----------------------------------                    --------------------------
      (Address of principal                                    (Zip Code)
       executive offices)

Registrant's Telephone Number, including Area Code:         601/948-7550
                                                    ---------------------------

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
             -----           -----


             Class                                 Outstanding at July 31, 2001
----------------------------------                 -----------------------------
   Common Stock, $1 Par Value                                14,192,036





<PAGE>   2
                                 ChemFirst Inc.
                     Consolidated Balance Sheets (Unaudited)
                            (In Thousands of Dollars)

<Table>
<Caption>

                                                            June 30          December 31
                                                              2001              2000
                                                          ------------      ------------
<S>                                                       <C>               <C>
Assets:
Current assets
  Cash and cash equivalents                               $     10,084             5,594
  Accounts receivable                                           42,161            53,420
  Net assets held for sale                                      78,597                --
  Inventories:
   Finished products                                            38,564            60,890
   Work in process                                                 767             1,663
   Raw materials and supplies                                   15,242            16,624
                                                          ------------      ------------
      Total inventories                                         54,573            79,177
                                                          ------------      ------------
  Prepaid expenses and other current assets                      7,236            11,112
                                                          ------------      ------------
      Total current assets                                     192,651           149,303
                                                          ------------      ------------

Investments and other assets                                    14,682            18,146
Property, plant and equipment                                  296,737           407,230
  Less: accumulated depreciation and amortization              145,197           190,936
                                                          ------------      ------------
Property, plant and equipment, net                             151,540           216,294
                                                          ------------      ------------
                                                          $    358,873           383,743
                                                          ============      ============


Liabilities and Stockholders' Equity:
Current liabilities
  Notes payable                                           $      8,295             7,689
  Accounts payable                                              16,685            29,750
  Deferred revenue                                                 125             1,396
  Accrued expenses and other current liabilities                18,523            15,515
  Net current liabilities of discontinued operations               150               170
                                                          ------------      ------------
    Total current liabilities                                   43,778            54,520
                                                          ------------      ------------
Long-term debt                                                  50,622            41,640
Other long-term liabilities                                     28,507            27,201
Deferred income taxes                                           13,432            24,919
Minority interest                                                  649               649
Stockholders' equity:
  Common stock                                                  14,184            14,146
  Additional paid-in capital                                    28,352            27,672
  Accumulated other comprehensive income                           965               627
  Retained earnings                                            178,384           192,369
                                                          ------------      ------------
    Total stockholders' equity                                 221,885           234,814
                                                          ------------      ------------
                                                          $    358,873           383,743
                                                          ============      ============
</Table>

The accompanying notes are an integral part of these financial statements.



                                        2
<PAGE>   3



                                 ChemFirst Inc.
                Consolidated Statements of Operations (Unaudited)
         (In Thousands of Dollars and Shares, Except Per Share Amounts)


<Table>
<Caption>

                                                                              3 Months Ended             6 Months Ended
                                                                                  June 30                   June 30
                                                                         ------------------------    ------------------------
                                                                            2001          2000          2001          2000
                                                                         ----------    ----------    ----------    ----------

<S>                                                                      <C>              <C>           <C>           <C>
  Sales                                                                  $   89,009       101,356       180,683       199,725
  Cost of sales                                                              72,215        74,894       141,779       148,387
                                                                         ----------    ----------    ----------    ----------
         Gross margin                                                        16,794        26,462        38,904        51,338

  General, selling and administrative expenses                               15,366        14,764        30,262        28,695
  Research and development expenses                                           1,969         1,984         4,053         3,910
  Loss on disposal and costs to exit fine chemicals business                 27,502                     -27,502            --
  Other operating income, net                                                   591           729         5,528         1,534
                                                                         ----------    ----------    ----------    ----------
         Operating earnings (loss)                                          (27,452)       10,443       (17,385)       20,267

  Interest income                                                                77            65           127           188
  Interest expense                                                              802           740         1,641         1,401
  Other income (expense),  net                                                1,106           (75)        1,067           (59)
                                                                         ----------    ----------    ----------    ----------
        Earnings (loss) from continuing operations before income taxes      (27,071)        9,693       (17,832)       18,995
  Income tax expense (benefit)                                              (10,151)        3,634        (6,687)        7,123
                                                                         ----------    ----------    ----------    ----------
        Earnings (loss) from continuing operations                          (16,920)        6,059       (11,145)       11,872
        Gain on disposal of business, net of taxes                               --            --            --         9,656
                                                                         ----------    ----------    ----------    ----------
        Net earnings (loss)                                              $  (16,920)        6,059       (11,145)       21,528
                                                                         ==========    ==========    ==========    ==========



Earnings (loss) per common share:
       Continuing operations                                             $    (1.19)         0.38         (0.79)         0.73
       Gain on disposal of business, net of taxes                                --            --            --          0.59
                                                                         ----------    ----------    ----------    ----------
       Net earnings (loss)                                               $    (1.19)         0.38         (0.79)         1.32
                                                                         ==========    ==========    ==========    ==========


Average shares outstanding                                                   14,172        15,738        14,164        16,358

Earnings (loss) per common share, assuming dilution:
       Continuing operations                                             $    (1.19)         0.38         (0.79)         0.72
       Gain on disposal of business, net of taxes                                --            --            --          0.59
                                                                         ----------    ----------    ----------    ----------
       Net earnings (loss)                                               $    (1.19)         0.38         (0.79)         1.31
                                                                         ==========    ==========    ==========    ==========


Average shares outstanding, assuming dilution                                14,172        15,839        14,164        16,467

Cash dividend declared
  per share                                                              $     0.10          0.10          0.20          0.20
</Table>



The accompanying notes are an integral part of these financial statements.



                                       3
<PAGE>   4


                                 ChemFirst Inc.
                Consolidated Statements of Cash Flows (Unaudited)
                            (In Thousands of Dollars)

<Table>
<Caption>

                                                                                          6 Months Ended
                                                                                             June 30
                                                                                  ------------------------------
                                                                                      2001               2000
                                                                                  ------------      ------------
<S>                                                                               <C>                     <C>
Cash flows from operations:
  Net earnings (loss)                                                             $    (11,145)           21,528
  Adjustments to reconcile net earnings  to
   net cash provided by operations:
    Depreciation and amortization                                                       14,537            14,455
    Provision for losses on receivables                                                     --                31
    Gain on disposal of business, net of taxes                                              --            (9,656)
    Loss on disposal and costs to exit fine chemicals business                          27,502                --
    Deferred taxes and other items                                                     (11,068)            3,218
    Change in current assets and liabilities, net
     of effects of dispositions                                                        (13,825)           (1,447)
                                                                                  ------------      ------------
              Net cash provided by operating activities                                  6,001            28,129
                                                                                  ------------      ------------
Cash flows from investing activities:
  Capital expenditures                                                                  (9,807)           (7,575)
  Proceeds from disposal of business                                                        --            12,582
  Other investing activities                                                             1,638               373
                                                                                  ------------      ------------
              Net cash provided by (used in) investing activities                       (8,169)            5,380
                                                                                  ------------      ------------
Cash flows from financing activities:
  Net borrowings on notes payable                                                        9,589            17,900
  Dividends                                                                             (2,825)           (3,152)
  Purchase of common stock                                                                  --           (54,623)
  Proceeds from issuance of common stock                                                   381               102
                                                                                  ------------      ------------
             Net cash provided by (used in) financing activities                         7,145           (39,773)
                                                                                  ------------      ------------
Effect of exchange rate changes on cash                                                   (487)             (125)
                                                                                  ------------      ------------
Net increase (decrease) in cash and cash equivalents                                     4,490            (6,389)
Cash and cash equivalents at beginning of period                                         5,594            14,551
                                                                                  ------------      ------------
Cash and cash equivalents at end of period                                        $     10,084             8,162
                                                                                  ============      ============

Supplemental disclosures of cash flow information
Cash paid during the period for:
    Interest, net of amounts capitalized                                          $      1,441             1,369
                                                                                  ============      ============
    Income tax payments, net                                                      $      1,551             3,593
                                                                                  ============      ============
</Table>

The accompanying notes are an integral part of these financial statements.



                                       4
<PAGE>   5

ChemFirst Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited.  In Thousands of Dollars)


Note 1 - General

         The financial statements included herein are unaudited and have been
prepared in accordance with accounting principles generally accepted in the
United States of America for interim financial reporting and Securities and
Exchange Commission regulations. Certain information and footnote disclosures
normally included in financial statements prepared in accordance with accounting
principles generally accepted in the United States of America have been
condensed or omitted pursuant to such rules and regulations. Certain prior year
amounts have been reclassified to conform to the 2001 presentation. In the
opinion of management, the financial statements reflect all adjustments (all are
of a normal and recurring nature) which are necessary to present fairly the
financial position, results of operations and cash flows for the interim
periods. These financial statements should be read in conjunction with the
Annual Report of the Company and Form 10-K for the year ended December 31, 2000.

Note 2 - Loss on Disposal and Costs to Exit Custom and Fine Chemicals Business

         In May 2001, the Board of Directors approved a plan to exit the custom
and fine chemicals business and on June 13, 2001, the Company executed an
agreement to sell the business to Albemarle Corporation in an all cash
transaction. The transaction was completed on July 6, 2001, with an effective
date of June 30, 2001, with proceeds received of $78.6 million. The agreement
also provides for potential additional payments, not expected to exceed $10.0
million, contingent upon the profit contribution from a specific
toll-manufactured product from 2002 through 2004. Assets sold in the transaction
included the Company's cGMP pilot plant at Dayton, OH and its plant site at
Tyrone, PA. The Company's pharmaceutical contract research and development
business and fine chemicals product lines, including FirstCure(R) performance
polymer products were also included in the sale. Contract research and
development business and fine chemicals manufacturing at Pascagoula, MS were
discontinued and these assets were written-off. As a result of these actions,
the Company recorded a pretax loss of $27.5 million in the second quarter of
2001 in its Electronic and Other Specialty Chemicals segment. The components of
the loss associated with exiting the custom and fine chemicals business include
a $19.9 million net asset impairment loss, $5.2 million for severance and other
accrued exit costs and a $2.4 million write-off of inventory and other assets.

         The asset impairment loss of $19.9 million was due to the decision to
exit the custom and fine chemicals business. The fair value of the assets sold
was based on the agreement with Albemarle. Other manufacturing assets associated
with the custom and fine chemicals business were written down to zero because
the Company is prohibited for a period of ten years from manufacturing the
product lines sold to Albemarle and has no current use or plans for future use
for these assets. Also included in the impairment loss was the write-off of $3.5
million of capitalized software costs directly associated with fine chemical
operations. Accrued exit costs included $3.2 million in severance, $1.1 million
for site clean up, $0.8 million in required payments to lenders stemming from
the sale and $0.1 million in other costs. Severance costs covered 71 employees,
most of whom were at the Pascagoula site. Inventory and other assets written-off
included $1.9 million of inventory of product lines not purchased by Albemarle,
the value of which was adversely affected by the decision to exit the fine
chemical business.

         Revenues and operating losses of custom and fine chemicals operations,
excluding the $27.5 million loss on disposal and exit costs, for the six months
of the current year were $31.3 million and


                                       5
<PAGE>   6

$2.0 million, respectively, versus $40.5 million and $1.0 million, respectively,
for the prior year. Revenues and operating losses for the second quarter of the
current year were $14.3 million and $3.5 million, respectively, versus $20.8
million and $0.9 million, respectively, for the prior year.

Note 3 - Discontinued Operations

            A gain of $9.7 million on disposal of discontinued operations was
recorded during the quarter ending March 31, 2000. The gain included $10.1
million from a reduction in estimated tax liabilities related to the
distribution of Getchell Gold Corporation in 1995. The reduction in estimated
tax liabilities resulted from the Company's reevaluation of tax exposure items
associated with the Getchell Gold Corporation distribution. The Company
reevaluated its tax exposure during the quarter ended March 31, 2000, when
various statutes governing the handling of the disposition for tax purposes
expired. Also during the first quarter of 2000, the Company recorded an
additional $0.4 million (net of $0.3 million in tax benefit) after tax loss on
disposal of discontinued operations related to final settlement of postclosure
issues associated with the dispositions of Callidus Technology, Inc. and
FirstMiss Steel, Inc.

Note 4 - Effect Of Adopting Accounting Changes

            At the end of June 2001, the Financial Accounting Standards Board
("FASB") unanimously voted to issue Statement of Financial Accounting Standards
("SFAS") No. 143, "Accounting for Asset Retirement Obligations". Initiated in
1994 as a project to account for the costs of nuclear decommissioning, the Board
expanded the scope to include similar closure or removal-type costs in other
industries that are incurred at any time during the life of an asset.

           That standard requires entities to record the fair value of a
liability for an asset retirement obligation in the period in which it is
incurred. When the liability is initially recorded, the entity capitalizes a
cost by increasing the carrying amount of the related long-lived asset. Over
time, the liability is accreted each period to its present value, and the
capitalized cost is depreciated over the useful life of the related asset. Upon
settlement of the liability, an entity either settles the obligation for its
recorded amount or incurs a gain or loss upon settlement.

         The statement is expected to be issued shortly and will be effective
for fiscal years beginning after June 15, 2002. The Company is currently
evaluating the impact that SFAS No.143 will have on its consolidated financial
statements.

            In July 2001, the FASB issued SFAS No. 141, "Business Combinations,"
and SFAS No. 142, "Goodwill and Other Intangible Assets". SFAS No. 141 requires
that the purchase method of accounting be used for all business combinations
initiated after June 30, 2001, as well as all purchase method business
combinations completed after June 30, 2001. SFAS No. 141 also specifies criteria
intangible assets acquired in a purchase method business combination must meet
to be recognized and reported apart from goodwill, noting that any purchase
price allocable to an assembled workforce may not be accounted for separately.
SFAS 142 will require that goodwill and intangible assets with indefinite useful
lives no longer be amortized, but instead tested for impairment at least
annually in accordance with the provisions of SFAS No. 142. SFAS No. 142 will
also require that intangible assets with definite useful lives be amortized over
their respective estimated useful lives to their estimated residual values, and
reviewed for impairment in accordance with SFAS No. 121, "Accounting for the
Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of."


                                       6
<PAGE>   7

         The Company is required to adopt the provisions of SFAS No. 141
immediately and SFAS No. 142 effective January 1, 2002. Furthermore, any
goodwill and any intangible assets determined to have an indefinite useful life
that are acquired in a purchase business combination completed after June 30,
2001 will not be amortized, but will continue to be evaluated for impairment in
accordance with the appropriate pre-SFAS 142 accounting literature. Goodwill and
intangible assets acquired in business combinations completed before July 1,
2001 will continue to be amortized prior to the adoption of SFAS 142.

         SFAS No. 141 will require, upon adoption of SFAS No.142, that the
Company evaluate its existing intangible assets and goodwill that were acquired
in a prior purchase business combination, and to make any necessary
reclassifications in order to conform with the new criteria in SFAS No. 141 for
recognition apart from goodwill. Upon adoption of SFAS No. 142, the Company will
be required to reassess the useful lives and residual values of all intangible
assets acquired in purchase business combinations, and make any necessary
amortization period adjustments by the end of the first interim period after
adoption. In addition, to the extent an intangible asset is identified as having
an indefinite useful life, the Company will be required to test the intangible
asset for impairment in accordance with the provisions of SFAS No. 142 within
the first interim period. Any impairment loss will be measured as of the date of
adoption and recognized as the cumulative effect of a change in accounting
principle in the first interim period.

         In connection with the transitional goodwill impairment evaluation,
SFAS No. 142 will require the Company to perform an assessment of whether there
is an indication that goodwill is impaired as of the date of adoption. To
accomplish this the Company must identify its reporting units and determine the
carrying value of each reporting unit by assigning the assets and liabilities,
including the existing goodwill and intangible assets, to those reporting units
as of the date of adoption. The Company will then have up to six months from the
date of adoption to determine the fair value of each reporting unit and compare
it to the reporting unit's carrying amount. To the extent a reporting unit's
carrying amount exceeds its fair value, an indication exists that the reporting
unit's goodwill may be impaired and the Company must perform the second step of
the transitional impairment test. In the second step, the Company must compare
the implied fair value of the reporting unit's goodwill, determined by
allocating the reporting unit's fair value to all of it assets (recognized and
unrecognized) and liabilities in a manner similar to a purchase price allocation
in accordance with SFAS No. 141, to its carrying amount, both of which would be
measured as of the date of adoption. This second step is required to be
completed as soon as possible, but no later than the end of the year of
adoption. Any transitional impairment loss will be recognized as the cumulative
effect of a change in accounting principle in the Company's statement of
earnings.

         As of the date of adoption, the Company expects to have unamortized
goodwill in the amount of $12.7 million and unamortized identifiable intangible
assets in the amount of $0.2 million, which will both be subject to the
transition provisions of SFAS No. 141 and 142. Amortization expense related to
goodwill was $1.9 million and $0.7 million for the year ended December 31, 2000
and the six months ended June 30, 2001, respectively. Because of the extensive
effort needed to comply with adopting SFAS No. 141 and 142, it is not
practicable to reasonably estimate the impact of adopting these Statements on
the Company's financial statements at the date of this report, including whether
any transitional impairment losses will be required to be recognized as the
cumulative effect of a change in accounting principle.

         SFAS No. 133 - "Accounting for Derivative Instruments and Hedging
Activities," was issued in June 1998 and, as amended, is effective for fiscal
years beginning after June 15, 2000. The



                                       7
<PAGE>   8

statement establishes accounting and reporting standards for derivative
instruments and for hedging activities. All derivatives are required to be
recognized as either assets or liabilities in the statement of financial
position and measured at fair value. Changes in fair value are reported either
in earnings or other comprehensive income depending on the intended use of the
derivative and the resulting designation. Entities applying hedge accounting are
required to establish at the inception of the hedge the method used to assess
the effectiveness of the hedging derivative and the measurement approach for
determining any ineffective aspect of the hedge.

         The Company previously had three open forward exchange contracts to
sell Japanese yen at March 31, 2001 and had elected not to designate those
instruments as hedges at their inception. Accordingly, changes in the fair value
of the contracts during interim periods and at their close were reflected in the
income statement. These contracts all matured during the second quarter of 2001
and their impact was immaterial.

Note 5 - Comprehensive Income (Loss)

         Total comprehensive income (loss) for the three months ended June 30,
2001 and 2000, was ($16.2) million and $6.2 million, respectively. Cumulative
comprehensive income (loss) for the six months ended June 30, 2001 and June 30,
2000, was ($10.8) million and $21.5 million, respectively. Total comprehensive
income for the Company includes net income and foreign currency translation
adjustments.

Note 6 - Commitments and Contingencies

         In June 2000, an explosion at the Nissin Chemical plant in Japan
disrupted the Company's supply of hydroxylamine. This is a key ingredient in the
Company's patented HDA(R) remover products for the semiconductor industry. The
Nissin plant was the world's sole supplier of hydroxylamine until late 1999 when
BASF established production in Germany. Initially, BASF's supply capabilities
were less than the worldwide demand for hydroxylamine. As a result, BASF
allocated hydroxylamine to its customers, including the Company, which in turn
put its customers on allocation for its hydroxylamine-containing products.
Recent capacity expansions by BASF, coupled with the semiconductor downturn,
allowed the Company to suspend allocations of HDA(R) remover products during
the quarter. However, allocations may become necessary again if demand picks up
before additional supplies of hydroxylamine become available next year. Both
Nissin and Honeywell International, Inc. have announced plans to construct new
hydroxylamine plants, with Honeywell estimating that its plant will begin
commercial production in early 2002.

         While electronic chemical sales have been hurt by the disruption in
hydroxylamine supply, the Company's business interruption insurance has helped
to reduce the impact of the associated lost profits. The primary policy has a
coverage limit of $25.0 million, less a one-time insurance deductible of $1.0
million, with an indemnity period for this claim of up to 30 months from June
21, 2000. Operations in Scotland are covered by a separate policy that provides
a limit of liability of 6.0 million British Pounds (approximately 8.5 million in
current U.S. dollars) with no deductible and an 18-month indemnity period from
the date of loss. While the Company intends to vigorously pursue its claims with
the insurance companies for its lost profits, the claims process can be lengthy
and uncertain and successful recoveries cannot be predicted with certainty.
Furthermore, additional sources of hydroxylamine may not be available when
expected, which could affect the availability and adequacy of insurance
coverage. For the quarter ended June 30, 2001, the Company did not record an
insurance recovery as it has been unable to reach an agreement with its carrier
as to the amount of additional loss. Since June 2000, $9.0 million has been
recorded after meeting the one-time $1.0 million deductible ($3.6 million in the
current year) and reflected in the consolidated



                                       8
<PAGE>   9

statement of operations as Other Operating Income. As of June 30, 2001, cash of
$8.8 million has been received.


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

Results of Operations - Six months ended June 30, 2001
Compared to the six months ended June 30, 2000

Consolidated Results

         Results of continuing operations for the six months ended June 30,
2001, were a loss of $11.1 million or $0.79 cents per share. Included in the
results was an after tax loss of $17.2 million or $1.21 per share resulting from
the Company's decision to exit and discontinue its fine chemical operations, and
an after tax gain of $0.7 million or $0.05 cents per share from the sale of the
Company's interest in a captive insurance company. Excluding these items,
earnings from continuing operations were $5.4 million or $0.37 per share, down
from $11.9 million and $0.72 per share respectively prior year, primarily due to
lower polyurethane chemical margins and lower sales volume. The decline in
earnings per share was lessened by the 14% decrease in average shares
outstanding resulting from prior year share repurchases by the Company.


Segment Operations

                               Segment Information
                            (In Thousands of Dollars)

<Table>
<Caption>

                                                               6 Months Ended
                                                                   June 30
                                                           ------------------------
                                                             2001            2000
                                                           ---------      ---------
<S>                                                        <C>              <C>
Sales:
        Electronic and Other Specialty Chemicals           $  94,362        108,859
        Polyurethane Chemicals                                86,321         90,866
                                                           ---------      ---------
               Total                                       $ 180,683        199,725
                                                           =========      =========

Operating profit (loss) before income taxes (benefit):
        Electronic and Other Specialty Chemicals           $ (22,735)         7,728
        Polyurethane Chemicals                                12,023         17,898
                                                           ---------      ---------
                                                             (10,712)        25,626
        Unallocated corporate expenses                        (6,673)        (5,359)
        Interest expense, net                                 (1,514)        (1,213)
        Other income (expense), net                            1,067            (59)
                                                           ---------      ---------
               Total                                       $ (17,832)        18,995
                                                           =========      =========
</Table>


         Electronic and Other Specialty Chemicals results for the current year
were an operating loss before taxes of $22.7 million, including a $27.5 million
loss resulting from the Company's decision to exit and discontinue its custom
and fine chemical operations (See note 2 to the financial statements). The
custom and fine chemical business suffered over the last several years from
declining sales of agricultural intermediates, industry over capacity and
competition from the Far




                                       9
<PAGE>   10

East. These declines were partially offset with growth in electronic chemical
products and pharmaceuticals, however, capacity utilization and investment
returns continued to be low. Excluding this loss, current year results were a
profit of $4.8 million, down from $7.7 million for the prior year as sales
decreased 13%, and gross margin declined from 28% to 26%. The decline in sales
and gross margin was primarily felt in custom and fine chemicals, where sales
declined $9.2 million and operating losses increased $1.0 million due to product
mix and lower plant utilization. In addition, other operating expenses in
electronic chemicals were up over the prior year due to increases in staffing
and facilities. Sales and margins for electronic chemicals were down, but the
impact was offset by business interruption insurance related to the June 2000
explosion at Nissin Chemical, which disrupted supply of hydroxylamine raw
material for HDA (R) electronic chemicals. Results for the current year include
$3.6 million in business interruption insurance recorded in the first quarter.
In the second quarter of the current year, the Company presented claims to its
insurance carriers in line with previous quarters, but at quarter end it has
been unable to reach an agreement with the insurance carriers as to the amount
of the loss. Therefore, no additional insurance recovery was recorded during the
second quarter (See note 6 to the financial statements).

         Polyurethane Chemicals pretax operating profits for the six months were
$12.0 million, down from $17.9 million for the same period prior year on lower
sales and margins. Sales were $86.3 million, down from $90.9 million as volume
decreased 8% on lower demand. Gross margin declined from 23% last year to 17%
this year due to higher energy and raw material costs, reduced production rates
and lower prices under spot sales and short-term contracts. While most of the
Company's polyurethane products are sold under long-term contracts that provide
for price adjustments based on the cost of raw materials, abrupt changes may not
be passed through on a timely basis during periods of extreme volatility such as
we have experienced from time to time (during the periods being compared) in the
last two years. The Company believes the net effect of such timing will be
immaterial over the term of these contracts. Production was decreased in the
first and second quarters of the current year due to lower aniline demand, plant
maintenance by our largest customer and in anticipation of lower natural gas
prices in the third quarter.

         Unallocated corporate expense for the current year was $6.7 million, up
from $5.4 million in the prior year due to higher personnel cost. Net interest
expense for the current year was up $0.3 million from the prior year to $1.5
million, primarily due to higher average debt. Other income for the current year
included a $1.1 million gain from the sale of the Company's interest in an
offshore captive insurance company.


Results of Operations - Three months ended June 30, 2001
Compared to the three months ended June 30, 2000

Consolidated Results

         Results of continuing operations for the quarter ended June 30, 2001,
were a loss of $16.9 million or $1.19 cents per share. Included in the results
was an after tax loss of $17.2 million or $1.21 per share resulting from the
Company's decision to exit and discontinue its fine chemical operations, and an
after tax gain of $0.7 million or $0.05 cents per share from the sale of the
Company's interest in a captive insurance company. Excluding these items,
results from continuing operations were a loss of $0.4 million or $0.03 per
share, down from $6.1 million and $0.38 cents per share, respectively, for the
same period of the prior year. The decline was primarily due to lower electronic
chemical sales and margins and increased losses in custom and fine chemical
operations. Average shares outstanding for the current quarter declined 11% from
the prior year due to share repurchases in the prior year and increased the loss
per share results.




                                       10
<PAGE>   11

Segment Operations

                               Segment Information
                            (In Thousands of Dollars)

<Table>
<Caption>

                                                                   3 Months Ended
                                                                      June 30
                                                           ------------------------------
                                                               2001               2000
                                                           ------------      ------------
<S>                                                        <C>                     <C>
Sales:
        Electronic and Other Specialty Chemicals           $     42,162            56,681
        Polyurethane Chemicals                                   46,847            44,675
                                                           ------------      ------------
               Total                                       $     89,009           101,356
                                                           ============      ============

Operating profit (loss) before income taxes (benefit):
        Electronic and Other Specialty Chemicals           $    (31,067)            4,783
        Polyurethane Chemicals                                    6,909             8,434
                                                           ------------      ------------
                                                                (24,158)           13,217
        Unallocated corporate expenses                           (3,294)           (2,774)
        Interest expense, net                                      (725)             (675)
        Other income (expense), net                               1,106               (75)
                                                           ------------      ------------
               Total                                       $    (27,071)            9,693
                                                           ============      ============
</Table>




         Electronic and Other Specialty Chemicals results for the current year
were an operating loss before income taxes of $31.1 million, including a $27.5
million loss resulting from the Company's decision to exit and discontinue its
fine chemical operations (See note 2 to the financial statements). Excluding
this loss, current quarter results were a loss of $3.6 million versus a profit
of $4.8 million, as sales decreased 26%, and gross margin declined from 29% to
20%. Electronic chemical sales were down due to the disruption in hydroxylamine
supply and weak market conditions. In the second quarter of the current year,
the Company presented claims to its insurance carriers in line with previous
quarters, but at quarter end it has been unable to reach an agreement with the
insurance carriers as to the amount of loss. Therefore, no additional insurance
recovery was recorded during the second quarter (See note 6 to the financial
statements). Additionally, sales declined $6.5 million and operating losses
increased $2.6 million in custom and fine chemical operations due to product mix
and lower plant utilization, with higher utility cost also impacting results.
Also, other operating expenses in electronic chemicals were up over the prior
year due to increases in staffing and facilities.

         Polyurethane Chemicals pretax operating profits for the quarter were
$6.9 million, down from $8.4 million for the same quarter of last year Sales
were $46.8 million, up from $44.7 for the prior year as volume increased 4%.
Gross margin declined from 23% to 18%, primarily due to higher energy and raw
material prices and reduced production rates.



                                       11
<PAGE>   12

          Unallocated corporate expenses for the current quarter were $1.5
million, up from $1.2 million in the prior year, while net interest expense was
essentially unchanged. Other income for the current year included a $1.1 million
gain from the sale of the Company's interest in an offshore captive insurance
company.

Discontinued Operations

         A gain of $9.7 million on disposal of discontinued operations was
recorded during the quarter ended March 31, 2000. The gain included $10.1
million from a reduction in estimated tax liabilities related to the
distribution of Getchell Gold Corporation in 1995. The reduction in estimated
tax liabilities resulted from the Company's reevaluation of tax exposure items
associated with the Getchell Gold Corporation distribution. The Company
reevaluated its tax exposure during the quarter ended March 31, 2000, when
various statutes governing the handling of the disposition for tax purposes
expired. Also, during the first quarter of last year, the Company recorded an
additional $0.4 million (net of $0.3 million in tax benefit) after tax loss on
disposal of discontinued operations related to final settlement of post-closure
issues associated with the dispositions of Callidus Technology, Inc. and
FirstMiss Steel, Inc.

Capital Resources and Liquidity

         Cash flow from continuing operations for the current year was $6.0
million, down from $28.1 million in the prior year, primarily due to lower
earnings and reduced accounts payable. Net cash provided by investing activities
for the current year includes $1.6 million from the sale of the Company's
interest in an offshore captive insurance company. Prior year investing
activities included $12.6 million in proceeds from the sale of the Company's
steel business.

         Note 2 to the financial statements describes the Company's disposal and
exiting of custom and fine chemical operations effective June 30, 2001. Proceeds
of the transaction in the amount of $78.6 million were received on July 6, 2001
and will be used to retire approximately $46.0 million in debt, repurchase stock
and for general corporate purposes.

         There have been no share repurchases in the current year, compared to
$54.6 million expended during the same period last year. In March 2001, the
board of directors authorized an additional $60.0 million for stock repurchases,
bringing the total available for share repurchases to $69.0 million. The Company
believes that its cash flow from operations, access to existing or additional
bank credit facilities and the balance of proceeds from the above disposal,
adequately provide for its cash requirements, including share repurchases as
authorized.

Forward-Looking Statements

            Certain statements included in this Form 10-Q which are not
historical in nature, may constitute "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements, as well as other forward-looking statements made
from time to time by the Company, or in the Company's press releases and filings
with the U.S. Securities and Exchange Commission, are based on certain
underlying assumptions and expectations of management. These forward-looking
statements are subject to risks and uncertainties which could cause actual
results to differ materially from those expressed in such forward-looking
statements. Such risks and uncertainties include, but are not limited to,
general economic conditions, availability and pricing of raw materials,
including hydroxylamine, supply/demand balance for key products, new product
development, manufacturing efficiencies,



                                       12
<PAGE>   13

conditions of and product demand by key customers, the timely completion and
start up of construction projects, pricing pressure as a result of domestic and
international market forces and insurance coverage and timing of any claim
payments related to the disruption in supply of hydroxylamine, and other factors
as may be discussed in the company's Form 10-K for the fiscal year ended
December 31, 2000.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

         The Company is exposed to changes in financial market conditions in the
normal course of its business, including changes in interest rates and foreign
currency exchange rates. At June 30, 2001, the Company had no open derivative
instrument contracts. Financial instruments related to foreign operations were
limited to short-term debt denominated in Japanese yen with a U.S. dollar
equivalent of $8.3 million. Due to the short-term nature and amount of this yen
obligation, the Company does not consider its exposure to fluctuations in
foreign currency exchange rates or interest rates to be material.

        The Company utilizes fixed and variable-rate debt to maintain liquidity
and fund its domestic business operations, with the terms and amounts based on
business requirements, market conditions and other factors. At June 30, 2001,
this included long-term debt denominated in U.S. dollars and long-term revolving
credit facility borrowings. The fair value of the Company's fixed rate
borrowings was approximately $24.6 million. A 100 basis point change in interest
rates (all other variables held constant) as of June 30, 2001, would result in
an approximate $0.6 million annualized change in fair value but would not affect
interest expense or cash flow. At June 30, 2001, the Company had $26.0 million
in variable-rate debt. A 100 basis point change in interest rates (all other
variables held constant) on this portion of the Company's debt would result in
an annualized change in interest expense and cash flow of approximately $0.26
million.


                           Part II. Other Information

Item 4. Submission of Matters to a Vote of Security Holders

            At the Annual Meeting of Stockholders on May 22, 2001, the Company
stockholders, pursuant to proxies solicited under Regulation 14A, elected three
directors for terms to expire in 2004, and one director for a term to expire in
2002, or until their successors are elected and qualify. The following votes
were cast:

<Table>
<S>                                                                  <C>                  <C>
Term expiration 2004
Paul A. Becker                                                         12,014,416           shares voted for
                                                                     ------------
                                                                           44,472            shares withheld
                                                                     ------------

Dan F. Smith                                                           11,688,662           shares voted for
                                                                     ------------
                                                                          370,226            shares withheld
                                                                     ------------

Leland R. Speed                                                        12,011,561           shares voted for
                                                                     ------------
                                                                           47,327            shares withheld
                                                                     ------------


Term expiration 2002
Richard P. Anderson                                                    12,012,874           shares voted for
                                                                     ------------
                                                                           46,014            shares withheld
                                                                     ------------
</Table>




                                       13
<PAGE>   14


Item 6. Exhibits and Reports on Form 8-K


            (b) Reports on Form 8-K

                No report on Form 8-K was filed by the Registrant during the
                three months ended June 30, 2001.





                                       14
<PAGE>   15

                                   SIGNATURES




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




                                                   CHEMFIRST INC.



August 13, 2001                                 /s/ J. Kelley Williams
----------------                                --------------------------------
Date                                            J. Kelley Williams
                                                Chairman and Chief Executive
                                                  Officer



August 13, 2001                                 /s/ Troy B. Browning
----------------                                --------------------------------
Date                                            Troy B. Browning
                                                Controller (Principal Accounting
                                                  Officer)



                                       15