8-K

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


                                    FORM 8-K


                                 CURRENT REPORT
     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported)  February 14, 2003
                                                --------------------------------


                          Atchison Casting Corporation
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             (Exact name of registrant as specified in its charter)


KANSAS                                  1-12541                48-1156578
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(State or other jurisdiction          (Commission              (IRS Employer
      of incorporation)               File Number)           Identification No.)


400 South Fourth Street, Atchison, Kansas                             66002
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(Address of principal executive offices)                            (Zip Code)



Registrant's telephone number, including area code: (913) 367-2121
                                                    ----------------------------



                                 Not applicable
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          (Former name or former address, if changed since last report)

Item 5.      Other Events.

         Atchison Casting Corporation issued a press release today announcing
its results for the second quarter and the first six months ended December 31,
2002. A copy of the press release is attached as Exhibit 99.1 hereto and
incorporated herein by reference.

Item 7.      Financial Statements and Exhibits.

         (c) EXHIBITS. The following exhibit is filed herewith:

         99.1     Press Release dated February 14, 2003.

                                    SIGNATURE

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



                                 Atchison Casting Corporation


Date:  February 14, 2003         By:  /s/ Kevin T. McDermed
                                      ------------------------------------------
                                       Kevin T. McDermed,
                                       Chief Financial Officer

EX-99

                                                                    EXHIBIT 99.1


NEWS RELEASE
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                                                      CONTACT:    Tom Armstrong
                                                                  Kevin McDermed
                                                                  913 367 2121
                                                                  OTCBB:AHNC.OB


                          Atchison Casting Corporation
                    Announces Results for the Second Quarter
                          And First Half of Fiscal 2003

         Atchison, Kansas - February 14, 2003 - Atchison Casting Corporation
(OTCBB:AHNC.OB) today announced results for the second quarter and first six
months ended December 31, 2002.

         Second quarter net sales from continuing operations decreased 17.6% to
$77.2 million from $93.7 million in the comparable period last year. Excluding
operations that were sold, closed or placed into liquidation in fiscal 2002, net
sales for the second quarter were $76.9 million, representing a decrease of 8.7%
from net sales of $84.2 million in the second quarter of fiscal 2002. The net
loss for the quarter was $10.4 million, or $1.34 per share, compared to a net
loss in the second quarter of fiscal 2002 of $5.7 million, or $0.74 per share.
Included in fiscal 2003 second quarter results is a loss from discontinued
operations of $1.5 million, or $0.19 per share, and a fixed asset impairment
charge relating to the Company's G&C Foundry Company and Canada Alloy Castings,
Ltd. subsidiaries, of $4.4 million, or $0.57 per share. Included in fiscal 2002
second quarter results is a loss from discontinued operations of $678,000, or
$0.09 per share. The loss from discontinued operations in both periods consists
of the results of Kramer International, Inc., which was sold in January 2003,
and La Grange Foundry Inc., which was closed in November 2002. Excluding these
items, the loss from adjusted continuing operations for the second quarter of
fiscal 2003 was $4.5 million, or $0.58 per share, compared to a loss of $4.8
million, or $0.65 per share in the comparable period last year.

         For the first half of fiscal 2003, net sales from continuing operations
decreased 17.8% to $153.3 million from $186.5 million in the comparable period
last year. Excluding operations that were sold, closed or placed into
liquidation in fiscal 2002, net sales for the first half of fiscal 2003 were
$152.7 million, representing a decrease of 8.9% from net sales of $167.6 million
in the first half of fiscal 2002. The net loss for the first half of fiscal 2003
was $36.7 million, or $4.75 per share, compared to a net loss in the first half
of fiscal 2002 of $10.2 million, or $1.32 per share. Included in fiscal 2003
first half results is (i) a loss from discontinued operations of $3.5 million,
or $0.45 per share, (ii) a fixed asset impairment charge relating to the
Company's G&C Foundry Company and Canada Alloy Castings, Ltd. subsidiaries, of
$4.4 million, or $0.57 per share, (iii) a restructuring charge of $1.5 million,
or $0.20 per share, relating to the liquidation of New England Iron, LLC, the
buyer of substantially all of the net assets of Jahn Foundry Corp. in December
2001, and (iv) a goodwill impairment charge of $17.4 million, or $2.26 per
share, due to the adoption of a


                          ATCHISON CASTING CORPORATION
     400 SOUTH FOURTH STREET o P.O. BOX 188 o ATCHISON, KANSAS 66002-0188 o
                      (913) 367-2121 o FAX (913) 367-2155

new accounting standard. Included in fiscal 2002 first half results is a loss
from discontinued operations of $695,000, or $0.09 per share. Excluding these
items, the loss from adjusted continuing operations for the first half of fiscal
2003 was $9.8 million, or $1.27 per share, compared to a loss of $9.5 million,
or $1.23 per share in the comparable period last year.

         In connection with the adoption of Statement of Financial Accounting
Standards No. 142, "Goodwill and Other Intangible Assets", the Company recorded
the non-cash goodwill impairment charge of $17.4 million mentioned above, as of
the beginning of fiscal 2003. The goodwill impairment charge relates to four of
the Company's operations, and was recorded as a Cumulative Effect of Accounting
Change. The charge has no effect on operating income or cash flows from
operations.

         "The market conditions for the foundry industry are at the lowest
levels seen in many years," said Tom Armstrong, CEO. "During this difficult
period, we believe we have maintained, or slightly increased, market share in
the primary markets we continue to serve," continued Mr. Armstrong. "We have
tried to focus on customer quality and delivery, as well as reducing costs.
However, the low demand for our customers' end-use products has forced us to
take other difficult actions to reduce losses and try to reach profitability,"
continued Mr. Armstrong. "To date, we have now closed or placed into
liquidation, six operations and have completed the sale of three. While there
are industry projections of improved market conditions over the next 12 to 18
months, there remain no clear signs that markets will improve during that
period. However, the actions we have taken over the last couple of years will
better position us to reach profitability once our markets do return," said Mr.
Armstrong.

         "As previously announced, reducing our debt is a top priority. ACC is
currently in discussions to sell The G&C Foundry Company and Canada Alloy
Castings, Ltd. operations. In addition, we are continuing to market Inverness
Castings Group, Inc.," said Mr. Armstrong. "Proceeds from these sales, should
they be completed, will be used to reduce our outstanding debt level," continued
Mr. Armstrong. "All of these sale/closure actions are consistent with our
previously announced business model, which includes, among other things,
narrowing the Company's customer and product focus," concluded Mr. Armstrong.

         ACC produces iron, steel and non-ferrous castings for a wide variety of
equipment, capital goods and consumer markets.

         This press release contains forward-looking statements that involve
risks and uncertainties. Such statements include the Company's expectations as
to future performance and contingent obligations. Among the factors that could
cause actual results to differ materially from the forward looking statements
are the following: costs of closing foundries, the results of the liquidation of
the Company's wholly-owned subsidiary Fonderie d'Autun, the amount of any claims
made against Fonderie d'Autun's prior owner which are the subject of certain
guarantees, business conditions and the state of the general economy in Europe
and the US, particularly the capital goods industry, the strength of the U.S.
dollar, British pound sterling and the Euro, interest rates, the Company's
ability to renegotiate or refinance its lending arrangements, utility rates, the
availability of labor, the successful conclusion of union contract negotiations,
the results of any litigation arising out of the accident at Jahn Foundry,
results of any litigation or regulatory proceedings arising from the accounting
irregularities at the Pennsylvania Foundry Group, the competitive environment in
the casting industry and changes in laws and regulations that govern the
Company's business, particularly environmental regulations.


                          ATCHISON CASTING CORPORATION
     400 SOUTH FOURTH STREET o P.O. BOX 188 o ATCHISON, KANSAS 66002-0188 o
                      (913) 367-2121 o FAX (913) 367-2155

                  ATCHISON CASTING CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                        (In Thousands, Except Share Data)
                                   (Unaudited)


                                                       Three Months Ended                    Six Months Ended
                                                           December 31,                          December 31,
                                                      2002               2001               2002               2001
                                                 ----------------   ----------------   ----------------   ----------------
NET SALES                                                $77,209            $93,721           $153,333           $186,510

COST OF GOODS SOLD                                        70,759             85,489            141,411            171,442
                                                 ----------------   ----------------   ----------------   ----------------
GROSS PROFIT                                               6,450              8,232             11,922             15,068

OPERATING EXPENSES:

  Selling, general and administrative                      8,470             10,334             16,816             18,961

  Impairment and restructuring charges                     4,427                  -              5,938                  -

  Amortization of intangibles                                  -               (140)                 -               (280)
                                                 ----------------   ----------------   ----------------   ----------------
     Total operating expenses                             12,897             10,194             22,754             18,681
                                                 ----------------   ----------------   ----------------   ----------------
OPERATING LOSS                                            (6,447)            (1,962)           (10,832)            (3,613)

INTEREST EXPENSE                                           2,462              2,887              4,951              5,549

MINORITY INTEREST IN NET LOSS
  OF SUBSIDIARIES                                            (21)               (10)               (54)               (38)

LOSS FROM CONTINUING OPERATIONS
  BEFORE INCOME TAXES AND CUMULATIVE
                                                 ----------------   ----------------   ----------------   ----------------
  EFFECT OF ACCOUNTING CHANGE                             (8,888)            (4,839)           (15,729)            (9,124)

INCOME TAX EXPENSE                                             3                175                 32                356

CUMULATIVE EFFECT OF ACCOUNTING CHANGE                         -                  -            (17,441)                 -
                                                 ----------------   ----------------   ----------------   ----------------
LOSS FROM CONTINUING OPERATIONS                          ($8,891)           ($5,014)          ($33,202)           ($9,480)

LOSS FROM DISCONTINUED
  OPERATIONS, NET OF TAX                                  (1,470)              (678)            (3,466)              (695)

                                                 ----------------   ----------------   ----------------   ----------------
NET LOSS                                                ($10,361)           ($5,692)          ($36,668)          ($10,175)
                                                 ================   ================   ================   ================
NET LOSS PER SHARE - BASIC AND DILUTED
  CONTINUING OPERATIONS BEFORE ACCOUNTING CHANGE          ($1.15)            ($0.63)            ($2.04)            ($1.18)
  CUMULATIVE EFFECT OF ACCOUNTING CHANGE                   $0.00              $0.00             ($2.26)             $0.00
  DISCONTINUED OPERATIONS                                 ($0.19)            ($0.09)            ($0.45)            ($0.09)
                                                 ----------------   ----------------   ----------------   ----------------
   NET LOSS PER SHARE - BASIC AND DILUTED                 ($1.34)            ($0.74)            ($4.75)            ($1.32)
                                                 ================   ================   ================   ================
WEIGHTED AVERAGE NUMBER OF SHARES
  USED IN CALCULATION - BASIC AND DILUTED              7,723,031          7,723,031          7,723,031          7,710,032
                                                 ================   ================   ================   ================



                          ATCHISON CASTING CORPORATION
     400 SOUTH FOURTH STREET o P.O. BOX 188 o ATCHISON, KANSAS 66002-0188 o
                      (913) 367-2121 o FAX (913) 367-2155