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

FORM 10-K

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

For the fiscal year ended September 30, 2001 Commission file number 1-5978

SIFCO Industries, Inc. and Subsidiaries
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

Ohio 34-0553950
- ---------------------------------------- -------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)

970 East 64th Street, Cleveland Ohio 44103
- ---------------------------------------- -------------------------------------
(Address of principal executive offices) (Zip Code)

(216) 881-8600
-----------------------------------------
(Registrant's telephone number, including area code)

Securities Registered Pursuant to Section 12(b) of the Act:

Common Shares, $1 Par Value American Stock Exchange
- --------------------------- -------------------------------------------
(Title of each class) (Name of each exchange on which registered)

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

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by section 13 or 15(d) of the Securities and Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
------ ----

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

The aggregate market value of Common Shares held by non-affiliates of the
Registrant as of December 7, 2001, computed on the basis of the last reported
sale price per share of $5.01 of such stock on the American Stock Exchange, was
$15,252,910.

The number of the Registrant's Common Shares outstanding at December 7, 2001 was
5,120,933.

Documents incorporated by reference:
Portions of the Annual Report to Shareholders for the year ended September 30,
2001 (Part I, II, IV) Portions of the Proxy Statement for Annual Meeting of
Shareholders on January 29, 2002 (Part III)

PART I

ITEM 1. BUSINESS
- ----------------

A. THE COMPANY

SIFCO Industries, Inc., an Ohio corporation ("Company"), was
incorporated in 1916. The executive offices of the Company are located at 970
East 64th Street, Cleveland, Ohio 44103, and its telephone number is (216)
881-8600.

The Company is engaged in the production and sale of a variety of
metalworking processes, services and products produced primarily to the specific
design requirements of its customers. The processes include forging,
heat-treating, coating, welding, machining and brush plating; and the products
include forgings, machined forgings and other machined metal parts,
remanufactured component parts for turbine engines, and brush plating solutions
and equipment. The Company's operations are conducted in three business
segments: (1) Turbine Component Services and Repair, (2) Aerospace Component
Manufacturing and (3) Metal Finishing (previously included in the Turbine
Component Services and Repair segment).

B. PRINCIPAL PRODUCTS AND SERVICES

1. Turbine Component Services and Repair Segment
---------------------------------------------

The Company's Turbine Component Services and Repair ("Repair") business
is headquartered in Cork, Ireland. This business consists principally of the
repair and remanufacture of jet engine (aerospace) turbine components. The
Repair business is also involved in the repair of industrial land-based gas
turbine components, precision machining for aerospace applications and inventory
management.

Operations

The aerospace portion of the Repair business requires the procurement
of licenses, which certify that it has obtained approval to perform certain
proprietary repair processes. Such approvals are generally specific to an engine
and its components, a process and a repair facility/location. Without possession
of such approvals, a company would be precluded from competing in the aerospace
turbine component repair business. Approvals are issued by either the original
equipment manufacturers ("OEM") of jet engines or the Federal Aviation
Administration ("FAA"). Historically the Repair business has elected to procure
approvals primarily from the OEM and currently maintains a variety of OEM
proprietary repair process approvals issued by each of the primary OEM (i.e. GE,
SNECMA, Pratt and Whitney, Rolls-Royce, etc.). In exchange for being granted an
OEM approval, the Repair business is obligated to pay a royalty to the OEM for
each component repair that it performs utilizing the OEM approved proprietary
repair process. Recently, the Repair business has been successful in procuring
FAA repair process approvals. There is no royalty payment obligation associated
with the use of a repair process approved by the FAA. To procure an OEM or FAA
approval the Repair business is required to demonstrate its technical competence
in the process of repairing such turbine components.

The development of remanufacturing and repair processes is an ordinary
part of the Repair business. The Repair business continues to invest time and
money on research and development activities. One such activity is the
development of an advanced coating technology. At the present time, a small
portion of the Company's repair business is dependent on advanced coating
processes and it believes that it can continue to access such capabilities on a
subcontract

basis when required. However, the Company believes that such requirements will
likely increase in the future. While there is a patented advanced coating
technology available for the Company to acquire, it has chosen not to do so
because it believes that the cost/benefit justification for having that
particular advanced coating capability (in-house) does not exist at this time.
Instead, the Company, as part of a research group with several other companies,
is in the process of researching and developing an equivalent/alternative, cost
effective coating technology. Operating costs related to such activities are
expensed during the period in which they are incurred.

The Repair business generally has multiple, yet limited sources
for its raw materials, consisting primarily of investment castings essential to
this business. However, certain items are procured directly from the OEM to
satisfy repair process requirements. Suppliers of such materials are located in
many areas throughout North America and Europe. The Repair business generally
does not depend on a single source for the supply of its materials and
management believes that its sources are adequate for its business.

Industry

The performance of the domestic and international air transport
industry directly and significantly impacts the performance of the Repair
business. Historically, the air transport industry's long-term outlook has for
many years been for continued steady growth, which suggested the long-term need
for additional aircraft and growth in the world aircraft fleet and the
requirement for aircraft engine repairs. The events of September 11, 2001, have
resulted in an immediate reduction in the demand for passenger travel both in
the U.S. and internationally. It is difficult to determine, at this time, the
long-term impact of these events on air travel and the demand for the services
and products provided by the Company. However, aircraft manufacturers have
recently announced reductions in forecasted aircraft deliveries in the next few
years as a result of reduced demand and many airlines have cancelled or
rescheduled deliveries of new aircraft to which they had previously committed.
In addition, the financial condition of many airlines, in the U.S. and overseas,
is weak. The airline industry has made requests for U.S. government assistance
while some airlines have entered bankruptcy proceedings and others have
announced major restructurings, including significant reductions in service and
the grounding of aircraft. These factors are likely to result in a decrease in
orders for engine component repairs, which in turn could negatively impact the
Company's sales, operating profits and cash flows.

While the world's fleet of aircraft has been growing, it has also been
in transition. Several older models of certain aircraft (727, 737-100/200,
747-100/200 and DC-9) and the engines (JT8D and JT9D) that power such aircraft
have either been retired from use or their in-flight service intervals are being
reduced. In addition, as a direct result of the previously mentioned reduced
demand for commercial flight miles, airlines have accelerated the timing of such
retirements. As a result, the overall demand for repairs to such older model
engines is not growing and in some cases is decreasing. At the same time, newer
generation aircraft (newer generation 737 and 747; 767, A320, A330, A340, etc.)
and engines (CFM56, PW4000, Trent, etc.) are being introduced with newer
technology required to both operate and maintain such engines. The introduction
of such newer generation engines has in general reduced the frequency with which
engines and related components need to be repaired. The longer times between
repairs has been attributed to improved technology, including the improved
ability to monitor an engine's condition while still in operation.

Competition

In recent years, while the absolute number of competitors has decreased
as a result of industry consolidation and vertical integration, competition in
the component repair business has nevertheless increased, principally due to the
increasing direct involvement of the engine manufacturer into the engine
overhaul and component repair businesses. With the entry of the OEM into the
market, there has been a general reluctance on the part of the OEM to issue, to
the independent component repair companies, its approvals for the repair of its
newer model engines and related components. However, if an OEM repair process
approval is not available, the Repair business has, in many cases, been
successful in procuring, and subsequently marketing to its customers, FAA
approvals and related repair processes. It appears that the Repair business
will, more likely than not, become more dependent on its ability to successfully
procure and market FAA approved licenses and related repair processes in the
future and/or on close collaboration with engine manufacturers. However, the
Repair business believes it can partially compensate for these factors by its
success in broadening its product lines and developing new geographic markets
and customers (e.g., by participating in the repair of industrial (land-based)
turbine engine components).

Customers

The identity and ranking of the Repair business segment's principal
customers can vary from year to year. The Repair business attempts to rely on
its ability to adapt its services and operations to changing requirements of the
market in general and its customers in particular, rather than relying on high
volume production of a particular item or group of items for a particular
customer or customers. During fiscal 2001, the Repair business segment had two
customers that accounted for 16% and 11% of the segment's net sales, Lufthansa
AG and AeroThrust Corporation, respectively. Although there is no assurance that
this will continue, historically as one or more major customers have reduced
their purchases, the business has generally been successful in replacing such
reduced purchases, thereby avoiding a material adverse impact on the business.
No material part of the Company's Repair business is seasonal.

2. Aerospace Component Manufacturing Business Segment
--------------------------------------------------

Operations

The Company's Aerospace Component Manufacturing ("ACM") business
consists of the production, heat treatment and some machining of forgings in
various alloys utilizing a variety of processes for application in the aerospace
industry as well as several other industrial markets. The Company's forged
products include: OEM and aftermarket parts for aircraft and land-based turbine
engines; structural airframe components; parts for aircraft landing gear, wheels
and brakes; and parts for undersea cable communication systems and miscellaneous
commercial products.

The forging, machining, or other preparation of prototype parts to
customers' specifications, which may require research and development of new
parts or designs, is an ordinary part of the ACM business. Apart from such work,
the ACM business has not invested a material amount of time or money on research
and development activities.

The ACM business has many sources for its raw materials, consisting
primarily of high quality metals essential to this business. Suppliers of such
materials are located in many areas throughout North America and Europe. The ACM
business does not depend on a single source for the supply of its materials and
believes that its sources are adequate for its business. The business is ISO
9002-1994 registered and AS9000 certified. In addition, the business's
heat-

treating facilities are NADCAP (National Aerospace and Defense Contractors
Accreditation Program) certified.

Industry

The performance of the domestic and international air transport
industries directly and significantly impacts the performance of the ACM
business. Historically the air transport industry's long-term outlook has been
for continued steady growth, which suggested the long-term need for additional
aircraft and growth in the world aircraft fleet. However, airline operations
have been negatively impacted by the disruption caused by the September 11, 2001
terrorist attacks and the downturn in the U.S. economy. These conditions have
resulted in reduced flight schedules, cancellation of aircraft orders, workforce
reductions, and declining financial performance within the airline industry, as
well as an industry-wide request for U.S. government assistance. These factors
are likely to result in a decrease in orders for new and aftermarket commercial
aerospace products, which in turn could negatively impact the Company's sales,
operating profits and cash flows. Since September 11, 2001, the ACM business has
experienced some commercial aerospace product rescheduling, reduction, and
cancellation. The ACM business also supplies new and spare components for
military aircraft. Increases in military products could partially offset a
decrease in commercial aerospace products. The ACM business is not able to
quantify the interplay of these factors.

Competition

There is excess capacity in many segments of the forging industry. The
ACM business believes this has the effect of increasing competition and limits
the ability to raise prices. The ACM business believes, however, that its focus
on quality, customer service and offering a broader range of capabilities help
to give it an advantage in the markets it serves. The Company believes it can
partially compensate for these factors by broadening its product lines and
developing new customers.

Customers

During fiscal 2001, the ACM business segment had one customer,
Rolls-Royce Corporation, which accounted for 37% of the segment's net sales. The
ACM business believes that the total loss of sales to such customer would result
in a materially adverse impact on the business and income of the ACM business.
However, the ACM business has maintained a business relationship with this
customer for over ten years and is currently conducting business with it under a
multi-year arrangement. Although there is no assurance that this will continue,
historically as one or more major customers have reduced their purchases, the
business has generally been successful in replacing such reduced purchases,
thereby avoiding a material adverse impact on the business. The ACM business
attempts to rely on its ability to adapt its services and operations to changing
requirements of the market in general and its customers in particular. No
material part of the Company's ACM business is seasonal.

3. Metal Finishing Business Segment
--------------------------------

The Company's Metal Finishing Segment is a provider of a specialized
electroplating process called "brush plating", which is used to apply metal
coatings to a selective area of a component. The Metal Finishing segment
provides equipment and metal solutions to customers to do their own in-house
brush plating, as well as provides custom brush plating on a contract service
basis to customers who choose to outsource the work.

Operations

A variety of metals, determined by the customer's design requirements,
can be brush plated onto metal surfaces. Metals available using SIFCO Process
solutions, include: cadmium, cobalt, copper, nickel, tin and zinc. Precious
metal solutions such as gold, iridium, palladium, platinum, rhodium, and silver
are also available. SIFCO has also developed a number of alloy-plating
solutions, including: nickel-cobalt, nickel-tungsten, cobalt-tungsten, and
tin-zinc. The segment's process has a wide range of both manufacturing and
repair applications to functionally enhance, protect or restore the underlying
component. The process is considered environmentally friendlier than traditional
plating methods because it does not require the use of tanks and, therefore, it
requires smaller amounts of solutions and generates less waste.

While the Metal Finishing business offers the equipment and solutions
to customers so that they can conduct their own brush plating operations, it
also offers to provide brush plating services to customers that either do not
want to invest in the equipment, do not want to have responsibility for
hazardous materials, or who have decided to outsource non-core operations. Brush
plating services occur either at one of the segment's service facilities or at
the customer's site by highly trained service technicians. Service center
facilities are located within a six-hour drive of most major industrial
locations in the United States and in Europe.

The Metal Finishing business sells its products and services under the
following brand names: SIFCO Process(R), Dalic(R), USDL(R) and Selectron(R), all
of which are specified in military and industrial specifications. The business
has ISO-9002-1994 certification and is AS 9000 compliant at its primary U.S.
facility. In addition, both of its European facilities have ISO-9000-1994
certification. All of its other regional service centers are ISO-9000-1994
compliant, and in addition a certain facility is NADCAP (National Aerospace and
Defense Contractors Accreditation Program) certified. Three of the service
centers are FAA approved repair shops. Other segment approvals include ABS
(American Bureau of Ships), ARR (American Railroad Registry), FAA (Federal
Aviation Agency), JRS (Japan Registry of Shipping), and KRS (Korean Registry of
Shipping).

Industry

While the segment fits into the broad metal finishing industry, it
fills a very specific niche where either engineering or scheduling requirements
preclude other finishing options. The segment's process is used in a variety of
industries, including aerospace, heavy machinery, medical, petroleum
exploration, electric power generation, pulp and paper, printing and railroad.
The diversity of industries served helps to mitigate the impact of economic
cycles on the business.

Competition

Brush plating technology was developed in the 1940's in France and
virtually everyone involved in this industry draws their formulations from the
same core technology. The industry is fragmented into numerous product and
service suppliers, resulting in a highly competitive environment. The Metal
Finishing segment attempts to differentiate itself from the competition by
creating high value applications for larger, technically demanding customers.
The Company's Metal Finishing segment believes that it is the largest supplier
of brush plating supplies and service in the world and the only supplier with
strong technical and product development capabilities.

Customers

The Metal Finishing business segment has a customer base of
approximately 1,500 customers. However, approximately 10 to 12 customers, all of
whom come from different industries, account for approximately half of the
segment's annual sales. In fiscal 2001, no one customer accounted for 10% or
more of the segment's net sales.

4. General
-------

Information concerning the Company's reportable business segments as
contained in the Company's Annual Report to Shareholders for the year ended
September 30, 2001 is incorporated herein by reference.

C. ENVIRONMENTAL REGULATIONS

In common with other companies engaged in similar businesses, the
Company has been required to comply with various laws and regulations relating
to the protection of the environment. The costs of such compliance have not had,
and are not presently expected to have, a material effect on the capital
expenditures, earnings or competitive position of the Company and its
subsidiaries under existing regulations and interpretations.

D. EMPLOYEES

The number of the Company's employees decreased from 792 at the
beginning of the fiscal year to 780 at the end of the fiscal year.

ITEM 2. PROPERTIES
- ------------------

The Company's property, plant and equipment include the plants
described below and a substantial quantity of machinery and equipment, most of
which is general purpose machinery and equipment using special jigs, tools and
fixtures and in many instances having automatic control features and special
adaptions. In general, the Company's property, plant and equipment are in good
operating condition, are well maintained and substantially all of its facilities
are in regular use. The Company considers its investment in property, plant and
equipment as of September 30, 2001 suitable and adequate given the current
product offerings for the respective business segments' operations in the
current business environment. The square footage numbers set forth in the
following paragraphs are approximations:

- The Turbine Component Services and Repair segment has six (6)
facilities with a total of 296 thousand square feet that are
involved in the repair and remanufacture jet engine and
industrial turbine components. Three of these plants are
located in Cork, Ireland (137 thousand square feet), one in
Minneapolis, Minnesota (59 thousand square feet) and two in
Tampa, Florida (73 thousand square feet). A portion of the
Minneapolis plant is also the site of some of the Company's
machining operations. All of these facilities are owned,
except for a leased 5 thousand square foot facility in Tampa,
Florida.
- The Aerospace Component Manufacturing segment operates in a
single owned 262 thousand square foot facility located in
Cleveland, Ohio. This facility is also the site of the
Company's corporate headquarters.
- The Metal Finishing segment is headquartered in an owned 30
thousand square foot plant in Independence, Ohio. The segment
operates a leased 6 thousand square foot

plant in Redditch, England. The Metal Finishing segment also
leases space for sales offices and/or for its contract plating
services in Norfolk, Virginia; Hartford (East Windsor),
Connecticut; Los Angeles (San Dimas), California; Tacoma
(Fife), Washington; Houston, Texas; and Paris (Saint-Maur),
France (totaling approximately 27 thousand square feet).

ITEM 3. LEGAL PROCEEDINGS
- -------------------------

In the normal course of business, the Company may, from time to time,
be involved in pending legal actions. To the knowledge of the Company, the only
pending legal actions existing as of September 30, 2001, in which the Company
was a defendant, consist of the following:

On September 13, 2000, a former employee ("Plaintiff") filed a
complaint in the Cuyahoga County Court of Common Pleas alleging certain
wrongdoing on the part of the Company, including wrongful termination of the
Plaintiff. The Plaintiff seeks unspecified compensatory and punitive damages.
Plaintiff voluntarily dismissed the suit without prejudice during 2001. The
Plaintiff may refile the complaint within a prescribed time period. The Company
believes that the allegations are without merit and would continue to vigorously
defend its position.

In May 1999, an employee ("Employee") filed an employment intentional
tort action against the Company in conjunction with a serious injury suffered by
the employee. The Employee has alleged personal injury in excess of $25.0
million and unspecified punitive damages. The Company has filed an Answer
denying liability. Discovery is underway.

In connection with the preceding litigation, the Company filed a
complaint in the Cuyahoga County Court of Common Pleas against the Company's
insurance carrier on the grounds that it has refused to provide indemnity to the
Company for the preceding employment intentional tort action. Policy limits are
$1.0 million after the Company first pays a self-insured retention of $0.5
million. The Company's complaint seeks a declaratory judgment that the insurance
carrier owes a duty to indemnify the Company with respect to the preceding
action. The parties have exchanged cross-Motions for Summary Judgment. The
Motions remain pending.

Recently, there have been communications from the Employee's counsel
and counsel for the Company's insurance carrier about a potential settlement of
both actions involving both monetary payments as well as a continued employment
relationship between the Company and the Employee. These discussions are ongoing
and the eventual outcome is uncertain.

The Company cannot reasonably estimate future costs related to these
matters and other matters that may arise. Although it is possible that the
Company's future operating results could be affected by future cost of
litigation, it is management's belief at this time that such costs will not have
a material adverse affect on the Company's consolidated financial position or
results of operations.

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

Not applicable.

PART II

ITEM 5. MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED SECURITY HOLDER
- ----------------------------------------------------------------------------
MATTERS
- -------

The information required by Part II, Item 5 is incorporated herein by
reference to the information contained in the Company's Annual Report to
Shareholders for the year ended September 30, 2001. The Company's common stock
is traded on the American Stock Exchange (under the symbol: SIF). As of December
7, 2001, the Company had 757 shareholders of record.

ITEM 6. SELECTED FINANCIAL DATA
- -------------------------------

The information required by Part II, Item 6 is incorporated herein by
reference to the information contained in the Company's Annual Report to
Shareholders for the year ended September 30, 2001.

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

The information required by Part II, Item 7 is incorporated herein by
reference to the information contained in the Company's Annual Report to
Shareholders for the year ended September 30, 2001.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
- ---------------------------------------------------

The financial statements required by Part II, Item 8 are incorporated
herein by reference to the information contained in the Company's Annual Report
to Shareholders for the year ended September 30, 2001.

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

Not applicable.

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND KEY EMPLOYEES OF THE REGISTRANT
- --------------------------------------------------------------------------

Information regarding Directors of the Company, as required by Part
III, Item 10, is incorporated herein by reference to the information contained
in the Company's Proxy Statement dated December 14, 2001, filed in connection
with the Company's Annual Meeting of Shareholders to be held January 29, 2002.

The Executive Officers of the Company are elected annually to serve
for one-year terms or until their successors are elected and qualified. The
Executive Officers and Key Employees as of December 14, 2001 were as follows:

Name Age Title and Business Experience
- ---- --- -----------------------------

Jeffrey P. Gotschall(1) 53 Director of the Company since 1986; Elected Chairman of the Board in 2001;
Chief Executive Officer since 1990 and President since 1989; Chief
Operating Officer from 1986 to 1990; Mr. Gotschall previously served
the Company from 1986 through 1989 as Executive Vice President and
from 1985 through 1989 as President of SIFCO Turbine Component
Services.

Frank A. Cappello 43 Vice President-Finance and Chief Financial Officer since February 21, 2000,
the date on which he initially joined the Company.

Hudson D. Smith(1) 50 Director of the Company since 1988. Mr. Smith serves as Treasurer of
the Company since 1983 and President of the SIFCO Forge Group since
1998. Mr. Smith previously served as Vice President and General
Manager of SIFCO Forge Group from 1995 to 1997, General Manager of
SIFCO Forge Group's Cleveland Operations from 1989 through 1995 and
Group General Sales Manager of SIFCO Forge Group from 1985 through
1989.

Timothy V. Crean 53 Executive Vice-President of SIFCO Industries, Inc. since 1998. Managing
Director of the SIFCO Turbine Components Services and Repair Group
since 1995, and Managing Director of SIFCO Turbine Components, Ltd.
since 1986.

Carolyn J. Buller, Esq. 46 Secretary and General Counsel since November 8, 2000. Ms. Buller is a
partner in the law firm of Squire, Sanders & Dempsey and has been an attorney
with the firm since 1981.

Remigijus H. Belzinskas 45 Corporate Controller since June 21, 2000, the date on which he initially
joined the Company.

(1) Charles H. Smith, Jr. is the father of Hudson D. Smith and the
uncle of Jeffrey P. Gotschall, who are first cousins.

ITEM 11. EXECUTIVE COMPENSATION
- -------------------------------

The information required by Part III, Item 11 is incorporated herein
by reference to the information contained in the Company's Proxy Statement dated
December 14, 2001, filed in connection with the Company's Annual Meeting of
Shareholders to be held January 29, 2002.

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

The information required by Part III, Item 12 is incorporated herein
by reference to the information contained in the Company's Proxy Statement dated
December 14, 2001, filed in connection with the Company's Annual Meeting of
Shareholders to be held January 29, 2002.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
- -------------------------------------------------------

Not applicable.

PART IV

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

(a)(1) FINANCIAL STATEMENTS:
---------------------

The following consolidated financial statements contained in the
Company's Annual Report to Shareholders for the year ended September
30, 2001, are incorporated herein by reference:

Consolidated Statements of Income for the Years Ended September 30,
2001, 2000 and 1999.

Consolidated Balance Sheets - September 30, 2001 and 2000.

Consolidated Statements of Cash Flows for the Years Ended September 30,
2001, 2000 and 1999.

Consolidated Statements of Shareholders' Equity for the Years Ended
September 30, 2001, 2000 and 1999.

Notes to Consolidated Financial Statements - September 30, 2001, 2000
and 1999.

Report of Independent Public Accountants.

(a)(2) FINANCIAL STATEMENT SCHEDULES:
------------------------------

Report of Independent Public Accountants on the Financial Statement
Schedule.

Schedule II - Allowance for Doubtful Accounts for the Years
Ended September 30, 2001, 2000 and 1999.

Financial statement schedules, other than Schedule II are not
presented because the information is not required or it is furnished
elsewhere.

(a)(3) EXHIBITS:
---------

EXHIBIT NO. DESCRIPTION LOCATION
- ----------- ----------- --------

(3) Second Amended Articles of Incorporation, as amended, and Amended
Code of Regulations (A)

(4) Instruments defining the rights of security holders (B)

(9) Voting Trust Agreement, as amended (C)

(10) Material Contracts:

(a) 1989 Stock Option Plan (D)

(b) Incentive Compensation Plan, as amended and restated (E)

(d) Form of Indemnification Agreement between the Registrant and each
of its Directors and Executive Officers (C)

(e) 1998 Long-Term Incentive Plan (F)

(f) Change in Control Severance Agreement between the Company (G)
and Frank Cappello, dated September 28, 2000

(g) Change in Control Severance Agreement between the Company (G)
and Hudson Smith, dated September 28, 2000

(h) Change in Control Severance Agreement between the Company (G)
and Remigijus Belzinskas, dated September 28, 2000

(i) Change in Control Agreement between the Company and Frank (G)
Cappello, dated November 9, 2000

(13) Annual Report to Shareholders for the year ended September 30,
2001

(21) Subsidiaries of the Company

(23) Consent of Arthur Andersen LLP

(99) Report of Independent Public Accountants on the Financial
Statement Schedule II - Allowance for Doubtful Accounts for the
Years Ended September 30, 2001, 2000 and 1999.

LOCATION REFERENCE
- ------------------

(A) Incorporated herein by reference to Form 10-K, September 30, 1986

(B) Incorporated herein by reference to Form 10-K, September 30, 1987

(D) Incorporated herein by reference to Form 10-K, September 30, 1989

(E) Incorporated herein by reference to Form 10-K, September 30, 1995

(F) Incorporated herein by reference to Appendix A to the Proxy Statement
for the Annual Meeting of Shareholders held January 26, 1999

(G) Incorporated herein by reference to Form 10-Q/A, December 31, 2000

(b)(1) REPORTS ON FORM 8-K
-------------------

No reports on Form 8-K were filed during the last quarter of the
fiscal year ended September 30, 2001.

SIGNATURES

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

SIFCO Industries, Inc. and Subsidiaries

By: /s/ Frank A. Cappello
------------------------------
Vice President-Finance
and Chief Financial Officer
(Principal Financial Officer)
Date: December 14, 2001

Pursuant to the requirements of the Securities Exchange Act of 1934,
this Annual Report has been signed below on December 14, 2001 by the following
persons on behalf of the Registrant in the capacities indicated.

/s/ Charles H. Smith, Jr. /s/ Richard S. Gray
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Charles H. Smith, Jr. Richard S. Gray
Chairman Emeritus Director
Director

/s/ Jeffrey P. Gotschall /s/ Thomas J. Vild
------------------------ ------------------
Jeffrey P. Gotschall Thomas J. Vild
Chairman; Director
President; Chief Executive Officer;
Director

/s/ Hudson D. Smith /s/ J. Douglas Whelan
---------------------- -----------------------
Hudson D. Smith J. Douglas Whelan
Treasurer; Director Director

/s/ Maurice Foley /s/ Remigijus H. Belzinskas
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Maurice Foley Remigijus H. Belzinskas
Director Corporate Controller
(Principal Accounting Officer)