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): August 16, 2004

                           ALLIS-CHALMERS CORPORATION
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

              DELAWARE                                           1-2199
(STATE OR OTHER JURISDICTION                            (COMMISSION FILE NUMBER)
      OF INCORPORATION)

                                   39-0126090
                                (I.R.S. EMPLOYER
                               IDENTIFICATION NO.)

                           5075 WESTHEIMER, SUITE 890
                              HOUSTON, TEXAS 77056
               (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)

         REGISTRANT'S TELEPHONE NUMBER INCLUDING AREA CODE: 713-369-0550




ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.

   (a) Financial Statements of Businesses Acquired: None

   (b) Pro Forma Financial Information: None

   (c) Exhibits.

         99.1     Press Release dated August 16, 2004

ITEM 12. FINANCIAL CONDITION AND RESULTS OF OPERATION.

         On August 16, 2004, the Registrant issued a press release relating to
its earnings in the first six months of 2004, a copy of which is attached as an
exhibit hereto.






                                    SIGNATURE

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

                                                ALLIS-CHALMERS CORPORATION

                                                By: /s/ Munawar H. Hidayatallah
                                                    ----------------------------
                                                    Munawar H. Hidayatallah
                                                    Chief Executive
                                                    Officer and Chairman

Date: August 17, 2004


Exhibit            Description


         99.1     Press Release Dated August 16, 2004