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
                              ----------------

                               APRIL 16, 1999
              Date of Report (Date of Earliest Event Reported)


                            NIAGARA CORPORATION
             (Exact Name of Registrant as Specified in Charter)


        Delaware                        0-22206                 59-3182820 
 (State or Other Jurisdiction    (Commission File Number)   (I.R.S. Employer
       Of incorporation)                                    Identification No.)

                             667 Madison Avenue
                             New York, New York
                  (Address of Principal Executive Offices)

                                   10021
                                 (ZIP CODE)

                               (212) 317-1000
            (Registrant's Telephone Number, Including Area Code)

                               Not Applicable
                 (Former Name or Former Address, If Changed
                             Since Last Report)



            Item 5.    Other Events.

            On April 16, 1999, Niagara Corporation, a Delaware corporation
(the "Registrant"), and Niagara LaSalle (UK) Limited, an English company
and a wholly owned subsidiary of the Registrant ("Niagara UK"), entered
into a Sale of Business Agreement (the "Sale of Business Agreement") with
Glynwed International plc, an English company ("Glynwed"), and Glynwed
Steels Limited, an English company and a subsidiary of Glynwed ("Glynwed
Steels"), pursuant to which Niagara UK has agreed to purchase, and Glynwed
Steels has agreed to sell, the equipment, inventory and certain other
assets (collectively, the "Assets") of Glynwed's steel bar division (the
"Division"). As consideration for the purchase (the "Acquisition") of the
Assets, Niagara UK has agreed to pay Glynwed Steels, upon consummation of
the Acquisition, 21,202,000 pounds sterling, subject to a post closing
adjustment to reflect the amount by which the value of the Net Assets
Transferred (as defined in the Sale of Business Agreement) is more or less
than 24,796,000 pounds sterling. Copies of the Sale of Business Agreement
and the press release announcing the execution thereof are attached hereto
as Exhibits 10.1 and 99.1, respectively.

            In connection with the execution of the Sale of Business
Agreement, Niagara and Niagara UK entered into two property agreements (the
"Property Agreements") on April 16, 1999, with Glynwed (in one case) and
Glynwed Property Management Limited and Glynwed Properties Limited, each an
English company and a subsidiary of Glynwed. The Property Agreements
contemplate that subject to consummation of the Acquisition, Niagara UK
will lease or sublease 10 operating facilities (the "Operating Leases") and
accept assignments of the leases for 5 sales offices. Pursuant to the
Property Agreements and the agreed forms of lease and related agreements
(i) the initial term of the lease would be 10 years for 9 of the Operating
Leases and 5 years for the remaining Operating Lease at rents specified in
the Property Agreements, (ii) each Operating Lease could be terminated by
Niagara UK on one year's notice and (iii) Niagara UK would have the right
to purchase seven of the operating facilities at prices specified in the
Property Agreements (which total 9,468,000 pounds sterling), or renew the
leases with respect thereto for an additional term of 15 years at open
market rates. Copies of the Property Agreements are attached hereto as 
Exhibits 10.2 and 10.3, respectively.

            The Acquisition is subject to (i) the expiration or termination
of the waiting period under the Hart-Scott-Rodino Antitrust Improvements
Act of 1976, as amended and (ii) the absence of any injunction or
restraining order issued by any court of competent jurisdiction which
restrains or prohibits closing of the Acquisition. If these conditions are
not satisfied on or before May 31, 1999, the Sale of Business Agreement
will automatically terminate unless the parties agree otherwise. In
addition, Niagara UK may elect not to close the Acquisition for any
material breach of Glynwed Steels' warranties or the occurrence of anything
having a Material Adverse Effect (as defined in the Sale of Business
Agreement) on the Division.

            The Division is engaged in the business of manufacturing hot
rolled and cold finished steel bars and distributing the same primarily in
the United Kingdom.

            Item 7.    Financial Statements, Pro Forma Financial
                       Information and Exhibits.

            (c)   Exhibits.

10.1        Sale of Business Agreement, dated April 16, 1999, between
            Glynwed Steels Limited, Glynwed International plc, Niagara
            LaSalle (UK) Limited and Niagara Corporation.

10.2        Property Agreement, dated April 16, 1999, between Glynwed Property
            Management Limited, Glynwed Properties Limited, Niagara LaSalle
            (UK) Limited, Niagara Corporation and Glynwed International plc.

10.3        Agreement For Lease of Unit 6-8 Eagle Industrial Estate, dated
            April 16, 1999, between Glynwed Property Management Limited, 
            Glynwed Properties Limited, Niagara LaSalle (UK) Limited and 
            Niagara Corporation.

99.1        Press Release dated April 19, 1999.



                                 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.


                                          NIAGARA CORPORATION


                                          By: /s/ Marc J. Segalman
                                             --------------------------- 
                                             Name:  Marc J. Segalman
                                             Title: Vice President

Date:  April 27, 1999



                               EXHIBIT INDEX


Exhibit No.               Description                                Page No.
-----------               -----------                                --------

10.1           Sale of Business Agreement, dated April 16, 1999,
               between Glynwed Steels Limited, Glynwed 
               International plc, Niagara LaSalle (UK) Limited 
               and Niagara Corporation.

10.2           Property Agreement, dated April 16, 1999, between
               Glynwed Property Management Limited, Glynwed 
               Properties Limited, Niagara LaSalle (UK) Limited,
               Niagara Corporation and Glynwed International plc.

10.3           Agreement For Lease of Unit 6-8 Eagle Industrial
               Estate, dated April 16, 1999, between Glynwed 
               Property Management Limited, Glynwed Properties
               Limited, Niagara LaSalle (UK) Limited and Niagara 
               Corporation.

99.1           Press Release dated April 19, 1999.
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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
                              ----------------

                               APRIL 16, 1999
              Date of Report (Date of Earliest Event Reported)

                            NIAGARA CORPORATION
             (Exact Name of Registrant as Specified in Charter)

        Delaware                        0-22206                 59-3182820 
 (State or Other Jurisdiction    (Commission File Number)   (I.R.S. Employer
       Of incorporation)                                    Identification No.)

                             667 Madison Avenue
                             New York, New York
                  (Address of Principal Executive Offices)

                                   10021
                                 (ZIP CODE)

                               (212) 317-1000
            (Registrant's Telephone Number, Including Area Code)

                               Not Applicable
                 (Former Name or Former Address, If Changed
                             Since Last Report)

            Item 5.    Other Events.

            On April 16, 1999, Niagara Corporation, a Delaware corporation
(the "Registrant"), and Niagara LaSalle (UK) Limited, an English company
and a wholly owned subsidiary of the Registrant ("Niagara UK"), entered
into a Sale of Business Agreement (the "Sale of Business Agreement") with
Glynwed International plc, an English company ("Glynwed"), and Glynwed
Steels Limited, an English company and a subsidiary of Glynwed ("Glynwed
Steels"), pursuant to which Niagara UK has agreed to purchase, and Glynwed
Steels has agreed to sell, the equipment, inventory and certain other
assets (collectively, the "Assets") of Glynwed's steel bar division (the
"Division"). As consideration for the purchase (the "Acquisition") of the
Assets, Niagara UK has agreed to pay Glynwed Steels, upon consummation of
the Acquisition, 21,202,000 pounds sterling, subject to a post closing
adjustment to reflect the amount by which the value of the Net Assets
Transferred (as defined in the Sale of Business Agreement) is more or less
than 24,796,000 pounds sterling. Copies of the Sale of Business Agreement
and the press release announcing the execution thereof are attached hereto
as Exhibits 10.1 and 99.1, respectively.

            In connection with the execution of the Sale of Business
Agreement, Niagara and Niagara UK entered into two property agreements (the
"Property Agreements") on April 16, 1999, with Glynwed (in one case) and
Glynwed Property Management Limited and Glynwed Properties Limited, each an
English company and a subsidiary of Glynwed. The Property Agreements
contemplate that subject to consummation of the Acquisition, Niagara UK
will lease or sublease 10 operating facilities (the "Operating Leases") and
accept assignments of the leases for 5 sales offices. Pursuant to the
Property Agreements and the agreed forms of lease and related agreements
(i) the initial term of the lease would be 10 years for 9 of the Operating
Leases and 5 years for the remaining Operating Lease at rents specified in
the Property Agreements, (ii) each Operating Lease could be terminated by
Niagara UK on one year's notice and (iii) Niagara UK would have the right
to purchase seven of the operating facilities at prices specified in the
Property Agreements (which total 9,468,000 pounds sterling), or renew the
leases with respect thereto for an additional term of 15 years at open
market rates. Copies of the Property Agreements are attached hereto as 
Exhibits 10.2 and 10.3, respectively.

            The Acquisition is subject to (i) the expiration or termination
of the waiting period under the Hart-Scott-Rodino Antitrust Improvements
Act of 1976, as amended and (ii) the absence of any injunction or
restraining order issued by any court of competent jurisdiction which
restrains or prohibits closing of the Acquisition. If these conditions are
not satisfied on or before May 31, 1999, the Sale of Business Agreement
will automatically terminate unless the parties agree otherwise. In
addition, Niagara UK may elect not to close the Acquisition for any
material breach of Glynwed Steels' warranties or the occurrence of anything
having a Material Adverse Effect (as defined in the Sale of Business
Agreement) on the Division.

            The Division is engaged in the business of manufacturing hot
rolled and cold finished steel bars and distributing the same primarily in
the United Kingdom.

            Item 7.    Financial Statements, Pro Forma Financial
                       Information and Exhibits.

            (c)   Exhibits.

10.1        Sale of Business Agreement, dated April 16, 1999, between
            Glynwed Steels Limited, Glynwed International plc, Niagara
            LaSalle (UK) Limited and Niagara Corporation.

10.2        Property Agreement, dated April 16, 1999, between Glynwed Property
            Management Limited, Glynwed Properties Limited, Niagara LaSalle
            (UK) Limited, Niagara Corporation and Glynwed International plc.

10.3        Agreement For Lease of Unit 6-8 Eagle Industrial Estate, dated
            April 16, 1999, between Glynwed Property Management Limited, 
            Glynwed Properties Limited, Niagara LaSalle (UK) Limited and 
            Niagara Corporation.

99.1        Press Release dated April 19, 1999.

                                 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.

                                          NIAGARA CORPORATION

                                          By: /s/ Marc J. Segalman
                                             --------------------------- 
                                             Name:  Marc J. Segalman
                                             Title: Vice President

Date:  April 27, 1999

                               EXHIBIT INDEX

Exhibit No.               Description                                Page No.
-----------               -----------                                --------

10.1           Sale of Business Agreement, dated April 16, 1999,
               between Glynwed Steels Limited, Glynwed 
               International plc, Niagara LaSalle (UK) Limited 
               and Niagara Corporation.

10.2           Property Agreement, dated April 16, 1999, between
               Glynwed Property Management Limited, Glynwed 
               Properties Limited, Niagara LaSalle (UK) Limited,
               Niagara Corporation and Glynwed International plc.

10.3           Agreement For Lease of Unit 6-8 Eagle Industrial
               Estate, dated April 16, 1999, between Glynwed 
               Property Management Limited, Glynwed Properties
               Limited, Niagara LaSalle (UK) Limited and Niagara 
               Corporation.

99.1           Press Release dated April 19, 1999.