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 
                         ________________ 

  

                         MARCH 12, 1998                    
         DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) 

  
  

                         NIAGARA  CORPORATION          
           (EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER) 

  
  

            DELAWARE                0-22206           59-3182820   
  (State of Other Jurisdiction  (Commission File   (I.R.S. Employer 
     of Incorporation)                Number)      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 March 12, 1998, Douglas T. Tansill joined the board of
 directors of Niagara Corporation (formerly International Metals Acquisition
 Corporation), a Delaware corporation (the "Registrant").  In addition, on
 March 12, 1998, the Registrant named Raymond Rozanski as a Vice President
 and its Chief Financial Officer and Treasurer.  Mr. Rozanski replaces
 Gilbert Scharf who remains a Director and the Secretary of the Registrant. 
 Mr. Rozanski is also the Executive Vice President of, and holds other
 positions with, both Niagara LaSalle Corporation and LaSalle Steel Company
 which are subsidiaries of the Registrant.  Copies of the Registrant's press
 releases with respect to the foregoing are attached hereto as Exhibits 99.1
 and 99.2. 
  
  
           ITEM 7.   FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
                     AND EXHIBITS. 
  
           (c)  Exhibits. 
  
 99.1      Press Release dated March 13, 1998. 
  
 99.2      Press Release dated March 13, 1998.


                                 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: March 26, 1998 


                               EXHIBIT INDEX 
  
  
      Exhibit No.         Description                     Page No. 
  
         99.1          Press Release dated March 13,          6 
                       1998. 
  
         99.2          Press Release dated March 13,          8 
                       1998.
[{"type": "8-K", "sequence": "1", "description": "8-K", "secsgml_size_bytes": 3332}]
{"company-data": {"conformed-name": "NIAGARA CORP", "cik": "0000710976", "assigned-sic": "2510", "irs-number": "593182820", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-18101", "film-number": "98574483"}, "business-address": {"street1": "667 MADISON AVE", "city": "NEW YORK", "state": "NY", "zip": "10021", "phone": "3057797805"}, "former-company": {"former-conformed-name": "PALM BEACH GAS CORP", "date-changed": "19890720"}}
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 
                         ________________ 

  

                         MARCH 12, 1998                    
         DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) 

  
  

                         NIAGARA  CORPORATION          
           (EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER) 

  
  

            DELAWARE                0-22206           59-3182820   
  (State of Other Jurisdiction  (Commission File   (I.R.S. Employer 
     of Incorporation)                Number)      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 March 12, 1998, Douglas T. Tansill joined the board of
 directors of Niagara Corporation (formerly International Metals Acquisition
 Corporation), a Delaware corporation (the "Registrant").  In addition, on
 March 12, 1998, the Registrant named Raymond Rozanski as a Vice President
 and its Chief Financial Officer and Treasurer.  Mr. Rozanski replaces
 Gilbert Scharf who remains a Director and the Secretary of the Registrant. 
 Mr. Rozanski is also the Executive Vice President of, and holds other
 positions with, both Niagara LaSalle Corporation and LaSalle Steel Company
 which are subsidiaries of the Registrant.  Copies of the Registrant's press
 releases with respect to the foregoing are attached hereto as Exhibits 99.1
 and 99.2. 
  
  
           ITEM 7.   FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
                     AND EXHIBITS. 
  
           (c)  Exhibits. 
  
 99.1      Press Release dated March 13, 1998. 
  
 99.2      Press Release dated March 13, 1998.

                                 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: March 26, 1998 

                               EXHIBIT INDEX 
  
  
      Exhibit No.         Description                     Page No. 
  
         99.1          Press Release dated March 13,          6 
                       1998. 
  
         99.2          Press Release dated March 13,          8 
                       1998.