10-K/A

               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549
                                
                            FORM 10-K/A

                          AMENDMENT NO. 1
                                
                          ANNUAL REPORT
                 PURSUANT TO SECTION 13 OR 15(d)
             OF THE SECURITIES EXCHANGE ACT OF 1934
                                
           FOR THE FISCAL YEAR ENDED DECEMBER 31, 1995
                                
                  Commission file number 1-228
                                
                        ZEMEX CORPORATION
     (Exact name of registrant as specified in its charter)
                                
     Delaware               1031              13-5496920
  (State or other    (Primary standard     (I.R.S. employer
  jurisdiction of        industrial         identification
 incorporation or   classification code         number)
   organization)          number)
                                
                                
    Canada Trust Tower, BCE Place, 161 Bay Street, Suite 3750
                Toronto, Ontario, Canada M5J 2S1
                          (416) 365-8080
       (Address, including zip code, and telephone number,
including area code, of registrant's principal executive offices)
                                
   Securities registered pursuant to Section 12(b) of the Act

New York Stock Exchange                                 Capital
Stock, $1.00 par value


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  Exchange  Act  of 1934 during  the  preceding  twelve
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.
                                

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.

The  aggregate market value of registrant's voting stock (Capital
Stock,  $1.00 par value) held by non-affiliates as  of  March  8,
1996  (based on the closing sale price of $9.00 on the  New  York
Stock Exchange) was $36,266,796.

As  of  March  8,  1996 there were 8,712,728 of the  registrant's
Capital Stock, $1.00 par value, outstanding.
                                
               DOCUMENTS INCORPORATED BY REFERENCE

Annual Report to Shareholders for the Year Ended December 31,
1995                                               Part II

Definitive Proxy Statement filed with the Commission pursuant
to Regulation 14A with respect to Annual Meeting of Shareholders
Part III


                                
                           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.

                                     ZEMEX CORPORATION



                                     By:/s/ ALLEN J. PALMIERE
Dated:   May 30, 1996                   Allen J. Palmiere
                                        Vice President and 
                                        Chief Financial Officer




EXHIBIT INDEX
                                    
Exhibit 27 - Financial Data Schedule

EX-27

 

<ARTICLE> 5
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               DEC-31-1995
<CASH>                                       1,653,000
<SECURITIES>                                         0
<RECEIVABLES>                               13,551,000
<ALLOWANCES>                                   386,000
<INVENTORY>                                 20,176,000
<CURRENT-ASSETS>                            35,835,000
<PP&E>                                      79,196,000
<DEPRECIATION>                              28,925,000
<TOTAL-ASSETS>                              96,681,000
<CURRENT-LIABILITIES>                       16,126,000
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                     8,785,000
<OTHER-SE>                                  62,115,000
<TOTAL-LIABILITY-AND-EQUITY>                96,681,000
<SALES>                                     85,056,000
<TOTAL-REVENUES>                            85,056,000
<CGS>                                       64,356,000
<TOTAL-COSTS>                               76,714,000
<OTHER-EXPENSES>                              (80,000)
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             523,000
<INCOME-PRETAX>                              7,899,000
<INCOME-TAX>                                 (519,000)
<INCOME-CONTINUING>                          8,418,000
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 8,418,000
<EPS-PRIMARY>                                     1.03
<EPS-DILUTED>                                     1.03