UNITED STATES
             SECURITIES AND EXCHANGE COMMISSION
                              
                   WASHINGTON, D.C. 20549
                              
                         FORM 10-QSB/A

[X]      Quarterly report pursuant to Section 13 or 15 (d) of the
               Securities Exchange Act of 1934

      For the quarterly period ended September 30, 2005
                      ----------------
              Commission File Number: 000-25947

                      NorMexSteel Inc.
-----------------------------------------------------------------------
       (Name of Small Business issuer in its Charter)
                              
    Florida                                    65-0386286
-----------------------------------------------------------------------
(State or Other Jurisdiction of             (IRS Employer
Incorporation or Organization)            Identification No.)
                              
                              
478 East Altamont Dr., Ste. 108, Altamonte Springs, FL 32701
-----------------------------------------------------------------------
       (Address of Principal Executive Offices)           (Zip
                            Code)
                              
                        705-739-9092
-----------------------------------------------------------------------
                 (Issuer's Telephone Number)
                              
Securities registered under Section 12(b) of the Exchange Act:

                            NONE

Securities registered under Section 12(g) of the Exchange Act:

                 Common Stock, no par value


Check  whether the issuer: (1) filed all reports required  to  be
filed by Section 13 or 15(d) of the Exchange Act during the  past
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



                                  1



Check  if there is no disclosure of delinquent filers in response
to  Item 405 of Regulation S-B is contained in this form, and  no
disclosure  will  be  contained,  to  the  best  of  registrant's
knowledge,   in   definitive  proxy  or  information   statements
incorporated by reference or any amendment to this Form 10-QSB. [ ]

The  issuer is a developmental stage company, and as such has yet
to generate any substantial revenues.

The aggregate market value of the voting stock held by non-
affiliates of the registrant based on the closing bid price
November 21, 2005 was approximately $724,000,000.

As  of  November 21, 2005 the issuer had approximately 280,941,000
shares of common stock outstanding.

Documents incorporated by reference: NONE

Transition Small Business Disclosure Format (check one):

               YES [ ]             NO [X]

















                                  2





                          NorMexSteel, Inc.
                              
                      Form 10-QSB Index
                              
                                                                           Page

Part I:   Financial Information

   Item 1.   Financial Statements

             Condensed Balance Sheet - September 30, 2005                   1

             Condensed Statements of Operations -
             Three months ended September 30, 2005 and 2004                 2

             Condensed Statements of Operations -
             Nine months ended September 30, 2005 and 2004                  3

             Condensed Statements of Cash Flows -
             Nine months ended September 30, 2005 and 2004                  4

             Notes to Financial Statements                                  6

   Item 2.   Management's Discussion and Analysis or Plan of Operation     12

   Item 3.   Control and Procedures                                        14

Part II:     Other Information

   Item 1.   Legal Proceedings                                             14 

   Item 2.   Change in Securities                                          15

   Item 3.   Defaults Upon Senior Securities                               15

   Item 4.   Submission of Matters to a Vote of Security Holders           15

   Item 5.   Other Information                                             15

   Item 6.   Exhibits and Reports on Form 8-K                              16

SIGNATURES                                                                 16


                                  3






                 PART I. - FINANCIAL INFORMATION

Item 1. Financial Statements
                        NorMexSteel, Inc.
                  (A Development Stage Company)
                    Condensed Balance Sheet
                           (Unaudited)
                       September 30, 2005

                           Assets
                           ------

    Current assets:
         Cash                                                $    10,462
                                                             -----------
                   Total current assets                      $    10,462


    Property and equipment, net                                    2,996
                                                             -----------

                   Total assets                              $    13,458
                                                             ===========

               Liabilities and Stockholders' Deficiency
               ----------------------------------------

    Current liabilities:
         Accounts payable                                   $    184,828
         Accrued liabilities  (note 6)                         1,116,522
         Due to related parties (note 5)                         269,554
         Note payable - related party (note 8)                   155,000
         Notes payable (note 7)                                  226,466
                                                             -----------

                   Total current liabilities                   1,952,370

    Stockholders' deficiency:
         Preferred stock (note 4)                                 42,470
         Common stock (note 4)                                 4,673,783
         Deferred compensation                                  (433,333)
         Accumulated deficit                                  (6,221,832)
                                                             -----------
                   Total stockholders' deficiency             (1,938,912)

                   Total liabilities and stockholders'
                   deficiency                               $     13,458
                                                            ============
                                
                                
                                
                                
                                
                                
See accompanying notes to the condensed financial statements


                                  1




                        NorMexSteel, Inc.
                  (A Development Stage Company)
               Condensed Statements of Operations
                           (Unaudited)



                                                Three          Three
                                                Months         Months
                                                Ended          Ended
                                             September 30,   September 30, 
                                                 2005            2004
                                             -------------   -------------
                                                       

Gross Revenues                                $        -      $        -
Cost of Sales                                          -               -
                                              ----------      ----------
    Net revenue                                        -               -


Operating Expenses                               299,897          52,086
                                              ----------      ----------
Loss from Operations                            (299,897)        (52,086)

Other Income (Expenses):
    Other income                                      85           2,122
    Interest expense                              (9,910)         (8,846)
                                              ----------      ----------

              Total other income (expense)        (9,825)         (6,724)
                                              ----------      ----------

              Net loss                        $ (309,722)     $  (58,810)
                                              ==========      ==========
Loss Per Common Share:
    Basic and diluted                         $    (0.00)     $    (0.02)
                                              ==========      ==========
Weighted Average Common Shares
Outstanding:
    Basic and diluted                        280,951,811       2,723,806
                                             ===========       =========


                                
                                
See accompanying notes to the condensed financial statements.


                                  2





                        NorMexSteel, Inc.
                  (A Development Stage Company)
              Condensed Statements of Operations
                           (Unaudited)




                                                                          Cumulative for
                                            Nine             Nine        the period from
                                             Months          Months       March 23,1999
                                            Ended            Ended       (inception) to
                                         September 30,    September 30,   September 30,  
                                            2005             2004            2005
                                         -------------    -------------  ---------------
                                                                

Gross Revenues                            $         -     $         -     $    45,744
Cost of Sales                                       -               -             264
                                          -----------     -----------     -----------
     Net revenue                                    -               -          45,480

Operating Expenses                            707,512         275,136       5,457,457
                                          -----------     -----------     -----------

Loss from Operations                         (707,512)       (275,136)     (5,411,977)

Other Income (Expenses):
   Other income                                 1,475          56,366         219,657
   Interest expense                           (29,359)       (123,074)       (489,485)
   Impairment of assets                             -               -        (315,027)
   Provision for loss on non-cancelable
     lease                                          -               -        (225,000)
                                          -----------     -----------     -----------

         Total other income (expense)         (27,884)        (66,708)       (809,855)
                                          -----------     -----------     -----------

         Net loss                         $  (735,396)    $  (341,844)    $(6,221,832)
                                          ===========     ===========     ===========
Loss Per Common Share:
   Basic and diluted                      $     (0.00)    $     (0.09)
                                          ===========     ===========
Weighted Average Common Shares
Outstanding:
   Basic and diluted                      220,300,097       4,044,122
                                          ===========       =========


                                
                                
                                
                                
                                
See accompanying notes to the condensed financial statements


                                  3



                        NorMexSteel, Inc.
          And Subsidiary (A Development Stage Company)
              Condensed Statements of Cash Flows
                           (Unaudited)



                                                                                       Cumulative for
                                                          Nine            Nine         the period from
                                                          Months          Months       March 23, 1999
                                                           Ended           Ended       (inception) to
                                                       September 30,   September 30,   September 30,
                                                           2005            2004            2005
                                                        -----------     -----------     ------------
                                                                               
Cash flows from operating activities
 Net loss                                               $  (735,396)    $  (341,844)    $ (6,221,832)
   Adjustments to reconcile net loss to net cash
    used in operating activities

    Forgiveness of related party note payable                     -               -          (59,088)
    Depreciation and amortization                             1,009           1,704          295,473
    Loss on impairment of assets                                  -               -          315,027
    Provision for loss on non-cancelable leases                   -               -          225,000
    Bad debt expense                                              -               -           42,000
    Intrinsic value of stock options                              -               -          500,000
    Common stock issued for services                        150,000               -        2,222,072
    Amortization of deferred compensation                         -               -                -
Increase(decrease) in cash caused by changes in:
    Other current assets                                        171            (171)               -
    Other assets                                                  -          80,000                -
    Accounts payable                                           (733)         (8,644)         184,828
    Accrued liabilities                                     351,904         150,980        1,119,078
    Due to related parties                                   84,378         (48,866)         528,642
                                                        -----------     -----------     ------------

Net cash used in operating activities                      (148,667)       (166,841)        (848,800)
                                                        -----------     -----------     ------------

Cash flows from investing activities:
 Acquisition of property and equipment                       (2,200)         (9,359)        (279,199)
                                                        -----------     -----------     ------------

              Net cash used in investing activities          (2,200)         (9,359)        (279,199)


Cash flows from financing activities
    Repayment of note payable to related party                    -               -         (200,000)
    Proceeds from issuance of preferred stock                     -               -           49,000
    Proceeds from issuance of capital stock                       -         160,174        1,056,348
    Due to related parties                                        -           2,247         (399,353)
    Issuance of note receivable                                   -               -          (42,000)
    Payment for preferred stock                                                   -          (32,000)
    Repayment/proceeds of notes payable                     155,000               -          706,466 
                                                        -----------     -----------     ------------

              Net cash provided by financing activities     155,000         162,421        1,138,461
                                                        -----------     -----------     ------------

                   Net increase (decrease) in cash      $     4,133     $   (13,779)    $     10,462

Cash at beginning of period                                   6,329          27,648                0
                                                        -----------     -----------     ------------

Cash at end of period                                   $    10,462     $    13,869     $     10,462
                                                        ===========     ===========     ============
                                


See accompanying notes to the condensed financial statements.



                                  4




                        NorMexSteel, Inc.
                  (A Development Stage Company)
               Condensed Statements of Cash Flows
                           (Unaudited)



                                                                                     Cumulative for
                                                        Nine            Nine         the period from
                                                       Months          Months         March 23, 1999
                                                        Ended           Ended         (inception) to
                                                      September 30,   September 30,    September 30,
                                                         2005            2004             2005
                                                      -----------     -----------     ------------
                                                                             

Supplemental Disclosure of Cash Flow Information:
  Cash paid for interest                              $         -     $         -     $     33,495
                                                      ===========     ===========     ============
Non-Cash Activity:
  Purchase of intangible assets from related party    $         -     $         -     $    399,353
  Reduction of capital lease obligation upon          ===========     ===========     ============
  abandonment of assets                               $         -     $         -     $     65,006
                                                      ===========     ===========     ============
Satisfaction of notes payable and accrued interest
  by third party                                      $         -     $         -     $    487,500
                                                      ===========     ===========     ============










 See accompanying notes to the condensed financial statements.


                                  5




                        NorMexSteel, Inc.
                  (A Development Stage Company)
            Notes to Condensed Financial Statements
                           (Unaudited)

 (1)    Basis of Financial Statement Presentation and Going Concern

   Basis of Financial Presentation
       
       The accompanying unaudited condensed financial  statements 
       of NorMexSteel, Inc.  (the "Company") as of  September 30, 
       2005 and for  the  cumulative  period from  March 23, 1999  
       (Inception)  to  September  30, 2005 have  been   prepared     
       in  accordance   with   accounting   principles  generally 
       accepted  in  the  United  States  of America for  interim 
       financial  information  and   pursuant  to  the  rules and 
       regulations of the  Securities and Exchange Commission for 
       Form  10-QSB.   Accordingly,   the   condensed   financial 
       statements do not include all the information and notes to 
       the financial statements required by accounting principles 
       generally accepted in the  United States  of  America  for  
       complete  financial  statements.   In   the   opinion   of   
       management, the accompanying unaudited condensed financial  
       statements contain all adjustments (consisting  of    only  
       normal  recurring adjustments) considered necessary for  a 
       fair  presentation  of the financial position, results  of 
 operations, and cash  flows  for  the  periods  presented.   
 These  results  have   been  determined  on  the  basis of 
 accounting principles generally  accepted  in  the  United 
 States of  America  and  applied  consistently  with those 
 used  in   the   preparation  of  the  Company's financial 
 statements.
       
       The  results  of operations for the interim  period  ended
       September  30, 2005 is not necessarily indicative  of  the
       results  to be expected for the full year.  These  interim
       financial  statements should be read in  conjunction  with
       the  December  31, 2004 financial statements  and  related
       notes included in the Company's Annual Report on Form  10-
       KSB for the year ended December 31, 2004.
       
      
   Going Concern
       
      The accompanying condensed  financial statements  have  been 
      prepared on a going  concern  basis, which  contemplates the  
      realization of assets and the  satisfaction  of  liabilities  
      in  the  normal  course   of  business.  Due   to  its  past 
      financial  difficulties,  the Company  has accumulated debt,  
      including  judgments  and accrued interest, of approximately 
      $ 1,950,000 relating  to its  current  and   former lines of 
      business  and  maintains these   on   its balance  sheet  as  
      current liabilities. Interest on these balances is  accruing  
      at  a  rate  of  approximately  $10,000  per quarter  as  of  
      September 30, 2005. The Company is continuing in its efforts 
      to resolve these obligations and others through settlements. 
      However,  there  is no  assurance that the Company  will  be
      able to settle in terms  agreeable to the Company and if  it
      does not  do so, this will raise substantial doubt as to its  
      ability  to  continue  as a going concern. As  shown  in the   
      condensed financial  statements,   the Company  has incurred 
      cumulative losses of approximately  $ 6,200,000  during  its 
      development stage.
      
      The  Company's continuation as a going concern is uncertain
      and   dependent  upon  obtaining  additional   sources   of
      financing  and achieving future profitable operations,  the
      outcome of which cannot be predicted at this time.
      
      As  a  result of the recent acquisition of Grupo Industrial
      N.K.S.,S.A,  de  CV ("NKS"), as described in  note  3,  the
      Company's  primary  focus is operating  the  steel  foundry
      business  in  Mexico  and looking for  other  complementary
      businesses  in  Mexico, in support  of  the  steel  foundry
      operations.
       
      The  condensed  financial  statements  do  not include  any  
      adjustments to reflect the  possible  future effects on the 
      recoverability and classification of assets or  the amounts 
      and classification of liabilities that  may result from the  
      possible inability  of  the  Company to continue as a going 
      concern.
      
   
                                  6




   
   Basis of Consolidation
   
      The Company does not consolidate the financial position or the
      statement of operations of its NKS subsidiary per guidance
      provided by FAS 94.  FAS 94, paragraph 4, precludes companies
      from consolidating any majority owned subsidiaries "where control
      is likely to be temporary, or where it does not rest with the
      majority owners (as, for instance, where the subsidiary is in
      legal reorganization or in bankruptcy)".  NKS is in default of
      many financial obligations, including bank loans, governmental
      bodies, vendors, former employees and labor unions.  Principals
      with the Company are working diligently with a potential partner
      to provide funding to satisfy these obligations and provide
      working capital necessary to restart the foundry.  Until such
      point as the funding is completed and the financial obligations
      are satisfied, management of the Company is unable to take
      possession of the assets.  Given this position, the Company does
      not yet have control of the subsidiary and, therefore, does not
      consolidate the results of NKS into its financial statements.
















                                  7






                        NorMexSteel, Inc.
                  (A Development Stage Company)
             Notes to Condensed Financial Statements
                           (Unaudited)

(2)Summary of Significant Accounting Policies
   
   
   The  accounting policies of the Company are in accordance with
   U.S.  GAAP  and their basis of application is consistent  with
   that of the previous year.
   
   Recent Accounting Pronouncements
      
   In  December  2004,  the Financial Accounting  Standard  Board
   ("FASB")  issued  Statement of Accounting  Standards  ("SFAS")
   No.  123  (revised  2004), "Share-Based  Payment"  ("SFAS  No.
   123R").  SFAS  No. 123R requires the Company  to  measure  the
   cost  of  employee services received in exchange for an  award
   of  equity instruments based on the grant-date fair  value  of
   the award. The cost of the employee services is recognized  as
   compensation  cost  over the period that an employee  provides
   service  in  exchange for the award. SFAS  No.  123R  will  be
   effective  January 1, 2006 for the Company and may be  adopted
   using   a   modified   prospective  method   or   a   modified
   retrospective  method. The Company has not  yet  completed  an
   analysis  to  quantify the exact impact the new standard  will
   have on its future financial performance.  Depending upon  the
   extent   to   which   the   Company   implements   share-based
   compensation  plans, adoption of this statement could  have  a
   material impact on the  Company's  future   financial position
   or results of operations.
   
   In  December 2004, the FASB issued SFAS No. 153, "Exchanges of
   Non-Monetary   Assets  -  an  amendment  of   the   Accounting
   Principles Board (APB) Opinion No. 29" (Statement 153).   This
   statement  amends  Opinion 29 to eliminate the  exception  for
   non-monetary  exchanges  of  similar  productive  assets   and
   replaces  it  with  a  general  exception  for  exchanges   of
   non-monetary assets that do not have commercial substance.   A
   non-monetary exchange has commercial substance if  the  future
   cash  flows of the entity are expected to change significantly
   as  a  result of the exchange.  The adoption of this  standard
   is  not  expected to have a material impact on  the  Company's
   results of operations or financial position.
   
   In  March  2005,  the FASB issued FASB Staff Position  ("FSP")
   No.   46(R)-5,   "Implicit  Variable  Interests   under   FASB
   Interpretation   No.  ("FIN")  46  (revised  December   2003),
   Consolidation  of  Variable  Interest  Entities"   ("FSP   FIN
   46R-5").  FSP  FIN  46R-5 provides guidance  for  a  reporting
   enterprise  on whether it holds an implicit variable  interest
   in  Variable Interest Entities ("VIEs") or potential VIEs when
   specific conditions exist. This FSP is effective in the  first
   period  beginning after March 3, 2005 in accordance  with  the
   transition    provisions   of   FIN   46    (Revised    2003),
   "Consolidation   of   Variable   Interest   Entities   -    an
   Interpretation of Accounting Research Bulletin No.  51"  ("FIN
   46R").  The adoption of this standard is not expected to  have
   a  material impact on the Company's results of operations  and
   financial position.



                                  8




                        NorMexSteel, Inc.
                  (A Development Stage Company)
            Notes to Condensed Financial Statements
                           (Unaudited)

(2)Summary of Significant Accounting Policies (cont'd)
   
   In   March  2005,  the  FASB  issued  Interpretation  No.  47,
   "Accounting  for  Conditional  Asset  Retirement  Obligations"
   ("FIN   47"),  which  will  result  in  (a)  more   consistent
   recognition  of  liabilities  relating  to  asset   retirement
   obligations, (b) more information about expected  future  cash
   outflows  associated  with  those obligations,  and  (c)  more
   information  about  investments in long-lived  assets  because
   additional asset retirement costs will be recognized  as  part
   of  the carrying amounts of the assets. FIN 47 clarifies  that
   the term "conditional asset retirement obligation" as used  in
   SFAS  143,  "Accounting  for  Asset  Retirement  Obligations,"
   refers  to  a legal obligation to perform an asset  retirement
   activity  in which the timing and/or method of settlement  are
   conditional  on a future event that may or may not  be  within
   the  control  of  the entity. The obligation  to  perform  the
   asset   retirement  activity  is  unconditional  even   though
   uncertainty   exists  about  the  timing  and/or   method   of
   settlement.  Uncertainty  about the timing  and/or  method  of
   settlement   of  a  conditional  asset  retirement  obligation
   should be factored into the measurement of the liability  when
   sufficient information exists. FIN 47 also clarifies  when  an
   entity   would  have  sufficient  information  to   reasonably
   estimate  the  fair  value of an asset retirement  obligation.
   FIN  47  is  effective no later than the end of  fiscal  years
   ending  after December 15, 2005. Retrospective application  of
   interim  financial  information  is  permitted  but   is   not
   required.   Early   adoption   of   this   interpretation   is
   encouraged.  The adoption of this standard is not expected  to
   have  a material impact on the Company's results of operations
   and financial position.
   
   In  May  2005,  the  FASB  issued SFAS  No.  154,  "Accounting
   Changes  and  Error Corrections" ("SFAS 154"), which  replaces
   Accounting   Principles   Board  ("APB")   Opinion   No.   20,
   "Accounting  Changes",  and SFAS No. 3, "Reporting  Accounting
   Changes in Interim Financial Statements - An Amendment of  APB
   Opinion  No.  28".  SFAS  No. 154  provides  guidance  on  the
   accounting   for  and  reporting  of  changes  in   accounting
   principles  and  error  corrections.  SFAS  No.  154  requires
   retrospective   application   to   prior   period    financial
   statements  of  voluntary changes in accounting principles and
   changes   required  by  new  accounting  standards  when   the
   standard  does  not  include specific  transition  provisions,
   unless  it  is  impracticable to do  so.  SFAS  No.  154  also
   requires   certain   disclosures  for  restatements   due   to
   correction  of  an  error.  SFAS  No.  154  is  effective  for
   accounting  changes and corrections of errors made  in  fiscal
   years  beginning after December 15, 2005, and is  required  to
   be  adopted  by the Company as of January 1, 2006. The  impact
   that  the  adoption of SFAS No. 154 will have on the Company's
   results  of operations and financial condition will depend  on
   the  nature  of  future  accounting  changes  adopted  by  the
   Company  and  the nature of transitional guidance provided  in
   future accounting pronouncements.
   
   


                                  9






                        NorMexSteel, Inc.
                  (A Development Stage Company)
             Notes to Condensed Financial Statements
                           (Unaudited)

(3)   Acquisition of Grupo Industrial N.K.S., S.A., de CV

   As  of March 15, 2005, the Company has completed a transaction
   resulting  in  the  acquisition  of  75%  of  all  issued  and
   outstanding  shares  of NKS. The Company and  stockholders  of
   NKS have mutually agreed that the Company will acquire 75%  of
   all  the  shares  of  NKS in exchange for 250,000,000  of  the
   Company's   common   restricted   shares.   NKS,   a   Mexican
   corporation,  is the owner of a steel mill foundry  and  other
   assets  in Lazaro Cardenas, Mexico.  In addition, the  Company
   issued  30  million  shares of common stock  to  an  unrelated
   party as a finder's fee.  No value has been attributed to  the
   finder fee.
       
   The  Company  does not consolidate the financial  position  or
   the   statement  of  operations  of  its  NKS  subsidiary,  as
   discussed in note 1.
   
   
(4)Capital Stock

   (a) Common Stock
         Authorized
   
            1,000,000,000 shares               September 30, 2005
        Issued and outstanding                 ------------------
            280,941,000 shares of common stock   $    4,673,783
                                               ------------------

   During  2004 , the Company entered into an agreement with  the
   CFO  whereby 200,000 common shares were granted for consulting
   services  at  the  inception  of the  agreement.  The  CFO  is
   entitled to a further 100,000 common shares at the end of  the
   second  year  of  the  term of the  agreement  and  a  further
   100,000  common  shares at the end of the third  year  of  the
   term  of  the  agreement. For the three and nine months  ended
   September  30,  2005, $50,000 and $150,000 has  been   charged  
   as compensation expense included in Operating Expenses in  the  
   accompanying   condensed    statements of operations.

   
   On  September  29, 2005 the Company's Board approved  a  1:500
   forward split after completing a 500:1 reverse stock split  on
   September  9,  2005  as  approved  by  the  majority  of   the
   shareholders.


                                  10




                        NorMexSteel, Inc.
                         And Subsidiary
                  (A Development Stage Company)
            Notes to Condensed Financial Statements
                           (Unaudited)

(4)  Capital Stock (cont'd)
   
   (b) Preferred Stock
        Authorized
         150,000,000                                     September 30, 2005
        Issued and outstanding                           ------------------

           Series 2001 - 22,100 shares of preferred stock       $    42,470
  
           Series 2001A -27,488,000 shares of preferred stock             -
     
           Series 2001B -30,000,000 shares of preferred stock             -
                                                                -----------
           Total 57,510,100 shares of preferred stock           $    42,470
                                                                -----------

(5)Related Party Transactions
       
   The  president, current and former principal stockholders, and
   certain employees from time to time made advances or loans  to
   the  Company.   The  advances and loans  have  been  made  for
   financing  and  working capital purposes.   At  September  30,
   2005,  the total of such advances and loans, including accrued
   interest, was $269,554.
   
   The  Company entered into an unsecured funding agreement  with
   Tropical  Ventures/Cazador Enterprises, a shareholder  of  the
   Company,  whereby Tropical will lend the Company  funds  under
   the  following terms:  interest on outstanding amounts of  10%
   per  annum  payable to Cazador Enterprises, a 10% funding  fee
   paid  to  Tropical  Ventures on any  drawdown,  and  no  fixed
   repayment  terms.  As of September 30, 2005, the  Company  had
   borrowed  $155,000 less fees of $20,000 provided through  this
   agreement.
       
(6)Accrued Liabilities

   Accrued  expenses  at  September 30,  2005  consisted  of  the
   following:


                                                        2005
                                                        ----

                Accrued lease obligations         $      395,996
                Accrued interest                         144,608
                Accrued professional fees                235,918
                Accrued salaries                         340,000
                                                  --------------

                                                  $    1,116,522
                                                  ==============

(7) Notes Payable

   The notes payable bear interest at rates that range between 9
   and 12 percent per annum and are due on demand.



                                  11




                        NorMexSteel, Inc.
                  (A Development Stage Company)
            Notes to Condensed Financial Statements
                           (Unaudited)

(8) Notes Payable - Related Party


   The related party notes payable bears an interest rate of
   10 percent per annum and has no fixed terms of repayment.
      
(9) Stock Options

   During  2004,  the  Company established a  stock  option  plan
   under which options to purchase shares of common stock may  be
   granted    to   employees,   directors,   officers,    agents,
   consultants and independent contractors.
      
   During  November  2004,  the Company granted  1,000,000  stock
   options  to  the  Company's  Chief  Financial  Officer.    The
   options  have  an  exercise price of $1.00, vest  immediately,
   and  have  a  term of three years.  At the grant  date,  these
   options  had  an  intrinsic value of $500,000.  These  options
   remain   outstanding  at  September  30,   2005,   are   fully
   exercisable, and have a remaining term of 26 months.
    

(10) Income Taxes
   
   The  Company accounts for income taxes in accordance with SFAS
   No.   109,  "Accounting  for  Income  Taxes".   SFAS  No.  109
   prescribes  the  use of the liability method whereby  deferred
   tax  asset and liability account balances are determined based
   on  differences between financial reporting and tax  bases  of
   assets and liabilities and are measured using the enacted  tax
   rates. The effects of future changes in tax laws or rates  are
   not anticipated.
   
   Under  SFAS  No.  109  income taxes  are  recognized  for  the
   following: a) amount of tax payable for the current year,  and
   b)   deferred  tax  liabilities  and  assets  for  future  tax
   consequences  of events that have been recognized  differently
   in the financial statements than for tax purposes.
   
   For  the  nine  month  period ended September  30,  2005,  the
   Company had approximately $5,700,000 net operating loss  carry
   forwards  for  income  tax reporting purposes,  which  can  be
   utilized to decrease the current year's income taxes.  No  tax
   benefit  was  reported  in  the  current  period  because  the
   Company  believed that there was a 50% or greater  chance  the
   carryforwards   would   expire   unused.    Accordingly,   the
   potential benefit of the loss carryforwards were offset  by  a
   valuation allowance.

11)  Commitments and Contingencies
    
   Several  creditors have taken legal action against the Company
   due  to  defaulted debt and lease obligations.  The  judgments
   total  approximately $378,000.  These amounts are included  in
   accrued liabilities as at September 30, 2005.


                                  12





                        NorMexSteel, Inc.
                  (A Development Stage Company)
             Notes to Condensed Financial Statements
                           (Unaudited)

(12) Subsequent Transactions
      
   The  Company  has signed a letter of intent with Global  Steel
   Holdings   Ltd.  ("GSH"),  an  Indian  company  with  globally
   diverse  steel  interests.  The Company is  still  negotiating
   with GSH to finalize the letter of intent.
   GSH  intends  to purchase 50% of NorMexSteel's shares  in  NKS
   and  in turn provide a line of credit totaling $30 million  to
   settle debt and provide working capital for the facility.
      
   On  September 5, 2005, the Company signed a letter  of  intent
   with  Jamieson Enterprises Inc. ("JEI"), a builder  of  arenas
   in  North  America to acquire 25% of each of  ten  facilities.
   The  Company is concluding its due diligence in support of the
   acquisition  and to consummate the transaction for  which  JEI
   is  to  provide all the financing and selling of up to 75%  of
   the  equity in each of the facilities for consideration of 100
   million shares of the Company's common stock.
      


                                  13





Item 2.  Management Discussion and Analysis and Plan of Operation
-----------------------------------------------------------------

All  statements  contained herein that are not historical  facts,
including   but   not  limited  to,  statements   regarding   the
anticipated  future  capital requirements and future  development
plans  are  based on current expectations. These  statements  are
forward  looking  in  nature and involve a number  of  risks  and
uncertainties.  Actual results may differ materially.  Among  the
factors that could cause actual results to differ materially  are
the  following:  amount  of  revenues  earned  by  the  Company's
operations; the availability of sufficient capital to finance the
Company's  business plan on terms satisfactory  to  the  Company;
general  business and economic conditions; and other risk factors
described  in the Company's reports filed from time to time  with
the  Commission. The Company wishes to caution readers  not    to
place    undue    reliance   on   any   such    forward   looking
statements,  which statements are made pursuant  to  the  Private
Securities Litigation Reform Act of 1995 and, as such, speak only
as of the date made.

Results of Operations
---------------------

Three  Months Ended September 30, 2005 versus Three Months  Ended
September 30, 2004.

We  had no revenues for the three months ended September 30, 2005
and 2004. There is no assurance that we will any have revenues in
fiscal 2005.  As we had no sales in this quarter, we had no  cost
of sales for the quarters.

Operating expenses for the three months ended September 30,  2005
were  $  299,897 compared to $ 52,086 for the three months  ended
September  30,  2004.  Other income for the  three  months  ended
September  30,  2005 was $ 85 as compared to other  income  of  $
2,122  for  three  months  ended September  30,  2004.   Interest
expense  was  $ 9,910 for three months ended September  30,  2005
versus $ 8,846 for the three months ended September 30, 2004.

The  Company's net loss for the three months ended September  30,
2005  was  $  309,722 as compared to a loss of $ 58,810  for  the
three months ended September 30, 2004.

Nine  Months  Ended September 30, 2005 versus Nine  Months  Ended
September 30, 2004.

We  had  no revenues for the six months ended September 30,  2005
and 2004. There is no assurance that we will any have revenues in
fiscal  2005.  As we had no sales in this period, we had no  cost
of sales for this period.

Operating expenses for the nine months ended September  30,  2005
were  $  707,512 compared to $ 275,136 for the nine months  ended
September  30,  2004.   Other income for the  nine  months  ended
September 30, 2005 was $ 1,475 as compared to other income  of  $
56,366  for  the nine months ended September 30, 2004.   Interest
expense  was  $ 29,359 for nine months ended September  30,  2005
versus $123,074 for the six months ended September 30, 2004.

The  Company's  net loss for the nine months ended September  30,
2005  was  $ 735,396 as compared to a loss of $ 341,844  for  the
nine months ended September 30, 2004.



                                  14




Liquidity and Capital Resources
-------------------------------

On  September 30, 2005, the Company had a working capital deficit
of  approximately $ 1,950,000. Since its inception,  the  Company
has  continued to sustain losses. The Company's operations  since
inception  have been funded by the sale of common  and  preferred
stock, and proceeds from both secured and unsecured loans.  These
funds have been used for working capital and capital expenditures
and  other  corporate purchases.  The Company has had  losses  of
approximately $ 6,200,000 since inception. The Company is seeking
financing  through equity financing.  There can be  no  assurance
that  the  Company  will  be  able to  obtain  funding  at  terms
acceptable  to  the  Company.  These factors  indicate  that  the
Company may not be able to continue as a going concern.

Recent Accounting Pronouncements
--------------------------------

In  December  2004,  the Financial Accounting  Standard  Board
("FASB")  issued  Statement of Accounting  Standards  ("SFAS")
No.  123  (revised  2004), "Share-Based  Payment"  ("SFAS  No.
123R").  SFAS  No. 123R requires the Company  to  measure  the
cost  of  employee services received in exchange for an  award
of  equity instruments based on the grant-date fair  value  of
the award. The cost of the employee services is recognized  as
compensation  cost  over the period that an employee  provides
service  in  exchange for the award. SFAS  No.  123R  will  be
effective  January 1, 2006 for the Company and may be  adopted
using   a   modified   prospective  method   or   a   modified
retrospective  method. The Company has not  yet  completed  an
analysis  to  quantify the exact impact the new standard  will
have on its future financial performance.  Depending upon  the
extent   to   which   the   Company   implements   share-based
compensation  plans, adoption of this statement could  have  a
material impact on the  Company's  future   financial position
or results of operations.
   
In  December 2004, the FASB issued SFAS No. 153, "Exchanges of
Non-Monetary   Assets  -  an  amendment  of   the   Accounting
Principles Board (APB) Opinion No. 29" (Statement 153).   This
statement  amends  Opinion 29 to eliminate the  exception  for
non-monetary  exchanges  of  similar  productive  assets   and
replaces  it  with  a  general  exception  for  exchanges   of
non-monetary assets that do not have commercial substance.   A
non-monetary exchange has commercial substance if  the  future
cash  flows of the entity are expected to change significantly
as  a  result of the exchange.  The adoption of this  standard
is  not  expected to have a material impact on  the  Company's
results of operations or financial position.
   
In  March  2005,  the FASB issued FASB Staff Position  ("FSP")
No.   46(R)-5,   "Implicit  Variable  Interests   under   FASB
Interpretation   No.  ("FIN")  46  (revised  December   2003),
Consolidation  of  Variable  Interest  Entities"   ("FSP   FIN
46R-5").  FSP  FIN  46R-5 provides guidance  for  a  reporting
enterprise  on whether it holds an implicit variable  interest
in  Variable Interest Entities ("VIEs") or potential VIEs when
specific conditions exist. This FSP is effective in the  first
period  beginning after March 3, 2005 in accordance  with  the
transition    provisions   of   FIN   46    (Revised    2003),
"Consolidation   of   Variable   Interest   Entities   -    an
Interpretation of Accounting Research Bulletin No.  51"  ("FIN
46R").  The adoption of this standard is not expected to  have
a  material impact on the Company's results of operations  and
financial position.

In   March  2005,  the  FASB  issued  Interpretation  No.  47,
"Accounting  for  Conditional  Asset  Retirement  Obligations"
("FIN   47"),  which  will  result  in  (a)  more   consistent
recognition  of  liabilities  relating  to  asset   retirement
obligations, (b) more information about expected  future  cash
outflows  associated  with  those obligations,  and  (c)  more
information  about  investments in long-lived  assets  because
additional asset retirement costs will be recognized  as  part
of  the carrying amounts of the assets. FIN 47 clarifies  that
the term "conditional asset retirement obligation" as used  in
SFAS  143,  "Accounting  for  Asset  Retirement  Obligations,"
refers  to  a legal obligation to perform an asset  retirement
activity  in which the timing and/or method of settlement  are
conditional  on a future event that may or may not  be  within
the  control  of  the entity. The obligation  to  perform  the
asset   retirement  activity  is  unconditional  even   though
uncertainty   exists  about  the  timing  and/or   method   of
settlement.  Uncertainty  about the timing  and/or  method  of
settlement   of  a  conditional  asset  retirement  obligation
should be factored into the measurement of the liability  when
sufficient information exists. FIN 47 also clarifies  when  an
entity   would  have  sufficient  information  to   reasonably
estimate  the  fair  value of an asset retirement  obligation.
FIN  47  is  effective no later than the end of  fiscal  years
ending  after December 15, 2005. Retrospective application  of
interim  financial  information  is  permitted  but   is   not
required.   Early   adoption   of   this   interpretation   is
encouraged.  The adoption of this standard is not expected  to
have  a material impact on the Company's results of operations
and financial position.
   
In  May  2005,  the  FASB  issued SFAS  No.  154,  "Accounting
Changes  and  Error Corrections" ("SFAS 154"), which  replaces
Accounting   Principles   Board  ("APB")   Opinion   No.   20,
"Accounting  Changes",  and SFAS No. 3, "Reporting  Accounting
Changes in Interim Financial Statements - An Amendment of  APB
Opinion  No.  28".  SFAS  No. 154  provides  guidance  on  the
accounting   for  and  reporting  of  changes  in   accounting
principles  and  error  corrections.  SFAS  No.  154  requires
retrospective   application   to   prior   period    financial
statements  of  voluntary changes in accounting principles and
changes   required  by  new  accounting  standards  when   the
standard  does  not  include specific  transition  provisions,
unless  it  is  impracticable to do  so.  SFAS  No.  154  also
requires   certain   disclosures  for  restatements   due   to
correction  of  an  error.  SFAS  No.  154  is  effective  for
accounting  changes and corrections of errors made  in  fiscal
years  beginning after December 15, 2005, and is  required  to
be  adopted  by the Company as of January 1, 2006. The  impact
that  the  adoption of SFAS No. 154 will have on the Company's
results  of operations and financial condition will depend  on
the  nature  of  future  accounting  changes  adopted  by  the
Company  and  the nature of transitional guidance provided  in
future accounting pronouncements.



Off-Balance Sheet Arrangements
------------------------------

The  Company does not maintain off-balance sheet arrangements nor
does  it  participate in non-exchange traded contracts  requiring
fair value accounting treatment.


                                  15




Item 3.  Controls and Procedures
--------------------------------

In  accordance  with Exchange Act Rules 13a-15  and  15d-15,  the
Company's   management  carried  out  an  evaluation   with   the
participation of the Company's Chief Executive Officer and  Chief
Financial  Officer, its principal executive officer and principal
financial  officer,  respectively, of the  effectiveness  of  the
Company's disclosure controls and procedures as of the end of the
period  covered  by this report. Based upon that evaluation,  the
Chief Executive Officer and Chief Financial Officer concluded  as
of  the  end of the period covered by this Form 10-QSB  that  the
Company's  disclosure controls and procedures  are  effective  in
timely  alerting  them to material information  relating  to  the
Company  required to be included in periodic reports filed  under
the  Securities Exchange Act of 1934, as amended. There  were  no
changes   in  the  Company's  internal  controls  over  financial
reporting  identified in connection with the  evaluation  by  the
Chief Executive Officer and Chief Financial Officer that occurred
during the Company's fourth quarter that have materially affected
or  are  reasonably  likely to materially  affect  the  Company's
internal controls over financial reporting.


PART II - OTHER INFORMATION
---------------------------

Item 1.  Legal Proceedings
--------------------------

Due  to  our financial difficulties, we defaulted on a number  of
debt  and  lease obligations. We have several judgments  totaling
approximately  $378,000  that were entered  against  us.  We  are
currently   trying   to   resolve   these   obligations   through
settlements. However, there is no assurance that we will be  able
to settle on terms favorable to us and if we are unable to do so,
this  will  have  a  material adverse affect on  our  ability  to
operate properly in the future.

On  May  3, 2004, we received a letter from Pedro Fenando  Arizpe
Carreon,  a  shareholder of Grupo Industrial NKS,  S.A.  DE  C.V.
("NKS"),  addressed  to Montague Securities International,  Ltd.,
the escrow agent for the transaction by which we acquired 75%  of
the  outstanding  shares of capital stock  of  NKS.  Mr.  Carreon
alleged  that  we  had breached the Purchase Agreement.  We  have
denied any breach of the purchase agreement and have advised  Mr.
Carreon  in  writing of this fact. On August 8, 2005, Normexsteel
filed a civil complaint, in Broward County, Florida, against  Mr.
Carreon and Grupo Industrial NKS alleging breach of contract  and
tortuous  interference with a business relationship and requested
the  court  to  order temporary and permanent injunctive  relief,
declaratory  judgment  and  monetary  damages  for  the   alleged
interferences.



                                  16




Item 2.  Change in Securities
-----------------------------

On  September 10, 2004, the holders of a majority of the Company'
outstanding voting shares executed a written consent amending the
Company's Articles of incorporation to increase the total  number
of   authorized  shares  of  the  Company's  Common  Stock   from
500,000,000 to 1,000,000,000.

As  of  March  15,  2005,  the Company  completed  a  transaction
resulting in the acquisition of 75% of all issued and outstanding
shares  of  Grupo  Industrial N.K.S.,  S.A.,  de  CV  ("NKS")  in
exchange  for  250,000,000  of  the Company's  common  restricted
shares. NKS, a Mexican corporation, is the owner of a steel  mill
foundry and other assets in Lazaro Cardenas, Mexico.

On  September  29,  2005  the Company's Board  approved  a  1:500
forward  split  after completing a 500:1 reverse stock  split  on
September   9,   2005  as  approved  by  the  majority   of   the
shareholders.


Item 3.  Defaults Upon Senior Securities
----------------------------------------

                Not applicable

Item 4.  Submission of Matters to a Vote of Security Holders
------------------------------------------------------------

                Not applicable

Item 5.   Subsequent Events
---------------------------

The  Company  has  signed a letter of intent  with  Global  Steel
Holdings  ("GSH"), an Indian company with globally diverse  steel
interests.  The letter of intent has been extended to August  31,
2005,  as noted in the most recent press release.  As of November
17,  2005, the parties are still negotiating the agreement.   GSH
intends to purchase 50% of NorMexSteel's shares in Grupo NKS  and
in  turn provide a line of credit totaling $60 million to  settle
debt and provide working capital for the facility.

The Company executed an agreement with a principal shareholder to
change the payment terms of a consulting agreement from a monthly
fee  to  10,000,000 shares of common stock.  The effect  of  this
transaction  will be to eliminate a liability of $340,000  as  of
September 30, 2005 and to receive the services in the future with
no cash obligations on the Company's part.


                                  17




Item 6.    Exhibits and Reports on Form 8-K

     (a)  Exhibits and Index of Exhibits
   
     31.  Rule 13a-14(a)/15d-14(a) Certifications pursuant to
          Section 302 of the Sarbanes-Oxley Act of 2002.
     32.  Section 1350 Certification pursuant to Section 906 of the
          Sarbanes-Oxley Act of 2002.
     (b)  Reports on Form 8-K.

          On September 28, 2005, the Company filed a current report
          on Form 8-K in connection with the resignation of Tedder, James,
          Worder & Associates, P.A. as the Registrant's Certifying
          Accountants, effective August 31, 2005.



                           SIGNATURES

NorMexSteel Inc.


By /s/James Wolff
  ------------------------
James Wolff, President

Date:  November 22, 2005

                                  18