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): February 12, 2004


                   Universal Stainless & Alloy Products, Inc.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)


              Delaware                       000-25032            25-1724540
    ----------------------------          --------------     -------------------
   (State or other jurisdiction           (Commission        (IRS Employer
   of incorporation)                      File Number)       Identification No.)


                600 Mayer Street, Bridgeville, Pennsylvania             15017
                -------------------------------------------        -------------
               (Address of principal executive offices)              (Zip code)


       Registrant's telephone number, including area code: (412) 257-7600







Item 5.   Other Events.

          On February 12, 2004, Universal Stainless & Alloy Products,  Inc. (the
"Company"),  announced  that it had exited the February 11, 2004 auction for the
assets of the idled Fort Wayne,  Indiana  specialty steel bar facility of Slater
Steels Corporation, the U.S. subsidiary of Slater Steel, Inc.

          The press release, dated February 12, 2004, issued by the Company with
respect  to this  matter  is  attached  hereto  as  Exhibit  99.1 and is  hereby
incorporated herein by reference in its entirety.

Item 7.  Financial Statements and Exhibits.

         (a) Not applicable

         (b) Not applicable

         (c) Exhibits

             Exhibit 99.1      Press Release dated February 12, 2004.








                                    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.


                                      UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.


                                      By:  /s/ Richard M. Ubinger
                                           -------------------------------------
                                           Vice President of Finance,
                                           Chief Financial Officer and Treasurer

Dated:  February 12, 2004






                                  EXHIBIT INDEX
                                  -------------


          Exhibit 99.1     Press Release dated February 12, 2004.