8-K

                                  UNITED STATES
                       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): JUNE 26, 2002


                            OREGON STEEL MILLS, INC.
             (Exact name of registrant as specified in its charter)

        DELAWARE                       1-9887                 94-0506370
(State or other jurisdiction        (Commission             (IRS Employer
      of incorporation)              File Number)            Identification No.)


1000 SW BROADWAY, SUITE 2200, PORTLAND, OREGON                           97205
   (Address of principal executive offices)                           (Zip Code)


       Registrant's telephone number, including area code: (503) 223-9228



                                    NO CHANGE
          (Former name or former address, if changed since last report)








ITEM 5.  OTHER EVENTS AND REGULATION FD DISCLOSURE.

         On June 26, 2002, Oregon Steel Mills, Inc. (the "Company") announced
that it intends to sell $300 million of First Mortgage Notes due 2009, in a
private offering to qualified institutional buyers in the United States and to
non-U.S. persons outside the United States. The Company's press release
announcing the proposed offering is attached hereto as Exhibit 99.1.

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS.

         (c)  Exhibits.

         99.1     Press release dated June 26, 2002.


                                      -1-





                                  EXHIBIT INDEX


EXHIBIT           DESCRIPTION

99.1              Press release dated June 26, 2002.


                                      -2-




                                    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.

         Date:  June 26, 2002.


                                            OREGON STEEL MILLS, INC.



                                            By   /s/ Jeff S. Stewart
                                                 -------------------------------
                                                 Jeff S. Stewart
                                                 Corporate Controller

EX-99

EXHIBIT 99.1


                            OREGON STEEL MILLS, INC.
                                Portland, Oregon

FOR IMMEDIATE RELEASE                                             June 26, 2002
- --------------------------------------------------------------------------------


Contact: Vicki Tagliafico
         (503) 240-5226

                 OREGON STEEL MILLS, INC. ANNOUNCES OFFERING OF
                      $300 MILLION OF FIRST MORTGAGE NOTES

Portland, Oregon, June 26, 2002/Business Wire/ -- Oregon Steel Mills, Inc.
(NYSE: OS) announced today that it plans to offer $300 million of First Mortgage
Notes due 2009 in a private offering to qualified institutional buyers in the
United States and to non-U.S. persons outside the United States. The offering is
expected to close on July 15, 2002. Oregon Steel intends to use the net proceeds
of this offering to redeem its outstanding 11% First Mortgage Notes due 2003,
refinance its existing revolving credit facility and for working capital and
general corporate purposes.

The notes will not be registered under the Securities Act of 1933 or the
securities laws of any other jurisdiction. The notes may not be offered or sold
in the United States absent registration or an exemption from registration under
the Securities Act of 1933 and the securities laws of any other applicable
jurisdiction. The transaction is structured to qualify for the resale exemption
provided by Rule 144A under the Securities Act of 1933.

This announcement is neither an offer to sell nor a solicitation of an offer to
buy any of these securities.

Oregon Steel Mills, Inc. is organized into two divisions. The Oregon Steel
Division produces steel plate, coil and welded pipe from plants located in
Portland, Oregon, Napa, California and Camrose, Alberta, Canada. The Rocky
Mountain Steel Mills Division, located in Pueblo, Colorado, produces steel rail,
rod, bar, and tubular products.