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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 BLhy3kAkAiUPtiP19H8Y6cr/yv+HYf4Py6GRVt8oFZzzuTMXaBNoxeW2dFzNElxt
 jXi5aPpNsoHsTsQ2P1ZpTw==

<SEC-DOCUMENT>0001005477-03-000637.txt : 20030509
<SEC-HEADER>0001005477-03-000637.hdr.sgml : 20030509
<ACCEPTANCE-DATETIME>20030509105026
ACCESSION NUMBER:		0001005477-03-000637
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030501
FILED AS OF DATE:		20030509

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			DEMOREST HARRY L
		CENTRAL INDEX KEY:			0001209265

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09887
		FILM NUMBER:		03689289

	MAIL ADDRESS:	
		STREET 1:		OREGON STEEL MILLS INC
		STREET 2:		1000 SW BROADWAY STE 2200
		CITY:			PORTLAND
		STATE:			OR
		ZIP:			97205

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OREGON STEEL MILLS INC
		CENTRAL INDEX KEY:			0000830260
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
		IRS NUMBER:				940506370
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1000 SW BROADWAY
		STREET 2:		STE 2200
		CITY:			PORTLAND
		STATE:			OR
		ZIP:			97205
		BUSINESS PHONE:		5032405788

	MAIL ADDRESS:	
		STREET 1:		PO BOX 5368
		CITY:			PORTLAND
		STATE:			OR
		ZIP:			97228
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar123.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0101</schemaVersion>

<documentType>4</documentType>
    <periodOfReport>2003-05-01</periodOfReport>
    <notSubjectToSection16>0</notSubjectToSection16>
<issuer>        <issuerCik>0000830260</issuerCik>
        <issuerName>OREGON STEEL MILLS INC</issuerName>
<issuerTradingSymbol>OS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
    <reportingOwnerId>
        <rptOwnerCik>0001209265</rptOwnerCik>
            <rptOwnerName>DEMOREST HARRY L</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
<reportingOwnerRelationship>
        <isDirector>1</isDirector>
        <isOfficer>0</isOfficer>
        <isTenPercentOwner>0</isTenPercentOwner>
        <isOther>0</isOther>
    </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeSecurity>
        <securityTitle>
            <value>Common Stock</value>
        </securityTitle>
        <conversionOrExercisePrice>
            <value>2.33</value>
        </conversionOrExercisePrice>
        <transactionDate>
            <value>2003-05-01</value>
        </transactionDate>
    <transactionCoding>
        <transactionFormType>4</transactionFormType>
        <transactionCode>A</transactionCode>
        <equitySwapInvolved>0</equitySwapInvolved>
    </transactionCoding>
        <transactionAmounts>
            <transactionShares>
                <value>4000</value>
            </transactionShares>
            <transactionValue>
                <value>2.33</value>
            </transactionValue>
            <transactionAcquiredDisposedCode>
                <value>A</value>
            </transactionAcquiredDisposedCode>
        </transactionAmounts>
        <exerciseDate>
            <value>2003-04-26</value>
        </exerciseDate>
        <expirationDate>
            <value>2013-04-30</value>
        </expirationDate>
        <underlyingSecurity>
            <underlyingSecurityTitle>
                <value>Common Stock</value>
            </underlyingSecurityTitle>
            <underlyingSecurityShares>
                <value>4000</value>
                <footnoteId id="F1"/>
            </underlyingSecurityShares>
        </underlyingSecurity>
        <postTransactionAmounts>
            <sharesOwnedFollowingTransaction>
                <value>40500</value>
            </sharesOwnedFollowingTransaction>
        </postTransactionAmounts>
        <ownershipNature>
            <directOrIndirectOwnership>
                <value>D</value>
            </directOrIndirectOwnership>
        </ownershipNature>
    </derivativeSecurity>

    <footnotes>
        <footnote id="F1">1333 on 4/26/03
1333 on 4/26/04
1334 on 4/26/05</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/Jeff S. Stewart</signatureName>
        <signatureDate>2003-05-09</signatureDate>
    </ownerSignature>

</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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