SCHEDULE 13G                                                        Page 1 of 4
     (12/31/97)

STEEL OF WEST VIRGINIA, INC.
COMMON STOCK
CUSIP # 858154107


CUSIP #858154107                                                     Page 2 of 4

Item 1:           REPORTING PERSON
                  Corbin & Company    (Tax ID:   75-2421966)

Item 4:           CITIZENSHIP
                  A Texas Corporation

Item 5:           SOLE VOTING POWER
                  None              (See Note 1)

Item 6:           SHARED VOTING POWER
                  317,715           (See Note 1)

Item 7:           SOLE DISPOSITIVE POWER
                  None              (See Note 1)








Item 8:           SHARED DISPOSITIVE POWER
                  317,715           (See Note 1)

Item 9:           AGGREGATE AMOUNT BENEFICIALLY OWNED
                  317,715

Item 11:          PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
                  5.3%

Item 12:          TYPE OF REPORTING PERSON
                  IA


CUSIP # 858154107                                                    Page 3 of 4

Item 1(a).        NAME OF ISSUER:

                  STEEL OF WEST VIRGINIA, INC.

Item 1(b).        ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:

                  17th Street & Second Avenue
                  Huntington, WV     25703

Item 2(a).        NAME OF PERSON FILING:

                  Corbin & Company

Item 2(b).        ADDRESS OF PRINCIPAL BUSINESS OFFICE:

                  6300 Ridglea Place, Suite 1111
                  Fort Worth, TX   76116

Item 2(c).        CITIZENSHIP:

                  A Texas Corporation

Item 2(d).        TITLE OF CLASS OF SECURITIES:

                  Common Stock

Item 2(e).        CUSIP NUMBER:

                  858154107







Item 3. This statement is filed  pursuant to Rule 13d-1(b) or 13d-2(b),  and the
person  filing is an  investment  advisor  registered  under  section 203 of the
Investment Advisers Act of 1940.


Item 4.           OWNERSHIP AS OF DECEMBER 31, 1997.

                  (a)      AMOUNT BENEFICIALLY OWNED:

                           317,715 shares

                  (b)      PERCENT OF CLASS:

                           5.3%

                  (c)      NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS:

                           (i)      SOLE POWER TO VOTE OR TO DIRECT THE VOTE:
                                                     None   (See Note 1)

                           (ii)     SHARED POWER TO VOTE OR TO DIRECT THE
VOTE:
                                    317,715                   (See Note 1)

                           (iii)    SOLE POWER TO DISPOSE OR TO
                                                     DIRECT THE DISPOSITION OF:
                                    None                      (See Note 1)

                           (iv)     SHARED POWER TO DISPOSE OR TO DIRECT THE
                                    DISPOSITION OF:
                                    317,715                   (See Note 1)

Item 5.           OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.

                  Not applicable.

Item 6.           OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF
                           ANOTHER PERSON.

                  All of the  securities  reported in this  schedule are held on
                  behalf of Corbin &  Company's  advisory  clients,  all of whom
                  have the right to receive or the
power to direct the receipt of dividends from, or the proceeds from the sale of,
such  securities,  but no  single  client,  to the best  knowledge  of  Corbin &
Company, holds more than five percent of the common stock of Steel of West





Virginia, Inc.


CUSIP # 858154107                                                    Page 4 of 4


Item 7.           IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY
WHICH                      ACQUIRED THE SECURITY BEING REPORTED ON BY THE
PARENT                     HOLDING COMPANY.

                  Not applicable.

Item 8.           IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE
GROUP.

                  Not applicable.

Item 9.           NOTICE OF DISSOLUTION OF GROUP.

                  Not applicable.

Item 10.          CERTIFICATION.

     By signing  below I certify  that,  to the best of my knowledge and belief,
the  securities  referred  to above  were  acquired  in the  ordinary  course of
business  and were not acquired for the purpose of and do not have the effect of
changing or  influencing  the control of the issuer of such  securities and were
not acquired in connection  with or as a participant in any  transaction  having
such purposes or effect.

(Note             1). All  securities  reported  on this  schedule  are owned by
                  Corbin &  Company,  an  investment  advisor  registered  under
                  section 203 of the Investment Advisers
Act of 1940, as agent for its  investment  advisory  clients.  Both the power to
vote or direct  the  voting of such  securities,  and the power to dispose of or
direct the  disposition of such  securities,  are shared by Corbin & Company and
each respective advisory client, with regard to securities owned on the client's
behalf.

                  SIGNATURE.

     After  reasonable  inquiry and to the best of my  knowledge  and belief,  I
certify that the information  set forth in this statement is true,  complete and
correct.


                  DATE:      February 12, 1998

                  SIGNATURE: /s/      Barbara E. Shields
                                      Vice President for Client Relations and
                                      Legal Affairs