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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 BY10JJwIHJo7GK3FwEw3GN806qbk37U4K6CxJbn+INY5YCRCRR7Okr4Qlay9f8on
 XZ7G4bDd2DdhRFlJdLHreg==

<SEC-DOCUMENT>0001206774-05-001927.txt : 20051130
<SEC-HEADER>0001206774-05-001927.hdr.sgml : 20051130
<ACCEPTANCE-DATETIME>20051130173212
ACCESSION NUMBER:		0001206774-05-001927
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20051129
FILED AS OF DATE:		20051130
DATE AS OF CHANGE:		20051130

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			STEWART JEFF S
		CENTRAL INDEX KEY:			0001184518

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09887
		FILM NUMBER:		051235503

	BUSINESS ADDRESS:	
		STREET 1:		1000 SW BROADWAY
		STREET 2:		SUITE 2200
		CITY:			PORTLAND
		STATE:			OR
		ZIP:			98683

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>os101200_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-11-29</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000830260</issuerCik>
        <issuerName>OREGON STEEL MILLS INC</issuerName>
        <issuerTradingSymbol>OS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001184518</rptOwnerCik>
            <rptOwnerName>STEWART JEFF S</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1000 SW BROADWAY, SUITE 2200</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>PORTLAND</rptOwnerCity>
            <rptOwnerState>OR</rptOwnerState>
            <rptOwnerZipCode>97205-3996</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Treasurer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Common Stock Options</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>28.00</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2005-11-29</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>7300</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>3.75</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2001-11-01</value>
            </exerciseDate>
            <expirationDate>
                <value>2011-10-31</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>7300</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>15000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Common Stock Options</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>28.00</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2005-11-29</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>5000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>8.04</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2004-04-29</value>
            </exerciseDate>
            <expirationDate>
                <value>2014-04-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>5000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>10000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <ownerSignature>
        <signatureName>/s/ Jeff S. Stewart</signatureName>
        <signatureDate>2005-11-30</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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