-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 Qfl0VRbFurtSrnZf1Q15ag==

<SEC-DOCUMENT>0001206774-06-000991.txt : 20060501
<SEC-HEADER>0001206774-06-000991.hdr.sgml : 20060501
<ACCEPTANCE-DATETIME>20060501164751
ACCESSION NUMBER:		0001206774-06-000991
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050428
FILED AS OF DATE:		20060501
DATE AS OF CHANGE:		20060501

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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			REYNOLDS STEPHEN P
		CENTRAL INDEX KEY:			0001165752

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09887
		FILM NUMBER:		06795746

	BUSINESS ADDRESS:	
		STREET 1:		PUGET ENERGY INC
		STREET 2:		10885 NE 4TH STREET, 12TH FLOOR
		CITY:			BELLEVUE
		STATE:			WA
		ZIP:			98009-9734
		BUSINESS PHONE:		425-462-3155

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 97034
		STREET 2:		10885 NE 4TH STREET, 12TH FLOOR
		CITY:			BELLEVUE
		STATE:			WA
		ZIP:			98009
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>wb101200_6ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-04-28</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001165752</rptOwnerCik>
            <rptOwnerName>REYNOLDS STEPHEN P</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>P.O. BOX 97034</rptOwnerStreet1>
            <rptOwnerStreet2>10885 NE 4TH STREET, 12TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>BELLEVUE</rptOwnerCity>
            <rptOwnerState>WA</rptOwnerState>
            <rptOwnerZipCode>98009</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <transactionDate>
                <value>2005-04-28</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1622</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1722</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F2"/>
            </securityTitle>
            <transactionDate>
                <value>2006-04-27</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>515</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2237</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Common Stock Options</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2002-04-26</value>
            </exerciseDate>
            <expirationDate>
                <value>2014-04-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>0</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>7000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">541 shares vest on 4/28/06; 541 shares vest on 4/28/07; 540 shares vest on 4/28/08.</footnote>
        <footnote id="F2">172 shares vest on 4/27/07; 172 shares vest on 4/27/08; 171 shares vest on 4/27/09.</footnote>
        <footnote id="F3">Shares vest at various prices.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Jeff S. Stewart Attorney-in-Fact</signatureName>
        <signatureDate>2006-04-28</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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