8-K

                       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): September 20, 1996


                    ROANOKE ELECTRIC STEEL CORPORATION
          (Exact name of Registrant as specified in its charter)


          Virginia                     0-2389            54-0585263     
 (State or other jurisdiction       (Commission       (I.R.S. Employer 
         of incorporation )          File Number)     Identification No.)

           102 Westside Blvd., N.W., Roanoke, Virginia      24017   
         (Address of principal executive offices)        (Zip Code)

 Registrant's telephone number, including area code:  (540) 342-1831

                                        N/A                 
                                           
            (Former name, former address and former fiscal year, if 
                          changed since last report)


Item 5.  Other Events.

See press release attached hereto as Exhibit 99.

Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.

(c)  Exhibits.

          99   -   Press Release dated September 20, 1996


                           SIGNATURES

     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.


                         ROANOKE ELECTRIC STEEL CORPORATION
                       
                         By   Donald G. Smith
                                        
                              Donald G. Smith
                              Chairman and Chief Executive Officer

Date: September 20, 1996

EX-99

                         EXHIBIT NO. 99


ROANOKE ELECTRIC STEEL CORPORATION      P.O. Box 13948
                                        Roanoke, Virginia  24038-3948
                                        Office: 1-540-342-1831
                                                1-800-765-6567
                                        FAX:    1-540-342-9437


NEWS RELEASE                       FOR IMMEDIATE RELEASE
                                   CONTACT:     T. Joe Crawford
                                                (540)  342-1831


            ROANOKE ELECTRIC STEEL ANNOUNCES INCREASE
                   IN COMMON STOCK REPURCHASE

     ROANOKE, Virginia, September 20, 1996 - - Roanoke Electric
Steel Corporation (NASDAQ-NNM: RESC) today reported that at a
regular meeting of the Board of Directors of the Company held
September 17, 1996, the Board approved the repurchase of up to an
additional 250,000 shares of the Company's common stock, from
time to time in the open market and by privately negotiated
transactions, as the Company deems appropriate.  The Board
previously had authorized a plan pursuant to which the Company
could repurchase up to 500,000 shares of the Company's common
stock during a twelve-month period ending April, 1997.  To date,
the Company has repurchased 458,000 shares of its outstanding
common stock under that plan.
     The Company currently has 7,637,897 shares outstanding. 
Repurchased shares, to be held as authorized and unissued shares,
will be available for general corporate purposes and to fund the
Company's stock option plan. 
     Donald G. Smith, Chairman and Chief Executive Officer of the
Company, stated:
          "The Board's action underscores the strong
           performance of the Company through the 1996 
           fiscal third quarter and reaffirms our con- 
           fidence in the bright prospects for the 
           Company and the future of the steel industry."

     Roanoke Electric Steel Corporation is a mini-mill producer
of finished steel products, consisting of angles, plain rounds,
flats, channels and reinforcing bars, which are sold to steel
fabricators and steel service centers, and semi-finished steel
billets, which are sold to other steel producers.  Four
subsidiaries are involved in various steel-related activities,
consisting of steel scrap processing, steel bar joist fabrication
and reinforcing bar fabrication.