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): July 22, 1998


                      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 July 22, 1998



                           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: July 22, 1998

EX-99

                                EXHIBIT NO. 99

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


                    ROANOKE ELECTRIC STEEL DECLARES 159TH 
                     CONSECUTIVE QUARTERLY CASH DIVIDEND
                    AND ANNOUNCES COMMON STOCK REPURCHASE 


     ROANOKE, Virginia, July 22, 1998 -- Roanoke Electric Steel Corporation
(NASDAQ-NNM: RESC) today reported that at a regular meeting of the Board of
Directors of the Corporation held July 21, 1998, the 159th consecutive
quarterly cash dividend was declared in the amount of 9 1/2 cents per share of
common stock payable August 25, 1998 to shareholders of record August 7, 1998. 
     In a separate action, the Board authorized the repurchase of up to 750,000
shares of the Company's common stock, from time to time in the open market and
in privately negotiated transactions, as the Company deems appropriate. The
Company currently has 11,120,288 shares outstanding. The repurchased shares, to
be held as authorized and unissued shares, will be available for general
corporate purposes.
     Donald G. Smith, Chairman and Chief Executive Officer, stated:

          "The common stock repurchase program underscores the
           Company's strong performance and the continued confidence
           in the bright prospects for the future.  The repurchase
           program continues the Board's efforts to enhance
           shareholder value through prudent capital investments,
           providing the opportunity for additional returns for our
           shareholders."  

     Roanoke Electric Steel Corporation is a mini-mill producer of finished
steel products, consisting of angles, rounds, flats and channels, 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.

                                     # # #