UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                 SCHEDULE 13D/A
                    UNDER THE SECURITIES EXCHANGE ACT OF 1934
                               (Amendment No. 1)*

                          Kentucky Electric Steel, Inc.
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                                (Name of Issuer)

                          Common Stock, $.01 par value
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                         (Title of Class of Securities)

                                    49/27B/00
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                                 (CUSIP Number)

                             Charles E. Cheever, III
                              65 Comstock Hill Road
                           Norwalk, Connecticut 06850
                            Telephone: (203) 847-4839
- --------------------------------------------------------------------------------
            (Name, Address and Telephone Number of Person Authorized
                     to Receive Notices and Communications)
- --------------------------------------------------------------------------------
                                November 6, 2002
- --------------------------------------------------------------------------------
             (Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Section 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check
the following box [ ].

NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 240.13d-7 for other
parties to whom copies are sent.

* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934, as amended (the "Act") or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).



CUSIP No. 49/2/7B/00


________________________________________________________________________________
1    NAME OF REPORTING PERSON
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)


                  Charles E. Cheever, III
________________________________________________________________________________
2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                                 (a)  [_]
                                                                 (b)  [_]

________________________________________________________________________________
3    SEC USE ONLY



________________________________________________________________________________
4    SOURCE OF FUNDS

     PF

________________________________________________________________________________
5    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
     PURSUANT TO ITEMS 2(d) OR 2(e)                                   [_]



________________________________________________________________________________
6    CITIZENSHIP OR PLACE OF ORGANIZATION

     United States

________________________________________________________________________________
               7    SOLE VOTING POWER

  NUMBER OF         513,950

   SHARES      _________________________________________________________________
               8    SHARED VOTING POWER
BENEFICIALLY
                    0
  OWNED BY
               _________________________________________________________________
    EACH       9    SOLE DISPOSITIVE POWER

  REPORTING         513,950

   PERSON      _________________________________________________________________
               10   SHARED DISPOSITIVE POWER
    WITH
                    0

________________________________________________________________________________
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     513,950

________________________________________________________________________________
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

                                                                      [_]

________________________________________________________________________________
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

     12.5%

________________________________________________________________________________
14   TYPE OF REPORTING PERSON

     IN

________________________________________________________________________________

This Amendment No. 1 to the Schedule 13D relating to shares of common stock, par
value $.01 per share of Kentucky Electric Steel, Inc. is being filed by Charles
E. Cheever, III to report an increase in beneficial ownership of the common
stock of Kentucky Electric Steel, Inc. This statement amends Items 3 and 5 of
the Schedule 13D dated October 25, 2002 and filed with the Securities and
Exchange Commission on November 1, 2002 (the "Schedule 13D"). Except as amended
hereby, there has been no change in the information contained in the Schedule
13D.


ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION

Item 3 is hereby amended and restated in its entirety as follows:

         Mr. Cheever used personal funds in making his purchase of the shares of
Common Stock. Mr. Cheever did not acquire beneficial ownership of any of the
Common Stock with borrowed funds. The aggregate purchase price of the 513,950
shares of Common Stock was approximately $65,000.



ITEM 5. INTEREST IN SECURITIES OF THE ISSUER

Item 5 is hereby amended and restated in its entirety as follows:

         (a) As of the date of this statement, Mr. Cheever beneficially owns
513,950 shares of Common Stock representing approximately 12.5% of the
outstanding shares of Common Stock, calculated in accordance with Rule 13d-3 of
the Exchange Act (based on 4,100,285 outstanding as reported by the Issuer in
its Report on Form 10-Q for the quarterly period ended on June 29, 2002).

         (b) As of the date of this statement, Mr. Cheever has sole power to
vote or direct the vote and dispose or direct the disposition of 513,950 shares
of Common Stock.

         (c) During the sixty day period ended as of the date hereof, Mr.
Cheever purchased, in open market transactions the following shares of Common
Stock:

                        Date        Number of Shares          Price Per Share*
                        ----        ----------------          ----------------
                    11/14/02                   2,000               $     0.15
                    11/14/02                  35,500               $     0.16
                    11/12/02                  12,100               $     0.16
                    11/12/02                   6,500               $     0.15
                    11/11/02                  10,000               $     0.16
                     11/8/02                  58,900               $     0.16
                     11/8/02                   4,900               $     0.17
                     11/7/02                   5,100               $     0.16
                     11/6/02                  75,500               $     0.16
                     11/6/02                  21,700               $     0.17
                     11/6/02                  20,000               $     0.18
                    10/28/02                  11,750               $     0.08
                    10/25/02                  60,000               $     0.08
                    10/25/02                  51,700               $     0.07
                    10/25/02                  32,350               $     0.07
                    10/25/02                   8,000               $     0.11
                    10/25/02                   5,000               $     0.10
                    10/23/02                   7,500               $     0.09
                    10/21/02                  17,400               $     0.10
                    10/21/02                  11,000               $     0.09
                    10/18/02                   5,000               $     0.10
                    10/18/02                   5,500               $     0.09
                    10/16/02                  21,850               $     0.10
                    10/16/02                  12,800               $     0.10
                    10/16/02                  11,900               $     0.09

          *  Price does not include commissions.

         (d) Not applicable.

         (e) Not applicable.





                                    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.

Dated as of: November 15, 2002

                                                /s/ Charles E. Cheever, III
                                                ----------------------------
                                                    Charles E. Cheever, III