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): January 29, 2009

                   Universal Stainless & Alloy Products, Inc.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

           Delaware                    000-25032               25-1724540
  ----------------------------        ------------         -------------------
  (State or other jurisdiction        (Commission          (IRS Employer
   of incorporation)                  File Number)         Identification No.)


           600 Mayer Street, Bridgeville, Pennsylvania       15017
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            (Address of principal executive offices)       (Zip code)

       Registrant's telephone number, including area code: (412) 257-7600

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2.):

|_|  Written  communications  pursuant to Rule 425 under the  Securities Act (17
     CFR 230.425)
|_|  Soliciting  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
     240.14a-12)
|_|  Pre-commencement   communications  pursuant  to  Rule  14d-2(b)  under  the
     Exchange Act (17 CFR 240.14d-2(b))
|_|  Pre-commencement   communications  pursuant  to  Rule  13e-4(c)  under  the
     Exchange Act (17 CFR 240.13e-4(c))




Item 2.02.   Results of Operations and Financial Condition.

     On January 29, 2009,  Universal  Stainless  and Alloy  Products,  Inc. (the
"Company")  issued a press release regarding its earnings for the fourth quarter
and year ended December 31, 2008. A copy of the press release is attached hereto
as Exhibit 99.1.

     The information in this Current Report on Form 8-K,  including the attached
press release  regarding the Company's  earnings for the fourth quarter and year
ended December 31, 2008, shall not be deemed "filed" for the purposes of Section
18 of the Securities  Exchange Act of 1934, as amended,  or otherwise subject to
the  liabilities  of that  section,  nor  shall  it be  deemed  incorporated  by
reference in any filing under the Securities Act of 1933, as amended,  except as
shall be expressly set forth by specific reference in such a filing.


Item 8.01.   Other Events.

     On January 29, 2009, the Company issued a press release  announcing that it
will  invest $13  million  in its  Bridgeville  melt  shop.  A copy of the press
release is attached hereto as Exhibit 99.2.


Item 9.01.   Financial Statements and Exhibits.

       (d)   Exhibits

       99.1  Press Release dated January 29, 2009, entitled "Universal Stainless
Reports 2008 Fourth Quarter and Year Results"

       99.2  Press Release dated January 29, 2009, entitled "Universal Stainless
Announces $13 Million Melt Shop Investment"





                                    SIGNATURE

     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.


                                   UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.


                                   By:  /s/ Richard M. Ubinger
                                        --------------------------------------
                                        Vice President of Finance,
                                        Chief Financial Officer and Treasurer

Dated:  January 29, 2009