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): November 10, 2008

                   Universal Stainless & Alloy Products, Inc.
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             (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 7.01.    Regulation FD Disclosure.

     On November 10, 2008,  Universal  Stainless and Alloy  Products,  Inc. (the
"Company")  issued a press  release to announce its  revision of its  previously
announced  guidance for the fourth quarter of 2008. A copy of this press release
is attached hereto as Exhibit 99.1.

     The  information  in  this  Current  Report  on  Form  8-K,  including  the
information  in  the  attached  press  release  regarding  the  revision  of the
Company's  previously  announced  guidance for the fourth quarter of 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 9.01.    Financial Statements and Exhibits.

       (d)    Exhibits

       99.1   Press Release dated November 10, 2008






                                    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:  November 12, 2008