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): February 20, 2007

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

          Delaware                  000-25032                25-1724540
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 (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 8.01.     Other Events.

               On February 20, 2007,  Universal  Stainless  and Alloy  Products,
Inc. (the  "Company")  issued a press release  regarding  the  establishment  by
Clarence M. McAninch,  the Company's Chairman and Chief Executive Officer,  of a
pre-arranged, non-discretionary stock trading plan in accordance with guidelines
specified  under Rule 10b5-1 of the  Securities  and  Exchange  Act of 1934,  as
amended,  and the Company's policies regarding stock transactions by insiders. A
copy of the press release is filed herewith as Exhibit 99.1.

Item 9.01.     Financial Statements and Exhibits.

      (d)      Exhibits

      99.1     Press Release dated February 20, 2007




                                    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:  February 20, 2007