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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                 SCHEDULE 13G/A
                               (Amendment No. 1)
                                 

                   Under the Securities Exchange Act of 1934
                                 

                   UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.
                                (Name of Issuer)

                                 COMMON STOCK
                         (Title of Class of Securities)

                                  913837100
                                (CUSIP Number)

                               December 31, 2016
             (Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this 
Schedule is filed:
[X] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d) 

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 ("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. 913837100

1.  NAME OF REPORTING PERSONS
    S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
          Aegis Financial Corporation
          54-1712996

2.  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*           (a)
                                                                (b) X

3.  SEC USE ONLY

4.  CITIZENSHIP OR PLACE OF ORGANIZATION
          Delaware 

NUMBER OF                5.  SOLE VOTING POWER                   0
SHARES
BENEFICIALLY             6.  SHARED VOTING POWER                 329,996
OWNED BY
EACH                     7.  SOLE DISPOSITIVE POWER              0
REPORTING PERSON
WITH                     8. SHARED DISPOSITIVE POWER             329,996

9.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 329,996

10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES 
    CERTAIN SHARES [ ]
        
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9              4.58%

12.   TYPE OF REPORTING PERSON
        IA




Cusip No. 913837100

1.  NAME OF REPORTING PERSONS
    S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
          SCOTT L. BARBEE
          N/A

2.  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*              (a)
                                                                   (b) X

3.  SEC USE ONLY

4.  CITIZENSHIP OR PLACE OF ORGANIZATION
          United States 

NUMBER OF                5.  SOLE VOTING POWER                    0
SHARES
BENEFICIALLY             6.  SHARED VOTING POWER                  329,996
OWNED BY
EACH                     7.  SOLE DISPOSITIVE POWER               0
REPORTING PERSON
WITH                     8. SHARED DISPOSITIVE POWER              329,996

9.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  329,996

10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES 
    CERTAIN SHARES [ ]
        
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9               4.58%

12.   TYPE OF REPORTING PERSON
        IN




Cusip No. 913837100
                   
Schedule 13G Additional Information

Item #
1. (a)  Name of Issuer:
          UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.

   (b)  Address of Issuer's Principal Executive Offices:
          600 Mayer Street
          Bridgeville, PA 15017

2. (a)  Name of Persons Filing:
         (i) Aegis Financial Corporation ("AFC")
         (ii) SCOTT L. BARBEE ("BARBEE")

   (b)  Address of Principal Business Office for Each of the Above:
          6862 Elm Street, Suite 830
          McLean, VIRGINIA  22101

   (c)  Citizenship:
        (i) AFC:      Delaware
        (ii) Barbee:  United States

   (d)  Title of  Class of  Securities:  Common Stock

   (e)  CUSIP Number:  913837100


3. This statement is filed pursuant to Rule 13d-1(b), or 13d-2(b) or (c).
The person filing is a:
   (a) [ ]  Broker or Dealer registered under Section 15 of the Act;
   (b) [ ]  Bank as defined in section 3(a)(6) of the Act;
   (c) [ ]  Insurance Company as defined in section 3(a)(19) of the Act;
   (d) [ ]  Investment Company registered under section 8 of the 
            Investment Company Act;
   (e) [x]  Investment Adviser in accordance with Rule 13d-1(b)(1)(ii)(E);
   (f) [ ]  Employee Benefit Plan, Pension Fund which is subject to the
            provisions of the Employee Retirement Income Security Act 
            of 1974 or Endowment Fund;
   (g) [ ]  Parent Holding Company, in accordance with 240.13d-1(b)(ii)(G);
   (h) [ ]  Savings association as defined in Section 3(b) of the Federal
            Deposit Insurance Act;
   (i) [ ]  Church plan that is excluded from the definition of an 
            investment company under section 3(c)(14) of the 
            Investment Company Act;
   (j) [ ]  Group, in accordance with Rule 13d-1(b)(1)(ii)(J)

4. Ownership:
Provide the following information regarding the aggregate number and 
percentage of the class of securities of the issuer identified in Item 1.
   
   (a) Amount Beneficially Owned:
         (i) AFC:        329,996
         (ii) Barbee:    329,996

   (b) Percent of Class: 
         (i)  AFC:      4.58%
         (ii) Barbee:   4.58%

   (c) Number of shares as to which such person has:
      (1) Sole power to vote or to direct the vote:
          (i) AFC:       0
         (ii) Barbee:    0

      (2) Shared power to vote or to direct the vote:
          (i) AFC:       329,996
         (ii) Barbee:    329,996

      (3) Sole power to dispose or to direct the disposition of:
          (i) AFC:       0
         (ii) Barbee:    0

      (4) Shared power to dispose or to direct the disposition of:
          (i) AFC:       329,996
         (ii) Barbee:    329,996

5. Ownership of Five Percent or Less of a Class:  
If this statement is being filed to report the fact that as of the date hereof
the reporting person has ceased to be the beneficial owner of more than five
percent of the class of securities, check the following [X].
          
6. Ownership of More than Five Percent on Behalf of Another Person:         
         Not Applicable

7. Identification and Classification of the Subsidiary Which Acquired 
   the Security Being Reported on by the Parent Holding Company:
         Not Applicable

8. Identification and Classification of Members of the Group:
          Not Applicable

9. Notice of Dissolution of Group:  Not Applicable

10. Certification:

    By signing below, the undersigned certify that, to the best 
    of their knowledge and belief, the securities referred to 
    above were acquired and are held in the ordinary course of 
    business and were not acquired and are not held for the
    purpose of or with the effect of changing or influencing 
    the control of the issuer of the securities and were not 
    acquired and are not held in connection with or as a 
    participant in any transaction having that purpose or effect.

    In accordance with Rule 13d-4 of the Securities Exchange Act
    of 1934, each of the persons filing this statement expressly
    disclaim the beneficial ownership of the securities covered
    by this statement and the filing of this report shall not be
    construed as an admission by such persons that they are the
    beneficial owners of such securities.



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.

                               Aegis Financial Corporation

Date:  February 13, 2017         By: /s/ Scott L. Barbee
                                   --------------------   
                                   SCOTT L. BARBEE                    
                                   MANAGING DIRECTOR
                                   

                               Scott L. Barbee  

Date:  February 13, 2017         By: /s/ Scott L. Barbee
                                   --------------------   
                                   SCOTT L. BARBEE                    
                                   
          

EXHIBIT 1

       JOINT FILING AGREEMENT AMONG AEGIS FINANCIAL CORPORATION,
               AND SCOTT L. BARBEE

WHEREAS, in accordance with Rule 13d-1(k) under the Securities and 
Exchange Act of 1934 (the "Act"), only one joint statement and any
amendments thereto need to be filed whenever one or more persons
are required to to file such a statement or any amendments thereto
pursuant to Section 13(d) of the Act with respect to the same
securities, provided that said persons agree in writing that such
statement or amendments thereto is filed on behalf of each of them;

NOW, THEREFORE, the parties hereto agree as follows:

Aegis Financial Corporation, AND 
SCOTT L. BARBEE hereby agree, in accordance with Rule 13d-1(k)
under the Act, to file a statement on Schedule 13G relating to 
their ownership of Common Stock of the Issuer and do hereby 
further agree that said statement shall be filed on behalf of 
each of them.

                               Aegis Financial Corporation

Date:  February 13, 2017         By: /s/ Scott L. Barbee
                                   --------------------   
                                   SCOTT L. BARBEE                    
                                   MANAGING DIRECTOR
                                   

                               Scott L. Barbee  

Date:  February 13, 2017        By: /s/ Scott L. Barbee
                                   --------------------   
                                   SCOTT L. BARBEE