SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* KEANE GEORGE F (Last) (First) (Middle) 600 MAYER STREET (Street) BRIDGEVILLE PA 15017 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol UNIVERSAL STAINLESS & ALLOY PRODUCTS INC [ USAP ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 02/02/2005
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
USAP Common Stock	02/02/2005		M		3,333	A	$6.063	11,333	D
USAP Common Stock	02/02/2005		M		3,767	A	$7.125	15,100	D
USAP Common Stock	02/02/2005		S		1,400	D	$17.165	13,700	D
USAP Common Stock	02/02/2005		S		5,700	D	$17.562	8,000	D
USAP Common Stock	02/03/2005		M		2,900	A	$7.125	10,900	D
USAP Common Stock	02/03/2005		M		10,000	A	$9.9	20,900	D
USAP Common Stock	02/03/2005		M		376	A	$7.3	21,276	D
USAP Common Stock	02/03/2005		S		3,776	D	$17	17,500	D
USAP Common Stock	02/03/2005		S		4,500	D	$17.02	13,000	D
USAP Common Stock	02/03/2005		S		5,000	D	$17.112	8,000	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
USAP Common Stock Option	$6.063	02/02/2005		M			3,333	05/26/2000(1)	05/26/2009	Common Stock	3,333	$6.063	44,167	D
USAP Common Stock Option	$7.125	02/02/2005		M			3,767	05/24/2001(2)	05/24/2010	Common Stock	3,767	$7.125	40,400	D
USAP Common Stock Option	$7.125	02/03/2005		M			2,900	05/24/2001(3)	05/24/2010	Common Stock	2,900	$7.125	37,500	D
USAP Common Stock Option	$9.9	02/03/2005		M			10,000	05/24/2002(4)	05/24/2011	Common Stock	10,000	$9.9	27,500	D
USAP Common Stock Option	$7.3	02/03/2005		M			376	08/31/2003(5)	08/31/2012	Common Stock	376	$7.3	27,124	D

Explanation of Responses:

1. 3,333 Options are exercisable 05/26/2000 3,333 Options are exercisable 05/26/2001 3,334 Options are exercisable 05/26/2002

2. 3,333 Options are exercisable 05/24/2001 3,333 Options are exercisable 05/24/2002 3,334 Options are exercisable 05/24/2003

3. 3,333 Options are exercisable 05/24/2001 3,333 Options are exercisable 05/24/2002 3,334 Options are exercisable 05/24/2003

4. 3,333 Options are exercisable 05/24/2002 3,333 Options are exercisable 05/24/2003 3,334 Options are exercisable 05/24/2004

5. 825 Options are exercisable 08/31/2003 825 Options are exercisable 08/31/2004 850 Options are exercisable 08/31/2005

	Paul A. McGrath (AIF)	02/04/2005
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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