UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Lucas, Jr., William R.
1000 Urban Center Drive, Ste 300
Birmingham, AL 35242
USA
2. Issuer Name and Ticker or Trading Symbol
Birmingham Steel Corporation
BIR
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
01/31/98
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Executive Vice President - Administration
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Birmingham Steel Corporatio| | | | | | | | | |
n | | | | | | | | | |
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Common Stock | | | | | | |5,000 |D | |
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| | | | | | |500 |I |Owned by Wife |
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Restricted Stock | | | | | | |4,000 |D | |
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Restricted Stock - SAP 06/3| | | | | | |2,742 |D | |
0/97 | | | | | | | | | |
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Held in 401(k) Plan 6/97 | | | | | | |1453.72 |I |Held in Trust |
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DRIP 8/31/97 | | | | | | |423.46 |D | |
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<CAPTION>
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock Options | | | | | | | | | | | |12,000 |D | |
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| | | | | | | | | | | |12,000 |D | |
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| | | | | | | | | | | |12,000 |D | |
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| | | | | | | | | | | |12,000 |D | |
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| | | | | | | | | | | |12,000 |D | |
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| | |J |V|2,400 |A |09/02|09/02|Stock Option|2,400 |18.625 |2,400 |D | |
| | | | | | |/98 |/07 |s | | | | | |
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| | |J |V|2,400 |A |09/02|09/02|Stock Option|2,400 |18.625 |2,400 |D | |
| | | | | | |/99 |/07 |s | | | | | |
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| | |J |V|2,400 |A |09/02|09/02|Stock Option|2,400 |18.625 |2,400 |D | |
| | | | | | |/00 |/07 |s | | | | | |
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| | |J |V|2,400 |A |09/02|09/02|Stock Option|2,400 |18.625 |2,400 |D | |
| | | | | | |/01 |/07 |s | | | | | |
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| | |J |V|2,400 |A |09/02|09/02|Stock Option|2,400 |18.625 |2,400 |D | |
| | | | | | |/02 |/07 |s | | | | | |
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| | | | | | | | | | | | | | |
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</TABLE>
Explanation of Responses:
J= Granted stock options
9/2/97
SIGNATURE OF REPORTING PERSON
Catherine W. Pecher is the Reporting Agent.
DATE
February 6, 1998
