UNITED STATES

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

~~February~~March 10, 2011

Date of Report (Date of Earliest Event Reported)

CALIFORNIA STEEL INDUSTRIES, INC.

(Exact name of Registrant as Specified in its Charter)

DELAWARE

(State Or Other Jurisdiction Of

Incorporation Or Organization)


333-79587		33-0051150
Commission File Number		(I.R.S. Employer
		Identification Number)


14000 SAN BERNARDINO AVENUE
FONTANA, CALIFORNIA		92335
(Address Of Principal Executive Offices)		(Zip Code)

(909) 350-6300

(Registrant’s Telephone Number, Including Area Code)

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:

¨	Written communication under 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 2.~~02 RESULTS~~03 CREATION OF ~~OPERATIONS~~A ~~AND~~DIRECT FINANCIAL ~~CONDITION.~~OBLIGATION OF A REGISTRANT.

InOn March 9, 2011, California Steel Industries exercised its ~~press~~right ~~release~~to redeem its outstanding 6 1/8% Senior Notes due March 15, 2014 (the “Notes”) in accordance with the terms of that certain Indenture dated ~~February~~March 1022, ~~2011~~2004. The redemption price for the Notes will be 101.021% of the face value of $150,000,000. The notice to redeem the ~~Registrant~~Notes ~~used~~is airrevocable ~~non-GAAP~~and ~~financial~~the ~~measure~~Company inexpects to complete the ~~form~~redemption ofon April 8, ~~EBITDA:~~2011.

~~EBITDA,~~California isSteel ~~defined~~Industries ashas ~~net~~entered ~~income,~~into ~~plus~~a ~~income~~Credit ~~taxes,~~Agreement ~~net~~with ~~interest~~Mizuho ~~expense~~Corporate ~~and~~Bank ~~depreciation and amortization. In our presentation of~~dated ~~EBITDA~~March 3, ~~as adjusted~~2011, wewhereby ~~add~~Mizuho ~~back~~will ~~the~~fund ~~charge~~$130,000,000 ~~taken~~of ~~in connection with~~ the ~~inventory~~Note ~~write~~redemption ~~down~~pursuant to ~~market value since we value our inventory at~~ the ~~lower~~terms of ~~cost~~an orunsecured ~~market~~five ~~(LCM).~~year ~~EBITDA~~term ~~and~~loan. ~~EDITDA,~~The asremainder ~~adjusted,~~of ~~are not intended to represent cash flows from operations, cash flows from investing or cash flows from financing activities as defined by accounting principles generally accepted in~~ the ~~United~~redemption ~~States~~price ofwill ~~America and should not~~ be ~~considered~~financed aspursuant ~~an alternative~~ to ~~cash flow or~~ a ~~measure~~draw ~~of liquidity~~on orthe asCompany’s anexisting ~~alternative to net earnings (loss) as indicative~~ line of ~~operating~~credit ~~performance.~~with ~~EBITDA~~Wells ~~and~~Fargo ~~EDITDA, as adjusted, are included because we believe that investors find it a useful tool for measuring our ability to service our debt~~Bank.

~~EBITDA~~A ~~and~~press ~~EBITDA,~~release asdiscussing ~~adjusted,~~the ~~are~~decision ~~reconciled~~ to ~~cash~~redeem ~~flows~~the ~~provided~~Notes byis ~~operating~~attached ~~activities,~~as ~~the~~an ~~most~~exhibit ~~comparable~~to ~~measure~~this ~~under~~form ~~generally~~8K. ~~accepted accounting principles as follows:~~

	(dollars in thousands)
	Three months endedDecember 31,						Twelve months endedDecember 31,
	2010			2009			2010			2009
Net cash provided by (used in):
Operating activities	$	51,724		$	(17,973	)	$	21,609		$	102,458
Interest expense, net		2,631			1,958			9,024			8,159
Provision for income taxes		(5,867	)		(1,205	)		9,938			(13,844	)
Changes in other operating assets and liabilities		(44,842	)		19,966			48,232			(44,789	)
Inventory write down adjustment for LCM		(4,550	)		(2,700	)		(12,850	)		(44,500	)
Deferred taxes		842			6,871			842			6,588
Other, net		(499	)		(545	)		(1,436	)		(400	)
EBITDA		(561	)		6,372			75,359			13,672
Add Back:
Inventory write down adjustment for LCM		4,550			2,700			12,850			44,500
EBITDA, as adjusted	$	3,989		$	9,072		$	88,209		$	58,172

ITEM 9.01

FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

99.1 Press Release of Registrant dated ~~February~~March 10, 2011

SIGNATURES

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 thereunto duly authorized.

February 10, 2011		CALIFORNIA STEEL INDUSTRIES, INC.
March 10, 2011	CALIFORNIA STEEL INDUSTRIES, INC.
	By:	~~By:~~/S/ VICENTE WRIGHT	~~/S/ VICENTE WRIGHT~~
		Vicente Wright,	~~Vicente Wright,~~
		President and Chief Executive Officer	~~President and Chief Executive Officer~~

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