Exhibit 10.3

OREGON STEEL MILLS, INC.PROGRAM FOR EXECUTIVE OFFICERS AND KEY EMPLOYEESUNDER THE 2005 LONG-TERM INCENTIVE PLAN

|1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | PURPOSE               
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|The purpose   of the 2005 Long-Term Incentive Plan (LTIP, or the Plan) is to increase   senior managements focus on the Companys long-term performance, to   encourage retention of executives and key employees, and to provide   executives and key employees with a motivating incentive opportunity.  This Program for Executive Officers and   Key Employees (Program) was approved by the Board on April 28, 2005 to   grant Performance Awards under the Plan.    Capitalized terms not defined in this document will have the meanings   given in the Plan.                                                                                                                                                                                                               
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|2.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | PROGRAM ADMINISTRATION
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|The Board of   Directors (Board) has primary responsibility for interpretation and   administration of the terms and provisions of the Plan and the Program.  The Board may act through its Compensation   Committee (Committee).  Such   responsibility includes, but is not limited to, selecting plan participants,   setting performance targets, conducting consultations with officers and other   executives of the Company as needed to perform the Boards duties,   promulgating necessary rules, guidelines, and procedures for Plan and Program   administration, and engaging or employing counsel, advisors, or consultants,   and any other persons as it may deem necessary or expedient for the   performance of its responsibilities under the Plan and the Program.
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|The Vice   President Administration will serve the Committee as the chief personnel   resource for matters relating to the Plan and Program.  While the Committee is free to delegate   any duties and responsibilities it deems appropriate, all decisions regarding   selection for participation, performance and payments under the Plan and   Program will be made solely by the Committee and to the extent required, by   the Board.  All decisions,   determinations and interpretations of the Committee with respect to the Plan   and Program will be binding upon all persons.                                                                                                                                                                                                
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|3.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | PROGRAM PARTICIPATION 
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|Participation   in the Program is limited to executive officers, senior management and   certain key employees who can have a major impact on the long-term success of   the Company.  The CEO will recommend   Participants subject to Committee approval.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               



|4.                                                                                                                                                                                                            | PERFORMANCE AWARDS
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|Each Performance Period shall consist of a period of three consecutive Company
fiscal years, with the first Performance Period for the Program commencing on
January 1, 2005 and ending on December 31, 2007.
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|Performance Periods of future Performance Awards will overlap and provide a
payout opportunity annually beginning in Q1 2008.                                                                                

Illustration of Overlapping 3-Year Performance Cycles

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|                                                                                                                                                                                                                                                                                                                                  |  | 4.2.                                                          | Target Performance Award
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|The Target Performance Award Value (Target Value) is set by the   Committee for each Participant at the beginning of each Performance   Period.  The Target Value is expressed   in US dollars and is based on an assessment of external market data as well   as the Participants level of responsibility within the Company.
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|The Target Performance Share Grant (Target Grant) is determined by   dividing the Target Value by the Share Price (defined as the prior twenty-trading-day   average closing price) as of the first day of the Performance Period.  The Target Grant will be rounded to the   nearest whole number of Performance Shares.    
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|                                                                                                                                                                                                                                                                                                                                  |  | Example Calculation of Target Grant at Target Value:         
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|                                                                                                                                                                                                                                                                                                                                  |  | Target Value: $100,000                                       
|                                                                                                                                                                                                                                                                                                                                  |  | Average OSM Share Price: $20.00                              
|                                                                                                                                                                                                                                                                                                                                  |  | Target Grant:  $100,000 /   $20.00 = 5,000 Performance Shares

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|Once the Target Grant is set for a three-year Performance Period it   will not be changed unless otherwise provided in the Program or the Plan.                                                                                                                                                                                       
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|Performance Shares are earned at the end of the three-year   Performance Period subject to the following performance measures as approved   by the Committee.                                                                                                                                                                         
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|Fifty percent (50%) of the Target Grant for a Performance Period is   earned based on Total Shareholder Return (TSR) relative to a select steel   industry peer group (Peer Group defined in Section 4.3.2)  TSR is defined as the stock price   appreciation including reinvestment of dividends during the Performance   Period.
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|Superior  | > | 75th Percentile Performance
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|Target    | = | 50th Percentile Performance
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|Threshold | = | 25th Percentile Performance

|The percentile rank of the Company will be determined through a rank   ordering of the Peer Group and the Company.    The top ranked company will be the 100th percentile and the   bottom ranked company will be the 0th percentile.  The PERCENTRANK function of Microsoft   Excel will indicate the Companys relative rank.  The Performance Award determination for this measure will be   calculated as outlined in Sections 5.1 and 5.2.                                                                                                                                                                                                                                        
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|For the rTSR award determination, a performance peer group (Peer   Group) is required.  The Peer Group   for a Performance Period will be defined at the beginning of the Performance   Period, approved by the Committee and documented in a Confidential Addendum   to this Program.  The Peer Group may   be modified for future Performance Periods.    The Peer Group may be adjusted at the discretion of the Committee;   however, to the extent any modification of the Peer Group impacts the   Performance Award to be received by a Participant, such modification will be   made within the time period prescribed by Section 162(m) of the Code and   related regulations.

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|In general, if a Peer Group company is acquired or otherwise ceases   to have a publicly traded common stock during the Performance Period, it will   be dropped from the Peer Group.  If,   however, the company ceases to have a tradable common stock for reasons of   bankruptcy, liquidation or other indication of financial distress, the   company will remain in the Peer Group as the lowest performing company.  All decisions regarding the above will be   made by the Committee and are final.                                                                                                                                                                                                                                                 
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|Fifty percent (50%) of the Target Grant for a Performance Period is   earned based on the three-year average EBITDA per ton of steel shipped.  Target- and range-setting for the   Companys EBITDA measure is based on OSMs internal financial plan and   forecasts, as well as any other information that the Committee may choose to   use.  The EBITDA measure will be   expressed in terms of a minimum Threshold Performance, Target Performance   and Superior Performance for the three-year Performance Period.  The CEO will recommend, and the Committee   will approve, the Threshold, Target and Superior levels of performance for a   Performance Period and document the approved levels in a Confidential   Addendum to this Program.
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|The Performance Award determination for this measure will be   calculated as outlined in Sections 5.1 and 5.2.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
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|Once targets and ranges are set for a three-year Performance Period,   they may not be changed.  New   performance assumptions may be incorporated in targets and ranges set for   future Performance Periods.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
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|5.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
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|The actual Performance Award is expressed as a number of Performance   Shares and is determined by the Participants Target Grant (see Section 4.2)   and the actual performance level that the Company achieves over the   three-year Performance Period.  See   Exhibits for example award calculations under different scenarios.                                                                                                                                                                                                                                                                                                                                                                                                                         
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|Performance   Level |  | Multiple Applied to # of    Performance Shares of Target    Grant
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|Superior            |  | 2.00 X                                                           
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|Target              |  | 1.00 X                                                           
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|Threshold           |  | 0.25 X                                                           

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                    | 5.2. | Interpolation of Performance Awards Between   Performance Levels
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|Linear interpolation will be used to determine actual awards when   Company performance is between performance levels.  No awards will be earned if Company performance is not at or   above the threshold level for either the rTSR or Company financial measures.                                                                                                                                                                                                                                                                                                                                                                                                          
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|If at least the threshold is achieved in a category, then Performance   Shares will be earned in an amount equal to the number of Target Grant   Performance Shares tied to that category, multiplied by a percentage   determined by a straight-line interpolation between the level of the   Companys performance in that category and the above-stated payout   percentages.                                                                                                                                                                                                                                                                                             
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                    | 5.3. | Form and Manner of Payout                                       
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|As indicated above and subject to Section 6 below, the actual   Performance Award will be paid out as follows:  Forty percent (40%) of the Performance Award will be paid out   in OSM Shares.  The remaining sixty   percent (60%) will be payable in cash in an amount determined by multiplying   the number of remaining Performance Shares by the prior twenty-trading-day   average closing price as of the last day of the Performance Period.                                                                                                                                                                                                                        
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|The delivery of OSM Shares and payment of cash will be made as soon   as reasonably practicable following the Committees certification of   performance results.  In general,   payments will be made before the close of the first quarter of the fiscal   year following the end of the Performance Period (Payment Date).                                                                                                                                                                                                                                                                                                                                              
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                    | 5.4. | Taxation                                                        
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|All Performance Awards are subject to any applicable taxes   immediately upon payout.  The Company   will withhold any sums that federal, state, local, or foreign tax law   requires to be withheld with respect to award payments.  All applicable taxes will be subtracted   from the cash amount payable to the Participant.                                                                                                                                                                                                                                                                                                                                             
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|6.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | PROGRAM GUIDELINES
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                    | 6.1. | Retirement                                                      
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|Upon retirement on or after age 55 with 15 years of pension eligible   Company service under the Companys pension plan applicable to the   Participant, or on or after age 65 (Retirement), for all Performance   Periods commenced at the time of Retirement, a pro-rata Performance Award   will be calculated based on actual performance at the end of the Performance   Period and paid contingent upon receipt of any separation agreement requested   by the Company.  Unless otherwise   specified in the separation agreement, such payments will be made on the   applicable Payment Date for the Performance Award as prorated for service   during the period.

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  | 6.2. | Voluntary Termination and Involuntary   Termination for Cause
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|Upon voluntary termination other than Retirement or involuntary   termination for Cause, any Performance Awards not paid by the date of   termination are completely forfeited, including Performance Awards earned but   unpaid from completed Performance Periods and Performance Awards not yet   earned. Involuntary termination of your employment for Cause means any act   or omission that is: a breach of your obligations to the Company, including   but not limited to substantial absence without cause, serious breach of   confidence, criminal offenses committed at the place of work or outside of   it, personal dishonesty, incompetence, willful misconduct, breach of   fiduciary duty involving personal profit, intentional failure to perform   stated duties, willful violation of any law, rule, or regulation (other than   traffic violations or similar offenses).
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  | 6.3. | Involuntary Termination without Cause                        
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|Upon involuntary termination without Cause (as defined in 6.2),   (i) if the date of termination is at least 24 months into the   Performance Period, a pro-rata Performance Award will be calculated based on   actual performance at the end of the Performance Period and paid contingent   upon any separation agreement requested by the Company; and (ii) all other   Performance Awards for all other Performance Periods will be completely   forfeited at the date of termination.    Any payments will be made on the applicable Payment Date for the   Performance Award as prorated for service during the period.                                                                                                                                                                                                                                                                    
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  | 6.4. | Death and Long-Term Disability                               
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|If termination of a Participants employment occurs during the   Performance Period for reason of death or Long-Term Disability as defined in   the Companys Long-Term Disability Policy then in effect, a pro-rata   Performance Award will be calculated based on actual performance at the end   of the Performance Period.  Unless   otherwise specified in the separation agreement, such payments will be made   on the applicable Payment Date for the Performance Award as prorated for   service during the period.  In the   event of death, the payment will be made to the Employees estate.                                                                                                                                                                                                                                                                                        
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|In the event that a Change in Control (as defined in the Plan) is   deemed to have occurred at any time within a Performance Period, a pro-rata   Performance Award will be calculated based on actual performance as of the   date of the Change in Control  and paid   as soon as reasonably practical following the Change in Control.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                          | 6.6. | New Hires and Promotions into Eligibility     
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|Subject to approval by the Committee, any individual who is hired or   promoted into a position that is selected for participation in the Program   during the first twelve months of a Performance Period will be eligible to   participate in such Performance Period.    The Target Value and Target Grant granted will be prorated for the   portion of the Performance Period in which he or she is a Participant.                                                                
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|Individuals who are hired or promoted into a position that is   selected for participation in the Program after the first twelve months of a   Performance Period will not be eligible for that Performance Period but will   be eligible for subsequent Performance Periods to the extent approved by the   Committee.                                                                                                                                                                
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                          | 6.7. | Promotions within Program Eligible   Positions
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|For any current Participant who is promoted to another   Program-eligible position, no changes will be made to grant levels for all   Performance Periods commenced by the date of promotion.  Grant levels for such Participants may be   reviewed by the Committee for subsequent Performance Periods.                                                                                                                                                                               
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                          | 6.8. | Removal from Program                          
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|A Participant may be removed from further participation in the   Program by the Committee and such removal shall be effective as of the date   determined by the Committee.  In such   a case, the Participant shall be eligible to receive a pro-rated Performance   Award, if any, based on his or her period of participation during the   Performance Period ending in the year in which the Participants removal   occurred.                                                     
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|7.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | MISCELLANEOUS PROVISIONS
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                          | 7.1. | Assignment or Transfer                        
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|No Performance Awards or other interest or rights under the Program   or the Plan may be sold, assigned, transferred, pledged or otherwise   encumbered, except by will or by the laws of descent and distribution;   provided that, if so determined by the Committee, a Participant may, in the   manner established by the Committee, designate a beneficiary to exercise the   rights of the Participant with respect to any Performance Award upon the   death of the Participant.
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                          | 7.2. | Costs and Expenses                            
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|The costs and expenses of administering the Program and Plan shall be   borne by the Company and shall not be directly charged against any   Participant.                                                                                                                                                                                                                                                                                                                              

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |  | 7.3. | Effect on Employment                   
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|Nothing contained in the Plan, Program or any related agreement shall   affect, or be construed as affecting, the terms of employment of any   Participant except to the extent specifically provided.  Nothing contained in this Plan, the   Program or any related agreement shall impose, or be construed as imposing,   any obligation on (i) the Company to continue the employment of any   Participant; or (ii) any Participant to remain in the employ of the   Company.
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |  | 7.4. | Not Part of Other Benefits             
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|The benefits provided in Program and the Plan shall not be deemed a   part of any other benefit provided by the Company to its employees.  The Company assumes and shall have no   obligation to Participants except as expressly provided in the Plan or the   Program.                                                                                                                                                                                                        
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |  | 7.5. | Amendment or Termination of the Program
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|The Committee shall have the right to amend or terminate the Program   at any time in any way provided, that no such amendment or termination is   made without the consent of the affected Participant, if such action would   impair the right of such Participant under any outstanding Performance Award.                                                                                                                                                                   
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |  | 7.6. | Plan Terms                             
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|The terms of the Plan are incorporated by reference into the   Program.  The Company and the   Committee retain all rights and authority under the Plan and Program with   respect to a Performance Award.  Any   conflict between the Plan and the Program will be resolved in favor of the   Plan.                                                                                                                                                                            
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |  | 7.7. | No Rights of Stock Ownership           
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|Any Performance Award will not entitle a Participant to any interest   in or to any dividend, voting, or other rights normally attributable to common   stock ownership.                                                                                                                                                                                                                                                                                                        
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |  | 7.8. | Dispute Resolution                     
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|Any dispute   or disagreement which arises under, or as a result of, or pursuant to, this   Program will be resolved by the Companys Board or Committee in its absolute   discretion, and any such determination or any other determination by the   Board or Committee under or pursuant to this Program and any interpretation   by the Board or Committee of the terms of the Program will be final, binding   and conclusive on all persons affected.                      

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