FORM 3
        
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

WEBFINANCIAL CORP

2. Date of Event Requiring Statement (MM/DD/YYYY)
9/20/2007 

3. Issuer Name and Ticker or Trading Symbol

REUNION INDUSTRIES INC [RUNI.PK]

(Last)        (First)        (Middle)

61 EAST MAIN STREET, 

4. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                            ___ X ___ 10% Owner
_____ Officer (give title below)          _____ Other (specify below)

(Street)

LOS GATOS, CA 95031       

(City)              (State)              (Zip)
5. If Amendment, Date Original Filed (MM/DD/YYYY)

 

6. Individual or Joint/Group Filing (Check Applicable Line)

___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person


Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4) 		2. Amount of Securities Beneficially Owned
(Instr. 4) 		3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5) 		4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock, par value $.01   779420   D   (1) (2)
 
Common Stock, par value $.01   4697950   I   (1) (2) See Footnotes   (3)

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 4) 		2. Date Exercisable and Expiration Date
(MM/DD/YYYY) 		3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4) 		4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5) 		6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares

Explanation of Responses:
( 1)  This Form 3 is filed jointly by WebFinancial Corporation ("WebFinancial"), Warren G. Lichtenstein, Steel Partners, L.L.C. ("Steel LLC") and Steel Partners II, L.P. ("Steel LP"). The securities reported in this Form 3 may be deemed to be beneficially owned indirectly by Steel LP by virtue of it being a controlling stockholder of WebFinancial, by Steel LLC by virtue of it being the general partner of Steel LP and by Mr. Lichtenstein by virtue of his position as the sole executive officer and managing member of Steel LLC. Steel LP, Steel LLC and Mr. Lichtenstein disclaim beneficial ownership of the shares that may be deemed to be beneficially owned by WebFinancial except to the extent of their pecuniary interest therein.
( 2)  The Reporting Persons are members of a Section 13(d) group that could be deemed to own more than 10% of the Issuer's outstanding Common Stock.
( 3)  Shares of Common Stock that are subject to a certain Securities Pledge Agreement dated as of May 1, 1993 by and among the pledgors thereunder and U.S. Bank National Association, as successor trustee (the "Pledged Shares"), that WebFinancial could be deemed to indirectly beneficially own. To the extent WebFinanical may be deemed to indirectly beneficially own the Pledged Shares, WebFinaicial disclaims beneficial ownership of the Pledged Shares except to the extent of its pecuniary interest therein.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
WEBFINANCIAL CORP
61 EAST MAIN STREET
LOS GATOS, CA 95031
X

STEEL PARTNERS LLC
C/O STEEL PARTNERS II, L.P.
590 MADISON AVENUE, 32ND FLOOR
NEW YORK, NY 10022


See Explanation of Responses
LICHTENSTEIN WARREN G
C/O STEEL PARTNERS II, L.P.
590 MADISON AVENUE, 32ND FLOOR
NEW YORK, NY 10022


See Explanation of Responses
STEEL PARTNERS II LP
590 MADISON AVENUE, 32ND FLOOR
NEW YORK, NY 10022


See Explanation of Responses

Signatures
By: WebFinancial Corporation, By: /s/ James Henderson, Chief Executive Officer 10/1/2007
** Signature of Reporting Person Date

By: Steel Partners, L.L.C., By: /s/ Lauren Isenman, as Attorney in Fact for Warren G. Lichtenstein, Managing Member 10/1/2007
** Signature of Reporting Person Date

By: /s/ Lauren Isenman, as Attorney In Fact for Warren G. Lichtenstein 10/1/2007
** Signature of Reporting Person Date

By: Steel Partners II, L.P., By: Steel Partners, L.L.C., General Partner, By: /s/ Lauren Isenman, as Attorney in Fact for Warren G. Lichtenstein, Managing Member 10/1/2007
** 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 5(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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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