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

                                  SCHEDULE 13G

                   Under the Securities Exchange Act of 1934

                          (Amendment No. _________ )*

                          Gibraltar Steel Corporation
- -------------------------------------------------------------------------------
                                (Name of Issuer)

                                 Common Stock
- -------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                   37476F103
- -------------------------------------------------------------------------------
                                 (CUSIP Number)

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

SEC 1745(2/92)                 Page 1 of 7 pages

 
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  CUSIP NO. 37476F103               13G                    PAGE 2 OF 7 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
                                                                                
        Wanger Asset Management, L.P. 36-3820584
                          
- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
      Not Applicable                                            (b) [_]
                                                 
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
 

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      CITIZENSHIP OR PLACE OF ORGANIZATION
 4                                 
        Delaware

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                          SOLE VOTING POWER
                     5                                                       
     NUMBER OF              None
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6       
                            796,000
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7       
    REPORTING               None
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8       
                            796,000
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9                           
        796,000
- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10           
        Not Applicable                                                [_]
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11           
        6.42%                                                                 

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12           
        IA

- ------------------------------------------------------------------------------

                     *SEE INSTRUCTIONS BEFORE FILLING OUT!

 
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  CUSIP NO. 37476F103               13G                    PAGE 3 OF 7 PAGES
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- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
                                                                                
        Wanger Asset Management, Ltd.
                          
- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
      Not Applicable                                            (b) [_]
                                                 
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
 

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4                                 
        Delaware

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5                                                       
     NUMBER OF              None
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6       
                            796,000
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7       
    REPORTING               None
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8       
                            796,000
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9                           
        796,000
- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10           
        Not Applicable                                                [_]
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11           
        6.42%                                                                 

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12           
        CO

- ------------------------------------------------------------------------------

                     *SEE INSTRUCTIONS BEFORE FILLING OUT!

 
Item 1(a)      Name of Issuer:

                    Gibraltar Steel Corporation

Item 1(b)      Address of Issuer's Principal Executive Offices:

                    3556 Lake Shore Road,
                    P.O. Box 2028
                    Buffalo, New York  14219-0228

Item 2(a)      Name of Person Filing:

                    Wanger Asset Management, L.P. ("WAM")
                    Wanger Asset Management Ltd., the general partner of WAM
                    ("WAM LTD.")

Item 2(b)      Address of Principal Business Office:

                    WAM and WAM LTD. are located at:
                    227 West Monroe Street, Suite 3000
                    Chicago, Illinois 60606

Item 2(c)      Citizenship:

                    WAM is a Delaware limited partnership.
                    WAM LTD. is a Delaware corporation.

Item 2(d)      Title of Class of Securities:

                    Common Stock

Item 2(e)      CUSIP Number:

                    37476F103

Item 3         Type of Person:

                    (e)  WAM is an Investment Adviser registered under section
                    203 of the Investment Advisers Act of 1940; WAM LTD. is the
                    General Partner of the Investment Adviser.

                               Page 4 of 7 pages

 
Item 4        Ownership (at December 31, 1997):
                                           --  

                    (a)  Amount owned "beneficially" within the meaning of rule
                         13d-3:

                         796,000 shares

                    (b)  Percent of class:

                         6.42% (based on 12,401,869 shares outstanding on
                         September 30, 1997)

                    (c)  Number of shares as to which such person has:

                              (i) sole power to vote or to direct the vote: none
                             (ii) shared power to vote or to direct the vote:
                                  796,000
                            (iii) sole power to dispose or to direct the
                                  disposition of: none
                             (iv) shared power to dispose or to direct
                                  disposition of: 796,000

Item 5         Ownership of Five Percent or Less of a Class:

                    Not Applicable

Item 6         Ownership of More than Five Percent on Behalf of Another Person:

                    The shares reported herein have been acquired on behalf of
                    discretionary clients of WAM.  Persons other than WAM and
                    WAM LTD. are entitled to receive all dividends from, and
                    proceeds from the sale of, those shares.

Item 7         Identification and Classification of the Subsidiary Which 
               Acquired the Security Being Reported on by the Parent Holding
               Company:

                    Not Applicable

Item 8         Identification and Classification of Members of the Group:

                    Not Applicable

Item 9         Notice of Dissolution of Group:

                    Not Applicable

                               Page 5 of 7 pages

 
Item 10        Certification:

                    By signing below I certify that, to the best of my knowledge
               and belief, the securities referred to above were acquired in the
               ordinary course of business and were not acquired for the purpose
               of and do not have the effect of changing or influencing the
               control of the issuer of such securities and were not acquired in
               connection with or as a participant in any transaction having
               such purpose or effect.

                               Page 6 of 7 pages

 
                                   Signature
                                   ---------

     After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

Date: February 5, 1998

               The undersigned corporation, on the date above written, agrees
               and consents to the joint filing on its behalf of this Schedule
               13G in connection with its beneficial ownership of the security
               reported herein.

                                 WANGER ASSET MANAGEMENT, LTD.
                                   for itself and as general partner of
                                   WANGER ASSET MANAGEMENT, L.P.

                                 By:  /s/ Bruce H. Lauer
                                    ---------------------------------
                                       Bruce H. Lauer
                                       Vice President

                               Page 7 of 7 pages