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

                                    FORM 13F

                               FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: March 31, 2012

Check here if Amendment |_|; Amendment Number: _______
  This Amendment (Check only one.): |_| is a restatement.
                                    |_| adds new holdings entries.

Institutional Investment Manager filing this Report:

Name:    Steel Partners Holdings L.P.
Address: 590 Madison Avenue, 32nd Floor
         New York, New York 10022

Form 13F File Number: 28-14001

The  institutional  investment manager filing this report and the person by whom
it  is  signed hereby represent that the person signing the report is authorized
to  submit  it,  that  all  information  contained  herein  is true, correct and
complete,  and  that  it  is  understood  that  all  required items, statements,
schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name:  Jack L. Howard
Title: President of General Partner of Reporting Manager
Phone: 212-520-2300

Signature, Place, and Date of Signing:

       /s/ Jack L. Howard, New York, NY, May 15, 2012

Report Type (Check only one):

|X|  13F HOLDINGS REPORT.  (Check here if all holdings of this reporting manager
     are reported in this report.)

|_|  13F NOTICE. (Check here if no holdings reported are in this report, and all
     holdings are reported by other reporting manager(s).)

|_|  13F COMBINATION REPORT.  (Check  here if a portion of the holdings for this
     reporting manager are reported in this report and a portion are reported by
     other reporting manager(s).)


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                             FORM 13F SUMMARY PAGE

Report Summary:


Number of Other Included Managers:                                5
                                                    -----------------------

Form 13F Information Table Entry Total:                           8
                                                    -----------------------

Form 13F Information Table Value Total:                     $198462
                                                    -----------------------
                                                          (thousands)

List of Other Included Managers:

Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.

         No.       Form 13F File Number       Name

          1        28-14563                   SPH Group Holdings LLC

          2        28-14887                   SPH Group LLC

          3        28-14886                   Steel Partners Holdings GP Inc.

          4        28-10766                   Warren G. Lichtenstein

          5        28-10730                   Steel Partners II, L.P.


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<CAPTION>
                                                     FORM 13F INFORMATION TABLE

   COLUMN 1                   COLUMN 2        COLUMN 3   COLUMN 4         COLUMN 5        COLUMN 6   COLUMN 7        COLUMN 8
--------------                --------        --------   --------    ------------------  ----------  --------  ---------------------
                                                                                                                  VOTING AUTHORITY
                                                          VALUE      SHRS OR   SH/ PUT/  INVESTMENT   OTHER    ---------------------
NAME OF ISSUER                TITLE OF CLASS    CUSIP   (X$1,000)    PRN AMT   PRN CALL  DISCRETION  MANAGERS  SOLE    SHARED   NONE
--------------                --------------    -----   ---------    -------   --- ----  ----------  --------  ----    ------   ----
<S>                           <C>             <C>          <C>       <C>       <C>       <C>         <C>       <C>     <C>       <C>
GENCORP INC                   COM             368682100     28867    4065737   SH        OTHER       1, 2, 3   0       4065737   0
HANDY & HARMAN LTD            COM             410315105    101821    7051331   SH        OTHER       1, 2, 3   0       7051331   0
LYDALL INC DEL                COM             550819106       333      32700   SH        OTHER       1, 2, 3   0         32700   0
MODUSLINK GLOBAL SOLUTIONS I  COM             60786L107     34998    6481185   SH        OTHER       1, 2, 3   0       6481185   0
NATHANS FAMOUS INC NEW        COM             632347100      9444     445456   SH        OTHER       1, 2, 3   0        445456   0
S L INDS INC                  COM             784413106     19387     990663   SH        OTHER       1, 2, 3   0        990663   0
SELECTICA INC                 COM NEW         816288203      1607     420768   SH        OTHER       1, 2, 3   0        420768   0
UNISYS CORP                   COM NEW         909214306      2005     101649   SH        OTHER       1, 2, 3   0        101649   0
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