Lumber mills generate a huge volume of residues, with tree bark and saw shavings being main contributors. A small amount of this material is burned for energy generation, though most of it is left on the sawmill grounds or dumped in sanitary landfills, thus presenting a huge environmental issue. This study deals with the application of eucalyptus bark and saw shavings for the manufacturing of oriented strand board (OSB). Four types of panel compositions where studied: 25%, 50%, 75%, and 90% of bark content; 10% percent of shavings for all of them, and a variable content of pine strands. The adhesive was phenol formaldehyde at 6% related to the dry mass of the components. Because an important characteristic of OSB panels is their response to swelling, a 1% of paraffin emulsion was added to seal the particles. The results showed that only the 90%-bark panel could meet OSB standard prescriptions as a type 1 “dry environment application”.