FORM 6-K

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


For the month of March 2003 (No. 2)

                            TOWER SEMICONDUCTOR LTD.
                (Translation of registrant's name into English)

                    P.O. BOX 619, MIGDAL HAEMEK, ISRAEL 10556
                    (Address of principal executive offices)


     Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.

                               Form 20-F  X   Form 40-F
                                        ----           ----


     Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.


                                   Yes      No   X
                                       ----     ----




     On March 10, 2003, we released our financial statements for the fiscal year
ended  December  31,  2002. Our consolidated financial statements as of December
31,  2002 and 2001 and for the years ended December 31, 2002, 2001 and 2000, and
the  report  thereon dated February 24, 2003 of our auditors Brightman Almagor &
Co.,  are  attached  as Exhibit 1. The consent of Brightman Almagor & Co. to the
incorporation  by  reference  of  their  report  dated  February  24,  2003 into
effective  registration  statements  previously filed by us under the Securities
Act  of  1933  is  attached  as  Exhibit  2.

     This  Form  6-K  is  being  incorporated  by  reference  in  all  effective
registration  statements  filed  by  us  under  the  Securities  Act  of  1933.











                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                                      TOWER  SEMICONDUCTOR  LTD.



Date:  March 10, 2003            By:   /s/ RAFAEL M. LEVIN
                                      ------------------------------------
                                       Name: Rafael M. Levin
                                       Title:  Co-Chief Executive Officer