A resin for OSB comprising an aqueous resole reaction product of phenol, formaldehyde, alkaline metal hydroxide or carbonate, urea and a degraded lignin polymer having 35-65% solids, a pH of 8-13 and a viscosity 50-1000 centipoises. The phenol and formaldehyde are present in a molar ratio of 1.5 to 3.4 moles formaldehyde to 1 mole phenol and are 40 to 85% of the total solids added to the mixture. In one embodiment they are 50 to 75% of the total solids added to the mixture. The alkaline metal hydroxide or carbonate are 5 to 20% of the total solids added to the mixture. Urea is 5 to 35% of the total solids added to the mixture. The degraded lignin is 5 to 20% of the total solids added to the mixture.A method for making the resin and a product using the resin.