Universal Stainless Announces Long-Term Titanium Conversion Agreement With VSMPO
BRIDGEVILLE, Pa., Nov. 16, 2010 (GLOBE NEWSWIRE) -- Universal Stainless & Alloy Products, Inc. (Nasdaq:USAP) announced today that it has entered into an agreement with VSMPO, the largest titanium manufacturer in the world, to supply hot roll conversion services. The agreement reflects a strategic initiative by Universal Stainless to increase facility utilization company-wide through expansion of its conversion services.
Dennis Oates, Chairman, President and CEO, commented, "The agreement with VSMPO represents a significant expansion of our conversion services business which is a part of our long term strategic growth initiatives for Universal Stainless. This program in combination with trials for other titanium and nickel alloy programs that are currently underway, have us on track to grow and diversify our revenue mix."
About Universal Stainless & Alloy Products, Inc.Universal Stainless & Alloy Products, Inc., headquartered in Bridgeville, Pa., manufactures and markets semi-finished and finished specialty steels, including stainless steel, tool steel and certain other alloyed steels. The Company's products are used in a variety of industries, including aerospace, power generation, petrochemical and heavy equipment manufacturing. Established in 1994, our experience, technical expertise, and dedicated workforce stand committed to providing the best quality, delivery, and service possible. More information is available at www.univstainless.com . Forward-Looking Information Safe Harbor Except for historical information contained herein, the statements in this release are forward-looking statements that are made pursuant to the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to differ materially from forecasted results. Those risks include, among others, risks associated with the receipt, pricing and timing of future customer orders, risks associated with significant fluctuations that may occur in raw material and energy prices, risks associated with the manufacturing process, labor and production yields, risks related to property, plant and equipment, and risks related to the ultimate outcome of the Company's current and future litigation and regulatory matters. Certain of these risks and other risks are described in the Company's filings with the Securities and Exchange Commission (SEC) over the last 12 months, copies of which are available from the SEC or may be obtained upon request from the Company.
CONTACT: Universal Stainless & Alloy Products, Inc. Dennis Oates, Chairman, President and CEO (412) 257-7609 Douglas McSorley, VP Finance, CFO and Treasurer (412) 257-7606 Comm-Partners LLC June Filingeri, President (203) 972-0186
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