BRIDGEVILLE, Pa., Nov. 29, 2010 (GLOBE NEWSWIRE) -- With great sadness, Universal Stainless & Alloy Products, Inc. (Nasdaq:USAP) reported today that its founder and recently retired Chairman, Clarence ("Mac") McAninch, 75, passed away on November 27 following a brief illness. Mac McAninch was a respected steel industry veteran with deep confidence in the opportunity for small, domestic specialty steel companies to prosper.
Mr. McAninch founded Universal Stainless & Alloy Products in 1994 by joining with a small group of investors to acquire the idled Stainless & Alloy Products Division of Armco Inc., in Bridgeville, PA, where he had been Vice President of Sales and Marketing. He served as President and Chief Executive Officer of Universal Stainless from 1994 to 2008, when he became Chairman of Board. He retired as Chairman in May 2010. Under his leadership, the Company also acquired idled steel facilities in Titusville, PA, and Dunkirk, NY to become a highly regarded integrated producer of semi-finished and finished specialty steel products.
Mr. McAninch spent the majority of his career in the steel industry having also served as Executive Vice President of Reese Tool and Metal Service Company and as a General Manager at LTV Steel Corporation's Hot Rolled and Cold Finished Bar Division. A native of Freeport, Pennsylvania, Mr. McAninch is survived by his wife Kay, three children and four grandchildren.Dennis M. Oates, Chairman, President and Chief Executive Officer of Universal Stainless, said, "Mac McAninch's clear and confident vision for this Company and its place within the domestic steel industry along with his energy, enthusiasm and discipline created a substantial foundation and legacy for Universal Stainless. He also inspired a generation of employees within our Company, had friends throughout the industry and in the investment community and was a deeply caring husband and father. He passed too soon and he will be deeply missed. On behalf of the Board of Directors and all the employees of Universal Stainless, I want to extend our deepest sympathy and condolences to Mac's family."