10 Steel Stocks With Upside

7. Universal Stainless & Alloy Products (USAP), along with its wholly owned subsidiaries, manufactures and markets semi-finished and finished specialty steel products, including stainless steel, tool steel and certain other alloyed steels. Its products are sold to re-rollers, forgers, service centers, original equipment manufacturers (OEMs) and wire re-drawers for further use in the aerospace, power generation, petrochemical and heavy equipment manufacturing industries.

For the first quarter of 2011, net sales surged 72% to $59.8 million from the year-ago period. Net income for the quarter tripled to $4.4 million or 64 cents per share, compared to $1.4 million or 21 cents per share earlier, beating analysts' estimates for the sixth consecutive quarter.

For the first quarter 2011, total shipments grew 54% year-over-year and 15% sequentially. At the end of the first quarter of 2011, the company's backlog was $92 million, up 33% from the fourth quarter of 2010, reflecting strong performance in the second quarter of 2011.

Of the four analysts covering the stock, 75% recommend a buy and the remaining rate a hold. Data from Bloomberg has analysts reporting an average 12-month price target of $43.33, which is 26.2% higher than the stock's current price.

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