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Universal Stainless & Alloy Products, Inc. (Nasdaq: USAP) is a prominent manufacturer and marketer of specialty steel products, headquartered in Bridgeville, PA. Established in 1994, the company specializes in producing semi-finished and finished specialty steel products, including stainless steel, nickel alloys, tool steel, and other alloyed steels.
The company’s product offerings are tailored for diverse industries such as aerospace, power generation, oil and gas, and heavy equipment manufacturing. Its range of products includes semi-finished long products like ingots, blooms, billets, and bars, as well as flat rolled products such as slabs and plates. Additionally, Universal Stainless provides customized shapes primarily for original equipment manufacturers (OEMs), which are cold rolled from purchased coiled strip, flat bar, or extruded bar.
Universal Stainless employs advanced processes including melting, remelting, heat treating, hot and cold rolling, forging, machining, and cold drawing of specialty steels. The company's semi-finished long products are primarily utilized in the production of finished bars and rods, while its finished bar products serve OEMs and service center customers for distribution to various end users. Furthermore, the company offers conversion services on materials supplied by its customers.
Recent milestones include the ratification of a new five-year labor agreement at the Bridgeville facility, which maintains the flexible work rule terms and profit-sharing incentives of the previous agreement. The company's focus on the aerospace industry has yielded substantial demand, with the backlog at record levels. Universal Stainless's financial performance has shown robust growth, with net sales reaching $71.3 million in Q3 2023, reflecting a 54% year-over-year increase.
The company is currently in the commissioning phase of a capital project involving the addition of two new Vacuum-Arc Remelt (VAR) furnaces at its North Jackson facility. This project aims to expand the capacity for premium and specialty alloys by 20%, further enhancing the company's ability to meet the demand in the aerospace market, including defense applications.
Universal Stainless & Alloy Products, Inc. continues to focus on strategic growth and profitability, driven by a dedicated team and robust market demand, especially in the aerospace sector. With ongoing projects and a strong book of business, the company is well-positioned for continued success.
Universal Stainless & Alloy Products (Nasdaq: USAP) will report its Q3 2021 financial results on October 20, 2021, with a conference call at 10:00 a.m. Eastern. Interested parties can listen via telephone at 706-679-0668 (passcode 9394716) or via webcast on www.univstainless.com.
Established in 1994, the company specializes in manufacturing specialty steels used in various industries, including aerospace and power generation. The archived webcast will be available until the end of Q4 2021.
Universal Stainless & Alloy Products (Nasdaq: USAP) has announced a price increase of 3% to 10% on all long products, effective immediately for new orders. This decision is attributed to significant inflationary cost increases affecting all business areas, necessitating an adjustment in pricing to manage the financial burden. Current material and energy surcharges will remain unchanged. The company emphasizes its commitment to maintaining high customer service and production quality despite these changes.
Universal Stainless & Alloy Products, Inc. (NASDAQ: USAP) will present at the Jefferies 2021 Virtual Industrials Conference on August 3, 2021, from 10:30 to 10:55 a.m. (Eastern). CEO Dennis M. Oates will lead the presentation. The slide deck will be available on the company's investor relations website, and the event will be webcast live. A replay will be accessible for 30 days post-event. Universal Stainless specializes in producing specialty steels, serving industries like aerospace and power generation.
Universal Stainless & Alloy Products (NASDAQ: USAP) reported Q2 2021 net sales of $38.5 million, up 4.0% from Q1 2021, but down 26.6% from Q2 2020. The backlog soared 70.6% to $98.9 million, reflecting strong demand recovery in multiple sectors. The gross margin improved to 5.6%, the highest since Q1 2020, and net loss decreased to $2.5 million. Adjusted EBITDA reached $4.1 million. The company also announced full forgiveness of a $10 million PPP term note, enhancing liquidity. Despite challenges in the aerospace sector, overall growth momentum is expected to continue.
Universal Stainless & Alloy Products (Nasdaq: USAP) announced a price increase of 3% to 10% on all long products, effective immediately for new orders. Current material and energy surcharges will stay in effect. Executive Vice President Chris Zimmer stated that this adjustment is necessary due to the inflationary environment to support operations and ongoing investments in facilities. Universal Stainless, founded in 1994, specializes in manufacturing specialty steels for various industries including aerospace and power generation.
Universal Stainless & Alloy Products (Nasdaq: USAP) will release its financial results for Q2 2021 on July 21, 2021. A conference call will take place at 10:00 a.m. Eastern, also on July 21, which will be available via telephone and live webcast. Interested participants can dial 706-679-0668 to join the call. The webcast will be accessible on the Company's website and archived until the end of Q3 2021. Established in 1994, Universal Stainless manufactures specialty steels used across various industries, including aerospace and oil & gas.
Universal Stainless & Alloy Products, Inc. (Nasdaq: USAP) announced a price increase of 3% to 10% on all bar products, effective June 21, 2021. This adjustment addresses the current inflationary environment while maintaining existing material and energy surcharges. Chris Zimmer, Executive Vice President and Chief Commercial Officer, emphasized the need for this increase to support operations and reinvestments aimed at enhancing service quality for customers.
Universal Stainless & Alloy Products (USAP) reported Q1 2021 net sales of $37.0 million, an 18.2% increase from Q4 2020 but down 36.7% year-over-year. Premium alloy sales rose 26.6% sequentially, driven by aerospace demand. The company recorded a net loss of $4.5 million, or $0.51 per diluted share. Adjusted EBITDA was $2.1 million. Backlog increased by 21% to $58.0 million. The company has undertaken strategic capital investments aimed at enhancing production capabilities, specifically in premium alloy production.
Universal Stainless & Alloy Products will report its financial results for Q1 2021 on April 21, 2021. A conference call is scheduled for 10:00 a.m. (Eastern) on the same day, which will be webcast. Stakeholders can dial 706-679-0668 to listen via phone, using passcode 5986868. The call will also be archived on the company's website through the end of Q2 2021. Established in 1994, Universal Stainless manufactures specialty steels used in various sectors, including aerospace and power generation.
Universal Stainless & Alloy Products, Inc. (Nasdaq: USAP) announced the resignation of Christopher T. Scanlon as Vice President Finance, CFO, and Treasurer effective March 19, 2021. Chairman and CEO Dennis Oates expressed gratitude for Scanlon's contributions during challenging times. Scanlon also thanked the team and expressed best wishes for their future success. Founded in 1994, Universal Stainless produces specialty steels used in industries including aerospace and power generation.
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