Universal Stainless Names Steven DiTommaso as Vice President and CFO
Universal Stainless & Alloy Products, Inc. (Nasdaq: USAP) has appointed Steven V. DiTommaso as Vice President and Chief Financial Officer, effective April 1, 2022. DiTommaso, previously the Corporate Controller since 2018, has extensive experience in financial management and operations. Chairman Denny Oates praised DiTommaso's capabilities in financial reporting and cash management, highlighting the company's robust order backlog and new product introductions as indicators of growth potential. Universal Stainless manufactures specialty steels for various industries, including aerospace and energy.
- Appointment of Steven V. DiTommaso as VP and CFO signals strong leadership continuity.
- Record order backlog indicates potential for future revenue growth.
- New products in the commercialization phase could enhance market position.
- None.
BRIDGEVILLE, Pa., April 05, 2022 (GLOBE NEWSWIRE) -- Universal Stainless & Alloy Products, Inc. (Nasdaq: USAP) announced today that Steven V. DiTommaso has been named Vice President and Chief Financial Officer of the Company, effective April 1, 2022.
Mr. DiTommaso has served as Corporate Controller of the Company since 2018, leading the Company’s accounting and treasury operations with expanding responsibilities in strategy development and operations. Mr. DiTommaso previously served as Director of Accounting at Thorley Industries, LLC after spending eight years with the Pittsburgh office of PricewaterhouseCoopers. He holds a Bachelor of Science degree in Accounting and Finance from the University of Pittsburgh and is a Certified Public Accountant.
Chairman, President, and CEO Denny Oates commented: “Steve’s deep knowledge of financial reporting and cash management coupled with his familiarity with Universal’s business and operations make him an ideal choice to fill this strategic role.
“With our rapidly growing, record order backlog and new products being commercialized, Universal is well positioned for growth and I am confident Steve will play a key role in our future.”
Mr. DiTommaso commented, “I have greatly enjoyed my four years at Universal Stainless. I am extremely excited about the Company’s future and look forward to working with the leadership team to drive future growth and operating performance.”
About Universal Stainless & Alloy Products, Inc.
Universal Stainless & Alloy Products, Inc., established in 1994 and headquartered in Bridgeville, PA, manufactures and markets semi-finished and finished specialty steels, including stainless steel, nickel alloys, tool steel and certain other alloyed steels. The Company's products are used in a variety of industries, including aerospace, power generation, oil and gas, and heavy equipment manufacturing. 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, the Company’s ability to maintain its relationships with its significant customers and market segments; the Company’s response to competitive factors in its industry that may adversely affect the market for finished products manufactured by the Company or its customers; the Company’s ability to compete successfully with domestic and foreign producers of specialty steel products and products fashioned from alternative materials; changes in overall demand for the Company’s products and the prices at which the Company is able to sell its products in the aerospace industry, from which a substantial amount of our sales is derived; the Company’s ability to develop, commercialize, market and sell new applications and new products; the receipt, pricing and timing of future customer orders; the impact of changes in the Company’s product mix on the Company’s profitability; the Company’s ability to maintain the availability of raw materials and operating supplies with acceptable pricing; the availability and pricing of electricity, natural gas and other sources of energy that the Company needs for the manufacturing of its products; risks related to property, plant and equipment, including the Company’s reliance on the continuing operation of critical manufacturing equipment; the Company’s success in timely concluding collective bargaining agreements and avoiding strikes or work stoppages; the Company’s ability to attract and retain key personnel; the Company’s ongoing requirement for continued compliance with laws and regulations, including applicable safety and environmental regulations; the ultimate outcome of the Company’s current and future litigation matters; the Company’s ability to meet its debt service requirements and to comply with applicable financial covenants; risks associated with conducting business with suppliers and customers in foreign countries; public health issues, including COVID-19 and its uncertain impact on our facilities and operations and our customers and suppliers and the effectiveness of the Company’s actions taken in response to these risks; risks related to acquisitions that the Company may make; the Company’s ability to protect its information technology infrastructure against service interruptions, data corruption, cyber-based attacks or network security breaches; the impact on the Company’s effective tax rates from changes in tax rules, regulations and interpretations in the United States and other countries where it does business; and the impact of various economic, credit and market risk uncertainties. Many of these factors are not within the Company’s control and involve known and unknown risks and uncertainties that may cause the Company’s actual results in future periods to be materially different from any future performance suggested herein. Any unfavorable change in the foregoing or other factors could have a material adverse effect on the Company’s business, financial condition and results of operations. Further, the Company operates in an industry sector where securities values may be volatile and may be influenced by economic and other factors beyond the Company’s control. Certain of these risks and other risks are described in the Company’s filings with the SEC, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, copies of which are available from the SEC or may be obtained upon request from the Company.
| CONTACTS: | Dennis M. Oates | John Arminas | June Filingeri |
| Chairman, | Corporate Counsel & | President | |
| President and CEO | Corporate Secretary | Comm-Partners LLC | |
| (412) 257-7609 | (412) 220-3774 | (203) 972-0186 |
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