Universal Stainless Announces an Occurrence of a Fire at Its Dunkirk, New York Facility
September 14 2017 - 4:30PM
Universal Stainless & Alloy Products, Inc.
(Nasdaq:USAP) announced today that it experienced a fire at its
Dunkirk, New York facility. The fire originated and was contained
within the steel pickling area of the facility. At this time the
exact cause of the fire is still being investigated and damages are
being assessed. No injuries resulted from the fire. Preliminary
cost estimates, net of insurance, are expected to be in the range
of $0.03 to $0.06 per share. The Company is in the process of
making repairs in order to operate the pickling operation on a
limited basis while utilizing outside resources to supplement the
operations. The Company does not expect the fire to have a
significant impact to our customer order deliveries.
Chairman, President and CEO Dennis Oates commented: “We are
grateful that no one was injured during the fire and our sincere
thanks go out to the City of Dunkirk firefighters, the West Dunkirk
Fire Department and the Chautauqua County Hazmat team for their
quick response and their efforts to extinguish the fire in short
order and prevent any releases or spills. We have some work in
front of us to get the pickling operation back to full operation,
however we are determined to do what is necessary to maintain the
delivery status of our customer orders."
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, 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.
Established in 1994, the Company, with its experience, technical
expertise, and dedicated workforce, stands committed to providing
the best quality, delivery, and service possible. More information
is available at www.univstainless.com.
The Dunkirk, NY facility produces finished bar, rod and
wire products primarily for service centers and original equipment
manufacturers from semi-finished long products received from the
Bridgeville facility and purchased rod.
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 concentrated nature of the Company’s customer
base to date and the Company’s dependence on its significant
customers; the receipt, pricing and timing of future customer
orders; changes in product mix; the limited number of raw material
and energy suppliers and significant fluctuations that may occur in
raw material and energy prices; risks related to property, plant
and equipment, including the Company’s reliance on the
continuing operation of critical manufacturing equipment; risks
associated with labor matters; 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 and matters;
risks related to acquisitions that the Company may make; 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 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.
CONTACTS: Dennis Oates
Chairman, President and CEO
(412) 257-7609
Ross C. Wilkin
VP Finance, CFO and Treasurer
(412) 257-7662
June Filingeri
President
Comm-Partners LLC
(203) 972-0186
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