Universal Stainless Reaches Labor Agreement at its Bridgeville Facility
September 01 2023 - 7:00AM
Universal Stainless & Alloy Products, Inc. (Nasdaq:
USAP) announced today that it has reached a new five-year
collective bargaining agreement with the hourly employees at its
Bridgeville facility represented by Local 9531 of the United
Steelworkers.
The new five-year agreement has been ratified by the bargaining
unit and is effective as of September 1, 2023 when the prior labor
agreement was scheduled to expire. The new contract maintains the
flexible work rule terms and profit-sharing incentives contained in
the prior agreement.
Dennis M. Oates, Chairman, President and Chief Executive
Officer, commented: “We are very pleased that we have a new labor
agreement at our Bridgeville facility that is in the best interests
of our employees, customers and shareholders.
“Demand in the aerospace industry remains robust and our backlog
remains at record levels. With this agreement in place and the
ongoing commitment of our entire team, we are fully equipped to
capture the substantial opportunity in our markets.”
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 its 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 impact on the Company and our customers and
suppliers; 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, 2022, copies of which are available
from the SEC or may be obtained upon request from the
Company.
CONTACTS: |
Dennis M. Oates |
Steven V. DiTommaso |
June Filingeri |
|
Chairman, |
Vice President and |
President |
|
President and CEO |
Chief Financial Officer |
Comm-Partners LLC |
|
(412) 257-7609 |
(412) 257-7661 |
(203) 972-0186 |
|
|
|
|
Unversal Stainless and A... (NASDAQ:USAP)
Historical Stock Chart
From Apr 2024 to May 2024
Unversal Stainless and A... (NASDAQ:USAP)
Historical Stock Chart
From May 2023 to May 2024