Exhibit 99.1
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CONTACTS: |
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Christopher Zimmer |
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Steven V. DiTommaso |
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June Filingeri |
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President and Chief Executive Officer |
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Vice President and Chief Financial Officer |
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President Comm-Partners LLC |
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(412) 257-7609 |
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(412) 257-7661 |
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(203) 972-0186 |
Universal Stainless Engages EisnerAmper as New Audit Firm
BRIDGEVILLE, PA, December 18, 2023 Universal Stainless & Alloy Products, Inc. (Nasdaq:
USAP) announced today that it has engaged and appointed EisnerAmper, LLP (EisnerAmper) as the Companys independent registered public accounting firm for the fiscal year ending December 31, 2023. EisnerAmper replaces Baker
Tilly, which informed the Company of its decision to resign on November 7, 2023, as previously reported. At that time Baker Tilly said that there were no disagreements on any matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure. The Companys audit committee unanimously approved the change in auditor.
Christopher
Zimmer, President and Chief Executive Officer of Universal Stainless, commented: EisnerAmper is a top 20 accounting firm, which is recognized for its high quality client service. They are a great fit for Universal Stainless and we look forward
to working with them as we continue to pursue our growth strategy.
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 Companys 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 Companys actual results in future periods to differ
materially from forecasted results. Those risks include, among others, the Companys ability to maintain its relationships with its significant customers and market segments; the Companys response to competitive factors in its industry
that may adversely affect the market for finished products manufactured by the Company or its customers; the Companys 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 Companys 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 Companys
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 Companys product mix on the Companys profitability; the
Companys 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 Companys reliance on the continuing operation of critical manufacturing equipment; the Companys success in timely concluding collective bargaining agreements