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[kipp440]

WADE USAP

Here is the link to Investor information for USAP:

http://www.univstainless.com/investors_main.html

Look at the presentation dated May 18, 2005. They are surcharging to cover increasing raw material costs and it is working. This is a way to protect margin regardless of increasing steel cost. They also list Boeing, GE, and Caterpillar as big customers.

Check this outlook out from last 10 Q (Can't wait for next 10 Q):

2005 Outlook

These are forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995, and actual results may vary.

The Company estimates that second quarter 2005 sales will range from $40 to $45 million and that diluted EPS will range from $0.40 to $0.45. This compares with sales of $29.0 million and diluted EPS of $0.25 in the second quarter of 2004. The following factors were considered in developing these estimates:

• The Company’s total backlog at March 31, 2005 approximated $88 million compared to $72 million at December 31, 2004 reflecting continued strength of the Company’s niche markets – namely aerospace, power generation and petrochemical. However, the increase in backlog is substantially comprised of remelt steel products that will not ship until the 2005 third quarter and beyond due to remelt requirements.

• Tool steel sales are expected to remain ahead of last year as continued strength in the industrial manufacturing sector is expected to partially offset lower automotive production.

• The implementation of recent price increases will allow the Company to offset continuing manufacturing cost increases as well as support future capital improvements designed to increase production levels and efficiency.

• Sales from the Dunkirk Specialty Steel segment are expected to approximate $14 million as service center demand remains strong and the Company expects to continue to add redrawer and end user customers.