WADE USAP Press Release on Surcharges
Universal Stainless Announces Base Price Increases
on Premium Melted Steels and Change to Its Surcharge Mechanism
BRIDGEVILLE, Pa., June 6, 2005 -- Universal Stainless & Alloy Products, Inc. (Nasdaq:USAP) today announced base price increases on all premium melted steels consisting of vacuum arc remelted and electro slag remelted steels. The increases are 6% on all stainless steel remelted grades and 8% on all high strength low alloy remelted grades. These price changes are effective with shipments scheduled for June 13th.
In addition, the Company is raising its surcharge premium for nickel to $0.30 from $0.23, effective immediately.
Dudley J. Merchant, Vice President of Sales and Marketing, commented: "The base price increases will enable us to recover increased operating and energy costs and continue to reinvest in our manufacturing facilities. The change in our surcharge mechanism is a direct pass through of the dramatic increase in nickel premiums."
