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                   UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.
               600 Mayer Street o Bridgeville, Pennsylvania 15017

                             CONTACTS:     Richard M. Ubinger
                                           Vice President of Finance,
                                           Chief Financial Officer and Treasurer
                                           (412) 257-7606
     FOR IMMEDIATE RELEASE
                                                              Comm-Partners LLC
                                                              June Filingeri
                                                              (203) 972-0186

                UNIVERSAL STAINLESS BRIDGEVILLE CONTRACT EXTENDED
                           WHILE UNION TALKS CONTINUE

         BRIDGEVILLE,  PA,  September  3,  2002 -  Universal  Stainless  & Alloy
Products,  Inc. (Nasdaq:USAP) announced today that it has agreed with the United
Steelworkers  of America  (USWA) for a day-to-day  extension  of the  collective
bargaining agreement covering the hourly employees at the Company's  Bridgeville
facility.  The  extension  provides  additional  time to  negotiate  a  mutually
acceptable labor agreement.
         During the  extension,  the  employees  will continue to work under the
terms and conditions of the prior agreement,  which otherwise would have expired
at midnight August 31, 2002. Either party may terminate the extension  agreement
with 48 hours notice.
         The Company's facilities in Dunkirk, NY and Titusville,  PA are covered
by separate collective bargaining agreements and are not affected by the current
negotiations.

ABOUT UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.

         Universal   Stainless  &  Alloy  Products,   Inc.,   headquartered   in
Bridgeville,  Pa.,  manufactures and markets a broad line of  semi-finished  and
finished  specialty  steels,  including  stainless steel, tool steel and certain
other  alloyed  steels.  The Company's  products are sold to original  equipment
manufacturers, service centers, forgers, rerollers and wire redrawers.







USAP BRIDGEVILLE CONTRACT EXTENDED                                    - PAGE 2 -


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,  RISKS
ASSOCIATED  WITH THE  ACQUISITION OF THE EMPIRE  SPECIALTY  STEEL ASSETS AND THE
SUCCESSFUL  START-UP OF DUNKIRK  SPECIALTY STEEL LLC, RISKS  ASSOCIATED WITH THE
RECEIPT,  PRICING AND TIMING OF FUTURE  CUSTOMER  ORDERS,  RISKS  RELATED TO THE
FINANCIAL  VIABILITY  OF  CUSTOMERS,  RISKS  ASSOCIATED  WITH THE  MANUFACTURING
PROCESS AND PRODUCTION  YIELDS,  RISKS  ASSOCIATED WITH THE NEGOTIATION OF A NEW
COLLECTIVE   BARGAINING  AGREEMENT  WITH  THE  UNITED  STEELWORKERS  OF  AMERICA
REPRESENTING THE HOURLY EMPLOYEES AT THE BRIDGEVILLE FACILITY, AND RISKS RELATED
TO  PROPERTY,  PLANT AND  EQUIPMENT.  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.

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