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                   Universal Stainless & Alloy Products, Inc.
               600 Mayer Street o Bridgeville, Pennsylvania 15017

                           CONTACT:        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 Submits Bid for Fort Wayne Plant of Slater Steel

     BRIDGEVILLE,  PA, February 4, 2004 -- Universal Stainless & Alloy Products,
Inc.  (Nasdaq:USAP)  reported  today that it has  submitted a bid, in accordance
with procedures approved by the U.S. Bankruptcy Court, to purchase the assets of
the idled Fort Wayne,  Indiana  specialty  steel bar  facility of Slater  Steels
Corporation,   the  U.S.   subsidiary  of  Slater  Steel  Inc.   (TSX:SSI),   of
Mississsauga,  Ontario,  Canada.  The  Company's  bid  of  $3,190,000  has  been
submitted in order to participate in the auction scheduled for February 11. Both
Slater Steel Inc. and Slater Steels Corporation filed for bankruptcy  protection
in 2003. The Company noted that because of its strong balance sheet,  it has the
flexibility  to finance  the  proposed  acquisition  with its own cash,  through
borrowings or through other sources.

     Mac McAninch, President and Chief Executive Officer of Universal Stainless,
commented: "Acquiring the Fort Wayne facility is a strategic opportunity for our
company.  It would expand our offering of specialty  steel  products,  including
round bar products up to 8 inches in diameter. If our bid is successful, we plan
to use these assets in a manner  consistent with our other  acquisitions and the
operating philosophy of our company."

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.

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 potential  acquisition of the idled facility in Fort Wayne,
Indiana,  limited  operating  history 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,  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.