EXHIBIT 99.1

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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 Increases Line of Credit

     BRIDGEVILLE,  PA,  September  28,  2004  --  Universal  Stainless  &  Alloy
Products, Inc. (Nasdaq:USAP) today announced that it has increased its revolving
credit  facility with PNC Bank to $15 million from $6.5 million and extended the
term to June 30, 2006. All other terms of the credit facility remain  unchanged.
The  additional   liquidity  will  be  available  to  finance   working  capital
requirements.

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 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.

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