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

FOR IMMEDIATE RELEASE
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         UNIVERSAL STAINLESS JOINS RUSSELL 3000 AND RUSSELL 2000 INDICES

     BRIDGEVILLE, PA, June 28, 2007 - Universal Stainless & Alloy Products, Inc.
(Nasdaq:  USAP) announced  today that the Company was added to the  broad-market
Russell 3000 Index when Russell Investment Group reconstituted its comprehensive
set of U.S.  and global  equity  indexes on June 22,  according  to the official
membership posted on www.russell.com.

     As a result of its  membership in the Russell 3000,  which remains in place
for one year, Universal Stainless & Alloy Products also has been included in the
small-cap  Russell  2000 as well  as the  appropriate  growth  and  value  style
indexes.  Russell  determines  membership  for its equity  indexes  primarily by
objective, market-capitalization rankings and style attributes. The Russell 3000
serves as the U.S. component to the Russell Global Index.

     Mac McAninch,  Chairman and Chief  Executive  Officer,  commented:  "We are
pleased to have reached this  milestone  for our Company,  our employees and our
shareholders."

About Universal Stainless & Alloy Products, Inc.
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     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 rerollers,  forgers,  service
centers, original equipment manufacturers and wire redrawers.

Forward-Looking Information Safe Harbor
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     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
associated  with  significant  fluctuations  that may occur in raw  material and
energy  prices,  risks  associated  with the  manufacturing  process,  labor and
production  yields,  risks related to property,  plant and equipment,  and risks
related to the ultimate outcome of the Company's  current and future  litigation
and regulatory matters.  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. # # #