Exhibit 99.1
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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 NAMES DENNIS M. OATES TO BOARD OF DIRECTORS
BRIDGEVILLE, PA, October 19, 2007 - Universal Stainless & Alloy Products,
Inc. (Nasdaq: USAP) announced today that Dennis M. Oates has joined the
Company's Board of Directors. Mr. Oates fills the independent Board seat left
vacant by the retirement of George Keane in May. Mr. Oates also will serve on
each of the established committees of the four-member Board.
Mr. Oates, 55, brings extensive steel industry experience to his position
as Director of the Company. He most recently served as Senior Vice President of
the Specialty Alloys Operations of Carpenter Technology, which he joined in
2003. From 1997 to 2002, Mr. Oates was President and Chief Executive Officer of
TW Metals, a private metals distribution and processing company. He held the
post of President and Chief Operating Officer for Connell Limited Partnership, a
privately held company that operated six metals businesses. Mr. Oates began his
career in the steel industry at Lukens Steel Company, a producer of steel plates
and a subsidiary of Lukens Inc., where he held positions of increasing
responsibility, ultimately becoming President and Chief Operating Officer of
Lukens Steel. Mr. Oates is past Chairman of the North American Specialty Metals
Council and previously served on the Metals Service Center Institute Board of
Directors. He holds a bachelor's degree in economics from the Wharton School of
the University of Pennsylvania and an MBA from Temple University.
Chairman and CEO Mac McAninch, commented: "We are very pleased to have an
individual of the caliber of Dennis Oates join our Board. We see exciting growth
opportunities for our Company and will benefit greatly from Dennis's substantial
experience and broad industry view."
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. More information
is available at www.univstainless.com.
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.
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