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

             UNIVERSAL STAINLESS & ALLOY PRODUCTS SUBSIDIARY DUNKIRK
          PECIALTY STEEL REACHES LABOR AGREEMENT WITH UNION EMPLOYEES

     BRIDGEVILLE,  PA, November 5, 2007 - Universal  Stainless & Alloy Products,
Inc.  (Nasdaq:  USAP)  announced  today that its Dunkirk  Specialty  Steel,  LLC
subsidiary has reached a new five-year collective  bargaining agreement with the
Dunkirk hourly  employees  represented by Local 2693 of the United  Steelworkers
(USW).
     Mac McAninch,  Chairman and Chief Executive Officer, commented: "We believe
the new contract is beneficial to our employees and is in the best  interests of
our customers  and  shareholders.  The new contract  maintains the flexible work
rule terms and profit sharing incentives contained in the prior agreement."

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.   Further
information is available at www.univstainless.com

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
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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