SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) of the
SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported): November 17, 1998
Universal Stainless & Alloy Products, Inc.
(Exact name of registrant as specified in charter)
Delaware 0-25032 25-1724540
(State or other jurisdiction (Commission file number) (IRS employer
of incorporation) identification no.)
600 Mayer Street 15017
Bridgeville, Pennsylvania (Zip code)
(Address of principal executive offices)
Registrant's telephone number,
including area code: (412) 257-7600
Item 5. Other Events.
On November 17, 1998, Universal Stainless & Alloy Products, Inc. (the
"Company") announced that its letter of intent to acquire AL Tech Specialty
Steel Corporation ("AL Tech") had expired. AL Tech is a producer of finished
specialty steel products including bar, rod and wire, and is operating under the
protection of Chapter 11 of the federal bankruptcy code.
On November 25, 1998, the Company announced that a settlement has been
reached with its former insurance carrier regarding a claim related to the
six-week production halt of the Company's universal rolling mill in 1995. After
deducting all fees associated with the settlement of the claim, the Company will
receive $750,000 before tax, which will be recorded as a one-time gain in the
1998 fourth quarter.
The Company also announced that it will record charges related to due
diligence costs associated with its intent to acquire AL Tech. The Company will
recognize this and other non-recurring charges, which will total approximately
$550,000, in the 1998 fourth quarter. Net of these one-time costs, the pre-tax
gain from the settlement is anticipated to be approximately $200,000, or $0.02
per diluted share after tax.
Copies of the Company's press releases announcing these events are
attached hereto as Exhibits 99.01 and 99.02 and are incorporated by reference
herein in their entirety.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
99.01 Press Release of Universal Stainless & Alloy Products, Inc.
dated November 17, 1998.
99.02 Press Release of Universal Stainless & Alloy Products, Inc.
dated November 25, 1998.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
UNIVERSAL STAINLESS & ALLOY
PRODUCTS, INC.
Date: November 25, 1998 By: /s/CLARENCE M. MCANINCH
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Name: Clarence M. McAninch
Title: President and Chief
Executive Officer
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EXHIBIT INDEX
EXHIBIT NO. DOCUMENT
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99.01 Press Release of Universal Stainless & Alloy
Products, Inc. dated November 17, 1998.
99.02 Press Release of Universal Stainless & Alloy
Products, Inc. dated November 25, 1998.
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