(Credit Photo @ Universal Stainless & Alloy Products Inc.)
Sept. 27, 2011 – YOUNGSTOWN, Ohio — Universal Stainless & Alloy Products Inc., the company that last month paid $104.5 million to purchase the assets of the Patriot Special Metals plant under construction in North Jackson, is increasing by 5% the base price on all low alloy bar products manufactured at its vacuum arc remelt (VAR) furnaces. Universal’s vice president or sales and marketing, Chris Zimmer, attributed the “price adjustment [as] necessary to support our ongoing reinvestment into our facilities to better serve our customers.” In addition to buying the North Jackson plant, the company is investing an additional $25 million to complete the installation of equipment, and another $6 million to add an electro slag remelt furnace to the plant. The facility, which will include two VAR furnaces, is scheduled to be fully operational in the first quarter of 2012. Universal Stainless & Alloy Products was established in 1994 and is headquartered in Bridgeville, Pa. The company manufactures and markets semi-finished and finished specialty steels, including stainless steel, tool steel and other alloyed steels. The company’s products are used in aerospace, power generation, petrochemical and heavy equipment manufacturing.
Source : The Business Journal, Youngstown, Ohio.