Universal Stainless Reports North Jackson Labor Contract Continuance
01 Juillet 2024 - 10:30PM
Universal Stainless & Alloy Products, Inc. (Nasdaq:
USAP) reported today that it has agreed with Local 2332-2
of the United Steelworkers to a seventeen-day continuance of the
collective bargaining agreement covering the hourly production and
maintenance employees at the Company’s North Jackson facility,
subject to a 7-day termination notice by either party. The
continuance provides additional time to negotiate a mutually
acceptable labor agreement.
During the continuance, the employees will work
under the terms and conditions of the prior agreement, which
otherwise would have expired at midnight on June 30, 2024. The
North Jackson facility melts VIM quality specialty steel and nickel
alloy products, as well as doing VAR remelting. The facility also
operates a state-of-the-art hydraulic radial forge that produces
bars and forged blocks.
The Company’s facilities in Bridgeville, PA,
Dunkirk, NY, and Titusville, PA are covered by separate collective
bargaining agreements and are not affected by the current
negotiations.
Christopher M. Zimmer, Chairman, President and
Chief Executive Officer, commented: “We are pleased to extend the
negotiating timeframe to allow for a mutually agreeable labor
agreement without disruption to the operations and to continue to
serve our customers’ needs.”
About Universal Stainless & Alloy Products,
Inc.
Universal Stainless & Alloy Products, Inc., established in
1994 and headquartered in Bridgeville, PA, manufactures and markets
semi-finished and finished specialty steels, including stainless
steel, nickel alloys, tool steel and certain other alloyed steels.
The Company's products are used in a variety of industries,
including aerospace, energy, and heavy equipment manufacturing.
More information is available at www.univstainless.com.
Forward-Looking Information Safe
HarborExcept 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, the Company’s ability to maintain its
relationships with its significant customers and market channels;
the Company’s response to competitive factors in its industry that
may adversely affect the market for finished products manufactured
by the Company or its customers; the Company’s ability to compete
successfully with domestic and foreign producers of specialty steel
products and products fashioned from alternative materials; changes
in overall demand for the Company’s products and the prices at
which the Company is able to sell its products in the aerospace
industry, from which a substantial amount of its sales is derived;
the Company’s ability to develop, commercialize, market and sell
new applications and new products; the receipt, pricing and timing
of future customer orders; the impact of changes in the Company’s
product mix on the Company’s profitability; the Company’s ability
to maintain the availability of raw materials and operating
supplies with acceptable pricing; the availability and pricing of
electricity, natural gas and other sources of energy that the
Company needs for the manufacturing of its products; risks related
to property, plant and equipment, including the Company’s reliance
on the continuing operation of critical manufacturing equipment;
the Company’s success in timely concluding collective bargaining
agreements and avoiding strikes or work stoppages; the Company’s
ability to attract and retain key personnel; the Company’s ongoing
requirement for continued compliance with laws and regulations,
including applicable safety and environmental regulations; the
ultimate outcome of the Company’s current and future litigation
matters; the Company’s ability to meet its debt service
requirements and to comply with applicable financial covenants;
risks associated with conducting business with suppliers and
customers in foreign countries; public health issues, including
COVID-19 and its impact on the Company and our customers and
suppliers; risks related to acquisitions that the Company may make;
the Company’s ability to protect its information technology
infrastructure against service interruptions, data corruption,
cyber-based attacks or network security breaches; the impact on the
Company’s effective tax rates from changes in tax rules,
regulations and interpretations in the United States and other
countries where it does business; and the impact of various
economic, credit and market risk uncertainties. Many of these
factors are not within the Company’s control and involve known and
unknown risks and uncertainties that may cause the Company’s actual
results in future periods to be materially different from any
future performance suggested herein. Any unfavorable change in the
foregoing or other factors could have a material adverse effect on
the Company’s business, financial condition and results of
operations. Further, the Company operates in an industry sector
where securities values may be volatile and may be influenced by
economic and other factors beyond the Company’s control. Certain of
these risks and other risks are described in the Company’s filings
with the SEC, including the Company’s Annual Report on Form 10-K
for the year ended December 31, 2023, copies of which are available
from the SEC or may be obtained upon request from the
Company.
CONTACTS: |
Christopher M.
Zimmer |
Steven V.
DiTommaso |
June
Filingeri |
|
President and |
Vice President and |
President |
|
Chief Executive Officer |
Chief Financial Officer |
Comm-Partners LLC |
|
(412) 257-7604 |
(412) 257-7661 |
(203) 972-0186 |
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