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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
Date of Report (Date of earliest event reported): December 9, 2002
Universal Stainless & Alloy Products, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 000-25032 25-1724540
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
600 Mayer Street, Bridgeville, Pennsylvania 15017
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (412) 257-7600
Item 5. Other Events.
On December 9, 2002, Universal Stainless & Alloy Products, Inc.
(the "Company") announced that it had reached a six-year collective bargaining
agreement with the employees at the Company's largest facility, located in
Bridgeville, Pennsylvania, who are represented by Local 3403 of the United
Steelworkers of America. The press release, dated December 9, 2002, issued by
the Company with respect to this matter is attached hereto as Exhibit 99.1 and
is hereby incorporated herein by reference in its entirety.
The foregoing description is qualified in its entirety by
reference to the complete text of the press release as set forth in Exhibit
99.1.
Item 7. Financial Statements and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits
Exhibit 99.1 Press Release dated December 9, 2002.
Page 2 of 4 pages.
SIGNATURE
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 hereunto duly authorized.
UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.
By: /s/ Richard M. Ubinger
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Vice President of Finance,
Chief Financial Officer and Treasurer
Dated: December 9, 2002
Page 3 of 4 pages.
EXHIBIT INDEX
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Exhibit 99.1 Press Release dated December 9, 2002.
Page 4 of 4 pages.
[GRAPHIC OMITTED]
Universal Stainless & Alloy Products, Inc.
600 Mayer Street o Bridgeville, Pennsylvania 15017
CONTACTS: Richard M. Ubinger
Vice President of Finance,
Chief Financial Officer and Treasurer
(412) 257-7606
FOR IMMEDIATE RELEASE
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Comm-Partners LLC
June Filingeri
(203) 972-0186
UNIVERSAL STAINLESS REACHES LABOR AGREEMENT
WITH BRIDGEVILLE EMPLOYEES
BRIDGEVILLE, PA, December 9, 2002 - Universal Stainless & Alloy Products,
Inc. (Nasdaq:USAP) announced today that it has reached a six-year collective
bargaining agreement with the employees at the Company's largest facility
located in Bridgeville, PA who are represented by Local 3403 of the United
Steelworkers of America (USWA). The employees had been working under a
day-to-day extension of a prior agreement, which otherwise would have expired
August 31, 2002. The Company's facilities in Dunkirk, NY and Titusville, PA are
covered by separate collective bargaining agreements expiring in October 2007
and September 2005, respectively.
The new Bridgeville contract, which expires August 31, 2008, includes a
50-cent per hour per year wage increase and increased funding to the various
employee benefit plans offered by the Company. In addition, the Company has
agreed to contribute to the Steelworkers Pension Trust Plan (a multi-employer
pension plan) as long as the Plan meets specified financial performance
measures. These contributions are in lieu of the Company's current contributions
to the existing 401(k) plan.
Mac McAninch, President and Chief Executive Officer, commented:
"Management invested significant time and effort in evaluating and negotiating
various alternatives to address the rising cost of healthcare and the future
retirement benefits of our employees. We believe the new contract is beneficial
to our employees and the six-year agreement is in the best interests of our
shareholders. The new contract maintains the flexible work rule terms and profit
sharing incentives contained in the prior contract."
UNIVERSAL STAINLESS REACHES BRIDGEVILLE LABOR AGREEMENT - Page 2 -
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 original equipment
manufacturers, service centers, forgers, rerollers and wire redrawers.
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 acquisition of the Empire Specialty Steel assets and the
start-up of Dunkirk Specialty Steel LLC, risks associated with the receipt,
pricing and timing of future customer orders, risks related to the financial
viability of customers, risks associated with the manufacturing process and
production yields, and risks related to property, plant and equipment. 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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