Universal Stainless Announces Bar Product Price Increase

BRIDGEVILLE, Pa., April 1, 2004 -- Universal Stainless & Alloy Products, Inc. (Nasdaq:USAP) today announced a 4% price increase effective on all shipments and new orders placed April 15, 2004 for all grades of stainless steel round, hexagon and square bar products manufactured at the Bridgeville, PA and Dunkirk, NY facilities.

Dudley J. Merchant, Vice President of Sales and Marketing, commented: "This price increase is required to recover increasing energy and health care costs, and to recoup the margins lost due to price erosion during the past several years."

About Universal Stainless & Alloy Products, Inc.

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

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 limited operating history of Dunkirk Specialty Steel LLC, 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 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 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.

CONTACT:  Universal Stainless & Alloy Products, Inc.
          Richard M. Ubinger, Vice President of Finance,
            Chief Financial Officer and Treasurer
          (412) 257-7606

          Comm-Partners LLC
          June Filingeri
          (203) 972-0186