Universal Stainless Announces Base Price Increases

BRIDGEVILLE, Pa., Jan. 4, 2005 -- Universal Stainless & Alloy Products, Inc. (Nasdaq:USAP) today announced base price increases of 5% on all air melted and 7% on all remelted steels, effective with shipments scheduled for January 17. This includes shipments of ingot, slab, billet, bloom bar, flat bar, round bar, hexagon, square, rod and wire products manufactured at its Bridgeville, PA and Dunkirk, NY facilities.

Dudley J. Merchant, Vice President of Sales and Marketing, commented: "This price adjustment is needed to offset the impact of higher energy and manufacturing supply costs. Our goal is to supply our marketplace with an increased supply of high quality products."

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 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 and regulatory 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
          Richard M. Ubinger
          Vice President of Finance, 
          Chief Financial Officer and Treasurer
          (412) 257-7606

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