Exhibit 16.1

July 26, 2023

Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549

We have read the statements made by Universal Stainless & Alloy Products, Inc. in Item 4.01 of its Form 8-K on July 26, 2023 and agree with the statements made concerning our Firm contained therein. We have no basis to agree or disagree with other statements of the registrant contained therein.

Very truly yours,

/s/ Schneider Downs & Co., Inc.

Certified Public Accountants

Exhibit 99.1

UNIVERSAL STAINLESS REPORTS PROFITABLE SECOND QUARTER 2023 RESULTS

BRIDGEVILLE, PA, July 26, 2023 – Universal Stainless & Alloy Products, Inc. (Nasdaq: USAP) today reported net sales for the second quarter of 2023 of $69.0 million, an increase of 4.8% from $65.9 million in the first quarter of 2023, and an increase of 32.3% from net sales of $52.2 million in the second quarter of 2022. For the first six months of 2023, net sales increased 35.3% to $134.9 million from $99.7 million in the same period of 2022.

The Company’s gross margin in the second quarter of 2023 improved to $9.8 million, or 14.3% of sales, representing a 27.5% increase from $7.7 million, or 11.7% of sales, in the first quarter of 2023, and more than double the gross margin of $4.7 million, or 9.1% of sales, in the 2022 second quarter. The gross margin in the most recent quarter benefited from higher shipment volume both sequentially and year-over-year, increased production and higher selling prices, partly offset by negative surcharge misalignment as commodity prices fell during the period.

Operating income in the second quarter of 2023 totaled $3.1 million, which is up 113.5% from operating income of $1.4 million in the first quarter of 2023, and compares with an operating loss of $0.5 million in the second quarter of 2022.

The Company delivered net income of $0.9 million, or $0.10 per diluted share, in the second quarter of 2023 compared to a net loss of $0.5 million, or $0.06 per diluted share, in the first quarter of 2023, and a net loss of $1.4 million, or $0.16 per diluted share, in the second quarter of 2022. For the first six months of 2023, net income was $0.4 million, or $0.04 per diluted share, compared with a net loss of $3.1 million, or $0.34 per diluted share, in the first six months of 2022. 2022 results included an AMJP grant benefit and charges incurred from a liquid metal spill in April 2022.

Sales of premium alloys in the second quarter of 2023 were $12.9 million, or 18.6% of sales, a 27.1% decrease from the record $17.7 million, or 26.8% of sales, in the first quarter of 2023, but an increase of 46.4% from $8.8 million, or 16.8% of sales, in the second quarter of 2022. Year-to-date 2023 premium alloy sales increased 72.2% to $30.5 million, or 22.6% of sales, from $17.7 million, or 17.8% of sales, in the same period of 2022.

Aerospace is the Company’s largest market and represented 74.3% of total sales in the second quarter of 2023 at $51.3 million, an increase of 4.7% from the first quarter 2023 and 43.7% higher than the second quarter of 2022. Year-to-date 2023 aerospace sales totaled $100.2 million, an increase of 52.4% from the first six months of 2022.

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The Company’s EBITDA for the second quarter of 2023 increased to $7.6 million from $6.5 million in the first quarter of 2023 and $4.3 million in the second quarter of 2022. Second quarter 2023 adjusted EBITDA increased 16.5% to $7.9 million from $6.8 million in the first quarter of 2023 and was up 24.8% from $6.4 million in the 2022 second quarter.

Dennis Oates, Chairman, President and CEO, commented: “We returned to bottom line profitability in the second quarter as we achieved gross margin expansion. Higher shipment volume, increased production and higher selling prices were the main drivers.

“Second quarter sales were in line with our plan and expectation for the quarter. Demand for our premium alloys remains robust, and we have a substantial book of business extending through 2024. We expect premium alloy sales to reaccelerate beginning in the third quarter driven by tremendous aerospace demand. Our capital project to add two Vacuum-Arc Remelt (VAR) furnaces at our North Jackson facility remains on target. It is designed to expand our premium alloy portfolio with more technologically advanced, higher margin products.

“We remain highly optimistic about our growth prospects for the remainder of the year and beyond. The hard work of our dedicated and talented employees provides our confidence and ability to seize our opportunities.”

Financial Position

Managed working capital was $148.4 million at June 30, 2023 compared with $149.8 million at March 31, 2023, and $147.9 million at June 30, 2022. Inventory at the end of the second quarter of 2023 was $151.6 million, compared with $149.4 million at the end of the 2023 first quarter, and $149.0 million at the end of the second quarter of 2022, the increase reflecting two record Vacuum-Induction Melt (VIM) production campaigns achieved during the 2023 second quarter.

Backlog (before surcharges) at June 30, 2023 totaled a robust $355.0 million compared with record backlog of $366.0 million at March 31, 2023. Backlog increased 59.4% from $222.7 million at the end of the second quarter of 2022. The average selling price per pound in the backlog increased 7% compared with March 31, 2023.

The Company’s total debt at June 30, 2023 was $93.3 million, down from $99.4 million at March 31, 2023 and compared with $84.0 million at June 30, 2022. Interest expense was $2.0 million for the 2023 second quarter, in line with the 2023 first quarter, but up 135.2% from the second quarter of 2022, due to higher interest rates on the Company’s variable debt.

Capital expenditures for the second quarter of 2023 totaled $2.4 million, compared with $4.5 million in the first quarter of 2023, and $3.0 million in the second quarter of 2022.

Conference Call and Webcast

The Company has scheduled a conference call for today, July 26^th, at 10:00 a.m. (Eastern) to discuss second quarter 2023 results. If you wish to listen to the live conference call via telephone, please Click Here to register for the call and obtain your dial-in number and personal PIN number. A simultaneous webcast will be available on the Company’s website at www.univstainless.com, and thereafter archived on the website through the end of the third quarter of 2023.

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, power generation, oil and gas, and heavy equipment manufacturing. More information is available at www.univstainless.com.

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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, the Company’s ability to maintain its relationships with its significant customers and market segments; 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, 2022, copies of which are available from the SEC or may be obtained upon request from the Company.

Non-GAAP Financial Measures

This press release includes discussions of financial measures that have not been determined in accordance with U.S. Generally Accepted Accounting Principles (GAAP). These measures include earnings (loss) before interest, income taxes, depreciation and amortization (EBITDA) and Adjusted EBITDA. We include these measurements to enhance the understanding of our operating performance. We believe that EBITDA, considered along with net earnings (loss), is a relevant indicator of trends relating to cash generating activity of our operations. Adjusted EBITDA excludes the effect of share-based compensation expense and noted special items such as impairments and costs or income related to special events such as periods of low activity or insurance claims. We believe that excluding these costs provides a consistent comparison of the cash generating activity of our operations. We believe that EBITDA and Adjusted EBITDA are useful to investors as they facilitate a comparison of our operating performance to other companies who also use EBITDA and Adjusted EBITDA as supplemental operating measures. These non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measures. These non-GAAP measures may not be entirely comparable to similarly titled measures used by other companies due to potential differences among calculation methodologies. A reconciliation of these non-GAAP financial measures to their most directly comparable financial measure prepared in accordance with GAAP is included in the tables that follow.

[TABLES FOLLOW]

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UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.

FINANCIAL HIGHLIGHTS

(Dollars in Thousands, Except Per Share Information)

(Unaudited)

CONSOLIDATED STATEMENTS OF OPERATIONS    

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MARKET SEGMENT INFORMATION    

MELT TYPE INFORMATION    

END MARKET INFORMATION **    

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CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

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RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA

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Exhibit 99.2

Universal Stainless Engages Baker Tilly as New Audit Firm

BRIDGEVILLE, PA, July 26, 2023 – Universal Stainless & Alloy Products, Inc. (Nasdaq: USAP) announced today that it has engaged Baker Tilly US, LLP (“Baker Tilly”) as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2023. Baker Tilly replaces Schneider Downs & Co., Inc., which informed the Company of its decision to resign effective upon the filing of the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ending June 30, 2023. Schneider Downs has served as the Company’s auditors since 2003. The Company’s audit committee unanimously approved the change in auditor.

Dennis M. Oates, Chairman, President and Chief Executive Officer of Universal Stainless, commented: “We thank Schneider Downs for the quality of professional services that they provided over the years. We also look forward to working with an audit firm of the caliber of Baker Tilly as we continue on our strategic path.”

Steven D. Thompson, Co-Managing Partner of Schneider Downs & Co., Inc., commented: “We are proud of our long tenure of service to a valued client. The resignation was solely due to a practice management decision made by Schneider Downs and was through no fault of Universal Stainless.”

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, power generation, oil and gas, and heavy equipment manufacturing. More information is available at www.univstainless.com.

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, the Company’s ability to maintain its relationships with its significant customers and market segments; 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 uncertain impact on our facilities and operations and its customers and suppliers and the effectiveness of the Company’s actions taken in response to these risks; 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, 2022, copies of which are available from the SEC or may be obtained upon request from the Company.

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