Form 10-Q

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0001193125-12-343209.txt : 20120808 0001193125-12-343209.hdr.sgml : 20120808 20120808121418 ACCESSION NUMBER: 0001193125-12-343209 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120630 FILED AS OF DATE: 20120808 DATE AS OF CHANGE: 20120808 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNIVERSAL STAINLESS & ALLOY PRODUCTS INC CENTRAL INDEX KEY: 0000931584 STANDARD INDUSTRIAL CLASSIFICATION: STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS) [3312] IRS NUMBER: 251724540 STATE OF INCORPORATION: DE FISCAL YEAR END: 1207 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-25032 FILM NUMBER: 121015990 BUSINESS ADDRESS: STREET 1: 600 MAYER ST CITY: BRIDGEVILLE STATE: PA ZIP: 15017 BUSINESS PHONE: 4122577600 MAIL ADDRESS: STREET 1: 600 MAYER ST CITY: BRIDGEVILLE STATE: PA ZIP: 15017 10-Q 1 d352647d10q.htm FORM 10-Q Form 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2012

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from to

Commission File Number 000-25032

LOGO

UNIVERSAL STAINLESS & ALLOY

PRODUCTS, INC.

(Exact name of Registrant as specified in its charter)

DELAWARE

25-1724540

(State or other jurisdiction of

incorporation or organization)

(IRS Employer

Identification No.)

600 Mayer Street

Bridgeville, PA 15017

(Address of principal executive offices, including zip code)

(412) 257-7600

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

As of July 31, 2012, there were 6,875,929 shares of the Registrant’s Common Stock outstanding.

Management’s Discussion and Analysis of Financial Condition and Results of Operations and other sections of this Quarterly Report on Form 10-Q contain forward-looking statements that reflect the current views of Universal Stainless & Alloy Products, Inc. (the “Company”) with respect to future events and financial performance. Statements looking forward in time, including statements regarding future growth, cost savings, expanded production capacity, broader product lines, greater capacity to meet customer quality reliability, price and delivery needs, enhanced competitive posture, effect of new accounting pronouncements and no material financial impact from litigation or contingencies are included in this Quarterly Report on Form 10-Q pursuant to the “safe harbor” provision of the Private Securities Litigation Reform Act of 1995.

The Company’s actual results may be affected by a wide range of factors including future compliance with Section 404 of the Sarbanes-Oxley Act of 2002; the concentrated nature of the Company’s customer base to date and the Company’s dependence on its significant customers; the receipt, pricing and timing of future customer orders; changes in product mix; the limited number of raw material and energy suppliers and significant fluctuations that may occur in raw material and energy prices; risks related to property, plant and equipment, including the Company’s reliance on the continuing operation of critical manufacturing equipment; risks associated with labor matters; 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; risks related to acquisitions that the Company may make; 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.


	DESCRIPTION	PAGE NO.
PART I.	FINANCIAL INFORMATION

Item 1.	Financial Statements

	Condensed Consolidated Statements of Operations		1

	Condensed Consolidated Statements of Comprehensive Income		1

	Condensed Consolidated Balance Sheets		2

	Condensed Consolidated Statements of Cash Flow		3

	Notes to the Unaudited Condensed Consolidated Financial Statements		4

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		11

Item 3.	Quantitative and Qualitative Disclosures About Market Risk		20

Item 4.	Controls and Procedures		20

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings		20

Item 1A.	Risk Factors		20

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		20

Item 3.	Defaults Upon Senior Securities		20

Item 4.	Mine Safety Disclosures		20

Item 5.	Other Information		20

Item 6.	Exhibits		21

SIGNATURES			22

Part I. FINANCIAL INFORMATION

Item 1.

FINANCIAL STATEMENTS

UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in Thousands, Except Per Share Information)

(Unaudited)


	Three months ended June 30,						Six months ended June 30,
	2012			2011			2012			2011

Net sales	$	67,866		$	63,318		$	142,480		$	123,129
Cost of products sold		56,296			51,146			116,635			100,159
Selling and administrative expenses		4,263			3,697			8,846			7,527


Operating income		7,307			8,475			16,999			15,443
Interest expense		(618	)		(118	)		(1,322	)		(243	)
Other income		38			143			61			143


Income before income tax expense		6,727			8,500			15,738			15,343
Provision for income taxes		2,222			2,975			4,947			5,370


Net income	$	4,505		$	5,525		$	10,791		$	9,973


Net income per common share - Basic	$	0.66		$	0.81		$	1.57		$	1.46


Net income per common share - Diluted	$	0.62		$	0.79		$	1.48		$	1.43


Weighted average shares of Common Stock outstanding
Basic		6,863,904			6,821,567			6,856,310			6,817,317
Diluted		7,465,260			6,995,361			7,445,391			6,973,785

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in Thousands)

(Unaudited)


	Three months ended June 30,					Six months ended June 30,
	2012		2011			2012		2011

Net income	$	4,505	$	5,525		$	10,791	$	9,973
Other comprehensive income, net of tax:
Unrealized gain (loss) on interest rate swap, net of tax		—		(7	)		—		26


Comprehensive income	$	4,505	$	5,518		$	10,791	$	9,999

The accompanying notes are an integral part of these condensed consolidated financial statements.

UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in Thousands)


	June 30, 2012			December 31, 2011
	(Unaudited)			(Derived from audited statements)
ASSETS
Current assets:
Cash	$	180		$	274
Accounts receivable (less allowance for doubtful accounts of $2,005 and $1,952, respectively)		40,847			34,554
Inventory, net		103,086			85,088
Deferred income taxes		21,845			28,438
Refundable income taxes		5,090			4,844
Other current assets		2,349			2,198


Total current assets		173,397			155,396

Property, plant and equipment, net		197,398			183,148
Goodwill		20,479			20,479
Long-term refundable income taxes		1,305			—
Other long-term assets		2,709			2,649


Total assets	$	395,288		$	361,672


LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	28,952		$	29,912
Accrued employment costs		4,972			7,547
Current portion of long-term debt		—			3,000
Other current liabilities		1,788			966


Total current liabilities		35,712			41,425

Long-term debt		114,731			91,650
Deferred income taxes		52,038			48,291
Other long-term liabilities		172			—


Total liabilities		202,653			181,366

Commitments and contingencies (Note 7)

Stockholders’ equity:
Senior Preferred Stock, par value $0.001 per share; 1,980,000 shares authorized; 0 shares issued and outstanding		—			—
Common Stock, par value $0.001 per share; 10,000,000 shares authorized; 7,164,610 and 7,130,365 shares issued, respectively		7			7
Additional paid-in capital		45,492			43,720
Retained earnings		149,289			138,498
Treasury Stock at cost; 288,681 and 282,850 common shares held, respectively		(2,153	)		(1,919	)


Total stockholders’ equity		192,635			180,306


Total liabilities and stockholders’ equity	$	395,288		$	361,672

The accompanying notes are an integral part of these condensed consolidated financial statements.

UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

(Dollars in Thousands)

(Unaudited)


	Six months ended June 30,
	2012			2011

Operating Activities:
Net income	$	10,791		$	9,973
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization		6,096			2,931
Deferred income tax		10,340			(211	)
Share-based compensation expense, net		672			745
Changes in assets and liabilities:
Accounts receivable, net		(6,293	)		(3,693	)
Inventory, net		(17,998	)		(13,408	)
Accounts payable		(4,825	)		2,048
Accrued employment costs		(2,575	)		(618	)
Income taxes		(1,222	)		743
Other, net		681			(252	)


Net cash used in operating activities		(4,333	)		(1,742	)

Investing Activitiy:
Capital expenditures, net of amount included in accounts payable		(16,196	)		(3,672	)


Net cash used in investing activitiy		(16,196	)		(3,672	)

Financing Activities:
Borrowings under revolving credit facility		78,664			—
Payments on revolving credit facility		(38,583	)		—
Payment on term loan facility		(20,000	)		—
Debt repayments		—			(1,416	)
Proceeds from the issuance of Common Stock		770			404
Payment of deferred financing costs		(348	)		—
Purchase of Treasury Stock		(233	)		—
Tax benefit from share-based payment arrangements		165			60


Net cash provided by (used in) financing activities		20,435			(952	)


Net decrease in cash		(94	)		(6,366	)
Cash at beginning of period		274			34,400


Cash at end of period	$	180		$	28,034


Supplemental Non-Cash Investing Activity:
Capital expenditures included in accounts payable	$	3,865		$	944

The accompanying notes are an integral part of these condensed consolidated financial statements.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 – Basis of Presentation

The accompanying unaudited condensed consolidated statements of operations and statements of comprehensive income for the three and six months ended June 30, 2012 and 2011, balance sheets as of June 30, 2012 and December 31, 2011, and statements of cash flows for the six months ended June 30, 2012 and 2011, have been prepared by Universal Stainless & Alloy Products, Inc. (the “Company”) in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP has been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. Accordingly, these statements should be read in conjunction with the audited financial statements, and notes thereto, as of and for the year ended December 31, 2011 included in the Company’s Annual Report on Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, all of which were of a normal, recurring nature, necessary to present fairly, in all material respects, the consolidated financial position at June 30, 2012 and December 31, 2011 and the consolidated results of operations and of cash flows for the periods ended June 30, 2012 and 2011, and are not necessarily indicative of the results to be expected for the full year.

Recently Adopted Accounting Pronouncement

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-04, “Fair Value Measurements (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”). This amendment provides a consistent definition of fair value and ensures that the fair value measurement and disclosure requirements are similar between GAAP and IFRS. The amendment clarifies the application of existing fair value measurements and disclosures, and changes certain principles or requirements for fair value measurements and disclosures. The Company adopted these provisions during the six months ended June 30, 2012. This amendment did not have a material impact on the Company’s condensed consolidated balance sheets, results of operations or cash flows.

Certain prior period amounts have been reclassified to conform to the 2012 presentation.

Note 2 – Acquisition

On August 18, 2011, the Company acquired substantially all the assets of Patriot Special Metals, Inc. and RSM Real Estate Holding, Inc., consisting of a specialty steel manufacturing facility located in North Jackson, Ohio (the “North Jackson Facility”). The North Jackson Facility began forging and finishing operations in September 2011. In December 2011, the North Jackson Facility performed the first melts on its new vacuum induction melting (VIM) furnace and two vacuum arc remelting (VAR) furnaces. The aggregate purchase price for the North Jackson Facility was $111.3 million, which was comprised of a $40.0 million term loan, $40.0 million in borrowings under a revolving credit facility, $20.0 million in aggregate principal amount of convertible promissory notes issued to the sellers of the North Jackson Facility and the remainder from cash on-hand prior to the acquisition. The term loan and revolving credit facility were subsequently amended during the three months ended March 31, 2012, which is discussed further in Note 5. At closing, the Company entered into an escrow agreement with the sellers, pursuant to which $2.5 million of the purchase price was placed in escrow. The escrow agreement expires on February 18, 2013.

For the three and six months ended June 30, 2011, the Company incurred $496,000 and $915,000, respectively, of acquisition related costs which are included as a component of selling and administrative expenses on the condensed consolidated statements of operations. The Company did not incur any acquisition related costs in 2012.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The following table summarizes the preliminary acquisition-date fair value of the assets acquired and the liabilities assumed in connection with the North Jackson Facility acquisition (dollars in thousands):


	August 18, 2011

Property, plant and equipment	$	94,102
Non-compete agreement		1,330
Goodwill		20,479
Accounts payable		(4,475	)
Accrued expenses and other current liabilities		(138	)


Net assets acquired	$	111,298

Assets acquired and liabilities assumed in connection with the acquisition have been recorded at their estimated fair values as of the acquisition date. Preliminary fair values were determined by management based, in part, on independent valuations performed by third party valuation specialists. The above preliminary fair values are subject to change based upon the finalization of the valuations. Under GAAP, the measurement period shall not exceed one year from the acquisition date. The Company will finalize the above amounts as the information necessary to complete the analysis is obtained. The fair value assigned to the non-compete agreement is subject to amortization over the five year life of the agreement.

Goodwill is calculated as the excess of the purchase price over the fair value of net assets acquired and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Among the factors that contributed to a purchase price in excess of the fair value of the net tangible and intangible assets acquired were the acquisition of an assembled workforce and the expected synergies and other benefits as a result of combining the operations of the North Jackson Facility with the Company’s other operations. Goodwill related to the North Jackson Facility acquisition was recorded in the Company’s Universal Stainless & Alloy Products reportable segment. There was no goodwill recognized for income tax purposes as a result of the North Jackson Facility acquisition.

The following is a summary of the changes in the carrying value of goodwill, from December 31, 2011 through June 30, 2012 (dollars in thousands):


Balance, December 31, 2011	$	20,479
Change in goodwill		—


Balance, June 30, 2012	$	20,479

As previously mentioned, the Company incurred debt in the form of a term loan, borrowings under a revolving credit facility and convertible notes issued to acquire the North Jackson Facility. In accordance with GAAP, the Company recorded this debt at fair value as of the acquisition date. The fair value of the term loan and borrowings under the revolving credit facility were determined to be the par value of the debt. The terms of the convertible notes were designed to and resulted in the fair value of the option to convert and the debt component aggregating to the par amount of the convertible notes.

The operating results of the North Jackson Facility have been included in the Company’s condensed consolidated financial statements since the acquisition date.

The following unaudited pro forma information presents the combined results as if the acquisition had occurred on January 1, 2011. The unaudited pro forma financial information was prepared to give effect to events that are (1) directly attributable to the acquisition; (2) factually supportable; and (3) expected to have a continuing impact on the combined company’s results. Pro forma adjustments have been made to reflect the incremental impact on earnings of amortization expense related to the acquired intangible asset and income tax expense. The Company has calculated the 2011 pro forma results using a 36.4% effective tax rate from January 1, 2011. As a result of no assets being placed in service prior to the acquisition date, the Company has not included any incremental interest expense resulting from the debt incurred to finance the acquisition. All incurred interest would have been capitalized prior to placing the assets in service. The Company has not included the dilutive effect of the convertible notes on the unaudited pro forma information. Due to the level of completion of the North Jackson Facility on January 1, 2011, it is highly unlikely that the acquisition

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

would have been partially financed through the issuance of convertible notes. Prior to the acquisition, the North Jackson Facility’s only sales were derived from scrap sales. Pro forma adjustments were made to eliminate one-time acquisition related costs. The unaudited pro forma financial information does not reflect any cost savings, operating synergies or revenue enhancements that the combined company may achieve as a result of the acquisition or the costs to integrate the operations or the costs necessary to achieve cost savings, operating synergies or revenue enhancements. The pro forma results are not indicative of how the results will appear in the future.


*(dollars in thousands, except per share amounts)*	Three months ended June 30, 2011		Six months ended June 30, 2011

Net sales	$	63,448	$	123,259
Net income	$	5,222	$	9,187

Net income per common share - Basic	$	0.77	$	1.35
Net income per common share - Diluted	$	0.75	$	1.32

Weighted-average shares of Common Stock outstanding:
Basic		6,821,567		6,817,317
Diluted		6,995,361		6,973,785

Note 3 – Net Income per Common Share

The following table sets forth the computation of basic and diluted net income per common share:


	Three months ended June 30,				Six months ended June 30,
*(dollars in thousands, except per share amounts)*	2012		2011		2012		2011

Numerator:

Net income	$	4,505	$	5,525	$	10,791	$	9,973
Adjustment for interest expense on convertible notes		104		—		212		—


Net income, as adjusted	$	4,609	$	5,525	$	11,003	$	9,973


Denominator:

Weighted average number of shares of Common Stock outstanding		6,863,904		6,821,567		6,856,310		6,817,317
Weighted average effect of dilutive stock options		172,468		173,794		160,908		156,468
Weighted average effect of assumed conversion of convertible notes		428,888		—		428,173		—


Weighted average number of shares of Common Stock outstanding, as adjusted		7,465,260		6,995,361		7,445,391		6,973,785


Net income per common share:

Net income per common share - Basic	$	0.66	$	0.81	$	1.57	$	1.46


Net income per common share - Diluted	$	0.62	$	0.79	$	1.48	$	1.43

Options not included in the computation of diluted net income per common share for the three months ended June 30, 2012 and 2011 to purchase 5,000 and 48,300 shares of Common Stock at an average price of $42.50 and $38.86, respectively, per common share were outstanding at June 30, 2012 and 2011, respectively. These outstanding options were not included in the computation of diluted net income per common share because their respective exercise prices were greater than the average market price of the Common Stock.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 4 – Inventory

The major classes of inventory were as follows:


*(in thousands)*	June 30, 2012		December 31, 2011

Raw materials and supplies	$	8,915	$	5,934
Semi-finished and finished steel products		86,808		73,046
Operating materials		7,363		6,108


Total inventory, net	$	103,086	$	85,088

Note 5 – Long-Term Debt

Long-term debt consisted of the following:


*(in thousands)*	June 30, 2012		December 31, 2011

Revolving credit facility	$	69,350		29,350
Term loan		20,000		40,000
Convertible notes		20,000		20,000
Swing loan credit facility		5,381		5,300

		114,731		94,650
Less: current portion of long-term debt		—		3,000


Long-term debt	$	114,731	$	91,650

Amended Credit Facility

On August 18, 2011, the Company entered into a Credit Agreement (the “Credit Agreement”) which provides for a senior secured revolving credit facility (the “Revolver”) and a senior secured term loan facility (the “Term Loan” and together with the Revolver, the “Facilities”). On March 19, 2012, the Company entered into the First Amendment to the Credit Agreement (together with the Credit Agreement, the “Amended Credit Agreement”). The Amended Credit Agreement provides for a $105.0 million Revolver and a $20.0 million Term Loan. PNC Bank, National Association serves as Administrative Agent with respect to the Facilities. The Amended Credit Agreement extends the expiration date from August 2016 to March 2017, provides additional availability under the Facilities and reduces fees and interest rates. The Facilities are collateralized by substantially all of the assets of the Company and its subsidiaries, except that no real property other than the North Jackson Facility is collateral under the Facilities. Universal Stainless & Alloy Products, Inc., Dunkirk Specialty Steel, LLC and North Jackson Specialty Steel, LLC are co-borrowers under the Facilities. The co-borrowers’ obligations under the Facilities have been guaranteed by USAP Holdings, Inc. In conjunction with the amendment to the Credit Agreement, the Company recorded additional deferred financing costs of $348,000 during 2012. Deferred financing costs are included on the condensed consolidated balance sheets as a component of other long-term assets.

At any time prior to August 18, 2015, the Company may make up to two requests to increase the maximum aggregate principal amount of borrowings under the Revolver by at least $10.0 million, with the maximum aggregate principal amount of borrowings under the Revolver not to exceed $130.0 million in any event. The Company is required to pay a commitment fee of 0.25% based on the daily unused portion of the Revolver. The Revolver also provides for up to $7.0 million of swing loans so long as the sum of the outstanding swing loans and the outstanding borrowings under the Revolver does not exceed $105.0 million at any given time. The Term Loan is payable in quarterly installments in the principal amount of $750,000 beginning on July 1, 2013, with the balance of the Term Loan payable in full on March 19, 2017.

Amounts outstanding under the Facilities, at the Company’s option, will bear interest at either a base rate or a LIBOR-based rate (the “LIBOR Option”), in either case calculated in accordance with the terms of the Amended Credit Agreement. The Company elected to use the LIBOR Option during the three and six months ended June 30, 2012, which was 2.0% for the Term Loan and revolving credit facility and 2.46% for the swing loan at June 30, 2012. Interest on the Facilities is payable monthly.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The Amended Credit Agreement requires the Company to maintain a leverage ratio not exceeding a ratio decreasing from 3.25 to 1.00 to 2.75 to 1.00 during the term of the Facilities and a fixed charge coverage ratio not less than 1.20 to 1.00. At June 30, 2012, the Company was obligated to maintain a leverage ratio not exceeding 3.25 to 1.00. The Company was in compliance with all covenants contained in the Amended Credit Agreement at June 30, 2012 and December 31, 2011.

Convertible Notes

In connection with the acquisition of the North Jackson Facility, on August 18, 2011, the Company issued $20.0 million in convertible notes (the “Notes”) to the sellers of the North Jackson Facility as partial consideration of the acquisition. The Notes are subordinated obligations of the Company and rank junior to the Facilities. The Notes bear interest at a fixed rate of 4.0% per annum, payable in cash semi-annually in arrears on each June 18 and December 18, beginning on December 18, 2011. Unless earlier converted, the Notes mature and the unpaid principal balance is due on August 17, 2017. The Notes and any accrued and unpaid interest are convertible into shares of the Company’s Common Stock at the option of the holder at an initial conversion price of $47.1675 per share of Common Stock. The conversion price associated with the Notes may be adjusted in certain circumstances. The Company may prepay any outstanding Notes, in whole or in part on any date after August 17, 2014 during a fiscal quarter if the Company’s share price is greater than 140% of the current conversion price for at least twenty of the trading days in the thirty consecutive trading day period ending on the last trading day of the immediately preceding quarter. The Company evaluated the conversion feature of the Notes upon issuance and determined that no beneficial conversion feature existed.

Aggregate maturities of long-term debt are as follows:


Year ended December 31,	*(in thousands)*

2012	$	—
2013		1,500
2014		3,000
2015		3,000
2016		3,000
Thereafter		104,231


	$	114,731

Note 6 – Fair Value Measurements

The fair value hierarchy has three levels based on the inputs used to determine fair value, which are as follows:

Level 1 — Unadjusted quoted prices available in active markets for the identical assets or liabilities at the measurement date.

Level 2 — Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability.

Level 3 — Unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions.

The fair value hierarchy requires the use of observable market data when available. In instances where the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability.

Financial instruments include cash, accounts receivable, other current assets, accounts payable, short-term debt and other current liabilities. The carrying amounts of these financial instruments approximated fair value at June 30, 2012 and December 31, 2011 due to their short-term maturities. The fair value of the Term Loan, revolving credit facility and swing loans at June 30, 2012 and December 31, 2011 approximated the carrying amount as the interest rate is based upon floating short-term interest rates. At June 30, 2012 and December 31, 2011, the fair value of the Notes approximated the carrying amount. The fair value of the Term Loan, revolving credit facility, swing loans and Notes were determined on a Level 2 measurement.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 7 – Commitments and Contingencies

From time to time, various lawsuits and claims have been or may be asserted against the Company relating to the conduct of its business, including routine litigation involving commercial and employment matters. The ultimate cost and outcome of any litigation or claim cannot be predicted with certainty. Management believes, based on information presently available, that the likelihood that the ultimate outcome of any such pending matter will have a material adverse effect on its financial condition, or liquidity or a material impact to the results of operations is remote, however the resolution of one or more of these matters may have a material adverse effect on the results of operations for the period in which the resolution occurs.

Note 8 – Income Taxes

Management estimates the annual effective income tax rate quarterly, based on current annual forecasted results. Items unrelated to current year ordinary income are recognized entirely in the period identified as a discrete item of tax. The quarterly income tax provision is comprised of tax on ordinary income provided at the most recent estimated annual effective tax rate, increased or decreased for the tax effect of discrete items.

For the six months ended June 30, 2012 and 2011, the estimated annual effective tax rate applied to ordinary income was 35.1% and 35.0%, respectively. The effective tax rate for the six months ended June 30, 2012, which reflects federal and state taxable income, includes a net discrete tax benefit of $578,000 for state income taxes and research and development tax credits, partially offset by a net operating loss carryback. Including the effect of the discrete tax items, the Company’s effective tax rate for the six months ended June 30, 2012 was 31.4%. For the three months ended June 30, 2012 and 2011, the Company’s effective tax rate was 33.0% and 35.0%, respectively.

Note 9 – Business Segments

The Company is comprised of two reportable business segments. The Bridgeville, North Jackson and Titusville facilities have been aggregated into one reportable segment, Universal Stainless & Alloy Products (“USAP”). Dunkirk Specialty Steel represents the second reportable segment.

From the North Jackson acquisition date through June 30, 2012, the Company has included the results of North Jackson in the USAP segment. North Jackson was included in the USAP reporting segment as a result of North Jackson having consistent characteristics as identified in ASC Topic 280, “Segment Reporting”, with the USAP segment. As a result of the North Jackson acquisition, the Company’s operating facilities have become more integrated, resulting in the Company’s chief operating decision maker (“CODM”) viewing the Company as one unit. As North Jackson becomes fully integrated within the Company, it is expected that the Company will move to one reportable segment to more accurately reflect the information and measures used by the Company’s CODM to make key decisions.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The segment data are as follows:


	Three months ended June 30,						Six months ended June 30,
*(in thousands)*	2012			2011			2012			2011

Net sales:
Universal Stainless & Alloy Products^(A)	$	61,811		$	60,451		$	122,075		$	115,601
Dunkirk Specialty Steel		25,338			25,597			55,831			47,578
Intersegment eliminations		(19,283	)		(22,730	)		(35,426	)		(40,050	)


Consolidated net sales	$	67,866		$	63,318		$	142,480		$	123,129


Operating income:
Universal Stainless & Alloy Products ^(A)	$	4,472		$	6,446		$	10,248		$	11,360
Dunkirk Specialty Steel		2,713			2,975			6,080			5,300
Intersegment eliminations ^(B)		122			(946	)		671			(1,217	)


Consolidated operating income	$	7,307		$	8,475		$	16,999		$	15,443


Interest expense:
Universal Stainless & Alloy Products ^(A)	$	618		$	112		$	1,322		$	230
Dunkirk Specialty Steel		—			6			—			13


Consolidated interest expense	$	618		$	118		$	1,322		$	243

(A)	The results for the three and six months ended June 30, 2012 include those of the Company’s North Jackson operation, which was acquired on August 18, 2011.

(B)	The Company recognized profits during the three and six months ended June 30, 2012 on intercompany sales which were sold to third party customers during the periods. This profit had been deferred prior to the sale to third party customers.

The following table presents total assets by segment:


*(in thousands)*	June 30, 2012			December 31, 2011

Total assets:
Universal Stainless & Alloy Products	$	308,511		$	271,107
Dunkirk Specialty Steel		57,049			55,820
Corporate		143,413			149,101
Intersegment eliminations		(113,685	)		(114,356	)


Total assets	$	395,288		$	361,672

Item 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Overview

The following Management Discussion and Analysis (“MD&A”) is intended to help the reader understand the results of operations and financial condition of Universal Stainless & Alloy Products, Inc. (the “Company”). This MD&A is provided as a supplement to, and should be read in conjunction with, our condensed consolidated financial statements and the accompanying notes to the condensed consolidated financial statements.

We manufacture and market semi-finished and finished specialty steel products, including stainless steel, tool steel and certain other alloyed steels. Our manufacturing process involves melting, remelting, heat treating, hot and cold rolling, forging, machining and cold drawing of semi-finished and finished specialty steels. Our products are sold to service centers, forgers, rerollers, original equipment manufacturers and wire redrawers. Our customers further process our products for use in a variety of industries, including the aerospace, power generation, oil and gas and heavy equipment manufacturing industries. We also perform conversion services on materials supplied by customers that lack certain of our production capabilities or are subject to their own capacity constraints.

We recognized net income for the quarter ended June 30, 2012 of $4.5 million, or $0.62 per diluted share, compared with net income of $5.5 million, or $0.79 per diluted share for the three months ended June 30, 2011.

Our net sales increased from $63.3 million for the three months ended June 30, 2011 to $67.9 million for the current quarter. This $4.6 million, or 7%, increase is largely due to increased volume recognized in the current quarter as compared to the second quarter of 2011. Tons shipped increased by 5% in the current quarter when compared to the prior year second quarter.

Our backlog was $89.0 million at June 30, 2012 as compared to $102.6 million at December 31, 2011.

During the current quarter, we continued to increase production at our North Jackson facility, which was acquired in the third quarter of 2011. In addition to conversion services provided to external customers, the North Jackson operation has provided increasing forging and remelting activities on products for our other facilities, as well as providing our legacy operations with operating synergies. Early in the second quarter of 2012, we began remelting around the clock on the facility’s two vacuum arc remelting (VAR) furnaces. Melting in the facility’s vacuum induction melting (VIM) furnace increased throughout the second quarter of 2012. Material produced in the VIM is now being qualified for future customer orders and we expect to begin selling this material late in the third quarter of 2012.

Our cost of products sold increased from $51.1 million for the second quarter of 2011 to $56.3 million in the current quarter. This $5.2 million, or 10%, increase is primarily due to the aforementioned 7% increase in net sales. In addition, our operations costs, which include certain infrastructure costs such as overhead and depreciation, increased on a percentage of sales basis from 40% for the quarter ended June 30, 2011 to 46% for the current quarter. We have placed a substantial amount of fixed assets in service over the past three quarters, primarily at our North Jackson facility, which has increased our depreciation expense. The higher depreciation expense, coupled with developing production at our North Jackson facility, had a negative impact on our operations costs as a percentage of sales in the current period. As we continue to increase production at our North Jackson facility, we believe that our operations costs as a percentage of sales will decrease from current levels.

Selling and administrative (“S&A”) expenses increased from $3.7 million in the second quarter of 2011 to $4.3 million in the current quarter. Included in our S&A expenses were $0.5 million related to the North Jackson facility acquisition for the quarter ended June 30, 2011 and $0.6 million related to our North Jackson operations for the quarter ended June 30, 2012. Excluding the North Jackson S&A related expenses, our S&A expenses as a percentage of sales remained consistent between the second quarter of 2011 and 2012 at 5%.

Interest expense increased from $0.1 million for the three months ended June 30, 2011 to $0.6 million in the same period of 2012. This increase is primarily due to the higher debt balance maintained in the current year to finance the North Jackson facility acquisition. During the first quarter of 2012 we amended our credit facility which, among other benefits, reduced our interest rate.

Our effective tax rate for the quarters ended June 30, 2012 and 2011 was 33% and 35%, respectively. Our effective tax rate for the quarter ended June 30, 2012 reflects a net discrete tax benefit for research and development tax credits, partially offset by a net operating loss (“NOL”) carryback. Our estimated annual effective tax rate on ordinary income for 2012 is 35.1%.

Results of Operations

Three months ended June 30, 2012 as compared to the three months ended June 30, 2011

An analysis of the Company’s operations for the three months ended June 30, 2012 and 2011 is as follows:


	Three months ended June 30,
*(in thousands)*	2012 ^(A)		2011
Net sales:
Stainless steel	$	52,286	$	48,253
Tool steel		6,565		7,478
High-strength low alloy steel		5,841		4,771
High-temperature alloy steel		1,728		1,778
Conversion services		1,397		996
Scrap sales and other		49		42


Total net sales		67,866		63,318
Cost of products sold		56,296		51,146
Selling and administrative expenses		4,263		3,697


Operating income	$	7,307	$	8,475


Tons shipped		13,277		12,591

Market Segment Information


	Three months ended June 30,
*(in thousands)*	2012 ^(A)		2011
Net sales:
Service centers	$	41,804	$	34,305
Forgers		9,149		11,925
Rerollers		10,426		10,672
Original equipment manufacturers		3,548		4,205
Wire redrawers		1,493		1,173
Conversion services		1,397		996
Scrap sales and other		49		42


Total net sales	$	67,866	$	63,318

(A)	Includes the results of the North Jackson operation, which was acquired on August 18, 2011.

Net sales for the three months ended June 30, 2012 increased $4.5 million as compared to the similar period in 2011. The increase reflects a 7% increase, for the quarter ended June 30, 2012, in consolidated shipments and a change in product mix. Shipments of aerospace products, service center plate and conversion services increased 21%, 15% and 44%, respectively, and were partially offset by decreases in power generation, oil and gas and heavy equipment manufacturing products of 14%, 5%, and 34%, respectively, for the quarter ended June 30, 2012, compared to the prior year second quarter.

Cost of products sold, as a percentage of sales, was 83% and 81% for the quarters ended June 30, 2012 and 2011, respectively. The increase in cost of products sold is primarily due to increased operations costs as a percentage of sales incurred in the current quarter as compared to the prior year second quarter. This increase is largely due to the aforementioned increased infrastructure costs, primarily related to our North Jackson facility. The increase in operations cost as a percentage of sales is partially offset by lower material costs as a percentage of sales in the current quarter, primarily due to reduced raw material prices.

S&A expense increased by $0.6 million for the three months ended June 30, 2012 as compared to the similar period in 2011. S&A expenses as a percentage of net sales was 6% for the quarters ended June 30, 2012 and 2011. This increase primarily relates to the S&A expenses associated with the operations of the North Jackson facility. Our S&A expense in the second quarter of 2011 included $0.5 million of acquisition costs related to the North Jackson facility acquisition. There were no similar costs in the second quarter of 2012. Our S&A expenses were favorably impacted by reduced variable incentive compensation costs, which decreased by $0.6 million in the second quarter of 2012 as compared to the same period in 2011.

Business Segment Results

We are comprised of four operating locations and a corporate headquarters. For segment reporting, our Bridgeville, North Jackson and Titusville facilities have been aggregated into one reportable segment, Universal Stainless & Alloy Products (“USAP”). Our Dunkirk Specialty Steel facility is our second reportable segment.

We have included the results of our North Jackson operation in the USAP segment as a result of North Jackson having consistent characteristics as identified in Accounting Standards Codification (“ASC”) Topic 280, “Segment Reporting”, with the USAP segment. As a result of the North Jackson acquisition, our operating facilities have become more integrated, resulting in our chief operating decision maker (“CODM”) viewing the Company as one unit. As North Jackson becomes fully integrated within the Company, we expect to move to one reportable segment to more accurately reflect the information and measures which are used by our CODM to make key decisions.

An analysis of net sales and operating income for our reportable segments for the three month ended June 30, 2012 and 2011 is as follows:

Universal Stainless & Alloy Products Segment


	Three months ended June 30,
*(in thousands)*	2012 ^(A)		2011
Net sales:
Stainless steel	$	32,675	$	28,657
Tool steel		6,088		7,092
High-strength low alloy steel		1,931		688
High-temperature alloy steel		528		569
Conversion services		1,337		772
Scrap sales and other		37		21

		42,596		37,799
Intersegment		19,215		22,652


Total net sales		61,811		60,451
Material cost of sales		31,113		31,987
Operation cost of sales		23,555		19,709
Selling and administrative expenses		2,671		2,309


Operating income	$	4,472	$	6,446

(A)	Includes the results of the North Jackson operation, which was acquired on August 18, 2011.

Net sales for the three months ended June 30, 2012 for the Universal Stainless & Alloy Products segment increased by $1.4 million, or 2%, in comparison to the quarter ended June 30, 2011. The increases reflect a 2% increase in shipments for the three months ended June 30, 2012, as well as a change in product mix. Increases in shipments of aerospace products, conversion services, and service center plate products of 9%, 73%, and 20%, respectively, were partially offset by a decrease in power generation, heavy equipment manufacturing and oil and gas products of 13%, 51% and 3% for the quarter ended June 30, 2012.

Although net sales increased during quarter ended June 30, 2012, operating income declined by $2.0 million as compared to the prior year second quarter. This reduction in operating income is primarily a result of higher operations costs per sales dollar, partially offset by decreased material costs per sales dollar. Operation costs per sales dollar increased from 33% for the three months ended June 30, 2011 to 38% for the three months ended June 30, 2012. Material cost of sales, as a percentage of net sales, decreased from 53% for the quarter ended June 30, 2011 to 50% for current quarter. Material costs decreased as a result of a decrease in raw material costs in the current period. Additionally, segment results for the three months ended June 30, 2012 were unfavorably impacted by an increase in S&A expenses of $0.4 million.

Dunkirk Specialty Steel Segment


	Three months ended June 30,
*(in thousands)*	2012		2011
Net sales:
Stainless steel	$	19,611	$	19,596
Tool steel		477		386
High-strength low alloy steel		3,910		4,083
High-temperature alloy steel		1,200		1,209
Conversion services		60		224
Scrap sales and other		12		21

		25,270		25,519
Intersegment		68		78


Total net sales		25,338		25,597
Material cost of sales		14,687		15,673
Operation cost of sales		6,346		5,561
Selling and administrative expenses		1,592		1,388


Operating income	$	2,713	$	2,975

Net sales for the three months ended June 30, 2012 for the Dunkirk Specialty Steel segment decreased by $0.3 million, or 1%, in comparison to the three months ended June 30, 2011. The decrease in sales is largely a result of a 5% decrease in shipments for the quarter ended June 30, 2012, as well as a change in product mix. For the three months ended June 30, 2012, decreases in shipments of conversion services, oil and gas and power generation products of 84%, 20% and 19% were partially offset by increases in aerospace, service center plate and heavy equipment manufacturing products of 9%, 16% and 2%, respectively.

Operating income for the three months ended June 30, 2012 decreased by $0.3 million as compared to the similar period in 2011. The decrease during the second quarter is primarily due to an increase in operation costs per sales dollar from 22% for the three months ended June 30, 2011 to 25% for the three months ended June 30, 2012, partially offset by lower material costs in relation to net sales, which decreased from 61% to 58% in the same period. Total cost of products sold as a percentage of sales remained consistent between periods at 83%.

Six months ended June 30, 2012 as compared to the six months ended June 30, 2011

An analysis of the Company’s operations for the six months ended June 30, 2012 and 2011 is as follows:


	Six months ended June 30,
*(in thousands)*	2012 ^(A)		2011
Net sales:
Stainless steel	$	112,412	$	95,051
Tool steel		10,870		12,969
High-strength low alloy steel		12,079		9,485
High-temperature alloy steel		4,169		3,458
Conversion services		2,864		2,010
Scrap sales and other		86		156


Total net sales		142,480		123,129
Cost of products sold		116,635		100,159
Selling and administrative expenses		8,846		7,527


Operating income	$	16,999	$	15,443


Tons shipped		27,311		25,604

Market Segment Information


	Six months ended June 30,
*(in thousands)*	2012 ^(A)		2011
Net sales:
Service centers	$	83,460	$	62,933
Forgers		22,868		23,795
Rerollers		21,422		23,477
Original equipment manufacturers		8,545		8,326
Wire redrawers		3,235		2,432
Conversion services		2,864		2,010
Scrap sales and other		86		156


Total net sales	$	142,480	$	123,129

(A)	Includes the results of the North Jackson operation, which was acquired on August 18, 2011.

Net sales for the six months ended June 30, 2012 increased $19.4 million as compared to the similar period in 2011. The increase reflects a 7% increase, for the six months ended June 30, 2012, in consolidated shipments, combined with a change in product mix. Increased shipments of aerospace products, conversion services and oil and gas products of 23%, 27% and 3%, respectively, were partially offset by decreases in power generation, heavy equipment manufacturing and service center plate products of 8%, 17% and 6%, respectively, as compared to the six months ended June 30, 2011.

Cost of products sold, as a percentage of net sales, was 82% and 81% for the six months ended June 30, 2012 and 2011, respectively. The increase in cost of products sold is primarily due to increased operations costs as a percentage of sales incurred in the six months ended June 30, 2012 when compared to the prior year same period. This increase is largely due to the aforementioned increased infrastructure costs, primarily related to our North Jackson facility. The increase in operations cost as a percentage of sales is partially offset by lower material costs as a percentage of sales in the current period, primarily as a result of reduced raw material costs.

S&A expense increased by $1.3 million for the six months ended June 30, 2012 as compared to the similar period in 2011. However, as a percentage of net sales, S&A expenses were 6% for both the six months ended June 30, 2012 and 2011. This increase primarily relates to the S&A expenses associated with the operations of North Jackson facility. Our S&A expense in the first six months of 2011 included $0.9 million of acquisition costs related to the North Jackson facility acquisition. There were no similar costs in the first six months of 2012. Our S&A expenses in the six months ended June 30, 2012 were favorably impacted by reduced variable incentive compensation costs. Our variable incentive compensation expense decreased by $0.8 million during the first six months of 2012 as compared to the same period in 2011.

Business Segment Results

An analysis of net sales and operating income for the reportable segments for the six months ended June 30, 2012 and 2011 is as follows:

Universal Stainless & Alloy Products Segment


	Six months ended June 30,
*(in thousands)*	2012 ^(A)		2011
Net sales:
Stainless steel	$	68,788	$	59,234
Tool steel		9,857		12,137
High-strength low alloy steel		3,987		1,154
High-temperature alloy steel		1,488		1,427
Conversion services		2,610		1,562
Scrap sales and other		98		129

		86,828		75,643
Intersegment		35,247		39,958

Total net sales		122,075		115,601
Material cost of sales		59,979		61,073
Operation cost of sales		46,196		38,300
Selling and administrative expenses		5,652		4,868


Operating income	$	10,248	$	11,360

(A)	Includes the results of the North Jackson operation, which was acquired on August 18, 2011.

Net sales for the six months ended June 30, 2012 for the USAP segment increased by $6.5 million, or 6%, in comparison to the six months ended June 30, 2011. The increase reflects a 2% increase in shipments for the six months ended June 30, 2012, as well as a change in product mix. Increases in shipments of aerospace products and conversion services of 13% and 51%, respectively, were partially offset by a decrease in heavy equipment manufacturing, power generation, oil and gas and service center plate products of 34%, 9%, 5% and 2%, respectively, for the six months ended June 30, 2012.

Although net sales increased during the six months ended June 30, 2012, operating income declined by $1.1 million as compared to the six months ended June 30, 2011. This reduction in operating income is primarily a result of higher operations costs per sales dollar, partially offset by decreased material costs per sales dollar. Operation costs per sales dollar increased from 33% for the six months ended June 30, 2011 to 38% for the six months ended June 30, 2012. Material cost of sales, as a percentage of net sales, decreased from 53% for the six months ended June 30, 2011 to 49% for six months ended June 30, 2012. Additionally, segment results for the six months ended June 30, 2012 were unfavorably impacted by an increase in S&A expenses of $0.8 million, primarily due to the North Jackson operations.

Dunkirk Specialty Steel Segment


	Six months ended June 30,
*(in thousands)*	2012			2011
Net sales:
Stainless steel	$	43,624		$	35,817
Tool steel		1,013			832
High-strength low alloy steel		8,092			8,331
High-temperature alloy steel		2,681			2,031
Conversion services		254			448
Scrap sales and other		(12	)		27

		55,652			47,486
Intersegment		179			92


Total net sales		55,831			47,578
Material cost of sales		32,861			29,017
Operation cost of sales		13,696			10,602
Selling and administrative expenses		3,194			2,659


Operating income	$	6,080		$	5,300

Net sales for the six months ended June 30, 2012 for the Dunkirk Specialty Steel segment increased by $8.3 million, or 17%, in comparison to the six months ended June 30, 2011. The increase in sales is largely a result of an 11% increase in shipments for the six months ended June 30, 2012, as well as a change in product mix. For the six months ended June 30, 2012, increases in shipments of aerospace products, oil and gas, heavy equipment manufacturing, power generation and service center plate products of 21%, 9%, 9%, 7% and 14%, respectively, were partially offset by a decrease in conversion services of 53%.

Operating income for the six months ended June 30, 2012 increased by $0.8 million, as compared to the similar period in 2011. The increase during the six months ended June 30, 2012 is primarily due to the increase in sales during the period. Our cost of goods sold as a percentage of sales for the segment was 83% for both the six months ended June 30, 2012 and 2011.

Liquidity and Capital Resources

We have financed our operating activities through cash on hand at the beginning of the period, cash provided by operations, and cash provided by our credit facilities. Working capital increased $23.7 million to $137.7 million at June 30, 2012 compared to $114.0 million at December 31, 2011. Net accounts receivable increased $6.3 million, mainly as a result of increased sales for the quarter ended June 30, 2012 in comparison to the quarter ended December 31, 2011. The $18.0 million increase in net inventory at June 30, 2012 compared to December 31, 2011 is due primarily to a 19% increase in the level of work-in-process inventory, as well as a 50% increase in raw material inventory. The increases in both work-in-process and raw material inventories at June 30, 2012 are largely due to the increased production in our North Jackson facility’s VIM furnace, which produced its first test heats late in the fourth quarter of 2011. We have built VIM inventory throughout 2012 while the material is in the process of being qualified for future customer orders. We expect to have the material qualified by our customers and to begin selling it late in the third quarter of 2012. The backlog decreased from $102.6 million at December 31, 2011 to $89.0 million at June 30, 2012, a decrease of 13%. We believe our reduced backlog is a result of our customers delaying orders as a result of recent decreases in raw material prices and corresponding surcharges.

Cash received from sales of $72.2 million and $136.1 million for the three and six months ended June 30, 2012, respectively, and of $66.3 million and $119.6 million for the three and six months ended June 30, 2011, respectively, represent the primary source of cash from operations. The primary uses of cash for the quarter ended June 30, 2012 were raw material purchases of $33.6 million, employment costs of $14.2 million, capital expenditures of $11.2 million and utilities of $3.2 million. For the same period in 2011, primary uses of cash were raw material purchases of $33.2 million, employment costs of $10.4 million, utilities of $4.2 million and capital expenditures of $2.4 million. For the six-months ended June 30, 2012, primary uses of cash were raw material purchases of $64.9 million, employment costs of $30.6 million, capital expenditures of $16.2 million and utilities of $6.8 million. For the same period in 2011, primary uses of cash were raw material purchases of $62.0 million, employment costs of $23.7 million, utilities of $8.3 million and capital expenditures of $3.7 million.

Prior to the North Jackson acquisition, we paid federal estimated taxes of $4.5 million for 2011. As a result of the North Jackson acquisition and the significant amount of machinery and equipment that was placed in service in 2011, we claimed the available 100% bonus depreciation deduction on such equipment which generated a NOL for the 2011 federal income tax return. We recorded refundable income taxes in the amount of $4.8 million as of December 31, 2011, which mostly represented the amount paid in federal taxes during 2011. In February 2012, we received a federal tax refund of $4.5 million. At December 31, 2011, we had a deferred tax asset of $15.1 million related to NOL carry forwards. During the second quarter, we carried back a portion of this NOL to 2010 to obtain a refund of the $5.2 million paid for federal income taxes for the 2010 tax year. We received this refund in July. The remaining portion of the NOL is being carried forward.

Cash used for raw material purchases and operation costs increased in 2012 in comparison to 2011 primarily due to having a higher backlog of orders at the beginning of 2012 of $102.6 million compared with $69.3 million at the beginning of 2011, which led to the significant increase in the quantity of purchased materials and operation costs required to meet the 16% year-to-date increase in net sales. In addition, raw materials were purchased in the 2012 six month period to build stocks at our North Jackson facility. The following table reflects the average market values per pound for selected months during the last 18-month period.


	June 2012		December 2011		June 2011		December 2010
Nickel	$	7.50	$	8.23	$	10.14	$	10.94
Chrome	$	1.16	$	1.10	$	1.23	$	1.31
Molybdenum	$	13.32	$	13.42	$	16.09	$	16.17
Carbon scrap	$	0.17	$	0.21	$	0.22	$	0.19



Sources: Nickel is the daily average LME Cash Settlement Price; Chrome and Molybdenum is the final monthly average as published by Ryan’s Notes; Carbon is the consumer price for #1 Industrial Bundles in Pittsburgh, PA area as reported in American Metal Market.

The market values for these raw materials and others continue to fluctuate based on supply and demand, market disruptions and other factors. We maintain sales price surcharge mechanisms, priced at time of shipment, to mitigate the risk of substantial raw material cost fluctuations. There can be no assurance that these sales price adjustments will completely offset our raw material costs.

We had capital expenditures for the six months ended June 30, 2012 of $20.1 million, of which $3.9 million were included in accounts payable at the end of the period, compared with $4.6 million and $0.9 million for the same period in 2011. The most significant capital expenditures incurred during the six months ended June 30, 2012 related to the continued build out of the North Jackson facility, which totaled $14.6 million. There were no capital expenditures for the North Jackson facility during the six months ended June 30, 2011. The most significant capital expenditures incurred during the six months ended June 30, 2011 related to the Bridgeville melt shop, remelt and laboratory upgrades which collectively totaled $1.8 million for the period.

On August 18, 2011, we entered into a Credit Agreement (the “Credit Agreement”) which provides for a senior secured revolving credit facility (the “Revolver”) and a senior secured term loan facility (the “Term Loan” and together with the Revolver, the “Facilities”). On March 19, 2012, we entered into the First Amendment to the Credit Agreement (together with the Credit Agreement the “Amended Credit Agreement”). The Amended Credit Agreement provides for a $105.0 million Revolver and a $20.0 million Term Loan. PNC Bank, National Association serves as Administrative Agent with respect to the Facilities. The Amended Credit Agreement extends the expiration date for the Facilities from August 2016 to March 2017, provides additional availability under the Facilities and reduces fees and interest rates. The Facilities are collateralized by substantially all of the assets of the Company and its subsidiaries, except that no real property other than North Jackson is collateral under the Facilities. Universal Stainless & Alloy Products, Inc., Dunkirk Specialty Steel, LLC and North Jackson Specialty Steel, LLC are co-borrowers under the Facilities. The co-borrowers’ obligations under the Facilities have been guaranteed by USAP Holdings, Inc.

At any time prior to August 18, 2015, we may make up to two requests to increase the maximum aggregate principal amount of borrowings under the Revolver by at least $10.0 million, with the maximum aggregate principal amount of borrowings under the Revolver not to exceed $130.0 million in any event. We are required to pay a commitment fee of 0.25% based on the daily unused portion of the Revolver. The Revolver also provides for up to $7.0 million of swing loans so long as the sum of the outstanding swing loans and the outstanding borrowings under the Revolver does not exceed $105.0 million under the Revolver at any given time. The Term Loan is payable in quarterly installments in the principal amount of $750,000 beginning on July 1, 2013, with the balance of the Term Loan payable in full on March 19, 2017.

Amounts outstanding under the Facilities, at our option, will bear interest at either a base rate or a LIBOR-based rate (the “LIBOR Option”), in either case calculated in accordance with the terms of the Amended Credit Agreement. We elected to use the LIBOR Option during the three months ended June 30, 2012, which was 2.0% for the Term Loan and revolving credit facility and 2.46% for the swing loan at June 30, 2012. Interest on the Facilities is payable monthly.

The Amended Credit Agreement requires that we maintain a leverage ratio not exceeding a ratio decreasing from 3.25 to 1.00 to 2.75 to 1.00 during the term of the Facilities and a fixed charge coverage ratio not less than 1.20 to 1.00. At June 30, 2012, we were obligated to maintain a leverage ratio not exceeding 3.25 to 1.00. We were in compliance with all covenants contained in the Amended Credit Agreement at June 30, 2012.

In connection with the North Jackson acquisition on August 18, 2011, we issued $20.0 million in convertible notes (the “Notes”) to the sellers of the North Jackson facility as partial consideration of the acquisition. The Notes are subordinated obligations and rank junior to the Facilities. The Notes bear interest at a fixed rate of 4.0% per annum, payable in cash semi-annually in arrears on each June 18 and December 18, beginning on December 18, 2011. Unless earlier converted, the Notes mature and the unpaid principal balance is due on August 17, 2017. The Notes and any accrued and unpaid interest are convertible into shares of our Common Stock at the option of the holder at an initial conversion price of $47.1675 per share of Common Stock. The conversion price associated with the Notes may be adjusted in certain circumstances. We may prepay any outstanding Notes, in whole or in part, after August 17, 2014 during a fiscal quarter if our share price is greater than 140% of the current conversion price for at least 20 of the trading days in the 30 consecutive trading day period ending on the last trading day of the immediately preceding quarter.

We expect to meet all of our short-term liquidity requirements resulting from operations and current capital investment plans with internally generated funds and borrowings under the Revolver. At June 30, 2012, we had $30.3 million in availability under the Revolver.

As a result of the amendment to the Credit Facility during the six months ended June 30, 2012, our contractual obligations for our long-term debt have changed from those presented in Part II, Item 7 (“Liquidity and Capital Resources”) of our 2011 Form 10-K. Our contractual obligations for our long-term debt at June 30, 2012 were as follows (in thousands):


Less than 1 year	$	2,719
1 - 3 years		11,304
3 - 5 years		93,323
More than 5 years		20,105


Total	$	127,451

The contractual obligations above include interest expense, which was estimated based on balances and interest rates at June 30, 2012, and assumes that debt will not be repaid until its maturity.

The Company does not maintain off-balance sheet arrangements, nor does it participate in non-exchange traded contracts requiring fair value accounting treatment, or material related party transaction arrangements.

Item 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company has reviewed the status of its market risk and believes there are no significant changes from that disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011, except as provided in this Form 10-Q in “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Item 4.

CONTROLS AND PROCEDURES

The Company’s management, including the Company’s Chief Executive Officer and the Vice President of Finance, Chief Financial Officer and Treasurer, performed an evaluation of the effectiveness of the Company’s disclosure controls and procedures. Based on that evaluation, the Company’s Chief Executive Officer and the Vice President of Finance, Chief Financial Officer and Treasurer concluded that, as of the end of the fiscal period covered by this quarterly report, the Company’s disclosure controls and procedures were effective. There were no changes in the Company’s internal control over financial reporting identified in connection with the evaluation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the fiscal quarter ended June 30, 2012 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Part II. OTHER INFORMATION

Item 1.

LEGAL PROCEEDINGS

There are no material changes from the legal proceedings disclosed in Item 3. of the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.

Item 1A.

RISK FACTORS

There are no material changes from the risk factors disclosed in Item 1A. of the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.

Item 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

Item 3.

DEFAULTS UPON SENIOR SECURITIES

None.

Item 4.

MINE SAFETY DISCLOSURES

Not Applicable.

Item 5.

OTHER INFORMATION

None.

Item 6.

EXHIBITS


Exhibit Number		Exhibit

31.1		Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).

31.2		Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).

32.1		Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).

101		The following financial information from this Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2012, formatted in XBRL (Extensible Business Reporting Language) and furnished electronically herewith: (i) the Condensed Consolidated Balance Sheets; (ii) the Condensed Consolidated Statements of Operations; (iii) the Condensed Consolidated Statements of Comprehensive Income; (iv) the Condensed Consolidated Statements of Cash Flows; and (v) the Notes to the Condensed Consolidated Financial Statements (filed herewith).

SIGNATURES

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 thereunto duly authorized.

August 8, 2012


/s/ Dennis M. Oates				/s/ Douglas M. McSorley
Dennis M. Oates				Douglas M. McSorley
Chairman, President and Chief Executive Officer				Vice President of Finance, Chief Financial Officer and Treasurer
(Principal Executive Officer)				(Principal Financial and Accounting Officer)

EX-31.1 2 d352647dex311.htm EX-31.1 EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, Dennis M. Oates, certify that:

1.	I have reviewed this report on Form 10-Q of Universal Stainless & Alloy Products, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: August 8, 2012		/s/ Dennis M. Oates
		Dennis M. Oates
		Chairman, President and Chief Executive Officer
		(Principal Executive Officer)

EX-31.2 3 d352647dex312.htm EX-31.2 EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, Douglas M. McSorley, certify that:

1.	I have reviewed this report on Form 10-Q of Universal Stainless & Alloy Products, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: August 8, 2012		/s/ Douglas M. McSorley
		Douglas M. McSorley
		Vice President of Finance, Chief Financial Officer and Treasurer
		(Principal Financial and Accounting Officer)

EX-32.1 4 d352647dex321.htm EX-32.1 EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Universal Stainless & Alloy Products, Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2012 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned, in the capacities and on the dates indicated below, hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

August 8, 2012


/s/ Dennis M. Oates				/s/ Douglas M. McSorley
Dennis M. Oates				Douglas M. McSorley
Chairman, President and Chief Executive Officer				Vice President of Finance, Chief Financial Officer and Treasurer
(Principal Executive Officer)				(Principal Financial and Accounting Officer)

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Note 1 – Basis of Presentation The accompanying unaudited condensed consolidated financial statements of operations and statements of comprehensive income for the three and six months ended June 30, 2012 and 2011, balance sheets as of June 30, 2012 and December 31, 2011, and statements of cash flows for the six months ended June 30, 2012 and 2011, have been prepared by Universal Stainless & Alloy Products, Inc. (the “Company”) in accordance with generally accepted accounting principles for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles has been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. Accordingly, these statements should be read in conjunction with the audited financial statements, and notes thereto, as of and for the year ended December 31, 2011 included in the Company’s Annual Report on Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, all of which were of a normal, recurring nature, necessary to present fairly, in all material respects, the consolidated financial position at June 30, 2012 and December 31, 2011 and the consolidated results of operations and of cash flows for the periods ended June 30, 2012 and 2011, and are not necessarily indicative of the results to be expected for the full year.   Recently Adopted Accounting Pronouncement In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-04, “Fair Value Measurements (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”). This amendment provides a consistent definition of fair value and ensures that the fair value measurement and disclosure requirements are similar between GAAP and IFRS. The amendment clarifies the application of existing fair value measurements and disclosures, and changes certain principles or requirements for fair value measurements and disclosures. The Company adopted these provisions during the six months ended June 30, 2012. This amendment did not have a material impact on the Company’s condensed consolidated balance sheets, results of operations or cash flows. Certain prior year amounts have been reclassified to conform to the 2012 presentation.

Note 2 – Acquisition On August 18, 2011, the Company acquired substantially all the assets of Patriot Special Metals, Inc. and RSM Real Estate Holding, Inc., consisting of a specialty steel manufacturing facility located in North Jackson, Ohio (the “North Jackson Facility”). The North Jackson Facility began forging and finishing operations in September 2011. In December 2011, the North Jackson Facility performed the first melts on its new vacuum induction melting (VIM) furnace and two vacuum arc remelting (VAR) furnaces. The aggregate purchase price for the North Jackson Facility was $111.3 million, which was comprised of a $40.0 million term loan, $40.0 million in borrowings under a revolving credit facility, $20.0 million in aggregate principal amount of convertible promissory notes issued to the sellers of the North Jackson Facility and the remainder from cash on-hand prior to the acquisition. The term loan and revolving credit facility were subsequently amended during the 2012, which is discussed further in Note 5. At closing, the Company entered into an escrow agreement with the sellers, pursuant to which $2.5 million of the purchase price was placed in escrow. The escrow agreement expires eighteen months after the closing date. For the three and six months ended June 30, 2011, the Company incurred $496,000 and $915,000, respectively, of acquisition related costs which are included as a component of selling and administrative expenses on the condensed consolidated statements of operations. The Company did not incur any acquisition related costs in 2012.   The following table summarizes the preliminary acquisition-date fair value of the assets acquired and the liabilities assumed in connection with the North Jackson Facility acquisition (dollars in thousands):   <table cellspacing="0" cellpadding="0" width="68%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="87%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">August 18, 2011</td> <td valign="bottom"> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> Property, plant and equipment </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">94,102</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Non-compete agreement </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,330</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Goodwill </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20,479</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Accounts payable </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(4,475</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Accrued expenses and other current liabilities </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(138</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr> <td valign="top"> Net assets acquired </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">111,298</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr>  </table> Assets acquired and liabilities assumed in connection with the acquisition have been recorded at their estimated fair values as of the acquisition date. Preliminary fair values were determined by management based, in part, on independent valuations performed by third party valuation specialists. The above preliminary fair values are subject to change based upon the finalization of the valuations. Under GAAP, the measurement period shall not exceed one year from the acquisition date. The Company will finalize the above amounts as the information necessary to complete the analysis is obtained. The fair value assigned to the non-compete agreement is subject to amortization over the five year life of the agreement. Goodwill is calculated as the excess of the purchase price over the fair value of net assets acquired and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Among the factors that contributed to a purchase price in excess of the fair value of the net tangible and intangible assets acquired were the acquisition of an assembled workforce and the expected synergies and other benefits that the Company believes will result from combining the operations of the North Jackson Facility with the Company’s other operations. Goodwill related to the North Jackson Facility acquisition was recorded in the Company’s Universal Stainless & Alloy Products reportable segment. There was no goodwill recognized for income tax purposes as a result of the North Jackson Facility acquisition. The following is a summary of the changes in the carrying value of goodwill, from December 31, 2011 through June 30, 2012 (dollars in thousands):   <table cellspacing="0" cellpadding="0" width="68%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="88%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> Balance, December 31, 2011 </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">20,479</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Change in goodwill </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Balance, June 30, 2012 </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">20,479</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr>  </table> As previously mentioned, the Company incurred debt in the form of a term loan, borrowings under a revolving credit facility and convertible notes issued to acquire the North Jackson Facility. In accordance with GAAP, the Company recorded this debt at fair value as of the acquisition date. The fair value of the term loan and borrowings under the revolving credit facility were determined to be the par value of the debt. The terms of the convertible notes were designed to and resulted in the fair value of the option to convert and the debt component aggregating to the par amount of the convertible notes. The Company evaluated the conversion feature of the convertible notes at issuance and determined that no beneficial conversion features existed, which would have required bifurcation. The operating results of the North Jackson Facility have been included in the Company’s condensed consolidated financial statements since the acquisition date. The following unaudited pro forma information presents the combined results as if the acquisition had occurred on January 1, 2011. The unaudited pro forma financial information was prepared to give effect to events that are (1) directly attributable to the acquisition; (2) factually supportable; and (3) expected to have a continuing impact on the combined company’s results. Pro forma adjustments have been made to reflect the incremental impact on earnings of amortization expense related to the acquired intangible asset and income tax expense. The Company has calculated the 2011 pro forma results using a 36.4% effective tax rate from January 1, 2011. As a result of no assets being placed in service prior to the acquisition date, the Company has not included any incremental interest expense resulting from the debt incurred to finance the acquisition. All incurred interest would have been capitalized prior to placing the assets in service. The Company has not included the dilutive effect of the convertible notes on the unaudited pro forma information. Due to the level of completion of the North Jackson Facility on January 1, 2011, it is highly unlikely that the acquisition would have been partially financed through the issuance of convertible notes. Prior to the acquisition, the North Jackson Facility’s only sales were derived from scrap sales. Pro forma adjustments were made to eliminate one-time acquisition related costs. The unaudited pro forma financial information does not reflect any cost savings, operating synergies or revenue enhancements that the combined company may achieve as a result of the acquisition or the costs to integrate the operations or the costs necessary to achieve cost savings, operating synergies or revenue enhancements. The pro forma results are not indicative of how the results will appear in the future.   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="63%"> </td> <td valign="bottom" width="12%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="12%"> </td> <td> </td> <td> </td> <td> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Three months ended June 30, 2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Six months ended June 30, 2011</td> <td valign="bottom"> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> Net sales </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">63,448</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">123,389</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Net income </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,222</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">9,187</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Earnings per common share – Basic </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.77</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.35</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Earnings per common share – Diluted </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.75</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.32</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Weighted-average shares of Common Stock outstanding: </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr> <td valign="top"> Basic </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,821,567</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,817,317</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Diluted </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,995,361</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,973,785</td> <td nowrap="nowrap" valign="bottom"> </td> </tr>  </table>

Note 3 – Net Income per Common Share The following table sets forth the computation of basic and diluted net income per common share:   <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="59%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000">Three months ended June 30,</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000">Six months ended June 30,</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom" nowrap="nowrap">(dollars in thousands except per share amounts)</td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2012</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2012</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2011</td> <td valign="bottom"> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> Numerator: </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr> <td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> </tr> <tr> <td valign="top"> Net income </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,505</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,525</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">10,791</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">9,973</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Adjustment for interest expense on convertible notes </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">104</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">212</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr> <td valign="top"> Net income, as adjusted </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,609</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,525</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,003</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">9,973</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Denominator: </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr> <td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> </tr> <tr> <td valign="top"> Weighted average number of shares of Common Stock outstanding </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,863,904</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,821,567</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,856,310</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,817,317</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Weighted average effect of dilutive stock options </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">172,468</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">173,794</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">160,908</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">156,468</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Weighted average effect of assumed conversion of convertible notes </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">428,888</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">428,173</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Weighted average number of shares of Common Stock outstanding, as adjusted </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,465,260</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,995,361</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,445,391</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,973,785</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr> <td valign="top"> Net income per common share: </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr> <td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Net income per common share – Basic </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.66</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.81</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.57</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.46</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr> <td valign="top"> Net income per common share – Diluted </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.62</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.79</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.48</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.43</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr>  </table> Options not included in the computation of diluted net income per common share to purchase 5,000 and 48,300 shares of Common Stock at an average price of $42.50 and $38.86, respectively, per common share were outstanding at June 30, 2012 and 2011, respectively. These outstanding options were not included in the computation of diluted earnings per common share because their respective exercise prices were greater than the average market price of the Common Stock. These options were excluded from the computation of diluted earnings per common share under the treasury stock method.

Note 4 – Inventory The major classes of inventory were as follows:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="75%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> </tr> <tr> <td valign="bottom" nowrap="nowrap">(dollars in thousands)</td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">June 30, 2012</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">December 31, 2011</td> <td valign="bottom"> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> Raw materials and supplies </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">8,915</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,934</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Semi-finished and finished steel products </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">86,808</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">73,046</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Operating materials </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,363</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,108</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr> <td valign="top"> Total inventory, net </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">103,086</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">85,088</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr>  </table>

Note 5 – Long-Term Debt Long-term debt consisted of the following:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="75%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> </tr> <tr> <td valign="bottom" nowrap="nowrap">(in thousands)</td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">June 30, 2012</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">December 31, 2011</td> <td valign="bottom"> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> Revolving credit facility </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">69,350</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">29,350</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Term loan </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20,000</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">40,000</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Convertible notes </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20,000</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20,000</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Swing loan credit facility </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,381</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,300</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">114,731</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">94,650</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Less current portion of long-term debt </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,000</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Long-term debt </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">114,731</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">91,650</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr>  </table> Amended Credit Facility On August 18, 2011, the Company entered into a Credit Agreement (the “Credit Agreement”) which provides for a senior secured revolving credit facility (the “Revolver”) and a senior secured term loan facility (the “Term Loan” and together with the Revolver, the “Facilities”). On March 19, 2012, the Company entered into the First Amendment to Credit Agreement (together with the Credit Agreement, the “Amended Credit Agreement”). The Amended Credit Agreement provides for a $105.0 million Revolver and a $20.0 million Term Loan. PNC Bank, National Association serves as Administrative Agent with respect to the Facilities. The Amended Credit Agreement extends the expiration date from August 2016 to March 2017, provides additional availability under the Facilities and reduces fees and interest rates. The Facilities are collateralized by substantially all of the assets of the Company and its subsidiaries, except that no real property other than the North Jackson Facility is collateral under the Facilities. Universal Stainless & Alloy Products, Inc., Dunkirk Specialty Steel, LLC and North Jackson Specialty Steel, LLC are co-borrowers under the Facilities. The co-borrowers’ obligations under the Facilities have been guaranteed by USAP Holdings, Inc. In conjunction with the amendment to the Credit Agreement, the Company recorded additional deferred financing costs of $348,000 during 2012. Deferred financing costs are included on the condensed consolidated balance sheets as a component of other long-term assets. At any time prior to August 18, 2015, the Company may make up to two requests to increase the maximum aggregate principal amount of borrowings under the Revolver by at least $10.0 million, with the maximum aggregate principal amount of borrowings under the Revolver not to exceed $130.0 million in any event. The Company is required to pay a commitment fee of 0.25% based on the daily unused portion of the Revolver. The Revolver also provides for up to $7.0 million of swing loans so long as the sum of the outstanding swing loans and the outstanding borrowings under the Revolver does not exceed $105.0 million at any given time. The Term Loan is payable in quarterly installments in the principal amount of $750,000 beginning on July 1, 2013, with the balance of the Term Loan payable in full on March 19, 2017. Amounts outstanding under the Facilities, at the Company’s option, will bear interest at either a base rate (the “Base Rate Option”) or a LIBOR-based rate (the “LIBOR Option”), in either case calculated in accordance with the terms of the Amended Credit Agreement. The Company elected to use the LIBOR Option during the three and six months ended June 30, 2012, which was 2.0% for the revolving credit facility and 2.46% for the swing loan at June 30, 2012. Interest on the Facilities is payable monthly. The Amended Credit Agreement requires the Company to maintain a leverage ratio not exceeding a ratio decreasing from 3.25 to 1.00 to 2.75 to 1.00 during the term of the Facilities and a fixed charge coverage ratio not less than 1.20 to 1.00. At June 30, 2012, the Company was obligated to maintain a leverage ratio of not exceeding 3.25 to 1.00. The Company was in compliance with all covenants contained in the Amended Credit Agreement at June 30, 2012 and December 31, 2011.   Convertible Notes In connection with the acquisition of the North Jackson Facility, on August 18, 2011, the Company issued $20.0 million in convertible notes (the “Notes”) to the sellers of the North Jackson Facility as partial consideration of the acquisition. The Notes are subordinated obligations of the Company and rank junior to the Credit Facility. The Notes bear interest at a fixed rate of 4.0% per annum, payable in cash semi-annually in arrears on each June 18 and December 18, beginning on December 18, 2011. Unless earlier converted, the Notes mature and the unpaid principal balance is due on August 17, 2017. The Notes and any accrued and unpaid interest are convertible into shares of the Company’s Common Stock at the option of the holder at an initial conversion price of $47.1675 per share of Common Stock. The conversion price associated with the Notes may be adjusted in certain circumstances. The Company may prepay any outstanding Notes, in whole or in part on any date after August 17, 2014 during a fiscal quarter if the Company’s share price is greater than 140% of the current conversion price for at least twenty of the trading days in the thirty consecutive trading day period ending on the last trading day of the immediately preceding quarter. The Company evaluated the conversion feature of the Notes upon issuance and determined that no beneficial conversion feature existed. Aggregate maturities of long-term debt are as follows:   <table cellspacing="0" cellpadding="0" width="68%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="87%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> </tr> <tr> <td valign="bottom" nowrap="nowrap"> Year ended December 31, </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">(in thousands)</td> <td valign="bottom"> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> 2012 </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> 2013 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,500</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> 2014 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,000</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> 2015 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,000</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> 2016 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,000</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Thereafter </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">104,231</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">114,731</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr>  </table>

Note 6 – Fair Value Measurements The fair value hierarchy has three levels based on the inputs used to determine fair value, which are as follows: Level 1 — Unadjusted quoted prices available in active markets for the identical assets or liabilities at the measurement date. Level 2 — Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. Level 3 — Unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. The fair value hierarchy requires the use of observable market data when available. In instances where the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. Financial instruments include cash, accounts receivable, other current assets, accounts payable, short-term debt and other current liabilities. The carrying amounts of these financial instruments approximated fair value at June 30, 2012 and December 31, 2011 due to their short-term maturities. The fair value of the Term Loan, Revolver and swing loans at June 30, 2012 and December 31, 2011 approximated the carrying amount as the interest rate is based upon floating short-term interest rates. At June 30, 2012 and December 31, 2011, the fair value of the Notes approximated the carrying amount.

Note 7 – Commitments and Contingencies From time to time, various lawsuits and claims have been or may be asserted against the Company relating to the conduct of its business, including routine litigation involving commercial and employment matters. The ultimate cost and outcome of any litigation or claim cannot be predicted with certainty. Management believes, based on information presently available, that the likelihood that the ultimate outcome of any such pending matter will have a material adverse effect on its financial condition, or liquidity or a material impact to the results of operations is remote, however the resolution of one or more of these matters may have a material adverse effect on the results of operations for the period in which the resolution occurs.

Note 8 – Income Taxes Management estimates the annual effective income tax rate quarterly, based on current annual forecasted results. Items unrelated to current year ordinary income are recognized entirely in the period identified as a discrete item of tax. The quarterly income tax provision is comprised of tax on ordinary income provided at the most recent estimated annual effective tax rate, increased or decreased for the tax effect of discrete items. For the six months ended June 30, 2012 and 2011, the estimated annual effective tax rate applied to ordinary income was 35.1% and 35.0%, respectively. The effective tax rate for the six months ended June 30, 2012, which reflects federal and state taxable income, includes a discrete tax benefit of $578,000 for state income taxes, research and development tax credits, and a net operating loss carryback. Including the effect of the discrete tax item, the Company’s effective tax rate for the three months ended June 30, 2012 was 32.9%. For the six months ended June 30, 2012 and 2011, the Company’s effective tax rate was 31.4% and 35.0%, respectively.

Note 9 – Business Segments The Company is comprised of two reportable business segments. The Bridgeville, North Jackson and Titusville facilities have been aggregated into one reportable segment, Universal Stainless & Alloy Products (“USAP”). Dunkirk Specialty Steel represents the second reportable segment. The USAP manufacturing process involves melting, remelting, heat treating, forging and hot and cold rolling of semi-finished and finished specialty steels. Dunkirk Specialty Steel’s manufacturing process involves hot rolling, heat treating and finishing of specialty steel bar, rod and wire products. Management is currently evaluating the impact of the North Jackson Facility acquisition on the Company’s externally reported segments in accordance with ASC Topic 280, “Segment Reporting.” From the North Jackson acquisition date through June 30, 2012, the Company has included the results of North Jackson in the USAP segment. North Jackson was included in the USAP reporting segment as a result of North Jackson having consistent characteristics as identified in ASC Topic 280 with the USAP segment.   The segment data are as follows:   <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="62%"> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> </tr> <tr> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000">Three months ended June 30,</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000">Six months ended June 30,</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom" nowrap="nowrap">(in thousands)</td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2012</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2012</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2011</td> <td valign="bottom"> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> Net sales: </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr> <td valign="top"> Universal Stainless & Alloy Products (A) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">61,811</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">60,451</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">122,075</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">115,601</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Dunkirk Specialty Steel </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">25,338</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">25,597</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">55,831</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,578</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Intersegment eliminations </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(19,283</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(22,730</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(35,426</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(40,050</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Consolidated net sales </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">67,866</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">63,318</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">142,480</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">123,129</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr> <td valign="top"> Operating income: </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Universal Stainless & Alloy Products (A) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,472</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,446</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">10,248</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,360</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Dunkirk Specialty Steel </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,713</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,975</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,080</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,300</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Intersegment eliminations (B) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">122</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(946</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">671</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1,217</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr> <td valign="top"> Consolidated operating income </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,307</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">8,475</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">16,999</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">15,443</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Interest expense: </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr> <td valign="top"> Universal Stainless & Alloy Products (A) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">618</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">112</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,322</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">230</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Dunkirk Specialty Steel </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">13</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr> <td valign="top"> Consolidated interest expense </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">618</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">118</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,322</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">243</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr>  </table>   <table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">(A)</td> <td align="left" valign="top">The results for the three and six months ended June 30, 2012 include those of the Company’s North Jackson operation, which was acquired on August 18, 2011. </td> </tr> </table> <table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">(B)</td> <td align="left" valign="top">The Company recognized profits during the three and six months ended June 30, 2012 on intercompany sales which were sold to third party customers during the periods. This profit had been deferred prior to the sale to third party customers. </td> </tr> </table> The following table presents total assets by segment:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="74%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> </tr> <tr> <td valign="bottom" nowrap="nowrap">(in thousands)</td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">June 30, 2012</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">December 31, 2011</td> <td valign="bottom"> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> Total assets: </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr> <td valign="top"> Universal Stainless & Alloy Products </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">308,511</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">271,107</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Dunkirk Specialty Steel </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">57,049</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">55,820</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Corporate </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">143,413</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">149,101</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Intersegment eliminations </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(113,685</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(114,356</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr> <td valign="top"> Total assets </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">395,288</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">361,672</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr>  </table>

Recently Adopted Accounting Pronouncement In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-04, “Fair Value Measurements (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”). This amendment provides a consistent definition of fair value and ensures that the fair value measurement and disclosure requirements are similar between GAAP and IFRS. The amendment clarifies the application of existing fair value measurements and disclosures, and changes certain principles or requirements for fair value measurements and disclosures. The Company adopted these provisions during the six months ended June 30, 2012. This amendment did not have a material impact on the Company’s condensed consolidated balance sheets, results of operations or cash flows. Certain prior year amounts have been reclassified to conform to the 2012 presentation.

<table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="62%"> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> </tr> <tr> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000">Three months ended June 30,</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000">Six months ended June 30,</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom" nowrap="nowrap">(in thousands)</td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2012</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2012</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">2011</td> <td valign="bottom"> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> Net sales: </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr> <td valign="top"> Universal Stainless & Alloy Products (A) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">61,811</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">60,451</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">122,075</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">115,601</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Dunkirk Specialty Steel </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">25,338</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">25,597</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">55,831</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,578</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Intersegment eliminations </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(19,283</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(22,730</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(35,426</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(40,050</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Consolidated net sales </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">67,866</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">63,318</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">142,480</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">123,129</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr> <td valign="top"> Operating income: </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Universal Stainless & Alloy Products (A) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,472</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,446</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">10,248</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,360</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Dunkirk Specialty Steel </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,713</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,975</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,080</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,300</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Intersegment eliminations (B) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">122</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(946</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">671</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1,217</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr> <td valign="top"> Consolidated operating income </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,307</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">8,475</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">16,999</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">15,443</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Interest expense: </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr> <td valign="top"> Universal Stainless & Alloy Products (A) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">618</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">112</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,322</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">230</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Dunkirk Specialty Steel </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">13</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr> <td valign="top"> Consolidated interest expense </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">618</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">118</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,322</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">243</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr>  </table>   <table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">(A)</td> <td align="left" valign="top">The results for the three and six months ended June 30, 2012 include those of the Company’s North Jackson operation, which was acquired on August 18, 2011. </td> </tr> </table> <table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">(B)</td> <td align="left" valign="top">The Company recognized profits during the three and six months ended June 30, 2012 on intercompany sales which were sold to third party customers during the periods. This profit had been deferred prior to the sale to third party customers. </td> </tr> </table> The following table presents total assets by segment:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="74%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> </tr> <tr> <td valign="bottom" nowrap="nowrap">(in thousands)</td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">June 30, 2012</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">December 31, 2011</td> <td valign="bottom"> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> Total assets: </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr> <td valign="top"> Universal Stainless & Alloy Products </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">308,511</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">271,107</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Dunkirk Specialty Steel </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">57,049</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">55,820</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Corporate </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">143,413</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">149,101</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Intersegment eliminations </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(113,685</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(114,356</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr> <td valign="top"> Total assets </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">395,288</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">361,672</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr>  </table>

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Business Segments (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011
Net sales:
Consolidated net sales	$ 67,866	$ 63,318	$ 142,480	$ 123,129
Operating income:
Consolidated operating income	7,307	8,475	16,999	15,443
Interest expense:
Interest expense	618	118	1,322	243
Segment information by assets
Total assets	395,288		395,288		361,672
Universal Stainless & Alloy Products [Member]
Net sales:
Consolidated net sales	61,811	60,451	122,075	115,601
Operating income:
Consolidated operating income	4,472	6,446	10,248	11,360
Interest expense:
Interest expense	618	112	1,322	230
Segment information by assets
Total assets	308,511		308,511		271,107
Dunkirk Specialty Steel [Member]
Net sales:
Consolidated net sales	25,338	25,597	55,831	47,578
Operating income:
Consolidated operating income	2,713	2,975	6,080	5,300
Interest expense:
Interest expense		6		13
Segment information by assets
Total assets	57,049		57,049		55,820
Corporate [Member]
Segment information by assets
Total assets	143,413		143,413		149,101
Intersegment eliminations [Member]
Net sales:
Consolidated net sales	(19,283)	(22,730)	(35,426)	(40,050)
Operating income:
Consolidated operating income	122	(946)	671	(1,217)
Segment information by assets
Total assets	$ (113,685)		$ (113,685)		$ (114,356)

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References+ Details

- Definition

The cost of borrowed funds accounted for as interest that was charged against earnings during the period.

+ References+ Details

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Acquisition (Details Textual) (USD $)	3 Months Ended		6 Months Ended		1 Months Ended	3 Months Ended	6 Months Ended
Acquisition (Details Textual) (USD $)	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Aug. 31, 2011 North Jackson Facility [Member]	Jun. 30, 2011 North Jackson Facility [Member]	Jun. 30, 2011 North Jackson Facility [Member]	Aug. 18, 2011 North Jackson Facility [Member]	Aug. 18, 2011 North Jackson Facility [Member] Revolving credit facility [Member]	Aug. 18, 2011 North Jackson Facility [Member] Term loan [Member]	Aug. 18, 2011 North Jackson Facility [Member] Convertible promissory notes [Member]
Acquisitions (Textual) [Abstract]
Company acquired substantially all the assets of Patriot Special Metals, Inc. and RSM Real Estate Holding, Inc.					Aug. 18, 2011
Aggregate purchase price								$ 111,298,000
Debt issued to finance acquisition									40,000,000	40,000,000	20,000,000
Pro forma effective tax rate						36.40%	36.40%
Effective tax rate	32.90%		31.40%	35.00%
Acquisitions (Additional Textual) [Abstract]
Escrow agreement with the sellers	2,500,000		2,500,000
Period of expiration of escrow agreement			18 months
Acquisition related costs		$ 496,000		$ 915,000
Maximum measurement period			1 year
Fair value assigned to the non-compete agreement is subject to amortization period			5 years

XML 15 R9.htm IDEA: XBRL DOCUMENT

Net Income per Common Share

6 Months Ended

Jun. 30, 2012

Net Income per Common Share [Abstract]

Net Income per Common Share

Note 3 – Net Income per Common Share

The following table sets forth the computation of basic and diluted net income per common share:


	Three months ended June 30,				Six months ended June 30,
*(dollars in thousands except per share amounts)*	2012		2011		2012		2011
Numerator:

Net income	$	4,505	$	5,525	$	10,791	$	9,973
Adjustment for interest expense on convertible notes		104		—		212		—

Net income, as adjusted	$	4,609	$	5,525	$	11,003	$	9,973

Denominator:

Weighted average number of shares of Common Stock outstanding		6,863,904		6,821,567		6,856,310		6,817,317
Weighted average effect of dilutive stock options		172,468		173,794		160,908		156,468
Weighted average effect of assumed conversion of convertible notes		428,888		—		428,173		—

Weighted average number of shares of Common Stock outstanding, as adjusted		7,465,260		6,995,361		7,445,391		6,973,785

Net income per common share:

Net income per common share – Basic	$	0.66	$	0.81	$	1.57	$	1.46

Net income per common share – Diluted	$	0.62	$	0.79	$	1.48	$	1.43

Options not included in the computation of diluted net income per common share to purchase 5,000 and 48,300 shares of Common Stock at an average price of $42.50 and $38.86, respectively, per common share were outstanding at June 30, 2012 and 2011, respectively. These outstanding options were not included in the computation of diluted earnings per common share because their respective exercise prices were greater than the average market price of the Common Stock. These options were excluded from the computation of diluted earnings per common share under the treasury stock method.

- Definition

The entire disclosure for earnings per share.

+ References+ Details

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Long-Term Debt (Details) (USD $)
In Thousands, unless otherwise specified

Jun. 30, 2012

Dec. 31, 2011

Aug. 18, 2011

Schedule of Long-Term Debt

Long-term debt current and noncurrent $ 114,731 $ 94,650

Less current portion of long-term debt 3,000

Long-term debt 114,731 91,650

Revolving credit facility [Member]

Schedule of Long-Term Debt

Long-term debt current and noncurrent 69,350 29,350

Term loan [Member]

Schedule of Long-Term Debt

Long-term debt current and noncurrent 20,000 40,000

Convertible promissory notes [Member]

Schedule of Long-Term Debt

Long-term debt current and noncurrent 20,000 20,000 20,000

Swing loan credit facility [Member]

Schedule of Long-Term Debt

Long-term debt current and noncurrent $ 5,381 $ 5,300

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- Definition

Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

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Carrying amount of long-term debt, net of unamortized discount or premium, scheduled to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

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Inventory (Details) (USD $)
In Thousands, unless otherwise specified

Jun. 30, 2012

Dec. 31, 2011

Major classes of inventory

Raw materials and supplies $ 8,915 $ 5,934

Semi-finished and finished steel products 86,808 73,046

Operating materials 7,363 6,108

Total inventory, net $ 103,086 $ 85,088

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Gross amount of unprocessed materials to be used in manufacturing or production process and supplies that will be consumed.

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Jun. 30, 2012

Dec. 31, 2011

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2012

2013 1,500

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2015 3,000

2016 3,000

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Long-Term Debt (Details Textual) (USD $)
6 Months Ended

Jun. 30, 2012

Dec. 31, 2011

Aug. 18, 2011

Long-Term Debt (Textual) [Abstract]

Long-term debt current and noncurrent $ 114,731,000 $ 94,650,000

Long-Term Debt (Additional Textual) [Abstract]

Line of credit original expiration date 2016-08

Line of credit facility extended expiration year 2017-03

Deferred financing costs 348,000

Maximum swing loans available under revolving credit facility 7,000,000

Minimum swing loans available under revolving credit facility 105,000,000

Variable LIBOR rate 2.00%

Variable base rate 2.46%

Maximum leverage ratio 3.25

Minimum leverage ratio 1.00

Maximum leverage ratio at credit facility expiration 2.75

Minimum leverage ratio at credit facility expiration 1.00

Maximum fixed charge coverage ratio 1.20

Minimum fixed charge coverage ratio 1.00

Stock price trigger for convertible note prepay option 140.00%

Commencement of prepay period of convertible notes outstanding Aug. 17, 2014

Revolving credit facility [Member]

Long-Term Debt (Textual) [Abstract]

Maximum borrowings under revolver 105,000,000

Commitment fee on the daily unused portion of the Revolver 0.25%

Long-term debt current and noncurrent 69,350,000 29,350,000

Revolving credit facility [Member] | Maximum [Member]

Long-Term Debt (Textual) [Abstract]

Maximum borrowings under revolver 130,000,000

Revolving credit facility [Member] | Minimum [Member]

Long-Term Debt (Textual) [Abstract]

Minimum incremental increase in revolver capacity 10,000,000

Term loan [Member]

Long-Term Debt (Textual) [Abstract]

Maximum borrowings under revolver 20,000,000

Long-term debt current and noncurrent 20,000,000 40,000,000

Quarterly term loan payments 750,000

Convertible promissory notes [Member]

Long-Term Debt (Textual) [Abstract]

Long-term debt current and noncurrent 20,000,000 20,000,000 20,000,000

Interest rate on convertible notes 40.00%

Conversion stock price for Convertible Notes $ 47.1675

Maturity date of Convertible Notes Aug. 17, 2017

Swing loan credit facility [Member]

Long-Term Debt (Textual) [Abstract]

Long-term debt current and noncurrent $ 5,381,000 $ 5,300,000

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- Definition

The Company may prepay any outstanding convertible notes, in whole or in part, after August 17, 2014 during a fiscal quarter if the Company's share price is greater than 140% of the current conversion price for at least twenty of the trading days in the thirty consecutive trading day period ending on the last trading day of the immediately preceding quarter.

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XML 22 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6

Acquisition
6 Months Ended

Jun. 30, 2012

Acquisition [Abstract]

Acquisition
Note 2 – Acquisition

On August 18, 2011, the Company acquired substantially all the assets of Patriot Special Metals, Inc. and RSM Real Estate Holding, Inc., consisting of a specialty steel manufacturing facility located in North Jackson, Ohio (the “North Jackson Facility”). The North Jackson Facility began forging and finishing operations in September 2011. In December 2011, the North Jackson Facility performed the first melts on its new vacuum induction melting (VIM) furnace and two vacuum arc remelting (VAR) furnaces. The aggregate purchase price for the North Jackson Facility was $111.3 million, which was comprised of a $40.0 million term loan, $40.0 million in borrowings under a revolving credit facility, $20.0 million in aggregate principal amount of convertible promissory notes issued to the sellers of the North Jackson Facility and the remainder from cash on-hand prior to the acquisition. The term loan and revolving credit facility were subsequently amended during the 2012, which is discussed further in Note 5. At closing, the Company entered into an escrow agreement with the sellers, pursuant to which $2.5 million of the purchase price was placed in escrow. The escrow agreement expires eighteen months after the closing date.

For the three and six months ended June 30, 2011, the Company incurred $496,000 and $915,000, respectively, of acquisition related costs which are included as a component of selling and administrative expenses on the condensed consolidated statements of operations. The Company did not incur any acquisition related costs in 2012.

The following table summarizes the preliminary acquisition-date fair value of the assets acquired and the liabilities assumed in connection with the North Jackson Facility acquisition (dollars in thousands):

August 18,
2011

Property, plant and equipment
$ 94,102

Non-compete agreement
1,330

Goodwill
20,479

Accounts payable
(4,475 )

Accrued expenses and other current liabilities
(138 )

Net assets acquired
$ 111,298

Assets acquired and liabilities assumed in connection with the acquisition have been recorded at their estimated fair values as of the acquisition date. Preliminary fair values were determined by management based, in part, on independent valuations performed by third party valuation specialists. The above preliminary fair values are subject to change based upon the finalization of the valuations. Under GAAP, the measurement period shall not exceed one year from the acquisition date. The Company will finalize the above amounts as the information necessary to complete the analysis is obtained. The fair value assigned to the non-compete agreement is subject to amortization over the five year life of the agreement.

Goodwill is calculated as the excess of the purchase price over the fair value of net assets acquired and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Among the factors that contributed to a purchase price in excess of the fair value of the net tangible and intangible assets acquired were the acquisition of an assembled workforce and the expected synergies and other benefits that the Company believes will result from combining the operations of the North Jackson Facility with the Company’s other operations. Goodwill related to the North Jackson Facility acquisition was recorded in the Company’s Universal Stainless & Alloy Products reportable segment. There was no goodwill recognized for income tax purposes as a result of the North Jackson Facility acquisition.

The following is a summary of the changes in the carrying value of goodwill, from December 31, 2011 through June 30, 2012 (dollars in thousands):

Balance, December 31, 2011
$ 20,479

Change in goodwill
—

Balance, June 30, 2012
$ 20,479

As previously mentioned, the Company incurred debt in the form of a term loan, borrowings under a revolving credit facility and convertible notes issued to acquire the North Jackson Facility. In accordance with GAAP, the Company recorded this debt at fair value as of the acquisition date. The fair value of the term loan and borrowings under the revolving credit facility were determined to be the par value of the debt. The terms of the convertible notes were designed to and resulted in the fair value of the option to convert and the debt component aggregating to the par amount of the convertible notes. The Company evaluated the conversion feature of the convertible notes at issuance and determined that no beneficial conversion features existed, which would have required bifurcation.

The operating results of the North Jackson Facility have been included in the Company’s condensed consolidated financial statements since the acquisition date.

The following unaudited pro forma information presents the combined results as if the acquisition had occurred on January 1, 2011. The unaudited pro forma financial information was prepared to give effect to events that are (1) directly attributable to the acquisition; (2) factually supportable; and (3) expected to have a continuing impact on the combined company’s results. Pro forma adjustments have been made to reflect the incremental impact on earnings of amortization expense related to the acquired intangible asset and income tax expense. The Company has calculated the 2011 pro forma results using a 36.4% effective tax rate from January 1, 2011. As a result of no assets being placed in service prior to the acquisition date, the Company has not included any incremental interest expense resulting from the debt incurred to finance the acquisition. All incurred interest would have been capitalized prior to placing the assets in service. The Company has not included the dilutive effect of the convertible notes on the unaudited pro forma information. Due to the level of completion of the North Jackson Facility on January 1, 2011, it is highly unlikely that the acquisition would have been partially financed through the issuance of convertible notes. Prior to the acquisition, the North Jackson Facility’s only sales were derived from scrap sales. Pro forma adjustments were made to eliminate one-time acquisition related costs. The unaudited pro forma financial information does not reflect any cost savings, operating synergies or revenue enhancements that the combined company may achieve as a result of the acquisition or the costs to integrate the operations or the costs necessary to achieve cost savings, operating synergies or revenue enhancements. The pro forma results are not indicative of how the results will appear in the future.

Three months ended
June 30, 2011 Six months ended
June 30, 2011

Net sales
$ 63,448 $ 123,389

Net income
$ 5,222 $ 9,187

Earnings per common share – Basic
$ 0.77 $ 1.35

Earnings per common share – Diluted
$ 0.75 $ 1.32

Weighted-average shares of Common Stock outstanding:

Basic
6,821,567 6,817,317

Diluted
6,995,361 6,973,785

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Jun. 30, 2012

Jun. 30, 2011

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Income before income tax expense 6,727 8,500 15,738 15,343

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Condensed Consolidated Statements of Cash Flow (Unaudited) (USD $)
In Thousands, unless otherwise specified
6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Operating Activities

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Share-based compensation expense, net 672 745

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Accounts receivable, net (6,293) (3,693)

Inventory, net (17,998) (13,408)

Accounts payable (4,825) 2,048

Accrued employment costs (2,575) (618)

Income taxes (1,222) 743

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Net cash used in operating activities (4,333) (1,742)

Investing Activities

Capital expenditures, net of amount included in accounts payable (16,196) (3,672)

Net cash used in investing activities (16,196) (3,672)

Financing Activities

Payment on term loan facility 78,664

Borrowings under revolving credit facility (38,583)

Payments on revolving credit facility (20,000)

Debt repayments (1,416)

Proceeds from the issuance of Common Stock 770 404

Payment of deferred financing costs (348)

Purchase of Treasury Stock (233)

Tax benefit from share-based payment arrangements 165 60

Net cash provided by (used in) financing activities 20,435 (952)

Net decrease in cash and cash equivalents (94) (6,366)

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Cash and cash equivalents at end of period 180 28,034

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In Thousands, unless otherwise specified

Aug. 18, 2011

North Jackson Facility [Member]

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Jun. 30, 2011

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Basis of Presentation
6 Months Ended

Jun. 30, 2012

Basis of Presentation [Abstract]

Basis of Presentation
Note 1 – Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of operations and statements of comprehensive income for the three and six months ended June 30, 2012 and 2011, balance sheets as of June 30, 2012 and December 31, 2011, and statements of cash flows for the six months ended June 30, 2012 and 2011, have been prepared by Universal Stainless & Alloy Products, Inc. (the “Company”) in accordance with generally accepted accounting principles for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles has been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. Accordingly, these statements should be read in conjunction with the audited financial statements, and notes thereto, as of and for the year ended December 31, 2011 included in the Company’s Annual Report on Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, all of which were of a normal, recurring nature, necessary to present fairly, in all material respects, the consolidated financial position at June 30, 2012 and December 31, 2011 and the consolidated results of operations and of cash flows for the periods ended June 30, 2012 and 2011, and are not necessarily indicative of the results to be expected for the full year.

Recently Adopted Accounting Pronouncement

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-04, “Fair Value Measurements (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”). This amendment provides a consistent definition of fair value and ensures that the fair value measurement and disclosure requirements are similar between GAAP and IFRS. The amendment clarifies the application of existing fair value measurements and disclosures, and changes certain principles or requirements for fair value measurements and disclosures. The Company adopted these provisions during the six months ended June 30, 2012. This amendment did not have a material impact on the Company’s condensed consolidated balance sheets, results of operations or cash flows.

Certain prior year amounts have been reclassified to conform to the 2012 presentation.

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Condensed Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified

Jun. 30, 2012

Dec. 31, 2011

Current assets:

Cash $ 180 $ 274

Accounts receivable (less allowance for doubtful accounts of $2,005 and $1,952, respectively) 40,847 34,554

Inventory, net 103,086 85,088

Deferred income taxes 21,845 28,438

Refundable income taxes 5,090 4,844

Other current assets 2,349 2,198

Total current assets 173,397 155,396

Property, plant and equipment, net 197,398 183,148

Goodwill 20,479 20,479

Long-term refundable income taxes 1,305

Other long-term assets 2,709 2,649

Total assets 395,288 361,672

Current liabilities:

Accounts payable 28,952 29,912

Accrued employment costs 4,972 7,547

Current portion of long-term debt 3,000

Other current liabilities 1,788 966

Total current liabilities 35,712 41,425

Long-term debt 114,731 91,650

Deferred taxes 52,038 48,291

Other long-term liabilities 172

Total liabilities 202,653 181,366

Commitments and contingencies

Stockholders' equity:

Senior Preferred Stock, par value $0.001 per share; 1,980,000 shares authorized; 0 shares issued and outstanding

Common Stock, par value $0.001 per share; 10,000,000 shares authorized; 7,164,610 and 7,130,365 shares issued, respectively 7 7

Additional paid-in capital 45,492 43,720

Retained earnings 149,289 138,498

Treasury Stock at cost; 288,681 and 282,850 common shares held, respectively (2,153) (1,919)

Total stockholders' equity 192,635 180,306

Total liabilities and stockholders equity $ 395,288 $ 361,672

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Fair Value Measurements
6 Months Ended

Jun. 30, 2012

Fair Value Measurements [Abstract]

Fair Value Measurements
Note 6 – Fair Value Measurements

The fair value hierarchy has three levels based on the inputs used to determine fair value, which are as follows:

Level 1 — Unadjusted quoted prices available in active markets for the identical assets or liabilities at the measurement date.

Level 2 — Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability.

Level 3 — Unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions.

The fair value hierarchy requires the use of observable market data when available. In instances where the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability.

Financial instruments include cash, accounts receivable, other current assets, accounts payable, short-term debt and other current liabilities. The carrying amounts of these financial instruments approximated fair value at June 30, 2012 and December 31, 2011 due to their short-term maturities. The fair value of the Term Loan, Revolver and swing loans at June 30, 2012 and December 31, 2011 approximated the carrying amount as the interest rate is based upon floating short-term interest rates. At June 30, 2012 and December 31, 2011, the fair value of the Notes approximated the carrying amount.

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Long-Term Debt
6 Months Ended

Jun. 30, 2012

Long-Term Debt [Abstract]

Long-Term Debt
Note 5 – Long-Term Debt

Long-term debt consisted of the following:

(in thousands) June 30,
2012 December 31,
2011

Revolving credit facility
$ 69,350 29,350

Term loan
20,000 40,000

Convertible notes
20,000 20,000

Swing loan credit facility
5,381 5,300

114,731 94,650

Less current portion of long-term debt
— 3,000

Long-term debt
$ 114,731 $ 91,650

Amended Credit Facility

On August 18, 2011, the Company entered into a Credit Agreement (the “Credit Agreement”) which provides for a senior secured revolving credit facility (the “Revolver”) and a senior secured term loan facility (the “Term Loan” and together with the Revolver, the “Facilities”). On March 19, 2012, the Company entered into the First Amendment to Credit Agreement (together with the Credit Agreement, the “Amended Credit Agreement”). The Amended Credit Agreement provides for a $105.0 million Revolver and a $20.0 million Term Loan. PNC Bank, National Association serves as Administrative Agent with respect to the Facilities. The Amended Credit Agreement extends the expiration date from August 2016 to March 2017, provides additional availability under the Facilities and reduces fees and interest rates. The Facilities are collateralized by substantially all of the assets of the Company and its subsidiaries, except that no real property other than the North Jackson Facility is collateral under the Facilities. Universal Stainless & Alloy Products, Inc., Dunkirk Specialty Steel, LLC and North Jackson Specialty Steel, LLC are co-borrowers under the Facilities. The co-borrowers’ obligations under the Facilities have been guaranteed by USAP Holdings, Inc. In conjunction with the amendment to the Credit Agreement, the Company recorded additional deferred financing costs of $348,000 during 2012. Deferred financing costs are included on the condensed consolidated balance sheets as a component of other long-term assets.

At any time prior to August 18, 2015, the Company may make up to two requests to increase the maximum aggregate principal amount of borrowings under the Revolver by at least $10.0 million, with the maximum aggregate principal amount of borrowings under the Revolver not to exceed $130.0 million in any event. The Company is required to pay a commitment fee of 0.25% based on the daily unused portion of the Revolver. The Revolver also provides for up to $7.0 million of swing loans so long as the sum of the outstanding swing loans and the outstanding borrowings under the Revolver does not exceed $105.0 million at any given time. The Term Loan is payable in quarterly installments in the principal amount of $750,000 beginning on July 1, 2013, with the balance of the Term Loan payable in full on March 19, 2017.

Amounts outstanding under the Facilities, at the Company’s option, will bear interest at either a base rate (the “Base Rate Option”) or a LIBOR-based rate (the “LIBOR Option”), in either case calculated in accordance with the terms of the Amended Credit Agreement. The Company elected to use the LIBOR Option during the three and six months ended June 30, 2012, which was 2.0% for the revolving credit facility and 2.46% for the swing loan at June 30, 2012. Interest on the Facilities is payable monthly.

The Amended Credit Agreement requires the Company to maintain a leverage ratio not exceeding a ratio decreasing from 3.25 to 1.00 to 2.75 to 1.00 during the term of the Facilities and a fixed charge coverage ratio not less than 1.20 to 1.00. At June 30, 2012, the Company was obligated to maintain a leverage ratio of not exceeding 3.25 to 1.00. The Company was in compliance with all covenants contained in the Amended Credit Agreement at June 30, 2012 and December 31, 2011.

Convertible Notes

In connection with the acquisition of the North Jackson Facility, on August 18, 2011, the Company issued $20.0 million in convertible notes (the “Notes”) to the sellers of the North Jackson Facility as partial consideration of the acquisition. The Notes are subordinated obligations of the Company and rank junior to the Credit Facility. The Notes bear interest at a fixed rate of 4.0% per annum, payable in cash semi-annually in arrears on each June 18 and December 18, beginning on December 18, 2011. Unless earlier converted, the Notes mature and the unpaid principal balance is due on August 17, 2017. The Notes and any accrued and unpaid interest are convertible into shares of the Company’s Common Stock at the option of the holder at an initial conversion price of $47.1675 per share of Common Stock. The conversion price associated with the Notes may be adjusted in certain circumstances. The Company may prepay any outstanding Notes, in whole or in part on any date after August 17, 2014 during a fiscal quarter if the Company’s share price is greater than 140% of the current conversion price for at least twenty of the trading days in the thirty consecutive trading day period ending on the last trading day of the immediately preceding quarter. The Company evaluated the conversion feature of the Notes upon issuance and determined that no beneficial conversion feature existed.

Aggregate maturities of long-term debt are as follows:

Year ended December 31,
(in
thousands)

2012
$ —

2013
1,500

2014
3,000

2015
3,000

2016
3,000

Thereafter
104,231

$ 114,731

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Acquisition (Details 1) (USD $)
In Thousands, unless otherwise specified
6 Months Ended

Jun. 30, 2012

Dec. 31, 2011

Jun. 30, 2012

North Jackson Facility [Member]

Changes in the carrying value of goodwill

Balance, December 31, 2011 $ 20,479 $ 20,479 $ 20,479

Change in goodwill

Balance, June 30, 2012 $ 20,479 $ 20,479 $ 20,479

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Inventory (Tables)
6 Months Ended

Jun. 30, 2012

Inventory [Abstract]

Major classes of inventory

(dollars in thousands) June 30,
2012 December 31,
2011

Raw materials and supplies
$ 8,915 $ 5,934

Semi-finished and finished steel products
86,808 73,046

Operating materials
7,363 6,108

Total inventory, net
$ 103,086 $ 85,088

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Business Segments
6 Months Ended

Jun. 30, 2012

Business Segments [Abstract]

Business Segments
Note 9 – Business Segments

The Company is comprised of two reportable business segments. The Bridgeville, North Jackson and Titusville facilities have been aggregated into one reportable segment, Universal Stainless & Alloy Products (“USAP”). Dunkirk Specialty Steel represents the second reportable segment. The USAP manufacturing process involves melting, remelting, heat treating, forging and hot and cold rolling of semi-finished and finished specialty steels. Dunkirk Specialty Steel’s manufacturing process involves hot rolling, heat treating and finishing of specialty steel bar, rod and wire products.

Management is currently evaluating the impact of the North Jackson Facility acquisition on the Company’s externally reported segments in accordance with ASC Topic 280, “Segment Reporting.” From the North Jackson acquisition date through June 30, 2012, the Company has included the results of North Jackson in the USAP segment. North Jackson was included in the USAP reporting segment as a result of North Jackson having consistent characteristics as identified in ASC Topic 280 with the USAP segment.

The segment data are as follows:

 Three months ended
June 30, Six months ended
June 30,

(in thousands) 2012 2011 2012 2011

Net sales:

Universal Stainless & Alloy Products^(A)
$ 61,811 $ 60,451 $ 122,075 $ 115,601

Dunkirk Specialty Steel
25,338 25,597 55,831 47,578

Intersegment eliminations
(19,283 ) (22,730 ) (35,426 ) (40,050 )

Consolidated net sales
$ 67,866 $ 63,318 $ 142,480 $ 123,129

Operating income:

Universal Stainless & Alloy Products ^(A)
$ 4,472 $ 6,446 $ 10,248 $ 11,360

Dunkirk Specialty Steel
2,713 2,975 6,080 5,300

Intersegment eliminations ^(B)
122 (946 ) 671 (1,217 )

Consolidated operating income
$ 7,307 $ 8,475 $ 16,999 $ 15,443

Interest expense:

Universal Stainless & Alloy Products ^(A)
$ 618 $ 112 $ 1,322 $ 230

Dunkirk Specialty Steel
— 6 — 13

Consolidated interest expense
$ 618 $ 118 $ 1,322 $ 243

(A) The results for the three and six months ended June 30, 2012 include those of the Company’s North Jackson operation, which was acquired on August 18, 2011.

(B) The Company recognized profits during the three and six months ended June 30, 2012 on intercompany sales which were sold to third party customers during the periods. This profit had been deferred prior to the sale to third party customers.

The following table presents total assets by segment:

(in thousands) June 30,
2012 December 31,
2011

Total assets:

Universal Stainless & Alloy Products
$ 308,511 $ 271,107

Dunkirk Specialty Steel
57,049 55,820

Corporate
143,413 149,101

Intersegment eliminations
(113,685 ) (114,356 )

Total assets
$ 395,288 $ 361,672

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Commitments and Contingencies
6 Months Ended

Jun. 30, 2012

Commitments and Contingencies [Abstract]

Commitments and Contingencies
Note 7 – Commitments and Contingencies

From time to time, various lawsuits and claims have been or may be asserted against the Company relating to the conduct of its business, including routine litigation involving commercial and employment matters. The ultimate cost and outcome of any litigation or claim cannot be predicted with certainty. Management believes, based on information presently available, that the likelihood that the ultimate outcome of any such pending matter will have a material adverse effect on its financial condition, or liquidity or a material impact to the results of operations is remote, however the resolution of one or more of these matters may have a material adverse effect on the results of operations for the period in which the resolution occurs.

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Income Taxes
6 Months Ended

Jun. 30, 2012

Income Taxes [Abstract]

Income Taxes
Note 8 – Income Taxes

Management estimates the annual effective income tax rate quarterly, based on current annual forecasted results. Items unrelated to current year ordinary income are recognized entirely in the period identified as a discrete item of tax. The quarterly income tax provision is comprised of tax on ordinary income provided at the most recent estimated annual effective tax rate, increased or decreased for the tax effect of discrete items.

For the six months ended June 30, 2012 and 2011, the estimated annual effective tax rate applied to ordinary income was 35.1% and 35.0%, respectively. The effective tax rate for the six months ended June 30, 2012, which reflects federal and state taxable income, includes a discrete tax benefit of $578,000 for state income taxes, research and development tax credits, and a net operating loss carryback. Including the effect of the discrete tax item, the Company’s effective tax rate for the three months ended June 30, 2012 was 32.9%. For the six months ended June 30, 2012 and 2011, the Company’s effective tax rate was 31.4% and 35.0%, respectively.

X

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Basis of Presentation (Policies)
6 Months Ended

Jun. 30, 2012

Basis of Presentation [Abstract]

Recently Adopted Accounting Pronouncement
Recently Adopted Accounting Pronouncement

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-04, “Fair Value Measurements (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”). This amendment provides a consistent definition of fair value and ensures that the fair value measurement and disclosure requirements are similar between GAAP and IFRS. The amendment clarifies the application of existing fair value measurements and disclosures, and changes certain principles or requirements for fair value measurements and disclosures. The Company adopted these provisions during the six months ended June 30, 2012. This amendment did not have a material impact on the Company’s condensed consolidated balance sheets, results of operations or cash flows.

Certain prior year amounts have been reclassified to conform to the 2012 presentation.

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Business Segments (Tables)
6 Months Ended

Jun. 30, 2012

Business Segments [Abstract]

Schedule of segment reporting information

 Three months ended
June 30, Six months ended
June 30,

(in thousands) 2012 2011 2012 2011

Net sales:

Universal Stainless & Alloy Products^(A)
$ 61,811 $ 60,451 $ 122,075 $ 115,601

Dunkirk Specialty Steel
25,338 25,597 55,831 47,578

Intersegment eliminations
(19,283 ) (22,730 ) (35,426 ) (40,050 )

Consolidated net sales
$ 67,866 $ 63,318 $ 142,480 $ 123,129

Operating income:

Universal Stainless & Alloy Products ^(A)
$ 4,472 $ 6,446 $ 10,248 $ 11,360

Dunkirk Specialty Steel
2,713 2,975 6,080 5,300

Intersegment eliminations ^(B)
122 (946 ) 671 (1,217 )

Consolidated operating income
$ 7,307 $ 8,475 $ 16,999 $ 15,443

Interest expense:

Universal Stainless & Alloy Products ^(A)
$ 618 $ 112 $ 1,322 $ 230

Dunkirk Specialty Steel
— 6 — 13

Consolidated interest expense
$ 618 $ 118 $ 1,322 $ 243

(A) The results for the three and six months ended June 30, 2012 include those of the Company’s North Jackson operation, which was acquired on August 18, 2011.

(B) The Company recognized profits during the three and six months ended June 30, 2012 on intercompany sales which were sold to third party customers during the periods. This profit had been deferred prior to the sale to third party customers.

The following table presents total assets by segment:

(in thousands) June 30,
2012 December 31,
2011

Total assets:

Universal Stainless & Alloy Products
$ 308,511 $ 271,107

Dunkirk Specialty Steel
57,049 55,820

Corporate
143,413 149,101

Intersegment eliminations
(113,685 ) (114,356 )

Total assets
$ 395,288 $ 361,672

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Net Income per Common Share (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Numerator:

Net income $ 4,505 $ 5,525 $ 10,791 $ 9,973

Adjustment for interest expense on convertible notes 104 212

Net income, as adjusted $ 4,609 $ 5,525 $ 11,003 $ 9,973

Denominator:

Weighted average number of shares of Common Stock outstanding 6,863,904 6,821,567 6,856,310 6,817,317

Weighted average effect of dilutive stock options 172,468 173,794 160,908 156,468

Weighted average effect of assumed conversion of convertible notes 428,888 428,173

Weighted average number of shares of Common Stock outstanding, as adjusted 7,465,260 6,995,361 7,445,391 6,973,785

Net income per common share:

Net income per common share - Basic $ 0.66 $ 0.81 $ 1.57 $ 1.46

Net income per common share - Diluted $ 0.62 $ 0.79 $ 1.48 $ 1.43

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Senior preferred stock, par value $ 0.001 $ 0.001

Senior preferred stock, shares authorized 1,980,000 1,980,000

Senior preferred stock, shares issued 0 0

Senior preferred stock, shares outstanding 0 0

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Inventory
6 Months Ended

Jun. 30, 2012

Inventory [Abstract]

Inventory
Note 4 – Inventory

The major classes of inventory were as follows:

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2012 December 31,
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Raw materials and supplies
$ 8,915 $ 5,934

Semi-finished and finished steel products
86,808 73,046

Operating materials
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Total inventory, net
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Net Income per Common Share (Details Textual) (USD $)

Jun. 30, 2012

Jun. 30, 2011

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Stock options outstanding excluded from computation of diluted net income per common share 5,000 48,300

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6 Months Ended

Jun. 30, 2012

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Revolving credit facility
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Term loan
20,000 40,000

Convertible notes
20,000 20,000

Swing loan credit facility
5,381 5,300

114,731 94,650

Less current portion of long-term debt
— 3,000

Long-term debt
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2012
$ —

2013
1,500

2014
3,000

2015
3,000

2016
3,000

Thereafter
104,231

$ 114,731

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Swing loan credit facility [Member]
Schedule of Long-Term Debt
Long-term debt current and noncurrent	$ 5,381	$ 5,300

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Major classes of inventory
Raw materials and supplies	$ 8,915	$ 5,934
Semi-finished and finished steel products	86,808	73,046
Operating materials	7,363	6,108
Total inventory, net	$ 103,086	$ 85,088

Long-Term Debt (Details 1) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Aggregate maturities of long-term debt
2012
2013	1,500
2014	3,000
2015	3,000
2016	3,000
Thereafter	104,231
Long-term debt	$ 114,731	$ 94,650

Long-Term Debt (Details Textual) (USD $)	6 Months Ended
Long-Term Debt (Details Textual) (USD $)	Jun. 30, 2012	Dec. 31, 2011	Aug. 18, 2011
Long-Term Debt (Textual) [Abstract]
Long-term debt current and noncurrent	$ 114,731,000	$ 94,650,000
Long-Term Debt (Additional Textual) [Abstract]
Line of credit original expiration date	2016-08
Line of credit facility extended expiration year	2017-03
Deferred financing costs	348,000
Maximum swing loans available under revolving credit facility	7,000,000
Minimum swing loans available under revolving credit facility	105,000,000
Variable LIBOR rate	2.00%
Variable base rate	2.46%
Maximum leverage ratio	3.25
Minimum leverage ratio	1.00
Maximum leverage ratio at credit facility expiration	2.75
Minimum leverage ratio at credit facility expiration	1.00
Maximum fixed charge coverage ratio	1.20
Minimum fixed charge coverage ratio	1.00
Stock price trigger for convertible note prepay option	140.00%
Commencement of prepay period of convertible notes outstanding	Aug. 17, 2014
Revolving credit facility [Member]
Long-Term Debt (Textual) [Abstract]
Maximum borrowings under revolver			105,000,000
Commitment fee on the daily unused portion of the Revolver	0.25%
Long-term debt current and noncurrent	69,350,000	29,350,000
Revolving credit facility [Member] \| Maximum [Member]
Long-Term Debt (Textual) [Abstract]
Maximum borrowings under revolver	130,000,000
Revolving credit facility [Member] \| Minimum [Member]
Long-Term Debt (Textual) [Abstract]
Minimum incremental increase in revolver capacity	10,000,000
Term loan [Member]
Long-Term Debt (Textual) [Abstract]
Maximum borrowings under revolver			20,000,000
Long-term debt current and noncurrent	20,000,000	40,000,000
Quarterly term loan payments	750,000
Convertible promissory notes [Member]
Long-Term Debt (Textual) [Abstract]
Long-term debt current and noncurrent	20,000,000	20,000,000	20,000,000
Interest rate on convertible notes	40.00%
Conversion stock price for Convertible Notes	$ 47.1675
Maturity date of Convertible Notes	Aug. 17, 2017
Swing loan credit facility [Member]
Long-Term Debt (Textual) [Abstract]
Long-term debt current and noncurrent	$ 5,381,000	$ 5,300,000

Income Taxes (Details Textual) (USD $)	3 Months Ended	6 Months Ended
Income Taxes (Details Textual) (USD $)	Jun. 30, 2012	Jun. 30, 2012	Jun. 30, 2011
Income Taxes (Textual) [Abstract]
Estimated annual effective tax rate		35.10%	35.00%
Discrete tax item		$ 578,000
Effective tax rate	32.90%	31.40%	35.00%

Condensed Consolidated Statements of Cash Flow (Unaudited) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Operating Activities
Net income	$ 10,791	$ 9,973
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	6,096	2,931
Deferred income tax	10,341	(211)
Share-based compensation expense, net	672	745
Changes in assets and liabilities:
Accounts receivable, net	(6,293)	(3,693)
Inventory, net	(17,998)	(13,408)
Accounts payable	(4,825)	2,048
Accrued employment costs	(2,575)	(618)
Income taxes	(1,222)	743
Other, net	680	(252)
Net cash used in operating activities	(4,333)	(1,742)
Investing Activities
Capital expenditures, net of amount included in accounts payable	(16,196)	(3,672)
Net cash used in investing activities	(16,196)	(3,672)
Financing Activities
Payment on term loan facility	78,664
Borrowings under revolving credit facility	(38,583)
Payments on revolving credit facility	(20,000)
Debt repayments		(1,416)
Proceeds from the issuance of Common Stock	770	404
Payment of deferred financing costs	(348)
Purchase of Treasury Stock	(233)
Tax benefit from share-based payment arrangements	165	60
Net cash provided by (used in) financing activities	20,435	(952)
Net decrease in cash and cash equivalents	(94)	(6,366)
Cash and cash equivalents at beginning of period	274	34,400
Cash and cash equivalents at end of period	180	28,034
Supplemental Non-Cash Investing Activity:
Capital expenditures included in accounts payable	$ 3,865	$ 944

Acquisition (Details) (North Jackson Facility [Member], USD $) In Thousands, unless otherwise specified	Aug. 18, 2011
North Jackson Facility [Member]
Preliminary acquisition-date fair value of the assets acquired and the liabilities assumed
Property, plant and equipment	$ 94,102
Non-compete agreement	1,330
Goodwill	20,479
Accounts payable	(4,475)
Accrued expenses and other current liabilities	(138)
Net assets acquired	$ 111,298

Acquisition (Details 2) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2011
Pro forma results of operations for material acquisition(s)
Net sales	$ 63,448	$ 123,389
Net income	$ 5,222	$ 9,187
Earnings per common share- Basic	$ 0.77	$ 1.35
Earnings per common share- Diluted	$ 0.75	$ 1.32
Weighted average shares of Common Stock outstanding
Basic	6,821,567	6,817,317
Diluted	6,995,361	6,973,785

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2012	Jul. 31, 2012
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2
Entity Registrant Name	UNIVERSAL STAINLESS & ALLOY PRODUCTS INC
Entity Central Index Key	0000931584
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		6,875,929

Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Current assets:
Cash	$ 180	$ 274
Accounts receivable (less allowance for doubtful accounts of $2,005 and $1,952, respectively)	40,847	34,554
Inventory, net	103,086	85,088
Deferred income taxes	21,845	28,438
Refundable income taxes	5,090	4,844
Other current assets	2,349	2,198
Total current assets	173,397	155,396
Property, plant and equipment, net	197,398	183,148
Goodwill	20,479	20,479
Long-term refundable income taxes	1,305
Other long-term assets	2,709	2,649
Total assets	395,288	361,672
Current liabilities:
Accounts payable	28,952	29,912
Accrued employment costs	4,972	7,547
Current portion of long-term debt		3,000
Other current liabilities	1,788	966
Total current liabilities	35,712	41,425
Long-term debt	114,731	91,650
Deferred taxes	52,038	48,291
Other long-term liabilities	172
Total liabilities	202,653	181,366
Commitments and contingencies
Stockholders' equity:
Senior Preferred Stock, par value $0.001 per share; 1,980,000 shares authorized; 0 shares issued and outstanding
Common Stock, par value $0.001 per share; 10,000,000 shares authorized; 7,164,610 and 7,130,365 shares issued, respectively	7	7
Additional paid-in capital	45,492	43,720
Retained earnings	149,289	138,498
Treasury Stock at cost; 288,681 and 282,850 common shares held, respectively	(2,153)	(1,919)
Total stockholders' equity	192,635	180,306
Total liabilities and stockholders equity	$ 395,288	$ 361,672

Acquisition (Details 1) (USD $) In Thousands, unless otherwise specified			6 Months Ended
	Jun. 30, 2012	Dec. 31, 2011	Jun. 30, 2012 North Jackson Facility [Member]
Changes in the carrying value of goodwill
Balance, December 31, 2011	$ 20,479	$ 20,479	$ 20,479
Change in goodwill
Balance, June 30, 2012	$ 20,479	$ 20,479	$ 20,479

Condensed Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Condensed Consolidated Balance Sheets [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 2,005	$ 1,952
Senior preferred stock, par value	$ 0.001	$ 0.001
Senior preferred stock, shares authorized	1,980,000	1,980,000
Senior preferred stock, shares issued	0	0
Senior preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	7,164,610	7,130,365
Treasury stock at cost, common shares held	288,681	282,850

Net Income per Common Share (Details Textual) (USD $)	Jun. 30, 2012	Jun. 30, 2011
Net Income per Common Share (Textual) [Abstract]
Stock options outstanding excluded from computation of diluted net income per common share	5,000	48,300
Average price of anti-dilutive options outstanding	$ 42.50	$ 38.86