Universal Stainless & Alloy Products, Inc. has reached a new five-year collective bargaining agreement with the employees at its Titusville, Pa., facility.

Employees had commenced a work stoppage upon expiration of the previous agreement on September 30, 2005.

Mac McAninch, President and CEO, commented: "We believe the new contract is beneficial to our employees and is in the best interests of our customers and shareholders. The new contract maintains the flexible work rule terms and profit sharing incentives contained in the prior agreements. We will be in full production mode effective today."

Titusville employees are represented by Local 7312-03 of the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union, AFL-CIO — CLC.

Headquartered in Bridgeville, Pa., Universal Stainless & Alloy Products, Inc. manufactures and markets a broad line of semi-finished and finished specialty steels, including stainless steel, tool steel and certain other alloyed steels. The company's products are sold to rerollers, forgers, service centers, original equipment manufacturers and wire redrawers.