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Universal Stainless Submits Bid
for Slater Steel’s Fort Wayne Facility

Feb. 5, 2004 — Universal Stainless & Alloy Products, Inc. has submitted a bid to purchase the assets of the idled Fort Wayne, Ind., specialty steel bar facility of Slater Steels Corp.

The company's bid of $3,190,000 has been submitted in order to participate in the U.S. Bankruptcy Court auction scheduled for February 11. Both Slater Steel Inc. and Slater Steels Corp. filed for bankruptcy protection in 2003.

Universal Stainless noted that because of its strong balance sheet, it has the flexibility to finance the proposed acquisition with its own cash, through borrowings or through other sources.

Mac McAninch, President and CEO of Universal Stainless, commented: "Acquiring the Fort Wayne facility is a strategic opportunity for our company. It would expand our offering of specialty steel products, including round bar products up to 8 inches in diameter. If our bid is successful, we plan to use these assets in a manner consistent with our other acquisitions and the operating philosophy of our company."

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 original equipment manufacturers, service centers, forgers, rerollers and wire redrawers.

Slater Steels Corp. is the U.S. subsidiary of Slater Steel Inc., Mississsauga, Ont., Canada.

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