Mac McAninch,pPresident and CEO, commented: "The addition of VAR capacity is a necessary step based on our substantial backlog of products requiring VAR remelting and the anticipated needs of our customers. It also is in line with our strategy to focus on higher value-added products."

The project, including equipment purchase and installation, is estimated to cost between $2.0 and $2.5 million and will be financed initially through the company's existing credit facility. Payback for this investment is projected to be less than one year.

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.