BRIDGEVILLE, Pa., May 25, 2018 (GLOBE NEWSWIRE) -- Universal Stainless & Alloy Products, Inc.  (Nasdaq:USAP) announced today that it has priced an underwritten offering of 1,224,490 shares of common stock at a public offering price of $24.50 per share. The offering will result in gross proceeds of approximately $30.0 million to Universal Stainless. The Company granted the underwriters a 30-day option to purchase up to 183,673 additional shares of common stock at the public offering price, less the underwriting discount. The offering is expected to close on May 30, 2018, subject to customary closing conditions.

The Company intends to use the net proceeds from the offering to repay amounts outstanding under the Company’s senior secured revolving credit facility.

Cowen and Company, LLC is acting as the sole book-running manager for the offering.

About Universal Stainless & Alloy Products, Inc.

The Company, established in 1994 and headquartered in Bridgeville, PA, manufactures and markets semi-finished and finished specialty steels, including stainless steel, nickel alloys, tool steel and certain other alloyed steels. The Company's products are used in a variety of industries, including aerospace, power generation, oil and gas, and heavy equipment manufacturing. More information is available at www.univstainless.com