Universal Stainless & Alloy Products Inc has signed an agreement to purchase the assets of Patriot Special Metals located in North Jackson, Ohio. Patriot Special Metals features a largely completed Greenfield facility complete with a state of the art radial forge in the initial startup phase and a Vacuum Induction Melting facility which is scheduled for completion by Universal Stainless in the first quarter of 2012. The facility also features two Vacuum Arc Remelt furnaces, scheduled for a fourth quarter, 2011 startup and associated equipment for heat treating and finishing long products. The purchase price for the assets is USD 104.5 million; this amount is subject to certain adjustments as well as an additional USD 25 million for the completion of equipment installation. A combination of internal cash, bank financing and a USD 20 million convertible note to the seller will be used to fund the initial transaction and subsequent capital requirements. The transaction will likely close by the end of July 2011 and is expected to be accretive to earnings in the first quarter of 2012 when the facility will be fully operational.