Universal Stainless profit drops

Universal Stainless & Alloy Products Inc. has reported that its third quarter profit dropped nearly 90%, as sales of stainless and tool steels each fell substantially. For the three months ended 30 September, the Bridgeville-based specialty steelmaker said profit was USD 312,000, down from more than USD 2.7 million in the third quarter of 2008. Overall sales fell by more than half, to USD 25.3 million from USD 57.6 million. Stainless steel sales dropped nearly 56%, to USD 18.6 million from USD 42.1 million, while steel for tools plunged 89%, to USD 1.1 million from USD 10.4 million one year ago.
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