Universal posts record premium alloy sales

Universal Stainless posted higher sales and profit in the second quarter on "favorable market conditions" and record premium alloy sales.

Universal's net sales totaled $66.1mn, up by 26pc from the second quarter of 2017.

Aerospace industry was the company's largest end market, consisting of 61pc of total sales at $40.2mn, up by 39pc from the second quarter of 2017.

Premium alloy sales increased by to a record $12mn compared with $6.8mn in the prior year period.

Universal's backlog of $104.2mn going into the third quarter is at its highest in over six years, an increase of 64.2pc from the same period a year earlier. Bookings remain at strong levels which will contribute to continued growth in the third quarter, the company said.

Shipments totaled 11,139t in the quarter ended 30 June, up from 10,090t in the same period a year earlier.

The company's profit for the second quarter was $4mn, up from $1.2mn in the second quarter of 2017.

Pennsylvania-based Universal manufactures and markets semi-finished and finished specialty steels, including stainless steel, nickel alloys, tool steel and certain other alloyed steels.