Universal Stainless to install new VAR furnace

Universal Stainless to install new VAR furnace

A sixth vacuum arc remelt (VAR) furnace will be purchased for installation at Universal Stainless & Alloy Products Inc.’s Bridgeville, Pennsylvania facility. The company already has five VAR furnaces operational at its Titusville, Pennsylvania facility. The project, including equipment and installation, will cost Universal $2 million to $2.5 million and will be financed through the company’s existing credit facility. The furnace is expected to be operational in October. Mac McAninch, Universal Stainless’ president and CEO said, “Our decision to invest in additional VAR capacity is in response both to immediate need and to expected demand based on customer and industry forecasts for the next three to five years. We project payback for this investment to be less than one year.” Vacuum arc remelting is a process required to produce high quality grades of steel for aerospace applications. Universal Stainless & Alloy Products produces semi-finished and finished specialty steels, including stainless steel, tool steel, and certain other alloyed steels. The Company's products are sold to original equipment manufacturers, service centers, forgers, rerollers and wire redrawers.