USAP - Universal Stainless & Alloy Products Still Offers Significant Leverage To Improving Alloy Demand

• Universal's business appears to have bottomed, with the company returning to positive gross margin and posting a second consecutive quarter of sequential revenue and backlog growth.
• Aerospace is still well off pre-pandemic norms, but flight hours are improving, destocking seems to largely be over, and aircraft production targets are moving back up.
• Universal shares offer a leveraged play on specialty stainless steel demand growth, but it is not really suitable for a buy-and-hold investor.

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