Universal Stainless stockholders approve acquisition

Universal Stainless & Alloy Products Inc., headquartered in Bridgeville, Pennsylvania, announced Jan. 15 that its stockholders have voted to approve the company’s pending acquisition by Aperam S.A., headquartered in Luxembourg.

Aperam, a global player in stainless, electrical and specialty steel and recycling with customers in more than 40 countries, announced its intention to acquire Universal in October of last year. 

Under the terms of the merger agreement governing the proposed acquisition, Universal stockholders are entitled to receive $45 per share in cash for every share of Universal common stock they own immediately prior to the effective time of the merger.

Approximately 99 percent of the shares voted (excluding abstentions) were in favor of the merger, which represented approximately 68 percent of the total outstanding shares of Universal common stock as of Nov. 22, 2024, according to Universal.

Assuming satisfaction of remaining closing conditions, the transaction is expected to close in 2025 later this quarter.

Universal Stainless & Alloy Products was established in 1994 and manufactures and markets semifinished and finished specialty steels, including stainless steel, nickel alloys, tool steel and certain other alloyed steels. Its products are used in a variety of industries, including aerospace, energy and heavy equipment manufacturing. The company has recycled-content melt or remelt shops in Bridgeville and North Jackson, Ohio, and shipped about 32,000 tons of metal in 2023.

Aperam is organized into four primary operating segments: Stainless & Electrical Steel, Services & Solutions, Alloys & Specialties and Recycling & Renewables.

The company has flat Stainless and Electrical steel capacity of 2.5 million metric tons in Brazil and Europe and is a leader in high-value specialty products. In addition to its six production facilities in Brazil, Belgium and France, Aperam has an integrated distribution, processing and services network and the capability to produce stainless and special steels from low-cost biomass. The company shipped 2.2 million metric tons of metal in 2023.

Following the transaction’s closing, Universal would provide Aperam with its first U.S. manufacturing capability and broaden its geographic presence and product range by expanding its presence in high-growth aerospace and industrial sectors.