Empire Specialty acquired

Empire Specialty Steel was acquired in mid-February 2002 by Universal Stainless & Alloy Products Inc. from the New York Job Development Authority, which had foreclosed on it for the sum of USD 4,000,000. Empire, with an annual capacity of about 50,000 tons per year, had ceased operations in June 2001, laying off 280 workers, 100 of which Universal expects to re-hire in the immediate future. With the experience gained in revitalising its idled steel facilities in Bridgeville and Titusville, PA, Universal plans to have the former Empire mill operational by the end of March 2002. Universal expects to invest USD 300,000–500,000 to renovate the existing facility.

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