Universal Stainless & Alloy Products : 2022 Jefferies Industrials Conference

Growing Capabilities; Poised for Growth

Jefferies Industrials Conference

August 9, 2022	univstainless.com

Forward Looking Statement

Except for historical information contained herein, the statements in this release are forward-looking statements that are made pursuant to the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to differ materially from forecasted results. Those risks include, among others, the Company's ability to maintain its relationships with its significant customers and market segments; the Company's response to competitive factors in its industry that may adversely affect the market for finished products manufactured by the Company or its customers; the Company's ability to compete successfully with domestic and foreign producers of specialty steel products and products fashioned from alternative materials; changes in overall demand for the Company's products and the prices at which the Company is able to sell its products in the aerospace industry, from which a substantial amount of our sales is derived; the Company's ability to develop, commercialize, market and sell new applications and new products; the receipt, pricing and timing of future customer orders; the impact of changes in the Company's product mix on the Company's profitability; the Company's ability to maintain the availability of raw materials and operating supplies with acceptable pricing; the availability and pricing of electricity, natural gas and other sources of energy that the Company needs for the manufacturing of its products; risks related to property, plant and equipment, including the Company's reliance on the continuing operation of critical manufacturing equipment; the Company's success in timely concluding collective bargaining agreements and avoiding strikes or work stoppages; the Company's ability to attract and retain key personnel; the Company's ongoing requirement for continued compliance with laws and regulations, including applicable safety and environmental regulations; the ultimate outcome of the Company's current and future litigation matters; the Company's ability to meet its debt service requirements and to comply with applicable financial covenants; risks associated with conducting business with suppliers and customers in foreign countries; public health issues, including COVID-19 and its uncertain impact on our facilities and operations and our customers and suppliers and the effectiveness of the Company's actions taken in response to these risks; risks related to acquisitions that the Company may make; the Company's ability to protect its information technology infrastructure against service interruptions, data corruption, cyber-based attacks or network security breaches; the impact on the Company's effective tax rates from changes in tax rules, regulations and interpretations in the United States and other countries where it does business; and the impact of various economic, credit and market risk uncertainties. Many of these factors are not within the Company's control and involve known and unknown risks and uncertainties that

may cause the Company's actual results in future periods to be materially different from any future performance suggested herein. Any unfavorable change in

the foregoing or other factors could have a material adverse effect on the Company's business, financial condition and results of operations. Further, the Company operates in an industry sector where securities values may be volatile and may be influenced by economic and other factors beyond the Company's control. Certain of these risks and other risks are described in the Company's filings with the SEC, including the Company's Annual Report on Form 10-K for the year ended December 31, 2021, copies of which are available from the SEC or may be obtained upon request from the Company.

Non-GAAP Financial Measures

Some of the information included in this presentation is derived from the Company's consolidated financial information but is not presented in the Company's financial statements prepared in accordance with U.S. Generally Accepted Accounting principles (GAAP). Some of the data is considered "non- GAAP financial measure" under SEC rules. These non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measure. Reconciliation to the most directly comparable GAAP measure is provided.

© Copyright 2022 Universal Stainless & Alloy Products, Inc. All Rights Reserved.

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Universal Stainless (USAP): Poised for Growth

Our Record Order

Backlog has increased

65%in 1H 2022

$M

• Markets rapidly recovering from COVID; especially aerospace
• • • Sequential sales growth accelerating
    • • Plant activity levels on the rise
    • Strategic capital projects continuing
  • Premium products trending toward record year
  • • Solid financial footing
  • Capital spend supports premium product growth
  • • Continued margin expansion

© Copyright 2022 Universal Stainless & Alloy Products, Inc. All Rights Reserved.

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Universal Stainless - A Leader in Specialty Metals

Covid challenges are easing

Well-Positioned for Long-Term Further Penetration into

Attractive End Markets

Continue Growth in Higher-Value Premium Alloy Sales

Optimize Universal's Integrated Manufacturing System

Expand Customer Approvals for New Products

Targeted Capital Investment

Experienced Management Team Relentlessly Focused on Operational Improvement, Customer Service, and Safety

© Copyright 2022 Universal Stainless & Alloy Products, Inc. All Rights Reserved.

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Universal Stainless At A Glance

Overview

• A leading manufacturer of specialty steel products focused on creating sustainable value for all stakeholders
• Products are tailored to address specific niches in various end markets:
  o Aerospace
  o Heavy Equipment / Auto
  o Oil & Gas / Power Generation
  o General Industrial / Semiconductor
• Fully integrated and geographically contiguous operations designed to ensure quality and consistency of products to meet customer demands
  o Service centers o Rerollers
  o Forgers o OEM's
• Partner with OEMs to obtain strategic product approvals, enabling USAP to sell its approved products into the OEM's supply chain of service centers, rerollers and forgers

2022 1st Half Sales by End Market & Channel

Sales By End Market

Sales by Channel

Representative Customers

Semi-Finished Products

Finished Products

Ingots

Reroll / Forging Billet

Plate

Flat Bar

Forged Bar

Rolled Bar

Rod

Special Shapes

© Copyright 2022 Universal Stainless & Alloy Products, Inc. All Rights Reserved.

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