On October 24, 2023, Dennis M. Oates informed Universal Stainless & Alloy Products, Inc. (the ?Company?) that he would conclude his service as the Company?s President and Chief Executive Officer as of November 1, 2023 (the ?Effective Date?). Mr. Oates will remain as a member of the Company?s Board of Directors (the ?Board?) and, effective as of the Effective Date, will assume the role of Executive Chairman/Director. In his capacity as Executive Chairman/Director, Mr. Oates will receive from the Company the same salary and benefits that Mr. Oates received immediately prior to the Effective Date, subject to any later modification by the Compensation Committee of the Board.

Also on October 24, 2023, the Board appointed Christopher M. Zimmer President and Chief Executive Officer effective, November 1, 2023. Mr. Zimmer [50] is currently the Company?s Executive Vice President and Chief Operating Officer and has been in that role since April 3, 2023. Prior to that Mr. Zimmer served as the Company?s Executive Vice President and Chief Commercial Officer since 2014.

Mr. Zimmer served as the Company?s Vice President of Sales and Marketing from 2008 to 2014. Mr. Zimmer also previously served as Vice President of Sales and Marketing for Schmoltz+Bickenback USA from 1995 to 2008 and previously held positions of increasing responsibility, including inside sales, Commercial Manager ? stainless bar, General Manager ?

nickel alloy products and National Sales Manager. In connection with Mr. Zimmer?s appointment as President and Chief Executive Officer of the Company, the Board expanded the size of the Board to six members and appointed Mr. Zimmer to serve as a director of the Company effective as of the Effective Date.