Universal Stainless to Add Vacuum Arc Remelt Furnace at Facility
Universal Stainless & Alloy Products Inc. (Bridgeville, Pa.) plans to purchase a sixth vacuum arc remelt (VAR) furnace, which will be installed at its Bridgeville facility. It is expected to be operational in October. The project, including equipment purchase and installation, is estimated to cost between $2 and $2.5 million and will be financed initially through the company's existing credit facility. According to the company, the decision to invest in additional VAR capacity is due to both an immediate need and expected demand based on customer and industry forecasts for the next three to five years. Universal Stainless & Alloy Products Inc. manufactures and markets semi-finished and finished specialty steels, including stainless steel, tool steel and certain other alloyed steels.