According to a report released by Universal Stainless Alloy Products (USAP), in 2020, its sales volume fell by nearly 25.7% year-on-year to 30,821 tons, and its net sales fell by about 26% year-on-year to $179.731 million. Among them, sales of advanced alloys (vacuum smelting products) fell by about 6.4% year-on-year to $35.239 million (the proportion increased from 15.5% in the previous year to 19.6%), and sales of special alloys including stainless steel fell by nearly 29.5% year-on-year to $141.838 million. In terms of terminal markets, sales to the aerospace, power generation, oil and gas, and heavy equipment markets all fell year-on-year, among which aerospace, the largest market, fell by nearly 28.5% to $121.9 million. The full-year gross profit turned from $27.638 million in the previous year to -$2.656 million, and the gross operating profit (EBITDA) turned from $26.671 million in the previous year to -$2.061 million (adjusted year-on-year decrease of about 71.8% to $7.905 million). The net loss for the full year reached $19.047 million, compared with a net profit of $4.275 million in the previous year.
In 2021, USAP's investment in advanced alloy production, including the addition of a vacuum arc remelting furnace and an 18-ton furnace, will expand production capacity and reduce costs.
