EX-99.2

Investor Presentation

Growing Advanced Alloys

May 2018

NASDAQ: USAP

Exhibit 99.2

univstainless.com

Forward Looking Statement

Except for historical information contained herein, the statements in this presentation 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 concentrated nature of the Company’s customer base to date and the Company’s dependence on its

significant customers; the receipt, pricing and timing of future customer orders; changes in product mix; the limited

number of raw material and energy suppliers and significant fluctuations that may occur in raw material and energy

prices; risks related to property, plant and equipment, including the Company’s reliance on the continuing

operation of critical manufacturing equipment; risks associated with labor matters; 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 and matters; risks related to

acquisitions that the Company may make; 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 Securities and Exchange Commission (SEC) over the last 12 months, 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 this data is considered “non-GAAP financial

measures” 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

financial measure is provided.

Universal Stainless At a Glance

•

Leading manufacturer of specialty steel

products focused on creating sustainable

value for all stakeholders

•

Fully integrated and geographically

contiguous operations designed to ensure

quality and consistency of products to meet

customer demands

•

Products are specifically tailored to address

the aerospace, heavy equipment / auto, power

generation and oil & gas markets through

service centers, OEMs, forgers and rerollers

Overview

Semi-Finished Products

Finished Products

Sales by End Market

Q1 2018

2017

Q1 2018

Sales by Customer Type

Company History —

Transformational Acquisitions;

Expansion in Premium Alloys Unfolding

Acquired Bridgeville, PA Facility

•

Company

was

founded

conjunction

with

the

acquisition

the Bridgeville Facility

•

Capabilities included melting

and rolling semi-finished

specialty steel products

Acquired Titusville, PA Facility

•

Expanded production

capability

for aerospace and

power generation applications

Acquired

Dunkirk, NY Facility

•

Purchase of a finishing facility

transformed the Company into a

fully integrated manufacturer

of specialty steel products

Acquired North Jackson, OH Facility

•

Construction-stage

facility

with

state-of-the-art

radial

forge,

Vacuum Induction Melting (VIM) furnace, Vacuum Arc Remelting

(VAR) furnaces and other heat treating / finishing equipment —

now

fully

operational

•

Fast-tracks

the

Company’s

move

toward

technologically

advanced

alloys

for

aerospace,

power

generation

and

oil

gas

markets; accelerates profit growth

Poised for Growth

•

USAP

continues

grow

premium alloy sales and is

focused on margin expansion

through

process integration and

improving product mix

•

Significant additional available

capacity

to deliver growth

Strategic Objectives

Grow our portfolio of technologically advanced, higher-margin alloys

Increase and broaden penetration in key, growing end markets

Optimize Universal’s integrated manufacturing system

Targeted capital investment

Relentless focus on operational improvement

Expand targeted customer approvals for new products

Increase USAP Margins

•

Improve cycle times, yields company-wide

•

Reduce 3rd party costs with internal forge & finish capability

•

Eliminate capacity constraints in re-melting

•

Move up value chain with Vacuum Induction Melting (VIM) of

technologically advanced premium metals

•

Expand product and tolling reach with advanced radial hydraulic

forging technology

Expand Addressable Markets

•

Selected premium alloy markets in aerospace, power generation,

oil & gas & high end manufacturing

•

Larger and longer squares, rounds, bars and custom shapes

•

International markets

Excel in Industry Lead-times and Customer Service

Acquisition of North Jackson —

Fast Track Key Strategic Initiatives

New Customer Approvals Received

2016 —

2017:

New Products Under Development

as of the end of Q1 2018:

Premium Alloys as Percentage

Sales:

New Products Developed

January 2017 through Q1 2018:

Q1 2018

2017

13.5%

18.6%

Moving Toward Higher-Value Alloys

Premium alloys represent all Vacuum Induction Melted (VIM) products.

Acquisition of North Jackson in 2011

•

State-of-the-art hydraulic radial forge; VIM furnace

•

Added key capabilities in aerospace, power

generation and oil & gas applications

Successful market entry into aerospace parts,

landing gear, helicopter rotor masts and gears, and

drill shafts for oil & gas applications

Continue to Penetrate Key End Markets

•

Opportunity for continued growth in aerospace due

to a more comprehensive product offering

•

Oil & gas presents an upside opportunity given

market recovery

•

Growth in high end industrial applications and

infrastructure

Premium Alloys to Drive Margin Accretion

•

Continued growth in higher-value premium alloy

sales expected to be accretive to gross margin

Strong Momentum for Premium Alloys

•

Accelerated sales growth for Q1 2018 premium

alloys, which grew 83.2% compared with Q1 2017,

contributed to overall sales growth

Integrated Manufacturing Process

*AOD: Argon Oxygen Decarburization

VIM: Vacuum Induction Melting

VAR: Vacuum-Arc Remelting

ESR: Electro-Slag Remelting

VIM

AOD

VAR

ESR

Primary Melt / Remelt*

Rotary Forge

Large Diameter Forged Bar

Rolling Mill

Reroll /

Forging

Billet

Plate

Bloom

Bar

Bridgeville / North Jackson / Dunkirk

Hot Working

Bridgeville / North Jackson / Titusville

Bar

Rod & Wire

Shapes

Dunkirk / North Jackson

Titusville

Finishing

Specialty Shapes

•

Delivering a broad set of product offerings starting from either VIM or AOD melt capability

•

Consistent operating model; integrated quality systems; sharing best practices

Business Model Provides Unique Leverage to

Market Improvements

Unique Leverage to Market Recoveries

•

A majority of sales are made to service centers,

forgers and re-rollers

•

Higher concentration of service center sales

translates into greater benefit in recovering markets

Representative Customers —

Direct and Indirect

Sales by Customer Type

Delivering Growth in 2018

•

Aerospace market is strong; increasing optimism

among oil & gas customers; tool steel plate market

remains healthy

•

Q1 2018 sales of $63.7 million up 30.4% from Q1

2017

•

Q1 2018 backlog of $90.6 million, up 16.7%

sequentially, and up 58.8% from Q1 2017

Highest backlog levels since Q2 2012

•

Bookings at the highest level since Q1 2012

2017

Q1 2018

Service

Centers

(69%)

Rerollers

(12%)

OEM

(8%)

Forgers

(9%)

Other

(2%)

Rerollers

(13%)

OEM

(7%)

Forgers

(8%)

Other

(2%)

Service

Centers

(70%)

End Markets —

Overview

Aerospace

•

Airbus / Boeing record backlog equal to

~8 years of production

•

Passenger traffic growth rate at record

levels, driving aftermarket demand

•

Industry and our customers are healthy

•

Expanding OEM participation

•

Light vehicle production levels are

expected to remain strong

•

Off-road equipment sector in strong

recovery

•

Tool steel requirements expected to

continue shift to domestic supply

•

Natural gas continues to supplant coal

as a source of electricity generation

•

Solid maintenance business on higher

utilization

•

Short term weakness in new turbine

market as evidenced by recent GE &

Siemens announcements

Power Generation

•

Increasing customer optimism in

improving market with stronger oil prices

($60+ per barrel), growing US rig count

and better international outlook

•

Uptick in oil & gas demand represents

an upside opportunity

Oil & Gas

Sales by Customer

Type Q1 2018

Source:

Wall Street research, Boeing, Airbus.

Years of production is calculated by adding the total backlog for Boeing and Airbus and dividing by the cumulative average annual production for 2018E-2020E

Heavy Equipment / Auto

End Markets —

Aerospace

Source:

Wall Street research, IATA, Boeing Current Market Outlook 2017-2036.

Revenue per Kilometers figures are estimates based on historical figures and forecasted RPK growth rates.

Robust Aircraft Delivery Schedule

The USAP Opportunity

•

Aircraft production growth rates, combined with new

customer approvals, are driving increased demand for

premium alloys from USAP

•

USAP’s alloys are used across a variety of aircraft

applications, from the airframe to the engines

Aerospace Market Remains Robust

•

Airbus and Boeing delivery schedules expected to

continue

recent

growth

—

combined

backlog

equal

~8 years of production

•

Passenger traffic remains strong, growing above

expectations in 2017, which is driving strong aftermarket

demand for specialty metals

•

Defense spending supports specialty metal demand

Illustrative Product Applications in Aero

Passenger Traffic Growth Remains Strong (RPK)

Landing

Gear

Hinges &

Actuators

Rings &

Casings;

Bearings

Hydraulic

Systems

Forged

Titanium

Components

Lavatory

Flush

Systems

635

688

718

761

833

762

748

763

813

850

1,397

1,436

1,481

1,574

1,683

500

1,000

1,500

2,000

2015

2016

2017

2018E

2019E

Airbus

Boeing

(Boeing and Airbus Deliveries)

4.6

4.9

5.3

5.6

5.9

6.2

6.7

7.1

7.6

8.0

8.4

17.8

0.0

2.0

4.0

6.0

8.0

10.0

'08

'09

'10

'11

'12

'13

'14

'15

'16

'17

'18E

'19E

'36E

(RPKs

in trillions)

18.0

U.S. Light Vehicle Population and Avg Vehicle Age

End Markets —

Heavy Equipment / Auto

Source: Wall Street Research, U.S. Bureau of Economic Analysis, Light Weight Vehicle Sales retrieved from Federal Reserve Bank of St. Louis as of December 2017.

Robust U.S. Light Vehicle Sales

The USAP Opportunity

•

While opportunity for tool steel is primarily driven by the

auto sector, off-road / large vehicles also require significant

tooling

•

Demand for tool steel is heavily correlated with cadence of

new

model

introductions

—

new

models

require

OEMs

re-tool factories

•

Higher unit production levels also drive demand, as re-

tooling is required for existing models

Positive Demand Dynamics for Tool Steel

•

New model introductions are expected to accelerate in the

next few years, bolstering tool steel demand

•

Strong levels of North American light vehicle production FY

2017 at 17.2 million units; 16% greater than the ten year

average production rate

•

Average age of light vehicles continues to increase.

However, this is expected to plateau given anticipated ramp

in future light vehicle sales

•

Significant recovery in off-road equipment sales in 2017

(i.e. Caterpillar)

•

Share capture from imported tool steel product

End Markets —

Oil & Gas

The USAP Opportunity

•

Oil & gas sales have accounted for ~10% of revenue

since 2013 —

customer optimism continues to

increase

•

Expanded North Jackson high-value product offering;

positioned to seize opportunities in oil & gas market

Oil & Gas Showing Signs of Recovery, but

Remains Below 2014 Highs

•

Current oil prices in $60+/bbl range recently up ~50%

since bottoming in 2016

•

Firmer commodity prices are driving higher rig counts

and drilling activity; year-end 2017 US rig count up

72.4% vs. PY

Source: Wall Street research, Capital IQ, Baker Hughes, U.S. EIA and Bloomberg Estimates as of April 2018.

2006-2016 Average Rig Count is the sum of the average weekly and monthly rig counts for the U.S. and Canada, respectively. 2017-2020E sourced through Wall Street research.

End Markets —

Power Generation

Source:

Capital

IQ,

U.S.

Energy

Information

Administration

Annual

Energy

Outlook

–

Reference

Case

(2017),

Bloomberg

Estimates

April

2018.

The USAP Opportunity

•

Continued emphasis on increased efficiency and

reduced emissions necessitate higher operating

temperatures and therefore more advanced alloys

•

USAP’s specialty and premium alloys are used in

critical gas-powered turbine components

Shift Toward Natural Gas Power Generation

•

Natural gas continues to supplant coal as a leading fuel

for electricity generation, led by demand from the

industrial and electric power sectors

•

By 2040, natural gas is expected to account for nearly

40% of U.S. power generation

•

Current demand is driven primarily by maintenance

business —

upside potential from new turbine market in

the long term

Natural Gas Prices Support Shift to Gas Turbines

Universal Stainless —

Advancing Our Position to

Serve Clients and Achieve Profitable Growth

Successful progress in strategy execution has

strengthened operations, expanded product offerings

Transformative acquisition

of North Jackson expands

addressable markets + moves up value chain in products

Growing ability to capture aerospace, oil & gas, and power

generation opportunities and better serve all end markets

Commitment to responsible capital investment supported

by solid operating cash flow and balance sheet

Experienced management team relentlessly focused on

operational improvement, customer service, profitable growth

Financial Performance

Review

univstainless.com

Historical Financial Performance

•

Net sales increase of 30.4% for Q1 2018 driven by

improvements in nearly all end markets compared

with PY

•

Accelerated sales growth for Q1 2018 premium

alloys, which grew 103.1% compared with Q1 2017,

contributed to overall sales growth

•

Improved average dollar per ton shipped in FY 2017

was primarily a result of increased sales of higher

value premium alloys

Historical Financial Performance (Cont.)

•

Increase in Q1 2018 EBITDA driven by top-line

growth, operational productivity enhancements,

improved operating leverage and favorable product

mix

•

Capex remains focused on high-return manufacturing

enhancements and maintenance projects

•

In Q1 2018 Cash Flow from Ops was impacted by an

increase in working capital to support topline growth

Increased sales drove $8.6 million in Accounts

Receivables

Inventory increased $3.8 million on increased backlog

See page 23 for reconciliation to GAAP Net Income.

Represents Long-Term Debt plus Current Portion of Long-Term Debt less Deferred Financing Costs. Q1 ’18 includes Long-Term NMTC Liability of $3.0m

Gross Margin %

Commodity Price Per Pound

Commodities & Gross Margin %

•

Gross margin increase in recent quarters was primarily attributable to operational productivity

enhancements, improved operating leverage combined with significant improvement in the alignment

of customer surcharges and commodity input costs

•

Recent increases in core commodities resulted in improved alignment of input costs and customer

surcharges

•

Gross margin for the full year of 2017 negatively impacted by temporarily higher maintenance and

outsourcing costs, as well as impact of facility fires in second half of year

Source: Internal Company Commodity Analysis.

Misalignment of input costs and customer surcharges

Low volumes / poor operating leverage

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

0.18

$0.20

$14

Mar-16

Jul-16

Nov-16

Mar-17

Jul-17

Nov-17

Mar-18

Nickel (left)

Moly (left)

Iron Scrap (right)

15.6%

10.2%

10.5%

-0.9%

-2.8%

3.4%

10.6%

11.9%

9.1%

8.7%

13.6%

10.7%

12.3%

14.5%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

2014

'15

'16

'17

'18

Universal Stainless —

A Leader in Specialty Metals

Leading Manufacturer of Specialty Steel Products

Fully Integrated, Geographically Contiguous Operations

Improve Supply Chain Efficiency

Transitioning to Higher-Value Premium Alloy Sales

Well-Positioned to Further Penetrate Attractive End

Markets

Meaningful Leverage to Improving Market Environment

Significant Financial Flexibility Provided by Recent

Refinancing

Experienced Management Team Relentlessly Focused on

Operational Improvement, Customer Service and Safety

Appendix

univstainless.com

Adjusted EBITDA Reconciliation to GAAP Net Income

Adjusted EBITDA is not a recognized term under GAAP and does not purport to be an alternative to our net (loss) income determined in accordance with GAAP. We believe that Adjusted EBITDA provides

information that is useful to investors because it allows for a more direct comparison of our performance for the period reported with our performance in prior periods. Because all companies do not use identical

calculations, the presentation of our Adjusted EBITDA may not be comparable to similarly titled measures of other companies.

($ in thousands)

2010

2011

2012

2013

2014

2015

2016

2017

Q1 2017

Q1 2018

Net (loss) income

$13,242

$18,122

$14,617

($4,062)

$4,050

($20,672)

($5,347)

$7,610

($1,219)

$2,125

Interest expense

435

1,265

2,284

2,598

3,035

2,324

3,659

4,022

939

1,142

Provision (benefit) for income taxes

6,821

10,356

6,334

(2,504)

3,149

(12,144)

(3,526)

(7,601)

(262)

777

Depreciation and amortization

5,486

8,851

14,368

16,280

17,476

18,608

18,533

18,823

4,717

4,756

EBITDA

$25,984

$38,594

$37,603

$12,312

$27,710

($11,884)

$13,319

$22,854

$4,175

$8,800

Adjustments to EBITDA

Share-based compensation expense

1,819

1,580

1,649

1,827

2,082

1,865

1,405

1,564

534

326

Write-off of deferred financing costs

768

Goodwill impairment

20,268

Adjusted EBITDA

$27,803

$40,174

$39,252

$14,139

$29,792

$10,249

$15,492

$24,418

$4,709

$9,126

Questions & Answers

Thank You!

univstainless.com