Universal Stainless & Alloy Products Inc. USAP said Tuesday it’s raising the base price of plate products by 5% to 10%. The increase will go into effect immediately, while material and energy surcharges will remain in effect. “We continue to experience cost increases across all areas of our business, and it is necessary for us to adjust our pricing to keep up with this higher cost burden,” said Brian Kane, vice president of sales and marketing, in a statement. the Bridgeville, Pa.-based company, which makes products for the aerospace, power generation, oil and gas and heavy equipment manufacturing industries, has twice this year raised prices on bar products, on May 10 and March 8. It raised prices of bot plate products and bar products several times in 2022 and raised the nickel premium used in its raw material surcharge calculation in March. The stock has gained 40% in the year to date, while the S&P 500 SPX has gained 7.7%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.