Universal Stainless expects an improvement in its activity levels throughout this year and plans to make capital investments in its premium alloy division to increase capabilities and reduce costs.
The company’s premium alloys sales in 2020 totaled $35.3mn compared to $37.6mn in 2019. Its net sales through 2020 dropped to $179.7mn from $243mn in the previous year, according to its earnings report released on Wednesday.
The Pennsylvania-based company’s premium alloy sales in Q4 2020 totaled $6mn compared to $7.4mn in the same prior-year quarter and $9.2mn in Q3 2020. Net sales in Q4 2020 tallied at $31.3mn down from $55.2mn during the same quarter in 2019 and $37.4mn in Q3 2020.
The firm’s net loss in 2020 stood at $19mn compared to a net income of $4.3mn in 2019. Its net loss in Q4 2019 was at $7.3mn compared to a net income of $0.2mn in Q4 2019 and increased from a net loss of $7mn in Q3 2020.
In the fourth quarter of the year, the stainless-steel maker registered an EBITDA loss of $3.9mn compared to an EBITDA of $5.5mn in the fourth quarter of 2019 and higher than its EBITDA loss of $3.6mn in Q3 2020.