Exhibit 99.1
November 6, 2019
VIA FEDERAL EXPRESS AND EMAIL
Craig C. Bram
President and Chief Executive Officer
Synalloy Corporation
4510 Cox Road, Suite 201
Richmond, VA 23060
Dear Mr. Bram:
On behalf of the Board of Directors of Universal Stainless & Alloy Products, Inc. (the “Company”), I am writing in response to the unsolicited letter from you, dated October 14, 2019 (the “Interest Letter”), on behalf of the Board of Directors of Synalloy Corporation (“Synalloy”), expressing the interest of Synalloy in exploring a potential business combination between Synalloy and the Company.
The Company’s Board of Directors carefully and thoroughly reviewed the contents of the Interest Letter, with the benefit of advice from the Company’s independent financial and legal advisors. While appreciative of Synalloy’s indication of interest in the Company, our Board of Directors unanimously concluded that the pursuit of a potential business combination with Synalloy is not in the best interests of the Company and its stockholders. Our Board of Directors strongly believes that it would be more beneficial to our stockholders for the Company to continue to execute its current business strategies rather than combine with Synalloy.
Sincerely,
/s/ Dennis M. Oates
Dennis M. Oates
Chairman of the Board,
President and Chief Executive Officer
600 Mayer Street, Bridgeville, PA 15017phone 412.257.7600web www.univstainless.com