Management’s Discussion and Analysis of Financial Condition and Results of Operations RESULTS OF OPERATIONSProperty Asset Purchase Agreement • February 28th, 2003 • Universal Stainless & Alloy Products Inc • Steel works, blast furnaces & rolling mills (coke ovens)
On February 8, 2002, the Company, through its wholly-owned subsidiary, Dunkirk Specialty Steel, LLC (“Dunkirk Specialty Steel”) entered into a Property Asset Purchase Agreement and a Real Property Purchase Agreement (the “Purchase Agreements”) with the New York Job Development Authority (the “JDA”) to acquire certain assets and real property formerly owned by Empire Specialty Steel, Inc. at its idled production facility located in Dunkirk, New York. These transactions were completed on February 14, 2002 and the facility became operational on March 14, 2002.
