Universal Stainless & Alloy Products to raise base price on bar products by 5% to 10% to combat supply chain cost pressures

Universal Stainless & Alloy Products Inc.
USAP,
-2.29%
said Monday it’s raising base prices on bar products by 5% to 10% in its latest move to combat inflationary pressures. “Supply chain cost pressures persist,” said Brian Kane, vice president for sales & marketing. “The price adjustment is necessary to mitigate the realized cost burden while continuing to invest in equipment and technologies to remain globally competitive.” The Bridgeville, Pa.-based company raised the base price of plate products by 5% to 10% in May. The stock has gained 128% in the year to date, while the S&P 500
SPX,
-0.02%
has gained 19%.