Steelmaker Universal Stainless names new CFO

June 3, 2013

BRIDGEVILLE, Pa. (AP) -- Universal Stainless & Alloy Products Inc. has appointed a new chief financial officer following the departure of Douglas McSorley.

The Bridgeville, Pa.-based company said Monday that Michael Bornak has been named CFO, as well as vice president of finance and treasurer. Bornak succeeds McSorley, who has left the company to pursue new opportunities.

Bornak, 51, worked most recently as CFO for SeaChange International, a video services company. He has been CFO for companies in several industries, including railroad parts and packaging.

Universal Stainless' products include stainless steel and are used in aerospace, power generation, oil and gas and heavy equipment manufacturing. The company has said demand is slowly picking up from customers after a slump. Profit fell 19 percent to $14.6 million last year, while revenue was nearly unchanged at $251 million.

Shares of the company increased 38 cents to $32.07 in afternoon trading.