Shares of Universal Stainless & Alloy Products tumbled almost 15 percent yesterday after the Bridgeville-based specialty metals producer cut its third-quarter profit forecast in half, citing lower shipments to the aerospace market because of the strike at Boeing.

The company also said it had reached tentative agreement with the United Steelworkers union on a five-year labor agreement covering workers at its Bridgeville plant. Terms were not disclosed.

Universal said it expected to earn 35 cents to 40 cents per diluted share for the quarter ended Sept. 30, down from its previous forecast of 70 cents to 75 cents per share. Revenue will come in at $57 million to $58 million rather than the $60 million to $65 million previously forecast.

The results include a charge of $586,000, or 6 cents per share, for moving bar finishing operations from Bridgeville to its Dunkirk, N.Y., plant.

"Shipments from our Bridgeville facility were below forecast in September due to production inefficiencies coinciding with labor negotiations," said President and Chief Executive Officer Dennis Oates.

Mr. Oates said the company's order backlog has increased 4 percent since June 30.

Universal shares traded near levels last seen in early 2006 before finishing at $16.05, down $2.79. They are off 55 percent for the year.