Financial Performance - Net sales for the three months ended September 30, 2024, were $227.2 million, a decrease of $127.0 million, or 35.9%, compared to the same period in 2023[67]. - Net sales for the nine months ended September 30, 2024, were $843.5 million, a decrease of $190.8 million, or 18.4%, compared to the same period in 2023[70]. - Gross profit for the three months ended September 30, 2024, decreased by $38.9 million, or 76.3%, compared to the same period in 2023[72]. - Gross profit for the nine months ended September 30, 2024, decreased by $58.3 million, or 40.2%, compared to the same period in 2023[74]. - For the three months ended September 30, 2024, total net sales were $227.2 million, with base sales of $182.0 million after deducting surcharges of $45.2 million[84]. - The company shipped a total of 119.9 thousand tons in Q3 2024, with net sales per ton averaging $1,895[84]. - In the nine months ended September 30, 2024, total net sales reached $843.5 million, with base sales of $669.3 million after deducting surcharges of $174.2 million[86]. Liquidity and Capital Expenditures - The company reported total liquidity of $496.8 million, including cash and cash equivalents of $254.6 million as of September 30, 2024[66]. - As of September 30, 2024, cash and cash equivalents totaled $30.3 million, down from $280.6 million on December 31, 2023[92]. - Total liquidity as of September 30, 2024, was $496.8 million, compared to $539.4 million on December 31, 2023[92]. - The company expects capital expenditures of approximately $65 million in 2024, including $15 million funded by the U.S. government[93]. - Capital investments for the three and nine months ended September 30, 2024, were $17.6 million and $49.1 million, respectively[65]. Share Repurchase and Debt - The company repurchased 1.2 million and 1.8 million common shares at an aggregate cost of $20.1 million and $34.1 million for the three and nine months ended September 30, 2024, respectively[66]. - The company repurchased approximately 1.2 million common shares for $20.1 million in Q3 2024, averaging $17.29 per share[97]. - For the nine months ended September 30, 2024, the company repurchased approximately 1.8 million common shares at an aggregate cost of $34.1 million, averaging $18.82 per share[98]. - The company has $106.3 million remaining on its authorized share repurchase program as of September 30, 2024[98]. - The company has $13.2 million of aggregate debt outstanding as of September 30, 2024, with no variable interest rates[110]. - As of September 30, 2024, the company has $13.2 million of aggregate debt outstanding, with none of it having variable interest rates, thus a rise in interest rates would not impact interest expense at this time[110]. Expenses and Tax Rate - SG&A expense for the three months ended September 30, 2024, increased by $2.0 million, or 9.8%, compared to the same period in 2023[75]. - SG&A expense for the nine months ended September 30, 2024, increased by $5.4 million, or 8.7%, compared to the same period in 2023[76]. - The effective tax rate for Q3 2024 was 16.9%, a decrease of 11.4% compared to 28.3% in Q3 2023, primarily due to lower income before income taxes[82]. Government Funding and Insurance Recoveries - The company received $35.5 million and $45.5 million from the U.S. government for the three and nine months ended September 30, 2024, as part of a $99 million funding agreement[66]. - The company recognized insurance recoveries of $31.3 million related to unplanned downtime at the Faircrest melt shop in 2022, with $9.8 million received in Q1 2023 and $1.5 million in Q2 2023[81]. Risk Factors - The company is exposed to commodity price fluctuations primarily related to purchases of raw materials and energy, including scrap steel and other metals, which could lead to significant volatility in prices and supply chain disruptions[112]. - The company manages commodity price risk through supplier pricing agreements and a raw material surcharge mechanism, which helps maintain gross margins during periods of stable demand[113]. - Current global conflicts could exacerbate inflationary pressures and lead to potential market disruptions, although the company has not been materially impacted to date[112]. - Currency fluctuations may impact earnings, particularly as sales are primarily made to customers in the United States, with potential effects on raw material prices in foreign markets[111]. Credit Facilities - The company entered into a Fourth Amended and Restated Credit Agreement, extending the maturity date of its credit facility from October 2024 to September 2027, maintaining a capacity of $400.0 million[88]. - The interest rate on borrowings under the credit facility is now based on a two-tiered schedule, with applicable rates decreasing by 25 basis points[88]. Cash Flow - Net cash provided by operating activities for the nine months ended September 30, 2024, was $26.4 million, a decrease from $51.2 million in the same period of 2023[101]. - The company continues to evaluate its liquidity needs and potential access to equity and debt capital markets for additional financing if necessary[94].

Financial Performance - Net sales for Q3 2024 were $227.2 million, a decrease of 23% from $294.7 million in Q2 2024 and a 36% decrease from $354.2 million in Q3 2023[1][2][3] - The company reported a net loss of $5.9 million for Q3 2024, compared to a net income of $4.6 million in Q2 2024 and $24.8 million in Q3 2023[1][2][3] - Adjusted EBITDA for Q3 2024 was $6.1 million, down from $19.9 million in Q2 2024 and $46.8 million in Q3 2023[1][2][3] - Net sales for the three months ended September 30, 2024, were $227.2 million, a decrease of 35.8% compared to $354.2 million for the same period in 2023[19] - Gross profit for the nine months ended September 30, 2024, was $86.8 million, down 40.2% from $145.1 million in the prior year[19] - Net income for the three months ended September 30, 2024, was a loss of $5.9 million, compared to a profit of $24.8 million in the same period last year[19] - Basic earnings per share for the three months ended September 30, 2024, were $(0.13), compared to $0.56 for the same period in 2023[19] - The net income for the three months ended September 30, 2024, was a loss of $5.9 million, resulting in a net income margin of -2.6%, compared to a profit of $24.8 million and a margin of 7.0% in the same quarter of 2023[33] - The adjusted EBITDA for the nine months ended September 30, 2024, was $69.4 million, with an adjusted EBITDA margin of 8.2%, compared to $133.3 million and 12.9% in 2023[33] - The company reported a diluted earnings per share of $0.49 for the nine months ended September 30, 2024, down from $1.43 in 2023[29] Liquidity and Capital Structure - The company had total liquidity of $496.8 million as of September 30, 2024, with cash and cash equivalents of $254.6 million[1][8] - Total current assets decreased to $602.0 million as of September 30, 2024, from $656.8 million at the end of 2023, a decline of 8.3%[20] - Total liabilities decreased to $420.7 million as of September 30, 2024, from $443.7 million at the end of 2023, a reduction of 5.2%[20] - Cash and cash equivalents were $254.6 million as of September 30, 2024, down from $280.6 million at the end of 2023[20] - The company reported a retained deficit of $(31.0) million as of September 30, 2024, improving from $(53.7) million at the end of 2023[20] - Total shareholders' equity decreased to $712.7 million as of September 30, 2024, from $731.6 million at the end of 2023, a decline of 2.4%[20] - Total liquidity as of September 30, 2024, was $496.8 million, down from $539.4 million at the end of 2023[46] Operational Metrics - Ship tons decreased by 20% sequentially to 119,900 tons, primarily due to lower aerospace & defense and automotive shipments[6][7] - The company shipped a total of 175.8 thousand tons in Q3 2024, compared to 205.9 thousand tons in Q3 2023, indicating a decline in shipment volume[38] - The average net sales per ton for the total was $2,015, with industrial at $2,028 and aerospace & defense at $2,580[40] - The company reported surcharges per ton of $493 for the total, with industrial at $543 and automotive at $431[40] - The aerospace & defense segment generated base sales of $25.6 million in Q3 2024, reflecting a decrease from previous periods[39] Future Outlook - The company anticipates aerospace & defense sales to exceed $250 million in 2026, driven by increased order activity and ongoing investments[5] - Capital expenditures for 2024 are expected to be approximately $65 million, including $15 million funded by the U.S. government[12] Shareholder Actions - The company repurchased approximately 1.2 million shares for $20.1 million in Q3 2024, totaling 1.8 million shares repurchased for $34.1 million year-to-date[10] Tax and Other Financial Considerations - An effective income tax rate in the low 20% range is expected for the full year 2024[12] - The company incurred stock-based compensation expense of $3.5 million for the three months ended September 30, 2024, compared to $3.0 million in the same period of 2023[21] - The company recognized an insurance recovery of $11.3 million in the first half of 2023 related to unplanned operational downtime, with $9.8 million recorded in Q1 and $1.5 million in Q2[31] - Business transformation costs for the nine months ended September 30, 2024, amounted to $1.5 million, while IT transformation costs were $3.4 million[29] - The loss on extinguishment of debt for the nine months ended September 30, 2024, was $11.4 million, contributing to the overall financial adjustments[29]

Net sales of $227.2 million with net loss of $5.9 million and adjusted EBITDA(1) of $6.1 million Invested $17.6 million in capital expenditures and deployed $20.1 million to repurchase shares Strong total liquidity(2) of $496.8 million as of September 30, 2024 Company remains on track with investments to increase capacity in support of the U.S. Army's mission of ramping up munitions productionCANTON, Ohio, Nov. 7, 2024 /PRNewswire/ -- Metallus (NYSE: MTUS), a leader in high-quality specialty metals, manufa ...

Company Overview - Metallus, formerly known as TimkenSteel, is a leader in high-quality specialty metals, manufactured components, and supply chain solutions [1] - The company operates in Canton, Ohio, and specializes in high-performance specialty metals made from recycled scrap metal [2] - Metallus serves various demanding applications in industrial, automotive, aerospace & defense, and energy end markets [2] Financial Performance - Metallus reported sales of $1.4 billion in 2023 [2] - The company employs approximately 1,860 people [2] Upcoming Events - Metallus will release its third-quarter 2024 results on November 7, 2024, after market close [1] - A conference call with the financial community is scheduled for November 8, 2024, at 9:00 a.m. ET, which will be accessible via live Internet broadcast [1]

Company Overview - Metallus (NYSE: MTUS) is a leader in high-quality specialty metals, manufactured components, and supply chain solutions, with a focus on serving industrial, automotive, aerospace & defense, and energy end markets [6] - The company has been in the business of producing high-quality steel for over 100 years and employs approximately 1,890 people [6] - Metallus reported sales of $1.4 billion in 2023 [6] Recognition and Awards - Metallus has been named a 2024 NorthCoast 99 award winner by ERC, recognizing it as one of the top workplaces in Northeast Ohio for attracting and retaining top talent [1][3] - The NorthCoast 99 award program, launched 26 years ago, provides insights into effective policies and practices for talent management, including diversity, equity, inclusion, and employee engagement [2] Leadership and Culture - The recognition as a NorthCoast 99 award winner is attributed to the dedication and talent of Metallus' team, emphasizing the company's commitment to a culture of care, collaboration, communication, and growth [3] - Metallus aims to deliver exceptional value to customers, employees, and shareholders while maintaining its status as an industry leader [3] Industry Context - The NorthCoast 99 award winners are recognized for their ability to evolve and respond to the needs of today's talent, setting a benchmark for excellence in workplace practices [4]

Financial Data and Key Metrics Changes - In Q2 2024, net sales totaled $294.7 million, a sequential decrease of 8% from $321.6 million in Q1 2024 and down from $356.6 million in Q2 2023 [11][12] - Net income for Q2 2024 was $4.6 million, or $0.10 per diluted share, compared to $24 million, or $0.52 per diluted share in Q1 2024 and $28.9 million, or $0.62 per diluted share in Q2 2023 [11][12] - Adjusted EBITDA was $19.9 million in Q2 2024, reflecting a sequential decline primarily due to lower melt utilization and a decrease in raw material surcharge revenue [12][13] Business Line Data and Key Metrics Changes - Shipments in the industrial end market totaled 56,400 tons, a sequential decrease of 7% [13] - Automotive shipments increased by 2% to 67,800 tons, indicating steady customer demand despite supply chain disruptions [13][14] - Aerospace and defense shipments remained strong at 16,400 tons, consistent with Q1, but a decline is expected in Q3 due to customer order timing [13][14] Market Data and Key Metrics Changes - The industrial and energy markets continued to show weakness, with agricultural machinery investments being delayed due to higher prices and interest rates [7][14] - Imports of SBQ increased from 10% to 17% of the market, contributing to pressure on pricing [8] - Rail and mining markets are expected to remain soft for the year, impacting overall demand [7] Company Strategy and Development Direction - The company is focused on aligning production with demand, managing working capital, and investing in assets for future growth [4][5] - Significant capital investments are being made, including a $3.5 million grant from JobsOhio for facility expansion and a $99 million funding agreement with the U.S. Army for national defense efforts [9][10] - The company aims to enhance product quality and reliability while reducing costs through strategic investments in technology [10][19] Management's Comments on Operating Environment and Future Outlook - Management noted that sluggish demand in the spot market and high interest rates are impacting revenue expectations [24][25] - A sequential decline in shipments is anticipated for Q3, particularly in aerospace and defense, while automotive demand is expected to remain steady [21][22] - The company remains committed to controlling costs and investing in strategic initiatives despite current market challenges [33][34] Other Important Information - The company allocated $4.5 million towards safety initiatives, with a total annual safety investment projection of approximately $7 million [6] - Operating cash flow for Q2 was $8.3 million, supported by profitability and lower working capital [17][20] - The company repurchased 440,000 shares at a cost of $9.6 million during Q2, with a remaining authorization of $122.5 million for share repurchases [19][20] Q&A Session Summary Question: What were the biggest surprises in Q2? - Management highlighted the lack of demand from the spot market and the impact of customer mix on pricing as significant surprises [24][25] Question: How will automotive downtime affect future shipments? - Management indicated that automotive customers who experienced downtime are expected to recover in Q3, but demand from some OEMs may be reduced [26][27] Question: What is the expected drop-off in aerospace and defense shipments for Q3? - A significant drop is anticipated, with expectations to reset to prior year levels [28][30] Question: How is the company managing costs in the current market? - The company is focused on optimizing costs while implementing strategic investments in technology and employee training [33] Question: What is the status of the Bloom project? - The company has met several milestones for the Bloom project, with additional funding expected as milestones are achieved [35][46]

CANTON, Ohio, Aug. 9, 2024 /PRNewswire/ -- Metallus (NYSE: MTUS), formerly known as TimkenSteel and a leader in high-quality specialty metals, manufactured components, and supply chain solutions, released its second-quarter 2024 results on Thursday, August 8 on the New York Stock Exchange. The company will provide live Internet listening access to its conference call with the financial community scheduled for Friday, August 9, 2024, at 9:00 a.m. ET. The live conference call will be broadcast at investors.me ...

Metallus (MTUS) came out with quarterly earnings of $0.15 per share, missing the Zacks Consensus Estimate of $0.39 per share. This compares to earnings of $0.60 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of -61.54%. A quarter ago, it was expected that this maker of steel large bars and seamless mechanical tubing would post earnings of $0.35 per share when it actually produced earnings of $0.56, delivering a surprise of 60%. ...

fa UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-36313 METALLUS INC. (Exact name of registrant as specified in its charter) Ohio 46-4024951 (State or other jurisdiction of incorporation o ...

Exhibit 99.1 METALLUS Metallus Announces Second-Quarter 2024 Results • Net sales of $294.7 million with net income of $4.6 million and adjusted EBITDA (1) of $19.9 million • Operating cash flow of $8.3 million with ending cash and cash equivalents of $272.8 million • Invested $14.1 million in capital expenditures and deployed $9.6 million to repurchase common shares • Received initial payment from the U.S. government to fund additional capacity to support the Army's mission of ramping up munition production ...