$MTUS

Metallus Inc.

CIK:0001598428|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 341.0	$ 304.6	$ 649.3	$ 585.1
Cost of products sold	306.9	272.4	590.1	531.0
Gross Profit	34.1	32.2	59.2	54.1
Selling, general and administrative expenses	23.7	22.9	45.9	47.2
Loss (gain) on sale or disposal of assets, net	0.0	0.0	0.2	(1.5)
Interest (income) expense, net	(0.1)	(1.3)	(0.5)	(2.8)
Loss on extinguishment of debt	0.0	3.6	0.0	3.6
Other (income) expense, net	(1.4)	(1.6)	(6.3)	(3.9)
Income (Loss) Before Income Taxes	11.9	8.6	19.9	11.5
Provision (benefit) for income taxes	3.0	4.9	5.6	6.5
Net Income (Loss)	$ 8.9	$ 3.7	$ 14.3	$ 5.0
Per Share Data:
Basic earnings (loss) per share	$ 0.21	$ 0.09	$ 0.34	$ 0.12
Diluted earnings (loss) per share	$ 0.21	$ 0.09	$ 0.33	$ 0.11

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net Income (Loss)	$ 14.3	$ 5.0
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation and amortization	27.1	27.8
Amortization of deferred financing fees	0.3	0.2
Loss on extinguishment of debt	0.0	3.6
Loss (gain) on sale or disposal of assets, net	0.2	(1.5)
Stock-based compensation expense	6.6	7.1
Pension and postretirement (benefit) expense, net	(1.6)	1.8
Changes in operating assets and liabilities:
Accounts receivable, net	(26.8)	(38.5)
Inventories, net	(32.5)	(3.2)
Accounts payable	19.0	25.9
Other accrued expenses	(6.8)	8.2
Deferred charges and prepaid expenses	12.5	15.0
Pension and postretirement contributions and payments	(25.2)	(59.6)
Other, net	(1.2)	4.1
Net Cash Provided (Used) by Operating Activities	(14.1)	(4.1)
Investing Activities
Capital expenditures	(39.9)	(45.3)
Proceeds from government funding	17.2	18.0
Proceeds from disposals of property, plant and equipment	0.0	1.7
Net Cash Provided (Used) by Investing Activities	(22.7)	(25.6)
Financing Activities
Purchase of treasury shares	(7.9)	(8.9)
Proceeds from exercise of stock options	0.3	0.0
Shares surrendered for employee taxes on stock compensation	(3.0)	(2.6)
Debt issuance costs	(1.3)	0.0
Repayments on convertible notes	0.0	(9.1)
Other financing activities	(0.2)	0.0
Net Cash Provided (Used) by Financing Activities	(12.1)	(20.6)
Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash	(48.9)	(50.3)
Cash, cash equivalents, and restricted cash at beginning of period	157.5	241.9
Cash, Cash Equivalents, and Restricted Cash at End of Period	$ 108.6	$ 191.6

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 108.6	$ 156.7
Accounts receivable, net of allowances (2026 - $2.5 million; 2025 - $1.8 million)	152.9	126.0
Inventories, net	275.9	243.2
Deferred charges and prepaid expenses	13.8	26.4
Other current assets	0.2	0.9
Total Current Assets	551.4	553.2
Property, plant and equipment, net	564.7	562.5
Operating lease right-of-use assets	12.2	11.4
Finance lease right-of-use assets	3.0	3.5
Pension assets	7.1	5.6
Intangible assets, net	2.6	2.9
Other non-current assets	2.3	1.1
Total Assets	1,143.3	1,140.2
Current Liabilities
Accounts payable	159.8	151.1
Salaries, wages and benefits	20.8	29.0
Accrued pension and postretirement costs	6.8	26.8
Current operating lease liabilities	4.1	4.0
Current finance lease liabilities	0.8	0.8
Government funding liabilities	102.8	85.6
Other current liabilities	19.6	17.6
Total Current Liabilities	314.7	314.9
Non-Current Liabilities
Credit Agreement	0.0	0.0
Non-current operating lease liabilities	8.0	7.3
Non-current finance lease liabilities	1.8	2.8
Accrued pension and postretirement costs	98.3	100.2
Deferred income taxes	16.9	16.9
Other non-current liabilities	11.3	12.1
Total Liabilities	451.0	454.2
Shareholders’ Equity
Preferred shares, without par value; authorized 10.0 million shares, none issued	0.0	0.0
Common shares, without par value; authorized 200.0 million shares; issued 2026 - 48.2 million shares and 2025 - 48.2 million shares	0.0	0.0
Additional paid-in capital	848.6	850.2
Retained deficit	(39.3)	(53.6)
Treasury shares - 2026 - 6.7 million; 2025 - 6.5 million	(118.4)	(116.0)
Accumulated other comprehensive income (loss)	1.4	5.4
Total Shareholders' Equity	692.3	686.0
Total Liabilities and Shareholders’ Equity	$ 1,143.3	$ 1,140.2