Here are a few brief analogies for Metallus:

• The Intel for industrial steel components.
• Corning, but for specialized industrial steel instead of glass.

• Steel Ingots: Blocks of steel, often the first solid form after casting.
• Steel Bars: Long, solid lengths of alloy, carbon, and micro-alloy steel with various cross-sections.
• Steel Tubes: Hollow lengths of alloy, carbon, and micro-alloy steel used in various applications.
• Steel Billets: Semi-finished products of alloy, carbon, and micro-alloy steel, typically used for further processing.
• Machining Services: Processes that remove material from steel products to create desired shapes or finishes.
• Thermal Treatment Services: Processes involving heating and cooling steel to alter its microstructure and properties.
• Custom Precision Steel Components: Specially manufactured steel parts designed to specific customer requirements with high accuracy.

Metallus (symbol: MTUS) sells primarily to other companies (B2B). Based on the provided background information, specific major customer company names are not listed. However, the company serves a wide array of industries, which represent its major customer categories. Among these, the most prominent include:

• Automotive: This sector includes applications for components such as gears, hubs, axles, crankshafts, connecting rods, and also covers heavy trucks.
• Oil and Gas: Customers in this industry utilize Metallus's products for oil country drill pipes, bits, collars, and other oil country tubular goods.
• Industrial Equipment: This broad category covers a variety of applications and sectors including general industrial machinery, mining, construction, rail, agriculture, and power generation.

Mike Williams, Chief Executive Officer

Mike Williams joined Metallus (formerly TimkenSteel Corporation) as Chief Executive Officer on January 1, 2021. Prior to his role at Metallus, he served as the Chief Executive Officer of Bayou Steel Group, a U.S. producer of structural steel and merchant bar. Before Bayou, Mr. Williams was the President of Outokumpu Americas for Outokumpu Oyj, a global leader in the stainless steel industry. His earlier career included various leadership positions at U.S. Steel Corporation, where he was Senior Vice President North American Flat Rolled, and later Senior Vice President, Strategic Planning, and Business Development.

John M. Zaranec III, Executive Vice President and Chief Financial Officer

John M. Zaranec III will assume the role of Executive Vice President and Chief Financial Officer for Metallus, effective June 16, 2025. Mr. Zaranec brings over two decades of financial experience in the manufacturing and industrial sectors. Most recently, he served as Division Chief Financial Officer at Materion Corporation, where he led the finance strategy and function for the Performance Materials segment. His previous roles at Materion also included Chief Accounting Officer, Corporate Controller, and Head of Investor Relations. Before joining Materion, Mr. Zaranec held finance and accounting roles of increasing responsibility at The Timken Company.

Kristopher R. Westbrooks, President and Chief Operating Officer

Kristopher R. Westbrooks was promoted to the newly created role of President and Chief Operating Officer for Metallus, effective June 16, 2025. He initially joined the company in September 2018 as Executive Vice President and Chief Financial Officer. In his current role as President and COO, Mr. Westbrooks oversees Metallus' safety, manufacturing operations and excellence, and supply chain organizations. Prior to joining Metallus, he served as Vice President, Chief Accounting Officer, and Corporate Controller at A. Schulman, Inc., an international supplier of high-performance plastic formulations, resins, and services, where he was responsible for leading the integration of the company's merger with LyondellBasell.

Kevin Raketich, Executive Vice President and Chief Commercial Officer

Kevin Raketich serves as the Executive Vice President and Chief Commercial Officer for Metallus.

Kris Syrvalin, Executive Vice President, General Counsel and Chief Human Resources Officer

Kris Syrvalin is the Executive Vice President, General Counsel and Chief Human Resources Officer for Metallus. She joined Metallus in September 2014, having previously held the position of Vice President – Assistant General Counsel and Corporate Secretary at OMNOVA Solutions Inc. Ms. Syrvalin has extensive experience advising corporations, senior management, and boards of directors on matters including corporate and securities law, corporate finance, corporate governance, executive compensation, employee benefits, employment law, and mergers and acquisitions.

The key risks to Metallus's business, formerly TimkenSteel Corporation, stem from its market dynamics, customer concentration, and operational costs. Metallus officially adopted its new name on February 27, 2024, continuing its legacy as a high-performance specialty metals manufacturer.

1. Reliance on Key Customers: Metallus faces a significant risk due to its reliance on key customers, with a single customer representing over 10% of its sales. The loss of this customer or a substantial portion of their business would have a major adverse impact on the company.
2. Cyclical Nature of End Markets and Global Economic Conditions: The company's performance is highly sensitive to global economic conditions and the cyclical nature of the industries it serves, particularly the automotive and industrial sectors. Downturns in these markets can lead to reduced demand and significant pressure on profit margins.
3. Volatility of Raw Material and Energy Costs: Metallus is exposed to the volatility of raw material costs, such as scrap metal, and energy prices, which can fluctuate wildly based on global demand and supply. While the company utilizes surcharges to pass on some of these costs, there can be a lag, and these measures may not always fully offset price fluctuations, directly impacting the company's profitability.

• Emerging Additive Manufacturing (3D Printing) of Metal Components: As metal additive manufacturing technologies continue to advance in terms of material capabilities, production speed, and cost-effectiveness, they present a clear emerging threat. This technology enables the direct creation of complex metal parts from digital designs, potentially bypassing traditional manufacturing processes such as forging, machining, and casting that TimkenSteel (Metallus) currently employs. This could particularly impact the demand for their "custom-make precision steel components" and specialized industrial parts, as customers may increasingly turn to additive manufacturing for agile, on-demand, and complex part production.
• Decarbonization of the Steel Industry and the Rise of "Green Steel": The global push for sustainability and carbon emission reduction is driving the emergence of new "green steel" production methods (e.g., using hydrogen as a reducing agent, carbon capture technologies). As these processes mature and become economically viable, steel producers utilizing them will gain a significant competitive advantage due to lower carbon footprints, potentially preferential market access, and reduced exposure to carbon taxes. If TimkenSteel (Metallus) does not rapidly invest in and adopt these emerging cleaner production technologies, its traditionally produced steel could face declining demand, increased regulatory pressure, and reduced competitiveness against "green steel" alternatives.

Metallus (NYSE: MTUS) is expected to drive future revenue growth over the next two to three years through several key initiatives and market trends:

1. Expansion in the Aerospace & Defense Sector: Metallus anticipates significant growth from its aerospace and defense segment. The company nearly doubled its Vacuum Arc Remelt (VAR) steel sales in 2025 to approximately $28 million and aims to achieve or exceed a $250 million run rate for aerospace and defense sales by mid-2026. This growth is supported by an increasing global demand for munitions and other defense-related applications, where Metallus is strategically positioned to meet these needs.

2. Stronger Order Book and Increased Shipments: The company experienced a commercial recovery in 2025, with shipments increasing by approximately 14% year-over-year. Metallus has a materially higher order book, which was up over 50% year-over-year at the end of 2025, with lead times for some products extending into mid-2026 and mid-2027. This strong demand is expected to lead to a sequential increase in first-quarter 2026 shipments by about 10%.

3. Favorable Pricing Environment: Metallus expects to benefit from pricing momentum. Average base prices per ton for annual agreements are anticipated to increase slightly year-over-year, and recent spot price increases for bar and seamless mechanical tubing products are taking effect through the second and early third quarters of 2026 for uncovered products.

4. Strategic Capital Investments and Operational Enhancements: The company has planned a $125 million capital expenditure program, with a substantial portion funded by U.S. government grants, specifically targeting capacity expansion and defense-related projects. For 2026, approximately $70 million in capital expenditures are planned, with about $35 million allocated to government-funded projects. These investments are intended to support higher production, enhance operational performance, including increased melt utilization through automation and new furnaces, and capitalize on pricing benefits.

5. Advancement of Multi-Metal Growth Strategy: Metallus is actively pursuing a multi-metal growth strategy. This involves leveraging its metallurgical expertise, downstream assets, and a customer-centric approach to innovate solutions and expand its offerings, thereby driving revenue growth across various high-performance specialty metal solutions.

Share Repurchases

• Metallus repurchased 0.9 million shares of common stock for $13.1 million in 2025.
• As of December 31, 2025, Metallus had $89.7 million remaining under its authorized share repurchase program.
• Since the inception of its share repurchase program in early 2022, combined with convertible note settlement activities, Metallus has reduced diluted shares outstanding by approximately 25% or 13.5 million shares.

Share Issuance

• For the six months ended June 30, 2025, there was an issuance of treasury shares valued at $0.6 million.

Inbound Investments

• Metallus has a nearly $100 million ($99.75 million) capacity expansion funding agreement with the U.S. Army to support increased munitions production.
• In 2025, Metallus received $32.1 million in government funding, bringing the total received through December 2025 to $85.6 million.
• An additional $17 million in government funding is expected in the first half of 2026, contingent on achieving mutually agreed upon milestones, primarily for the new bloom reheat furnace at the Faircrest facility and the new roller furnace at the Gambrinus facility.

Capital Expenditures

• Capital expenditures totaled $109.0 million in 2025, which included $81.3 million for projects funded by the U.S. government.
• For 2026, planned capital expenditures are expected to be approximately $70 million, with about $35 million tied to government-funded projects and $15 million to $20 million funded by Metallus.
• These investments are focused on critical assets, reliability improvements, automation, sustainability, and expanding capacity for aerospace and defense products, particularly for increasing munitions production.