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Metallus Inc. (NYSE: MTUS) is a prominent American manufacturer specializing in alloy steel, carbon, and micro-alloy steel, catering to a diverse range of industries. Established for over a century, the company has built a strong reputation for producing high-performance specialty metals from recycled scrap metal. Metallus offers a comprehensive portfolio that includes special bar quality steel, seamless mechanical tubes, and precision steel components. Their extensive service offerings also cover machining and thermal treatment services, along with raw material recycling programs that supply their melt operations.
Headquartered in Canton, Ohio, Metallus serves various sectors including oil and gas, automotive, industrial equipment, mining, construction, rail, aerospace and defense, heavy truck, agriculture, and power generation. With a primary market in the United States, the company has become a trusted supplier for demanding applications, underpinned by their commitment to quality and sustainability.
Recently, Metallus announced a significant rebranding initiative from TimkenSteel to Metallus Inc., reflecting their enduring legacy and future vision. The name change, effective from February 27, 2024, symbolizes their expertise in high-performance metals and their collaborative spirit. The company continues to trade on the New York Stock Exchange under the new ticker symbol MTUS.
Financially, Metallus reported net sales of $1.4 billion for the year 2023, affirming its strong market position. The company employs approximately 1,860 people and has demonstrated consistent profitability, driven by strategic investments and an ongoing share repurchase program. Notable projects include a $99 million funding agreement with the United States Army to bolster artillery shell production capacity, underscoring their pivotal role in the defense sector.
Metallus is also making strides in sustainability, with initiatives aimed at reducing their carbon footprint and advancing their 2030 environmental goals. They have successfully de-risked their legacy pension plans by entering into agreements with The Prudential Insurance Company of America to manage future pension obligations, further strengthening their financial health.
The company regularly communicates with its stakeholders, providing access to live earnings webcasts and detailed financial disclosures. For the latest updates and in-depth information, visit the official Metallus website at www.metallus.com.
Metallus (NYSE: MTUS), formerly known as TimkenSteel, has announced details for its third-quarter 2024 earnings webcast. The company, a leader in high-quality specialty metals, manufactured components, and supply chain solutions, will release its Q3 2024 results on Thursday, November 7, after the New York Stock Exchange market closes.
A live conference call with the financial community is scheduled for Friday, November 8, 2024, at 9:00 a.m. ET. Interested parties can access the live broadcast at investors.metallus.com. A replay of the conference call will also be available on the same website for those unable to attend the live event.
Metallus (NYSE: MTUS), a leader in specialty metals and supply chain solutions, has been awarded the 2024 NorthCoast 99 award by ERC, recognizing it as one of the top 99 workplaces in Northeast Ohio. The award, now in its 26th year, honors companies that excel in attracting and retaining top talent. Metallus underwent a rigorous application process, demonstrating excellence in areas such as diversity and inclusion, employee engagement, well-being, and talent development.
Mike Williams, Metallus' CEO, expressed pride in the recognition, stating it reflects the company's commitment to fostering a culture of care, collaboration, and growth. The award aligns with Metallus' mission to deliver exceptional value to customers, employees, and shareholders while maintaining its position as an industry leader in high-quality specialty metals and manufactured components.
Metallus (NYSE: MTUS), formerly known as TimkenSteel, a leader in high-quality specialty metals, manufactured components, and supply chain solutions, has released its second-quarter 2024 results on Thursday, August 8 on the New York Stock Exchange. The company will host a live conference call with the financial community on Friday, August 9, 2024, at 9:00 a.m. ET.
Investors can access the live webcast and replay of the conference call at investors.metallus.com. This event provides an opportunity for stakeholders to gain insights into Metallus's financial performance and future outlook.
Metallus (NYSE: MTUS) reported Q2 2024 results with net sales of $294.7 million, down 8% from Q1 2024 and 17% year-over-year. Net income was $4.6 million ($0.10 per diluted share), while adjusted EBITDA was $19.9 million. The company faced softness in industrial and energy markets but saw steady automotive shipments and strong aerospace & defense demand. Metallus generated $8.3 million in operating cash flow and ended the quarter with $272.8 million in cash. The company invested $14.1 million in capital expenditures and repurchased $9.6 million in common shares. Metallus received initial funding from the U.S. government to support increased munitions production capacity.
Metallus (NYSE: MTUS) has received $3.5 million in grants from JobsOhio to support the expansion of its steelmaking plants in Canton, Ohio. The company plans to invest over $100 million in partnership with the U.S. Department of Defense for munitions programs. The grants will fund training, equipment modernization, and talent upskilling for state-of-the-art steelmaking.
The investment aims to increase capacity for high-quality defense products and secure Canton-area jobs. Lt. Governor Jon Husted attended the groundbreaking ceremony, emphasizing the importance of steel production for economic and national security. JobsOhio and local economic development organizations expressed support for Metallus' expansion, highlighting its impact on manufacturing excellence and the local economy.
Metallus (NYSE: MTUS), formerly known as TimkenSteel, has announced details for its second-quarter 2024 earnings webcast. The company, a leader in high-quality specialty metals, manufactured components, and supply chain solutions, will release its Q2 2024 results on Thursday, August 8, 2024, after the New York Stock Exchange market closes.
A live conference call with the financial community is scheduled for Friday, August 9, 2024, at 9:00 a.m. ET. Investors can access the live broadcast and replay of the conference call at investors.metallus.com.
Metallus (NYSE: MTUS) announced an agreement to purchase a group annuity contract from Prudential to terminate the TimkenSteel Retirement Plan, settling around $121 million of pension obligations. This move impacts about 1,000 plan participants, with Prudential starting benefit payments on August 1, 2024. The transaction involves no cash contribution from Metallus and is expected to reduce its U.S. pension obligation by $124 million, reflecting a 20% reduction. Additionally, Metallus anticipates a $3 million non-cash pension settlement gain in Q2.
Metallus reported first-quarter 2024 net sales of $321.6 million, net income of $24.0 million, and adjusted EBITDA of $43.4 million. The company authorized a $100 million share repurchase program on May 6, 2024. Cash and cash equivalents balance was $278.1 million as of March 31, 2024. Operating cash flow was $33.4 million in the first quarter. The company expects second-quarter 2024 adjusted EBITDA to be lower than the first quarter due to various factors.
Metallus (NYSE: MTUS) announces the election of Melissa M. Miller, a seasoned industry professional, as a new independent director to its Board of Directors. Miller, currently serving as the Executive Vice President and Chief Human Resources Officer at Arconic , brings a wealth of experience in achieving growth targets through an engaged workforce and emphasizing integrity, safety, sustainability, and operational excellence. The company also re-elected existing directors for additional terms, with eleven directors now serving on the board.
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