olivLaw · US equity research
Metallus Inc. MTUS
Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) · SIC 3312 · Vertical: Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) (SIC 3312)
Metallus makes alloy special bar steel in electric arc furnaces from recycled scrap, serving aerospace & defense, automotive, energy and industrial customers. The company matters now as demand from defense and aerospace grows, with second-quarter 2026 net sales of 341.0 million USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Metallus Inc. (MTUS) stock was 17.87 USD (−9.24% on the day), with market capitalisation 737.3 m USD, P/E 35.0 on diluted EPS of 0.51 USD over the last 12 months, dividend yield 0.00%, beta 1.17, 52-week range 14.56–22.03 USD. Latest reported quarter (Q3 2026): revenue of 337.2 m USD (+10.2% YoY), net income of 23.8 m USD (+193.8% YoY), diluted EPS 0.55 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 31.7
- weak (30–45)
- Bollinger (20, 2)
- 18.92 – 21.97
- below the lower band · %B -0.35 · band width 14.9%
- SMA 50 / 200
- 19.81 / 19.14
- mixed trend
- MACD (12, 26, 9)
- 0.02 / 0.25
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −15.1% | −1.1% | −14.0 pp | — |
| 3 months | −17.3% | −0.5% | −16.9 pp | — |
| 6 months | −6.3% | +4.4% | −10.7 pp | — |
| Year to date | +4.1% | +12.3% | −8.2 pp | — |
| 1 year | +2.6% | +13.5% | −10.9 pp | +31.2% |
| 3 years | −10.2% | +76.4% | −86.7 pp | +38.3% |
| 5 years | +19.2% | +63.7% | −44.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 240.5 m | 280.5 m | 304.6 m | 305.9 m | 267.3 m | 308.3 m | 341.0 m | 337.2 m |
| Cost of revenue | 229.6 m | 258.6 m | 272.4 m | 270.9 m | 261.3 m | 283.2 m | 306.9 m | 300.9 m |
| Gross profit | 10.9 m | 21.9 m | 32.2 m | 35.0 m | 6.0 m | 25.1 m | 34.1 m | 36.3 m |
| SG&A | 20.4 m | 24.3 m | 22.9 m | 24.5 m | 22.3 m | 22.2 m | 23.7 m | 23.8 m |
| Depreciation & amortisation | 13.7 m | 13.7 m | 14.1 m ≈ | 14.3 m ≈ | 14.5 m | 13.7 m | 13.4 m ≈ | 14.5 m ≈ |
| Interest expense | — | 500.0 k | — | — | — | — | — | — |
| Pre-tax income | -24.4 m | 2.9 m | 8.6 m | 10.9 m | -20.5 m | 8.0 m | 11.9 m | 32.3 m |
| Income tax | -3.0 m | 1.6 m | 4.9 m | 2.8 m | -6.2 m | 2.6 m | 3.0 m | 8.5 m |
| Net income | -21.4 m | 1.3 m | 3.7 m | 8.1 m | -14.3 m | 5.4 m | 8.9 m | 23.8 m |
| Diluted EPS | -0.55 ≈ | 0.03 | 0.09 | 0.19 | -0.38 ≈ | 0.13 | 0.21 | 0.55 |
| Operating cash flow | 13.9 m | -38.9 m | 34.8 m ≈ | 22.0 m ≈ | -1.9 m | -26.9 m | 12.8 m ≈ | 6.8 m ≈ |
| Share repurchases | 3.5 m | 5.6 m | 3.3 m ≈ | 3.0 m ≈ | 1.2 m | 4.3 m | 3.6 m ≈ | 3.6 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 81 percentile of its own 16-quarter history (min 4.6, median 16.8, max 524.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.6 bn | 1.2 bn | 830.7 m | 1.3 bn | 1.3 bn | 1.4 bn | 1.1 bn | 1.2 bn |
| Revenue YoY | +21.2% | −24.9% | −31.3% | +54.4% | +3.7% | +2.4% | −20.4% | +6.9% |
| Net income | -10.0 m | -110.0 m | -61.9 m | 171.0 m | 65.1 m | 69.4 m | 1.3 m | -1.2 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | −61.9% | +6.6% | −98.1% | −192.3% |
| Diluted EPS | -0.22 | -2.46 | -1.38 | 3.18 | 1.30 | 1.47 | 0.03 | -0.03 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | −59.1% | +13.1% | −98.0% | −200.0% |
| net % | -0.6% | -9.1% | -7.5% | 13.3% | 4.9% | 5.1% | 0.1% | -0.1% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 156.7 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 686.0 m USD
- Total assets
- 1.1 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.76x
- ROE
- -0.2%
- ROA
- -0.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 830.7 m | 1.3 bn | 1.3 bn | 1.4 bn | 1.1 bn | 1.2 bn | SEC (XBRL)· 20 Feb 2026verified |
| Cost of revenue | 815.1 m | 1.1 bn | 1.2 bn | 1.2 bn | 986.3 m | 1.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Gross profit | 15.6 m | 220.0 m | 126.7 m | 186.5 m | 97.7 m | 95.1 m | SEC (XBRL)· 20 Feb 2026verified |
| Research & development | 1.8 m | 1.7 m | 800.0 k | — | — | — | SEC (XBRL)· 24 Feb 2023verified |
| SG&A | 76.7 m | 77.2 m | 73.8 m | 84.6 m | 87.7 m | 94.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Depreciation & amortisation | 70.0 m | 63.1 m | 58.3 m | 56.9 m | 54.1 m | 56.6 m | SEC (XBRL)· 20 Feb 2026verified |
| Interest expense | 12.6 m | 6.2 m | 3.9 m | 2.7 m | — | — | SEC (XBRL)· 28 Feb 2024verified |
| Pre-tax income | -60.7 m | 176.7 m | 97.1 m | 96.4 m | 4.6 m | 1.9 m | SEC (XBRL)· 20 Feb 2026verified |
| Income tax | 1.2 m | 5.7 m | 32.0 m | 27.0 m | 3.3 m | 3.1 m | SEC (XBRL)· 20 Feb 2026verified |
| Net income | -61.9 m | 171.0 m | 65.1 m | 69.4 m | 1.3 m | -1.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Diluted EPS | -1.38 | 3.18 | 1.30 | 1.47 | 0.03 | -0.03 | SEC (XBRL)· 20 Feb 2026verified |
| Weighted average diluted shares | 45.0 m | 55.0 m | 51.5 m | 47.8 m | 44.3 m | 41.9 m | SEC (XBRL)· 20 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 102.8 m | 259.6 m | 257.2 m | 280.6 m | 240.7 m | 156.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Receivables | 63.3 m | 100.5 m | 79.4 m | 113.2 m | 90.8 m | 126.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Inventories | 178.4 m | 210.9 m | 192.4 m | 228.0 m | 219.8 m | 243.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Current assets | 357.6 m | 582.3 m | 556.6 m | 656.8 m | 587.3 m | 553.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Property, plant & equipment, net | 569.8 m | 510.2 m | 486.1 m | 492.5 m | 507.3 m | 562.5 m | SEC (XBRL)· 20 Feb 2026verified |
| Intangibles (excl. goodwill) | 9.3 m | 6.7 m | 5.0 m | 2.7 m | 3.4 m | 2.9 m | SEC (XBRL)· 20 Feb 2026verified |
| Total assets | 994.0 m | 1.2 bn | 1.1 bn | 1.2 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Short-term debt | 38.9 m | 44.9 m | 20.4 m | 13.2 m | 5.4 m | — | SEC (XBRL)· 27 Feb 2025verified |
| Long-term debt | 39.3 m | 0 | 0 | 0 | 0 | — | SEC (XBRL)· 27 Feb 2025verified |
| Current liabilities | 181.0 m | 250.8 m | 186.7 m | 248.4 m | 281.5 m | 314.9 m | SEC (XBRL)· 20 Feb 2026verified |
| Total liabilities | 486.5 m | 494.3 m | 395.5 m | 443.7 m | 426.2 m | 454.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Equity | 507.5 m † | 664.6 m † | 686.5 m † | 731.6 m † | 690.5 m † | 686.0 m † | SEC (XBRL)· 20 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 173.5 m | 196.9 m | 134.5 m | 125.3 m | 40.3 m | 16.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Investing cash flow | -6.0 m | -4.8 m | -21.7 m | -49.9 m | -10.8 m | -75.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Financing cash flow | -91.8 m | -35.3 m | -114.6 m | -51.9 m | -68.9 m | -25.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Share repurchases | 0 | 0 | 52.0 m | 32.6 m | 37.6 m | 13.1 m | SEC (XBRL)· 20 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 737.3 m USD
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 8.09 – 15.18 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E8.09 – 15.18 (Mid 11.11)6 companies used · median multiple 21.7x · quartiles 15.8x – 29.7xCMC, CRS, MT, NUE, STLD, TS
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 1.9% | 33 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -4.5% | 0 (on a fixed band) | 24% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.5x | 100 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | 35.0x | 29 (vs peers) | 29% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.7% | 25 (on a fixed band) | 18% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial33/100 · 1/3 factors with a value
- Returns· partial25/100 · 1/2 factors with a value
- Valuation· partial29/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
METALLUS INC. (MTUS). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.2 bn USD in 2025; YoY growth 6.9%; net margin 1.9%; ROE 3.4%.
The estimated value range is 8.09–15.18 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 11.11 USD, the price of 17.87 USD leaves a potential of -37.8% (value / price − 1) and a margin of safety of -60.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.5x
What contradicts it
- Revenue CAGR 3Y: -4.5%
- P/E (TTM): 35.0x
- Shareholder yield (distributions): 1.7%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) (SIC 3312) · same industry (4-digit SIC) · compared with 12 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TXTernium S.A. | 103.0 bn | 233.6 | 3.6% | 2.7% | −11.6% | +40% / +30% |
| NUENucor Corp | 60.8 bn | 35.6 | 8.2% | 5.4% | +5.7% | +68% / +58% |
| TSTenaris SA | 59.9 bn | 31.0 | 11.6% | 16.1% | −4.3% | +39% / +61% |
| MTArcelorMittal | 47.6 bn | 15.2 | 6.1% | 5.1% | −1.7% | +45% / +148% |
| STLDSteel Dynamics, Inc. | 34.1 bn | 17.7 | 20.8% | 8.8% | +3.6% | +43% / +102% |
| CRSCarpenter Technology Corporation | 14.5 bn | 25.8 | 27.8% | 17.9% | +8.6% | −8% / +313% |
| CMCCommercial Metals Company | 7.3 bn | 11.3 | 14.8% | 7.0% | +20.5% | +4% / +47% |
| SXCSuncoke Energy, Inc. | 886.9 m | — | -8.5% | -2.9% | −5.1% | +60% / +12% |
| MTUSMetallus Inc. | 737.3 m | 35.0 | 3.4% | 1.9% | +6.9% | +3% / −10% |
| TWITitan International, Inc. | 314.6 m | — | -22.9% | -5.7% | −0.9% | −40% / −63% |
| ASTLAlgoma Steel Group Inc. | — | — | -98.5% | -47.2% | −25.4% | +23% / −37% |
| SIMGRUPO SIMEC, S.A.B. de C.V. | — | — | 19.2% | 31.2% | −18.2% | −8% / −15% |
| PKXPosco Holdings Inc. | — | — | 2.1% | 1.5% | −4.7% | −3% / −45% |
1- and 3-year price returns: for MTUS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 10.84 Total return -39% · Per year -39% | 19.26 Total return 8% · Per year 8% | 29.13 Total return 63% · Per year 63% |
| 3 years | 8.70 Total return -51% · Per year -21% | 17.56 Total return -2% · Per year -1% | 29.43 Total return 65% · Per year 18% |
| 5 years | 6.99 Total return -61% · Per year -17% | 16.02 Total return -10% · Per year -2% | 29.72 Total return 66% · Per year 11% |
- Exit P/E± 4.39
- Net margin± 3.07
- Annual revenue growth± 2.76
- Annual dilution± 0.26
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (02 Nov 2026 · results).
In brief
Metallus makes alloy special bar steel in electric arc furnaces from recycled scrap, serving aerospace & defense, automotive, energy and industrial customers. The company matters now as demand from defense and aerospace grows, with second-quarter 2026 net sales of 341.0 million USD.
SWOT
Strengths
- Niche position in special steels, with engineering-trained sales and technical teams that support long-term customer relationships.
- High share of recycled raw material, with surcharge mechanisms that protect gross profit with a lag.
- Solid liquidity and a credit facility extended to 2031, providing financial flexibility.
Weaknesses
- Reliance on a small number of large customers, with one exceeding 10% of sales.
- Production efficiency depends on melt utilization, which stayed below plan in the second quarter of 2026.
- A large unionized workforce and variable pension obligations can add fixed costs.
Opportunities
- Demand in aerospace & defense could grow, supported by new government-funded furnaces.
- Announced price increases for the second half could improve margins if the market accepts them.
- Import tariffs could favor domestic production if they remain in force.
Threats
- Global excess steel capacity can press domestic prices and compress margins.
- Changes in trade policy or legal challenges to tariffs can quickly shift market conditions.
- Environmental and climate rules could raise production costs in the future.
Risks
- Pricing pressure from overcapacityhigh
Excess global capacity and high imports can lower domestic steel prices, with a direct effect on revenue.
- Dependence on key customershigh
Losing a major customer or a drop in orders from them could seriously affect results.
- Raw material and energy volatilitymedium
Price increases for scrap, alloys or energy are not always covered by surcharge mechanisms, which could reduce margins.
- Equipment failuresmedium
Critical equipment such as furnaces and rolling mills can fail unexpectedly, and insurance may not fully cover the losses.
Investment thesis
What would need to be true (bull case)
- If demand in aerospace & defense stays strong and orders convert into shipments, profitability could keep improving versus prior years.
- Government-funded investments and new furnaces could expand capacity in higher-margin segments.
- A strong balance sheet with high liquidity and an extended credit facility leaves room for investment and buybacks.
What would break the thesis
- If global oversupply intensifies, domestic prices could fall and margins could compress.
- Concentration of sales in a few large customers makes revenue sensitive to decisions by a small number of buyers.
- Maintenance and energy costs, plus melt utilization below plan, could limit operating profit improvement.
What to watch
- Third-quarter results and adjusted EBITDA versus the second quarterQ3 2026
- Effect of price increases for customers without annual agreements2027
- Commissioning of the roller furnace and remaining government funding2026
- Evolution of trade tariffs and legal challenges to themnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (02 Nov 2026 · results).
The business
Metallus Inc. makes alloy steel, as well as carbon and micro-alloy steel, using electric arc furnace technology. Its portfolio includes SBQ bars, seamless mechanical tubing, precision components and billets, made from nearly 100% recycled steel 1. Main production is in Canton, Ohio, with annual melt capacity of approximately 1.2 million tons 1. Net sales for fiscal 2025 were 1158.3 million USD 1.
The company reports one business segment because operations are integrated and the chief operating decision maker evaluates performance on a consolidated basis 1. Approximately 330 customers in industrial, automotive, aerospace & defense and energy buy its products, and one customer represented 10.6% of net sales in 2025 1.
A 99.75 million USD U.S. Army agreement funds two new assets, a continuous bloom reheat furnace and a roller hearth heat treat furnace, for munitions production 1. Through June 30, 2026, the company had received 102.8 million USD of government funding 2.
Segments
SBQ bars, seamless tubes and billets
This is the core of the business, with more than 500 grades sold as bars, tubes and billets, customized by chemistry, length and finish 1. Products go into gears, shafts, oil country drill pipe and bearing components 1.
Market context
The U.S. steel market is highly competitive, and excess global capacity can press domestic prices 1. Section 232 tariffs and later measures raised import costs, which can favor domestic producers like Metallus 1. Demand in aerospace & defense remains solid, and the order book points to visibility into the second half of 2026 3.
Raw material prices for scrap, alloys and energy are volatile, but surcharge mechanisms can offset cost increases with a lag 1. Lead times for bar and tube products extend into late fourth quarter 2026 2.
Trends
- Rising aerospace & defense demandtailwind
Shipments to aerospace & defense rose in 2025 and its share of sales increased steadily, which could continue if military demand stays high 1. Government-funded investments support this direction 2.
- Trade policy and tariffsmixed
Tariffs on imported steel have supported domestic product demand, but the final effect depends on new measures and retaliation that are hard to predict 1. If tariffs change through court rulings, costs and prices could be affected 1.
- Higher base pricestailwind
In the second quarter of 2026, average base prices rose, particularly in industrial, and new price increases were announced for customers without annual agreements 2. The full effect may only show in 2027, given lead times 2.
- Energy and maintenance costsheadwind
Energy and downstream maintenance costs rose in the second quarter of 2026, and fixed-cost absorption fell short of plan, which could limit margins if it persists 2.
Competitive position
The main competitor for bars under 6 inches is Gerdau Special Steel North America, and for bars up to 9 inches Steel Dynamics and Nucor 1. Seamless mechanical tubing faces offshore producers such as Tenaris, Vallourec and TMK, plus ArcelorMittal Tubular Products 1. Very large bars face offshore producers and North American specialty forgers 1.
Metallus differentiates through metallurgical expertise, clean air-melted steel and custom products, though these advantages could be eroded if oversupply pressure on prices rises 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report03 Nov 2026
- Current report02 Nov 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report31 Aug 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report03 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report01 Jul 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report05 May 2026
- Current report04 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report01 May 2026Shareholder vote
- Proxy statement12 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Metallus Inc. · 20 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Metallus Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Metallus Inc. · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.