美Metallus公司2025年季度报告

METALLUS INC. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, ora smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial reporting accounting standards provided pursuant to Section Metallus Inc. Metallus Inc. (dollars in millions, except per share data) Note1-Basis of Presentation The accompanying unaudited Consolidated Financial Statements have been prepared by Metallus Inc. (the“Company” or “Metallus”) in accordance with generally accepted accounting principles in the United States (“U.S.GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes Note2-Recent Accounting Pronouncements Adoption of New Accounting Standards The Company did not adopt any new Accounting Standard Updates (“ASU”) in the first quarter of 2025. Accounting Standards Issued But Not Yet Adopted Note 3 - Segment Reporting We conduct our business activities and report financial results asonebusiness segment. The presentation of financialresults asonereportable segment is consistent with the way the Company operates its business and is consistent with the manner in which the Chief Operating Decision Maker ("CODM") evaluates performance and makes resource andoperating decisions for the business as described above. Our CODM is ourPresident and Chief Executive Officer.Furthermore, the Company notes that monitoring financial results as one reportable segment helps the CODM manage costs on a consolidated basis, consistent with the integrated nature of the operations.The CODM uses NetIncome (Loss), as reported on our Consolidated Statements of Operations, in evaluating performance of the Company Note 4 - Government Funding On February 27, 2024, the Company entered an agreement with the United States Army ("U.S. Army"). The agreementprovides for $99.75million in funding to support the U.S. Army's mission of increasing munitions production fornational security in the upcoming years. The agreement supports the commissioning of two major assets: a continuousbloom reheat furnace and a roller hearth heat treat furnace. For the quarter ended March 31, 2025, the Company In April 2025, the Company received an additional $5.1million in government funding. For further details, refer to Metallus' “Note 2 - Significant Accounting Policies” in its annual report on Form 10K forthe year ended December 31, 2024. Note 5 - Revenue Recognition The following table provides the major sources of revenue by end-market sector for thethree months ended March31, 2025 and 2024: (1)“Other” sales by end-market includes the Company’s scrap sales.The following table provides the major sources of revenue by product type for the three months ended March 31,2025 and 2024: Contract liabilities are recognized when the Company has received consideration from a customer to transfer goods ata future point in time. Contract liabilities are primarily related to deferred revenue resulting from any cash payments Table of Contents Note 6 – Other (Income) Expense, net The following table provides the components of other (income) expense, net for thethree months ended March 31,2025 and 2024: Non-service related pension and other postretirement benefit income, for all years, consists primarily of the interestcost, expected return on plan assets and amortization components of net periodic cost. The Company's Bargaining Unit Pension Plan ("Bargaining Plan"), the Supplemental Pension Plan ("SupplementalPlan") and the Retirement Plan ("Salaried Plan"), which was terminated in the second quarter of 2024, each have aprovision that permits employees to elect to receive their pension benefits in a lump sum upon retirement. In the first As a result, the Company completed a full remeasurement of its pension obligations and plan assets associated withthe Salaried Plan during the first quarter of 2024 and recorded a loss of $0.8million. This loss was due to $1.5million For more details on the aforementioned remeasurements, refer to “Note 11 - Retirement and Postretirement Plans.” Note 7 - Income Tax Provision Metallus' provision for income taxes in interim periods is computed by applying the appropriate estimated annualeffective tax rates to income or loss before income taxes for the period. In addition, non-recurring or discrete items, Income tax expense for the three months ended March 31, 2025 was calculated using forecasted multi-jurisdictionalannual effective tax rates to determine a blended annual effective tax rate. The effective tax rate of53.3%for the threemonths ended March 31, 2025 was more than the rate of20.0%for the three months ended March 31, 2024. The In the first quarter of 2025, the Company submitted