Metallus is a U.S.-based specialty steel manufacturer, spun out of Timken in 2014. The company makes Special Bar Quality (SBQ) steel — alloy, carbon, and micro-alloy steel produced to tight chemical and purity specifications for use in demanding mechanical applications like gears, axles, crankshafts, bearings, and munitions. Metallus produces over 500 steel grades in bar, seamless mechanical tubing, and billet form, with all steelmaking centralized at its Canton, Ohio campus using electric arc furnaces fed by nearly 100% recycled scrap steel. A smaller downstream business produces precision machined components, primarily for automotive customers. Metallus serves four end markets: industrial, automotive, aerospace & defense (A&D), and energy. Automotive has historically been the largest, focused on light truck and SUV drivetrain components, while A&D is the key growth driver, targeting a $250M+ annual revenue run rate by mid-2026, up from roughly $135M in 2024, driven by munitions programs, missile components, gun barrels, and high-purity Vacuum Arc Remelt steel. Revenue combines a negotiated base price per ton — roughly 70% locked in through annual contracts — with pass-through surcharges tied to scrap and energy input costs. Profitability is heavily driven by melt utilization against a largely fixed cost base, and by product mix, as A&D steel commands meaningfully higher margins than commodity automotive grades. A nearly $100M U.S. Army contract is funding two new furnace assets expected online by mid-2026. Metallus is debt-free with approximately $389M in liquidity as of year-end 2025.