At a glance
Metallus, Inc is worth $877.5M. Revenue grew 6.9% to $1.16B in fiscal 2025, at a loss; over 5 years it has grown 6.9% a year. It pays no dividend; it spent $135.3M buying back its shares over FY2021–FY2025. The stock returned +18.2% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Metallus, formerly TimkenSteel, became a public company on June 30, 2014, when The Timken Company spun off its steel business. It makes alloy and other specialty steels from nearly 100% recycled steel, using electric arc furnaces, which melt scrap with electric current instead of making iron from ore. Its main product is special bar quality (SBQ) steel, made to strict chemical and purity limits for demanding parts such as gears, axles, crankshafts, bearings, drill pipe and artillery and mortar bodies.
SBQ bars brought in $702.6 million, or 60.7%, of 2025 revenue of $1.16 billion. Manufactured components, precision parts delivered ready to finish, especially for automakers, made up 27%. Seamless mechanical tubing added 10.9%, and other products 1.5%. All bars, tubes and billets (semi-finished steel blocks) come from its Canton, Ohio, site; components are made in Eaton, Ohio, and Columbus, North Carolina. The U.S. accounted for 89.7% of sales.
Metallus sells to about 330 customers in industrial, automotive, aerospace & defense and energy markets. It sells mainly to equipment makers directly; distributors and steel service centers took about 20% of 2025 sales. Most contracts add surcharges tied to scrap and alloy prices, so revenue rises and falls with those costs. A U.S. Army agreement signed February 27, 2024, provides $99.75 million for two new furnaces to support munitions production.
Price history
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MTUS +18.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Special Bar Quality Bars | $702.6M | 60.7% |
| Manufactured Components | $312.2M | 27% |
| Seamless Mechanical Tubing | $126.4M | 10.9% |
| Other Products | $17.1M | 1.5% |
By geography
| US | $1.04B | 89.7% |
| Non Us | $118.8M | 10.3% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $341.0M, up 12% from a year earlier, and net income was $8.9M (+140.5%).
- For fiscal 2025, revenue was $1.16B (+6.9% year over year; +6.9% a year from FY2020 to FY2025) with a -0.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +6.9% good |
|---|---|
| Free cash flow margin | -8% weak |
| Return on equity (FY2025) | -0.2% weak |
| Return on assets (FY2025) | -0.1% weak |
| Net cash (cash minus debt) | $108.6M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $830.7M | $-61.9M | $156.6M |
| FY2021 | $1.28B | $171.0M | $184.7M |
| FY2022 | $1.33B | $65.1M | $107.4M |
| FY2023 | $1.36B | $69.4M | $73.7M |
| FY2024 | $1.08B | $1.3M | $-24.0M |
| FY2025 | $1.16B | $-1.2M | $-93.0M |
Valuation snapshot
| Market value | $877.5M |
|---|---|
| P/E ratio | — |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
Metallus’s market value went from $600.4M at the end of 2024 to $877.5M on Oct 28, 2026, up 46%; since the end of 2025 it is up 23%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $877.5M | +22.8% |
| 2025 | $714.7M | +19.0% |
| 2024 | $600.4M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MTUS price data to Oct 28, 2026 | +23.4% | +18.2% | — | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +23.4% |
| 2025 | +21.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 3 sales ($609K), 3 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 5, 2026 | Michael S Williams Chief Executive Officer, Director | sell (plan) | $252K |
| Oct 2, 2026 | Michael S Williams Chief Executive Officer, Director | sell (plan) | $251K |
| Oct 5, 2026 | Kristine C Syrvalin EVP General Counsel | sell (plan) | $106K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 13.1% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 6.8% | Mar 31, 2025 |
| STATE STREET CORPORATION | 6.7% | Mar 31, 2026 |
ETFs with the most weight in MTUS
| MGMT Ballast Small/Mid Cap ETF | 2% |
| IFRA iShares U.S. Infrastructure ETF | 0.49% |
| PAVE Global X US Infrastructure Development ETF | 0.3% |
| BSVO EA Bridgeway Omni Small-Cap Value ETF | 0.25% |
| SVAL iShares US Small Cap Value Factor ETF | 0.23% |
| SQLV Royce Quant Small‑Cap Quality Value ETF | 0.22% |
| ISMD Inspire Small/Mid Cap ETF | 0.2% |
| JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF | 0.17% |
What could go wrong
- Key production sits in one Ohio location. All its bars, tubes and billets come from one location in Canton, Ohio. A breakdown or local disruption there can stall much of its output, as unplanned Faircrest melt-shop downtime did in 2022.
- Top 10 customers bring about half of sales. Its 10 largest customers made up about 50% of 2025 net sales, and one alone made up 10.6%. Losing one, or a customer's bankruptcy or strike, could hit sales hard.
- Raw material surcharges work with a lag. Most customer contracts carry surcharges (add-on charges) tied to scrap and alloy price indexes, but they adjust with a lag. Costs can go under-recovered for a while, and some alloys aren't covered.
- Pension and retiree health care bills. Metallus has significant pension and retiree health care costs and must make future cash contributions to its plans. Those payments can weigh on earnings and leave less cash for the business or buybacks.
- Demand swings with cyclical end markets. Demand from automotive, industrial and energy customers rises and falls with the economy. Sales swung from $1.36 billion in 2023 to $1.08 billion in 2024. Slumps could force production cuts or asset write-downs.
- Imports and shifting tariffs. Global overcapacity and imports can drag down U.S. steel prices. Tariffs shift with little notice, and emergency tariffs face court challenges. Rolling them back could bring import surges; new ones raise input costs.
Recent events
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Metallus paid no dividends from fiscal 2021 through 2025, so the shares have provided no regular income; an investor needing cash would have to sell shares. It returned cash through buybacks instead: $135.3 million over those five years, though the amount fell from $52.0 million in 2022 to $13.1 million in 2025. The share count dropped 10.3% between October 31, 2021 and July 31, 2026. Buybacks continued in 2024 and 2025 even though free cash flow (cash from operations left after capital spending) was negative both years.
The share price record here covers only about 2.7 years to October 28, 2026, so it doesn't show how the stock fared in the 2020 COVID crash or the 2022 bear market; the company wasn't public until 2014, after the 2008 crisis. In that span, the shares fell as much as 52.3% from a high to a later low. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Metallus make money?
Metallus, formerly TimkenSteel, makes money by selling specialty steel. In 2025, special bar quality (SBQ) steel bars brought in 60.7% of its $1.16 billion revenue, precision manufactured components 27% and seamless mechanical tubing 10.9%. Buyers include about 330 industrial, automotive, aerospace & defense and energy customers. Most contracts add surcharges tied to scrap and alloy prices, which pass raw material costs on to customers, though with a delay. The company also sells scrap from its recycling programs that it doesn't need for its own furnaces.
Does Metallus pay a dividend?
No. Metallus paid no dividends from fiscal 2021 through 2025, and its dividend yield was 0% as of October 28, 2026. It has returned cash through share buybacks instead, spending $135.3 million over those five years. That helped cut the share count 10.3% between October 31, 2021 and July 31, 2026. Buybacks can raise each remaining share's slice of future profits, but they provide no cash income. Investors who need regular payouts would have to sell shares.
Is Metallus profitable?
Not in 2025, though it came close to breaking even. Metallus lost $1.2 million that year, or 3 cents a share, after earning $1.3 million in 2024 and $171 million in 2021. Free cash flow, the cash left after running the business and buying equipment, was negative $93 million in 2025, a year that included $81.3 million of spending on equipment tied to its Army agreement. In the quarter ended June 30, 2026, it earned $8.9 million as revenue rose 12% from a year earlier to $341 million.
What is Metallus's deal with the U.S. Army?
It is a funding deal: under an agreement signed February 27, 2024, the U.S. Army provides $99.75 million to help increase munitions production. The money supports two major furnaces at Metallus: a continuous bloom reheat furnace and a roller hearth heat treat furnace. Through December 31, 2025, Metallus had received $85.6 million, and it spent $81.3 million on related equipment in 2025. The company records the funding as a liability on its balance sheet, not as sales. Its steel already goes into artillery and mortar bodies.
Does Metallus have a lot of debt?
No, not as of its last annual balance sheet. Metallus reported no total debt at December 31, 2025, and held $108.6 million in cash and investments as of June 30, 2026. On July 1, 2026, it disclosed a major agreement and a new financial obligation, so its borrowing may have changed since. It also carries significant pension and retiree health obligations, and its 10-K warns that loan covenants (conditions set by lenders) could restrict how it runs the business.