Metallus Inc. · NYSE:MTUS
Metallus — Investor Presentation (February 2026)
34 slides from Metallus's investor presentation, February 2026
Slide 1: Investor Presentation
Investor Presentation February 2026
Slide 2: Forward-Looking Statements & Non-GAAP Financial Measures
Forward-Looking Statements & Non-GAAP Financial Measures Forward-looking statements (12) the impact of global conflicts on the economy, sourcing of raw materials, and commodity prices; (13) climate-related risks, including environmental and severe weather caused by climate changes, and This presenta
Slide 3: Metallus Today
Metallus Today Founded in 1917 and established as a standalone public company in 2014 Renamed to Metallus Inc. (NYSE: MTUS) in February 2024 Provider of high-quality specialty metals, manufactured components and supply chain solutions Produces 100% of steel primarily from Largest domestic producer o
Slide 4: Metallus Investment Highlights
Metallus Investment Highlights SAFETY IS A NON-NEGOTIABLE Consistent commitment backed by investments in training and tools support a best-in-class safety culture. STRONG IndustrialTHROUGH CYCLE CASH FLOW GENERATION Cash flow generation and a resilient balance sheet reinforce financial strength and
Slide 5: Experienced Leadership Team Executing Sustainable Growth Strategy
Experienced Leadership Team Executing Sustainable Growth Strategy 5
Slide 6: Significant Transformation Underway
Significant Transformation Underway 2014-19 2020-21 2022-25 Capital investment Transformation begins Strategic direction and volatility through cost and cash discipline and financial strength Invested over $350M to New leadership team Improved working capital Started to shift mix into higher
Slide 7: Serving Diverse and Demanding End Market Sectors with Broad Product Portfolio
Serving Diverse and Demanding End Market Sectors with Broad Product Portfolio 2025 END MARKET SECTOR MIX PRODUCT MIX Energy Other 1% 8% Energy 9% Industrial SHIPMENTS(2) NET SALES(3) 35% (in tons) (in $’s) Aerospace & Defense 9% Industrial Aerospace & 41% Defense Engineered Bars 14% 75% 61% (“SBQ”)
Slide 8: Long-Term, Trusted Partnerships with Industry Leading Customers
Long-Term, Trusted Partnerships with Industry Leading Customers OVERVIEW Our specialized products and services are used in a wide range of demanding applications around the world Support approximately 330 diverse customers in automotive, aerospace & defense (“A&D”), industrial equipment, mining,
Slide 9: End Market Overview
End Market Overview Utilizes SBQ, SMT and other specialty metals to extend lifecycles in critical industrial applications Offering largest SBQ size range (1” – 16” diameter) in N. America ideally suited for forging and machining bars Industrial Meets diverse needs of customers in the off-highw
Slide 10: Trusted Supplier of SBQ, SMT and Manufactured Components for Automotive Industry
Trusted Supplier of SBQ, SMT and Manufactured Components for Automotive Industry Metallus Applications in Electric Vehicles Metallus Applications in Internal Combustion Engine and Hybrid Vehicles 10
Slide 11: Aerospace & Defense Market Focus
Aerospace & Defense Market Focus Since 2022, the U.S. Government (“USG”) has supplied over 3,000,000 artillery rounds to NATO partners Considering ongoing capacity investments and a significant increase in forecasted build rates, the DoD strategy for 155mm artillery shells requires specialty st
Slide 12: Emerging Growth in Vacuum Arc Remelt (VAR) Steel
Emerging Growth in Vacuum Arc Remelt (VAR) Steel Leveraging advanced processing capabilities, Metallus produces high-performance specialty bar and seamless mechanical tubing using premium vacuum remelt grades Enhanced properties: • Increased strength and durability • Superior wear and corrosion
Slide 13: Health & Safety Governance
Health & Safety Governance SAFETY PERFORMANCE HEALTH & SAFETY GOVERNANCE STRUCTURE (1) OSHA Recordable Incident Rate is defined as OSHA-recordable incidents multiplied by 200,000, then divided by the total number of hours worked during the applicable year. 13 (2) Lost-Time Incident Rate is defined a
Slide 14: Environmental Stewardship Highlights
Environmental Stewardship Highlights OUR 2030 ENVIRONMENTAL GOALS PERFORMANCE AGAINST OUR GOALS (2022-2024) (compared with a 2018 baseline) 40% absolute reduction in combined Scope 1 and Scope 2 GHG emissions 30% absolute reduction in total energy consumption 35% absolute reduction in fresh water wi
Slide 15: Growth Strategy and Long-Term Outlook
Growth Strategy and Long-Term Outlook
Slide 16: Successfully Executing on Our Sustainable Growth Strategy
Successfully Executing on Our Sustainable Growth Strategy 2026 Drive profitable growth with balanced capital allocation Grow A&D product sales to $250M annual Complete investments to expand run-rate in 2026 manufacturing capability and efficiencies Execute multi-metal growth strategy to furthe
Slide 17: Long-Term Operational and Financial Targets
Long-Term Operational and Financial Targets THROUGH-CYCLE HISTORICAL ACTUAL TO DATE – LONG-TERM AVERAGE(1) 2022 THROUGH 2025 TARGETS(2) Melt utilization 61% Mid 80%’s 66% rate Adjusted EBITDA 8% > 12% 10% margin(3) Return on capital 11% 15% to 17% 14% employed(4) Capital $28M $30M to $40M $41M expen
Slide 18: Balanced Approach to Capital Allocation
Balanced Approach to Capital Allocation INVEST IN PROFITABLE GROWTH Focused organic investments with returns in excess of cost of capital Invested $64.3M in 2024 and $109.0M of CapEx in 2025, inclusive of investments supported by government funding MAINTAIN A STRONG BALANCE SHEET Sound capital
Slide 19: Appendix
Appendix
Slide 20: Operations Across Our Facilities
Operations Across Our Facilities Faircrest Plant Harrison Plant Gambrinus Plant Tryon Peak Plant St. Clair Plant Mexico Warehouse Canton, OH Canton, OH Canton, OH Columbus, NC Eaton, OH Monterrey, Mexico Steelmaking and Small Bar Seamless Mechanical Warehouse, Precision Component Warehousing and Int
Slide 21: Metallus Uses EAF Technology For Its Steelmaking
Metallus Uses EAF Technology For Its Steelmaking EAF process Uses recycled steel scrap as primary raw material Uses electricity as main source of energy to melt scrap Produces substantially fewer emissions and consumes less energy than traditional blast furnace technology EAF allows for all
Slide 22: Overview of Broad Product Offering
Overview of Broad Product Offering BROAD COMMERCIAL POSITION SEAMLESS MECHANICAL TUBES ENGINEERED BARS Diversified customer mix 37-ton average order size Additional product offering forms including ingots, cast blooms, billets and manufactured components 3” – 13” MANUFACTURED COMPONENTS OVERVI
Slide 23: Incentive Compensation Structure
Incentive Compensation Structure Award Objective Metrics Employees Time Period Annual Incentive • Execution of annual business priorities • Adjusted EBITDA • All salaried • 1 year • Variable cash compensation based on • Adjusted Operating performance Cash Flow • Safety Performance-Based • Long-term
Slide 24: Pension and OPEB Plans Overview
Pension and OPEB Plans Overview Plan % Number of $M status Assets* Liabilities* Funded participants** Recent actions / current projects • Closed to new entrants effective 1/1/2022 • Lump sum option added effective 1/1/2022 • Completed $256M annuitization in July 2022 Closed, U.S. bargaining plan $38
Slide 25: Historical Financial Performance
Historical Financial Performance NET SALES ($M) / SHIPPED TONS (K) / MELT UTILIZATION AVERAGE BASE SELLING PRICE ($/TON)(3) $2,000 Tons Melt Utilization % 100% $1,556 $1,494 $1,448 80% $1,500 $1,283 $1,330 $1,362 $1,322 $1,084 $1,158 60% $1,000 Full-Year 40% $1,069 Record $500 819 692 684 632 20% 55
Slide 26: Select Performance History by End Market Sector
Select Performance History by End Market Sector SHIPMENTS BY END MARKET SECTOR (K TONS) AVERAGE BASE SALES BY END MARKET SECTOR ($ / TON)(1)(2) (2) Industrial Automotive Aerospace & Defense Energy Industrial Automotive Aerospace & Defense Energy $3,000 39 39 48 20 63 67 27 47 56 46 $2,500 370 313 30
Slide 27: Annual Reconciliation of Base Sales to GAAP Net Sales
Annual Reconciliation of Base Sales(1) to GAAP Net Sales The tables below present net sales by end-market sector, adjusted to exclude surcharges, which represents a financial measure that has not been determined in accordance with accounting principles generally accepted in the United States (“U.S.
Slide 28: Annual Reconciliation of Base Sales to GAAP Net Sales
Annual Reconciliation of Base Sales(1) to GAAP Net Sales The table below presents net sales, adjusted to exclude surcharges, which represents a financial measure that has not been determined in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). We believe pr
Slide 29: Reconciliation of EBITDA and Adjusted EBITDA to GAAP Net Income (Loss)
$mReconciliation of Earnings (Loss) Before Interest, Taxes, Depreciation and Amortization (EBITDA)(3) and Adjusted EBITDA(11) to GAAP Net Income (Loss) This reconciliation is provided as additional relevant $M ANNUAL – CONSOLIDATED TOTAL information about the company's performance. (Unaudited) 2021
Slide 30: Reconciliations of Operating Cash Flow and Free Cash Flow
Reconciliations of (a) Net Cash Provided (Used) by Operating Activities less Pension and postretirement contributions and payments to GAAP Net Cash Provided (Used) by Operating Activities and (b) Free Cash Flow to GAAP Net Cash Provided (Used) by Operating Activities These reconciliations are provid
Slide 31: Calculation of Total Liquidity
Calculation of Total Liquidity(1) This calculation is provided as additional relevant information about the company's financial position. $M QUARTERLY – CONSOLIDATED TOTAL Q4 Q3 Q4 (Unaudited) 2024 2025 2025 Cash and cash equivalents 240.7 $ 191.5 $ 156.7 Credit Agreement: Maximum availability 400.0
Slide 32: Calculation of Average Capital Expenditures and Average Melt Utilization
Calculation of Average Capital Expenditures and Average Melt Utilization This calculation is provided as additional relevant information about the company's financial position. $M ANNUAL – CONSOLIDATED TOTAL Actual to Historical Date 2017 2018 2019 2020 2021 Average(1) 2022 2023 2024 2025 Average(4)
Slide 33: Calculation of Average Net Leverage
Calculation of Average Net Leverage(1) This calculation is provided as additional relevant information about the company's financial position. $M ANNUAL – CONSOLIDATED TOTAL Historical 2017 2018 2019 2020 2021 Average(2) 2022 2023 2024 2025 (4) Total Debt $ 165.3 $ 189.1 $ 168.6 $ 78.2 $ 44.9 $ 129.
Slide 34: Calculation of Average Return on Capital Employed
Calculation of Average Return on Capital Employed(1) This calculation is provided as additional relevant information about the company's financial position. HISTORICAL AVERAGE(2) 2022 ($M) 2023 ($M) 2024 ($M) 2025 ($M) ACTUAL TO DATE AVERAGE(4) (1) Return on Capital Employed is defined as Adjusted E