Metallus Inc., formerly known as TimkenSteel Corporation, reported a significant decline in financial performance for the fiscal year ending December 31, 2024. The company recorded net sales of $1,084.0 million, a decrease of 20.4% from $1,362.4 million in 2023. This decline was attributed to lower shipments and unfavorable surcharges, which were partially offset by a favorable price/mix. Gross profit also fell sharply, decreasing by 47.6% to $97.7 million, driven by lower shipments, higher manufacturing costs, and an unfavorable raw material spread.
In terms of operational changes, Metallus announced a rebranding initiative, changing its name from TimkenSteel to Metallus Inc. on February 26, 2024. The company also secured a $99.75 million funding agreement with the U.S. Army to support munitions production, receiving $53.5 million in 2024. Capital investments totaled $64.3 million, focusing on safety improvements and equipment automation. The company’s employee headcount stood at approximately 1,880, with 62% covered under a collective bargaining agreement.
Geographically, the company’s sales were primarily concentrated in the United States, which accounted for $951.0 million of net sales, while international sales contributed $133.0 million. The company served around 330 customers across various end markets, including industrial, automotive, aerospace & defense, and energy. Notably, shipments to the aerospace & defense sector increased significantly, contributing to a 17% rise in net sales for that segment compared to the previous year.
Metallus faced challenges in managing its raw material costs, which are subject to market volatility. The company employs a raw material surcharge mechanism to mitigate these risks, but fluctuations in commodity prices can still impact revenues and profitability. The company’s liquidity remained strong, with total liquidity of $458.6 million as of December 31, 2024, including cash and cash equivalents of $240.7 million. Looking ahead, Metallus anticipates continued investment in capital projects and aims to maintain a strong balance sheet while navigating the competitive landscape of the steel industry.
About Metallus Inc.
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