Metallus and United Steelworkers (USW) Local 1123 Reach New Tentative Agreement for Four-Year Contract

Rhea-AI Summary

Metallus (NYSE: MTUS) and the United Steelworkers Local 1123 reached a new tentative agreement on a four-year contract, announced Dec. 4, 2025. The previous tentative agreement was not ratified by union members on Oct. 30, 2025; a second vote date will be set by the union.

The current pact has been extended through Jan. 29, 2026 and covers approximately 1,200 bargaining employees at Metallus' Canton, Ohio operations. Management said the agreement emphasizes competitive wages, benefits, job continuity, and workplace safety.

Positive

• Tentative four-year contract reached
• Agreement covers ~1,200 bargaining employees
• Existing contract extended to Jan. 29, 2026

Negative

• Initial tentative agreement not ratified on Oct. 30, 2025
• Second ratification vote date unset, creating near-term uncertainty

Key Figures

Contract term four-year contract New tentative agreement with USW Local 1123

USW local Local 1123 Union representing Metallus Canton employees

Rejection vote date October 30, 2025 Initial tentative agreement was not ratified

Contract extension end January 29, 2026 Current labor agreement extended to this date

Covered employees approximately 1,200 employees Bargaining employees at Canton, Ohio operations

Market Reality Check

$17.52 Last Close

Volume Volume 323,116 is in line with the 20-day average of 312,412 (relative 1.03x). normal

Technical Price $17.52 is trading above the 200-day MA at $15.21 and about 5.3% below the 52-week high of $18.50.

Peers on Argus 1 Up

Only 1 peer (LUD) appeared in the momentum scan, moving up, while MTUS gained 4.29%. No broad steel-sector move is indicated.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 07	Earnings webcast details	Neutral	-1.4%	Announcement of timing and access details for Q3 2025 earnings call.
Nov 06	Earnings results	Neutral	-4.1%	Release of Q3 2025 sales, income, cash flow, and government funding details.
Oct 30	Labor deal rejected	Negative	-0.2%	USW members rejected tentative agreement; contract extended to Jan 29, 2026.
Oct 17	Earnings webcast preview	Neutral	-0.4%	Scheduling notice for upcoming Q3 2025 results and conference call.
Oct 03	Initial labor agreement	Positive	-1.4%	First tentative four-year USW agreement covering about 1,200 Canton employees.

Pattern Detected

Recent MTUS news, including earnings and labor negotiations, has often been followed by modest negative price reactions, with only the labor contract extension seeing a relatively small move.

Recent Company History

Over the last few months, MTUS news has centered on earnings and its USW labor contract. On Oct 3, a tentative four-year agreement for about 1,200 Canton employees was announced, followed by a 90-day contract extension on Oct 30 after workers rejected the deal. Q3 2025 results and related webcasts on Nov 6–7 detailed stronger sales and cash but saw negative price reactions. Today’s renewed tentative agreement continues this labor-focused narrative around job continuity and long-term strategy.

Regulatory & Risk Context

Short Interest

4.48%

0% 15% 30%+

low

Short interest at 4.48% of float with 7.29 days to cover indicates a relatively low but non-negligible short positioning in MTUS.

Market Pulse Summary

This announcement highlights a renewed tentative four-year agreement between MTUS and USW Local 1123, covering approximately 1,200 Canton employees and extending the current contract through January 29, 2026. It follows an earlier agreement that was not ratified, keeping labor relations a key focus. Investors may watch the upcoming ratification vote, operational continuity at Canton, and how this labor framework supports Metallus’ long-term strategy and growth objectives.

Key Terms

tentative agreement technical

"have reached a new tentative agreement for a four-year contract"

A tentative agreement is an early understanding between parties that they are close to reaching a final deal, but some details still need to be finalized or approved. It’s like agreeing on the main points of a contract but waiting to sign until everything is officially confirmed. For investors, it signals progress in negotiations and can indicate potential changes, but it does not guarantee that the deal will ultimately be completed.

ratified technical

"after the initial tentative agreement was not ratified by USW members"

"Ratified" means officially approved or confirmed, often through a formal process. When an agreement, decision, or rule is ratified, it becomes legally binding and recognized as final. For investors, ratification signals that an agreement or change has been validated, providing assurance that it is official and enforceable.

bargaining employees technical

"covers approximately 1,200 bargaining employees at the company's Canton"

Bargaining employees are workers who negotiate directly with their employer to determine things like wages, working hours, and other employment conditions. Their negotiations can influence the overall stability and costs of a business, which in turn can affect its profitability and stock value. Understanding their role helps investors gauge potential changes in company expenses and labor relations that might impact long-term performance.

job continuity technical

"work toward an agreement that supports our employees, ensures job continuity"

Job continuity refers to the ongoing employment of an individual without interruptions. It matters to investors because stable employment can indicate a healthy economy or a company's stability, reassuring those who invest that workers—and by extension, the business—are likely to remain steady over time. Think of it like a dependable engine running smoothly; consistent employment suggests reliable performance and less risk of sudden disruptions.

AI-generated analysis. Not financial advice.

CANTON, Ohio, Dec. 4, 2025 /PRNewswire/ -- Metallus (NYSE: MTUS), a leader in high-quality specialty metals, manufactured components, and supply chain solutions, and the United Steelworkers (USW) Local 1123 have reached a new tentative agreement for a four-year contract after the initial tentative agreement was not ratified by USW members on October 30, 2025. The date of the second vote will be set and announced by the union.

"We are pleased to have reached a new tentative agreement that reflects our shared commitment to competitive wages, solid benefits, and a safe working environment," said Mike Williams, chief executive officer of Metallus. "We believe this is a fair and equitable agreement and appreciate the good-faith efforts by all involved to continue this process and work toward an agreement that supports our employees, ensures job continuity, and reinforces Metallus' long-term success and growth objectives."

The current agreement had been extended until January 29, 2026 and covers approximately 1,200 bargaining employees at the company's Canton, Ohio operations.

ABOUT METALLUS INC.
Metallus (NYSE: MTUS) manufactures high-performance specialty metals from recycled scrap metal in Canton, OH, serving demanding applications in industrial, automotive, aerospace & defense and energy end-markets. The company is a premier U.S. producer of alloy steel bars (up to 16 inches in diameter), seamless mechanical tubing and manufactured components. In the business of making high-quality steel for more than 100 years, Metallus' proven expertise contributes to the performance of our customers' products. The company employs approximately 1,850 people and had sales of $1.1 billion in 2024. For more information, please visit us at www.metallus.com. 

FORWARD-LOOKING STATEMENTS
This news release includes "forward-looking" statements within the meaning of the federal securities laws. You can generally identify the company's forward-looking statements by words such as "will," "anticipate," "aspire," "believe," "could," "estimate," "expect," "forecast," "outlook," "intend," "may," "plan," "possible," "potential," "predict," "project," "seek," "target," "should," "would," "strategy," or "strategic direction" or other similar words, phrases or expressions that convey the uncertainty of future events or outcomes. The company cautions readers that actual results may differ materially from those expressed or implied in forward-looking statements made by or on behalf of the company due to a variety of factors, such as: (1) the effects of fluctuations in customer demand on sales, product mix and prices in the industries in which the company operates, including the ability of the company to respond to rapid changes in customer demand including but not limited to changes in domestic and worldwide political and economic conditions due to, among other factors, U.S. and foreign trade policies and the impact on economic conditions, changes in customer operating schedules due to supply chain constraints or unplanned work stoppages, the ability of customers to obtain financing to purchase the company's products or equipment that contains its products, the effects of customer bankruptcies or liquidations, the impact of changes in industrial business cycles, and whether conditions of fair trade exist in U.S. markets; (2) changes in operating costs, including the effect of changes in the company's manufacturing processes, changes in costs associated with varying levels of operations and manufacturing capacity, availability of raw materials and energy, the company's ability to mitigate the impact of fluctuations in raw materials and energy costs and the effectiveness of its surcharge mechanism, changes in the expected costs associated with product warranty claims, changes resulting from inventory management, cost reduction initiatives and different levels of customer demands, the effects of unplanned work stoppages, availability of skilled labor and changes in the cost of labor and benefits; (3) the success of the company's operating plans, announced programs, initiatives and capital investments, the consistency to meet demand levels following unplanned downtime, and the company's ability to maintain appropriate relations with the union that represents its associates in certain locations in order to avoid disruptions of business; (4) whether the company is able to successfully implement actions designed to improve profitability on anticipated terms and timetables and whether the company is able to fully realize the expected benefits of such actions; (5) the company's pension obligations and investment performance; (6) with respect to the company's ability to achieve its sustainability goals, including its 2030 environmental goals, the ability to meet such goals within the expected timeframe, changes in laws, regulations, prevailing standards or public policy, the alignment of the scientific community on measurement and reporting approaches, the complexity of commodity supply chains and the evolution of and adoption of new technology, including traceability practices, tools and processes; (7) availability of property insurance coverage at commercially reasonable rates or insufficient insurance coverage to cover claims or damages; (8) the availability of financing and interest rates, which affect the company's cost of funds and/or ability to raise capital; (9) the impacts from any repurchases of our common shares, including the timing and amount of any repurchases; (10) competitive factors, including changes in market penetration, increasing price competition by existing or new foreign and domestic competitors, the introduction of new products by existing and new competitors, and new technology that may impact the way the company's products are sold or distributed; (11) deterioration in global economic conditions, or in economic conditions in any of the geographic regions in which the company conducts business, including additional adverse effects from global economic slowdown, terrorism or hostilities, including political risks associated with the potential instability of governments and legal systems in countries in which the company or its customers conduct business, and changes in currency valuations; (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 legislative and regulatory initiatives addressing global climate change or other environmental concerns; (14) unanticipated litigation, claims or assessments, including claims or problems related to intellectual property, product liability or warranty, employment matters, regulatory compliance and environmental issues and taxes, among other matters; (15) cyber-related risks, including information technology system failures, interruptions and security breaches; (16) the potential impact of pandemics, epidemics, widespread illness or other health issues; and (17) with respect to the equipment investments to support the U.S. Army's mission of ramping up munitions production in the coming years, whether the funding awarded to support these investments is received on the anticipated timetable, whether the company is able to successfully complete the installation and commissioning of the new assets on the targeted budget and timetable, and whether the anticipated increase in throughput is achieved. Further, this news release represents our current policy and intent and is not intended to create legal rights or obligations. Certain standards of measurement and performance contained in this news release are developing and based on assumptions, and no assurance can be given that any plan, objective, initiative, projection, goal, mission, commitment, expectation or prospect set forth in this news release can or will be achieved. Inclusion of information in this news release is not an indication that the subject or information is material to our business or operating results.  

Additional risks relating to the company's business, the industries in which the company operates, or the company's common shares may be described from time to time in the company's filings with the SEC. All of these risk factors are difficult to predict, are subject to material uncertainties that may affect actual results and may be beyond the company's control. Readers are cautioned that it is not possible to predict or identify all of the risks, uncertainties and other factors that may affect future results and that the above list should not be considered to be a complete list. Except as required by the federal securities laws, the company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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SOURCE Metallus Inc.

FAQ

What did Metallus (MTUS) announce about the union contract on Dec. 4, 2025?

Metallus announced a new tentative four-year agreement with USW Local 1123 covering Canton operations.

How many employees does the Metallus (MTUS) tentative agreement cover?

The agreement covers approximately 1,200 bargaining employees at the Canton, Ohio operations.

When is the next union ratification vote for Metallus (MTUS)?

A second vote date was not set in the announcement; the union will set and announce the date.

What is the current contract extension date for Metallus (MTUS)?

The existing agreement has been extended through Jan. 29, 2026.

What key terms did Metallus (MTUS) highlight in the tentative agreement?

Management highlighted competitive wages, solid benefits, job continuity, and safety as core elements.