Welcome to our dedicated page for Metallus news (Ticker: MTUS), a resource for investors and traders seeking the latest updates and insights on Metallus stock.
Metallus Inc (NYSE: MTUS) delivers high-performance specialty metals for critical industrial applications, from aerospace components to energy infrastructure. This news hub provides investors and industry professionals with authoritative updates on operational developments, strategic initiatives, and market positioning.
Access timely reports covering earnings announcements, production innovations, and supply chain enhancements. Our curated collection includes official press releases alongside third-party analysis of manufacturing advancements and quality control milestones.
Key updates span material science breakthroughs, facility modernization projects, and sustainability initiatives within Metallus' vertically integrated operations. Track developments in alloy steel applications, machining service expansions, and recycled material utilization.
Bookmark this page for structured access to MTUS news affecting automotive, defense, and energy sectors. Monitor how decades of metallurgical expertise translate to evolving industrial demands through verified operational updates.
Metallus (NYSE: MTUS) announced an agreement to purchase a group annuity contract from Prudential to terminate the TimkenSteel Retirement Plan, settling around $121 million of pension obligations. This move impacts about 1,000 plan participants, with Prudential starting benefit payments on August 1, 2024. The transaction involves no cash contribution from Metallus and is expected to reduce its U.S. pension obligation by $124 million, reflecting a 20% reduction. Additionally, Metallus anticipates a $3 million non-cash pension settlement gain in Q2.
Metallus reported first-quarter 2024 net sales of $321.6 million, net income of $24.0 million, and adjusted EBITDA of $43.4 million. The company authorized a $100 million share repurchase program on May 6, 2024. Cash and cash equivalents balance was $278.1 million as of March 31, 2024. Operating cash flow was $33.4 million in the first quarter. The company expects second-quarter 2024 adjusted EBITDA to be lower than the first quarter due to various factors.
Metallus (NYSE: MTUS) announces the election of Melissa M. Miller, a seasoned industry professional, as a new independent director to its Board of Directors. Miller, currently serving as the Executive Vice President and Chief Human Resources Officer at Arconic , brings a wealth of experience in achieving growth targets through an engaged workforce and emphasizing integrity, safety, sustainability, and operational excellence. The company also re-elected existing directors for additional terms, with eleven directors now serving on the board.
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