Metallus sees FY25 capEx $125M including $90M funded by U.S. government

Expects Q1 adjusted EBITDA to be higher than the Q4. Q1 shipments are expected to increase from the Q4 as the order book begins to strengthen; lead times for both bar and tube products currently extend to May; annual price agreement negotiations covering approximately 70% of the order book are substantially complete; average base price per ton for customers covered by annual agreements is expected to decrease by low to mid-single digits on a percentage basis in 2025 compared with average base price per ton for the FY24, mix dependent; surcharge revenue per ton is expected to be sequentially higher in the Q1 primarily driven by higher scrap prices. Operations: The company expects the average melt utilization rate to be approximately 70 percent in the first quarter driven by improvement in the order book; manufacturing costs are expected to sequentially improve in the first quarter following the completion of planned annual shutdown maintenance in the fourth quarter and expected higher Q1 melt utilization, resulting in improved cost absorption. Sees FY25 required pension contributions $65M; and effective income tax rate 25%.