Metallus Reports Commercial Recovery in 2025

Aerospace and defense sales expected to exceed $250 million run rate by mid-2026

Published on Feb. 26, 2026

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Metallus (NYSE:MTUS) executives reported a commercial recovery in 2025 following market headwinds in the prior year, driven by improved demand across end markets and a supportive fair-trade environment. The company highlighted expanding momentum heading into 2026, including longer lead times and a materially higher order book.

Why it matters

Metallus is a major industrial metals recycling and distribution company, so its performance is an important indicator of broader manufacturing and industrial trends. The company's focus on aerospace and defense is also noteworthy, as that sector has seen strong demand amid global geopolitical tensions.

The details

Metallus saw a 14% year-over-year increase in shipments in 2025, with the company highlighting expanding momentum heading into 2026. This included longer lead times and a materially higher order book. The company also expanded its aerospace and defense presence, with Vacuum Arc Remelt (VAR) steel sales nearly doubling from 2024 to $28 million. Management expects aerospace and defense sales to exceed a $250 million run rate by mid-2026, though the ramp-up has been delayed by about 1.5-2 years at customers' facilities.

  • Metallus saw a commercial recovery in 2025 following market headwinds in the prior year.
  • Metallus expects aerospace and defense sales to exceed a $250 million run rate by mid-2026.

The players

Metallus, Inc

An industrial metals recycling and distribution company that acquires, processes and markets a wide array of ferrous and non-ferrous materials.

Mike Williams

Chief Executive Officer of Metallus.

John Zaranec

Chief Financial Officer of Metallus.

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What they’re saying

“Demand is expected to remain robust through 2026, driven by expansion of existing programs and new platforms.”

— Mike Williams, Chief Executive Officer (Transcript Daily)

“We expect to pay a one-time payment of approximately $2 million in the first quarter of 2026 related to the agreement.”

— John Zaranec, Chief Financial Officer (Transcript Daily)

What’s next

Metallus expects additional government funding payments of approximately $17 million in the first half of 2026, contingent on achieving mutually agreed milestones.

The takeaway

Metallus' commercial recovery in 2025 and its focus on expanding its aerospace and defense business highlight the company's resilience and ability to adapt to changing market conditions. The strong order book and longer lead times suggest continued momentum heading into 2026.