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Government Funding
 3 Months Ended
Mar. 31, 2025
Government Assistance [Abstract]  
Government Funding

Note 4 - Government Funding

 

On February 27, 2024, the Company entered an agreement with the United States Army ("U.S. Army"). The agreement provides for $99.75 million in funding to support the U.S. Army's mission of increasing munitions production for national security in the upcoming years. The agreement supports the commissioning of two major assets: a continuous bloom reheat furnace and a roller hearth heat treat furnace. For the quarter ended March 31, 2025, the Company received $12.9 million in funding related to this agreement and recorded the funding as a current liability on the Consolidated Balance Sheets and as investing within the Consolidated Cash Flows. There was $13.9 million in capital spending related to assets associated with this agreement in the first quarter of 2025.

 

In April 2025, the Company received an additional $5.1 million in government funding.

For further details, refer to Metallus' “Note 2 - Significant Accounting Policies” in its annual report on Form 10K for the year ended December 31, 2024.