Metallus Inc.

Hello everyone. Thank you for joining us and welcome to the 2Q2026 Medalist Inc. Earnings Call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference over to Jenna Johnson. Please go ahead.

Good morning and welcome to Metallus' second quarter 2026 conference call. I'm Jenna Johnson, Senior Manager, Finance and Investor Relations for Metallus. Joining me today are Mike Williams, Chief Executive Officer, Chris Westbrooks, President and Chief Operating Officer, and John Zaranec, Executive Vice President and Chief Financial Officer. You should have received a copy of our press release which was issued last night During today's conference call, we may make forward-looking statements as defined by the SEC. Actual results may differ materially from those projected or implied due to a variety of factors, which we describe in greater detail in yesterday's release. Please refer to our SEC filings, including our most recent Form 10-Q, which will be filed later today, as well as the risk factors, including in our earnings release, all of which are available on the Metallus website. Where non-GAAP financial information is referenced, additional details and reconciliations to its GAAP equivalent are included in the earnings release and the earnings presentation available on the investor page at metallis.com. Now, I'll turn the call over to Mike Williams for his remarks.

Thank you, Jenna, and thank you all for joining us today. In the second quarter, we generated adjusted EBITDA of $29 million. Improving profitability, both sequentially and year over year. This is consistent with the expectations we outlined earlier this year. Increased shipments, higher melt utilization, improved pricing and product mix, and solid operating performance drove the improvement. We also continue to benefit from healthy demand across our end markets, with the order book up over 50% year over year. providing strong visibility heading into the second half of the year. Our second quarter results reflect the progress we continue to make against our strategic priorities and underscore the strength of our existing and diversifying end markets and customer relationships. As we enter 2026, our focus was simple, improve profitability versus the prior year through consistent execution, commercial excellence and operational improvement. Our first half performance demonstrates the progress we are making toward that objective with safety remaining our top priority at Metallus. We continue to strengthen our safety culture across our facilities through targeted training, enhanced tools and increased accountability. We also continue to make significant progress with our strategic capital investments. with early indicators suggesting these initiatives are positioned to deliver meaningful commercial and operational benefits over time. The bloom reheat furnace was fully commissioned in early July and is improving process consistency, enhancing downstream product flow, and increasing reliability across the facilities. These improvements are supporting stronger operational execution,