Government Funding |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Government Assistance [Abstract] | |
| Government Funding | Note 4 - Government Funding
On February 27, 2024, the Company entered into 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 three and six months ended June 30, 2025, the Company received $5.1 million and $18.0 million, respectively, 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 $29.2 million in capital spending related to assets associated with this agreement in the first half of 2025.
In July 2025, the Company received an additional $10.0 million in government funding related to the February 27th agreement.
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. |