Metallus reported 4Q:25 adjusted loss per share of $0.18, lower than the consensus of EPS of $0.04 and our $0.05 EPS estimate, largely due to worse than expected price/mix benefits. Management suggested 1Q:26 results will be better than the just completed quarter, citing lower maintenance cost, seasonality, mix and better operating leverage. Still, we take a more cautious view of the company's profit profile until we have better clarity. As a result, we lower our 2026 EPS estimate to $0.83 (from $1.17) and our 2027 EPS estimate of $1.47 (from $1.63). Management continues to highlight Aerospace & Defense (A&D) opportunities. The company says it thinks it can achieve at least $250 million in annualized revenue from this higher margin market by mid-2026 compared to $161.4 million in 2025. Metallus also retired its remaining convertible preferred and is now debt free. At the end of 4Q:25, the company had net cash of $156.7 million ($3.76 per share). The reduction in our 2027 estimates takes our price target to $18 (from $20), which is based on a constant 12x our lowered 2027 EPS estimate of $1.47 (previously $1.63). Our moderate risk rating recognizes the cyclicality in the company's end markets and the notable customer concentration, offset by diversification efforts, a clean balance sheet and cost-saving initiatives.