Metallus reported 3Q:25 adjusted EPS of $0.28, better than the $0.18 consensus and our $0.17 EPS estimate, largely due to worse than expected price/mix benefits. Management suggested 4Q:25 results will be weaker than the just completed quarter, citing increased maintenance cost, seasonality, mix and decremental operating leverage. Collectively, we take a more cautious view of the company's profit profile until we have better clarity. As a result, we lower our 4Q:25 EPS estimate to a nickel (from $0.16 previously), bringing our full-year tally to $0.61 (from $0.59). We lower our 2026 EPS estimate to $1.17 (from $1.48). We introduce our 2027 EPS estimate of $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 $134.9 million in 2024. Metallus also retired its remaining convertible preferred and is now debt free, At the end of 3Q:25, the company had net cash of $191.5 million ($4.45 per share). The introduction of our 2027 estimates takes our price target to $20 (from$18), which is based on a constant 12x our newly introduced 2027 EPS estimate of $1.63 (previously based on our prior 2026 EPS estimate of $1.48). 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.