Metallus retired its remaining convertible preferred and is now debt free, At the end of 2Q:25, the company had net cash of $190.8 million ($4.41 per share). Our $18 price target is based on 12x our 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.