We look for better traction from new revenue ventures to firm profitability in 2026. Most notably, in Aerospace & Defense (A&D), the company thinks it can achieve at least $250 million in annualized revenue from this higher margin market in 2026 compared to $134.9 million in 2024. The company is in ongoing negotiations with the United Steelworkers; a second tentative agreement was recently voted down by the union. Costs associated these negotiations will be realized on the P&L. Near-term, fourth quarter results will be weaker than the recent trends, due to increased maintenance cost, seasonality, unfavorable mix and decremental operating leverage. Metallus has 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). Our $20 price target is based on 12x our 2026 EPS estimate of $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.