UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 |
Other Events. |
On May 15, 2024, Metallus Inc. (the “Company”) entered into an agreement to purchase a group annuity contract from The Prudential Insurance Company of America (“Prudential”) in connection with the termination of the TimkenSteel Corporation Retirement Plan (the “Salaried Pension Plan”). The Salaried Pension Plan termination settles approximately $121 million of the Company’s remaining U.S. pension obligations. Prudential will pay future benefits under the group annuity contract starting August 1, 2024 for all remaining participants in the Salaried Pension Plan. Benefits payable to Salaried Pension Plan participants will not be reduced as a result of this transaction. The group annuity contract will be purchased using existing assets of the Salaried Pension Plan and requires no cash contribution from the Company. The Company expects to realize a non-cash pension settlement gain of approximately $3 million in the second quarter of 2024.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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METALLUS INC. |
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Date: May 20, 2024 |
By: |
/s/ Kristine C. Syrvalin |
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Kristine C. Syrvalin |
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Executive Vice President, General Counsel and Chief Human Resources Officer |