Metallus settles $121M in pension obligations via Prudential annuity; expects $3M Q2 gain

Metallus Inc.

Agreement with Prudential to purchase group annuity covering ~$121M of remaining U.S. pension obligations.
Prudential will pay future benefits starting Aug 1, 2024 for all remaining Salaried Pension Plan participants; benefits unchanged.
Funded entirely from existing plan assets; no cash contribution required from Metallus.
Expects non-cash pension settlement gain of ~$3M in Q2 2024.

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