Business, Product and Geographical Area Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Significant Segment Expenses Provided to CODM

The following table presents the significant segment expenses that are provided to the CODM (in millions of dollars):

	Quarter Ended March 31,
	2025		2024 As Adjusted1
Net sales	$	777.4	$	737.5
Less:
Cost of products sold, excluding depreciation and amortization
Hedged cost of alloyed metal2		414.2		370.6
Manufacturing costs3		181.7		202.5
Plant overhead4		44.2		42.1
Freight costs		20.7		22.2
Other cost of products sold5		12.6		13.9
Depreciation and amortization		30.0		28.8
Selling, general, administrative, research and development
Research and development costs		0.3		0.6
Employee costs6		22.5		22.3
Other selling, general and administrative costs7		8.0		9.7
Restructuring costs		1.8		0.1
Other operating charges, net		—		0.4
Interest expense		11.2		11.5
Other expense (income), net – Note 9		1.4		(10.9	)
Income tax provision		7.2		5.5
Net income	$	21.6	$	18.2

1.Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.

2.Hedged cost of alloyed metal includes cost of aluminum at the Midwest transaction price and the cost of alloying elements used in the production process. This metric also includes metal price exposure on shipments that we hedged with realized gains upon settlement of $4.6 million and realized losses upon settlement of $3.5 million in the quarters ended March 31, 2025 and March 31, 2024, respectively.

3.Manufacturing costs primarily includes labor, utilities, supplies and other materials, excluding alloys incurred at our various production facilities.

4.Plant overhead includes salaried employee costs, property taxes, and insurance associated with our various production facilities.

5.Other costs of products sold primarily includes lease expense, accretion expense related to conditional asset retirement obligations, and major maintenance costs.

6.Employee costs include salaries, benefits, and incentive compensation.

7.Other selling, general and administrative costs primarily include professional services, computer hardware and software costs, office rent, and utilities.

Schedule of Net Sales by End Market Segment Applications

The following table presents Net sales by end market applications and by timing of control transfer (in millions of dollars):

	Quarter Ended March 31,
	2025		2024
Net sales:
Aero/HS Products	$	214.7	$	220.5
Packaging		314.2		298.1
GE Products		181.6		153.0
Automotive Extrusions		66.9		63.5
Other products		—		2.4
Total net sales	$	777.4	$	737.5
Timing of revenue recognition:
Products transferred at a point in time	$	590.8	$	569.4
Products transferred over time		186.6		168.1
Total net sales	$	777.4	$	737.5

Schedule of Income Taxes Paid by Geographical Area

The following table presents geographic information for income taxes paid (in millions of dollars):

	Quarter Ended March 31,
	2025		2024
Income taxes paid:
Domestic	$	—	$	—
Foreign		1.8		1.6
Total income taxes paid	$	1.8	$	1.6