Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-28

Metallus (MTUS)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$5,863,348
Michael Williams total, FY2025
29th
CEO pay percentile vs peers
54:1
CEO-to-median pay ratio
97.33%
Say-on-pay support, latest vote
Companies that benchmark against MTUS
3 companies name MTUS as a compensation peer

Each company listed discloses MTUS in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named MTUS in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Michael Williams$902,708$0$3,865,156$0$1,017,803$0$77,681$5,863,348
Chief Executive Officer
Kristopher Westbrooks576,88401,018,8080490,395049,4622,135,549
President and Chief Operating Officer
Kristine Syrvalin407,5580781,5080271,536047,6761,508,278
Executive Vice President, General Counsel and Chief Human Resources Officer
Kevin Raketich356,8490781,5080237,75014,65443,0211,433,782
Executive Vice President and Chief Commercial Officer
John Zaranec III243,750100,000495,3830162,39807,8541,009,386
Executive Vice President and Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Michael Williams$5,863,348$4,260,359$6,973,856+1,602,989
Kristopher Westbrooks2,135,5491,291,4352,527,551+844,114
Kristine Syrvalin1,508,2781,058,4662,166,963+449,812
Kevin Raketich1,433,7821,063,8892,241,102+369,893
John Zaranec III1,009,386

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Michael WilliamsPSU2025-03-0771,950143,900287,800$2,490,909
Kevin RaketichRSU2025-03-0724,700353,951
Kevin RaketichPSU2025-03-0712,35024,70049,400427,557
Kristine SyrvalinRSU2025-03-0724,700353,951
Kristine SyrvalinPSU2025-03-0712,35024,70049,400427,557
Kristopher WestbrooksPSU2025-03-0716,10032,20064,400557,382
Kristopher WestbrooksRSU2025-03-0732,200461,426
Michael WilliamsRSU2025-03-0795,9001,374,247
John Zaranec IIIRSU2025-06-1634,960495,383
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Michael Williams$1,374,247$2,490,909$064.4%
Kevin Raketich353,951427,557054.7%
Kristine Syrvalin353,951427,557054.7%
Kristopher Westbrooks461,426557,382054.7%
John Zaranec III495,383000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Michael WilliamsPSU143,900$2,469,324
Michael WilliamsRSU95,9001,645,644
Michael WilliamsRSU65,3001,120,548
Michael WilliamsRSU63,4001,087,944
Michael WilliamsPSU47,550815,958
Michael WilliamsPSU40,000686,400
John Zaranec IIIRSU34,960599,914
Kristopher WestbrooksRSU32,200552,552
Kristine SyrvalinPSU24,700423,852
Kristopher WestbrooksPSU32,200552,552
Kristine SyrvalinRSU24,700423,852
Kevin RaketichRSU24,700423,852
Kristine SyrvalinPSU20,000343,200
Kevin RaketichPSU24,700423,852
Kristopher WestbrooksPSU20,000343,200
Kevin RaketichPSU20,000343,200
Kristopher WestbrooksRSU18,400315,744
Kevin RaketichRSU17,300296,868
Kevin RaketichRSU15,500265,980
Kristopher WestbrooksRSU16,500283,140
Kristine SyrvalinRSU16,300279,708
Kristine SyrvalinRSU14,600250,536
Kevin RaketichPSU7,750132,990
Kristopher WestbrooksPSU8,250141,570
Kristine SyrvalinPSU7,300125,268
05

Incentive-plan design — the Compensation Discussion & Analysis

Metallus’ executive compensation program is designed to align the interests of our executives with those of our shareholders and to encourage the personal and collective efforts of our executives to foster improved company performance. The company uses a balance of short- and long-term incentives as well as cash and non-cash compensation to meet its executive compensation program objectives, linking compensation with the full spectrum of the company’s short- and long-term business goals.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantMeridian
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-04-3032,457,415890,75172,79597.33%Passed
20252025-05-0731,666,789310,74652,60699.03%Passed
20242024-05-0731,799,759246,963470,46399.23%Passed
20232023-05-0230,342,797677,068286,14697.82%Passed
20222022-05-0429,816,4581,246,971261,67095.99%Passed
20212021-05-0531,340,2061,576,58784,68995.21%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-04-3097.33%a
20252025-05-0799.03%b
20242024-05-0799.23%c

a. Approved under the standard stated in the filing — “In determining whether this proposal has received the affirmative vote of a majority of the votes cast on the proposal, abstentions and broker non-votes are not considered votes cast and, therefore, will not count either in favor of or against the proposal.”.

b. Approved under the standard stated in the filing — “In determining whether this proposal has received the affirmative vote of a majority of the votes cast on the proposal, abstentions and broker non-votes are not considered votes cast and, therefore, will not count either in favor of or against the proposal.”.

c. Approved under the standard stated in the filing — “In determining whether this proposal has received the affirmative vote of a majority of the votes cast on the proposal, abstentions and broker non-votes are not considered votes cast and, therefore, will not count either in favor of or against the proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)54 : 1
CEO total compensation
Median employee compensation$108,487
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Ronald A. RiceIndependent · Board Chair · Nominating and Corporate Governance$180,000$119,941$299,941
Donald T. MisheffIndependent · Audit (Chair)110,000119,941229,941
Randall A. WotringIndependent · Compensation · Nominating and Corporate Governance105,000119,941224,941
Kenneth V. GarciaIndependent · Compensation (Chair)105,000119,941224,941
Melissa M. MillerIndependent · Compensation90,000119,941209,941
Nicholas J. ChirekosIndependent · Audit90,000119,941209,941
Mary Ellen BakerIndependent · Audit90,000119,941209,941
Ellis A. JonesIndependent · Audit · Nominating and Corporate Governance90,000119,941209,941
Randall H. EdwardsIndependent · Compensation · Nominating and Corporate Governance90,000119,941209,941
Jamy P. RankinIndependent · Audit90,000119,941209,941
Michael S. WilliamsEmployee director0
09

Board fee structure and ownership guideline

Annual cash retainer$90,000
Annual equity retainer$120,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 15,000
Stock ownership guideline$5
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,040,000
Equity awards (grant-date value)$1,199,410
All other compensation$0
Total cost of the board$2,239,410

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

STLD Steel Dynamics, Inc.NUE Nucor CorporationZEUS Olympic Steel, Inc.ACNT Ascent Industries Co.RDUS Radius Recycling, Inc.WS Worthington Steel, Inc.RYZ Ryerson Holding CorporationAP Ampco-Pittsburgh CorporationCRS Carpenter Technology CorporationFRD Friedman Industries, IncorporatedX United States Steel CorporationATI ATI Inc.CMC Commercial Metals Company Algoma Steel Group Inc.RS Reliance, Inc.
10a

Peer reciprocity

Of the companies Metallus names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Steel Dynamics, Inc. (STLD)41 Nucor Corporation (NUE)42 Olympic Steel, Inc. (ZEUS) Ascent Industries Co. (ACNT) Radius Recycling, Inc. (RDUS) Worthington Steel, Inc. (WS) Ryerson Holding Corporation (RYZ)43 Ampco-Pittsburgh Corporation (AP)44 Carpenter Technology Corporation (CRS)45 Friedman Industries, Incorporated (FRD) United States Steel Corporation (X) ATI Inc. (ATI) Commercial Metals Company (CMC) Reliance, Inc. (RS)46

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Metallus.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Ryerson Holding Corporation2025Edward Lehner$1,200,000$16,127,600$0$451,500$17,857,908
2Nucor Corporation2025Leon J. Topalian1,560,0008,895,2732,000,0002,486,20314,945,471
3Reliance, Inc.2025Karla Lewis1,325,0007,653,35002,072,30013,374,389
4Steel Dynamics, Inc.2025Mark Millett1,535,0005,095,40605,372,50012,059,908
5Carpenter Technology Corporation2025Tony Thene1,020,1924,500,08002,698,4088,416,878
6Metallus2025Michael Williams902,7083,865,15601,017,8035,863,348
7Friedman Industries, Incorporated2026Michael Taylor750,000718,234002,709,607
8Ampco-Pittsburgh Corporation2025J. Brett McBrayer718,750701,7820600,9532,065,460
Olympic Steel, Inc.not in coverage universe
Ascent Industries Co.not in coverage universe
Radius Recycling, Inc.not in coverage universe
Worthington Steel, Inc.not in coverage universe
United States Steel Corporationnot in coverage universe
ATI Inc.not in coverage universe
Commercial Metals Companynot in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Metallusnot disclosedPRSU 60 · RSU 40not disclosedMeridian
Ampco-Pittsburgh Corporationnot disclosedPSU 67 · RSU 33not disclosedPay Governance LLC
Ascent Industries Co.not disclosednot disclosednot disclosednot disclosed
ATI Inc.not disclosednot disclosednot disclosednot disclosed
Carpenter Technology Corporationnot disclosednot disclosednot disclosednot disclosed
Commercial Metals Companynot disclosednot disclosednot disclosednot disclosed
Friedman Industries, Incorporatednot disclosednot disclosednot disclosednot disclosed
Nucor Corporation177.08%Cash LTI 50NoPearl Meyer
Olympic Steel, Inc.not disclosednot disclosednot disclosednot disclosed
Radius Recycling, Inc.not disclosednot disclosednot disclosednot disclosed
Reliance, Inc.156.4%PSU 80 · RSU 20NoPay Governance LLC
Ryerson Holding Corporation30%PSU 67 · RSU 33NoCompensation Advisory Partners (CAP)
Steel Dynamics, Inc.350%PSU 53 · RSU 47NoPearl Meyer & Partners, LLC
United States Steel Corporationnot disclosednot disclosednot disclosednot disclosed
Worthington Steel, Inc.not disclosednot disclosednot disclosednot disclosed

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Michael WilliamsDEF 14A2026-03-120001193125-26-102544Section “2025 Summary compensation table”. As printed: 5,863,348. Filing ↗machine: span 960010–960019
2Section 01, Kristopher WestbrooksDEF 14A2026-03-120001193125-26-102544Section “2025 Summary compensation table”. As printed: 2,135,549. Filing ↗machine: span 979971–979980
3Section 01, Kristine SyrvalinDEF 14A2026-03-120001193125-26-102544Section “2025 Summary compensation table”. As printed: 1,508,278. Filing ↗machine: span 1010889–1010898
4Section 01, Kevin RaketichDEF 14A2026-03-120001193125-26-102544Section “2025 Summary compensation table”. As printed: 1,433,782. Filing ↗machine: span 1030329–1030338
5Section 01, John Zaranec IIIDEF 14A2026-03-120001193125-26-102544Section “2025 Summary compensation table”. As printed: 1,009,386. Filing ↗machine: span 997416–997425
6Section 03, Michael Williams PSUDEF 14A2026-03-120001193125-26-102544Section “2025 Grants of plan-based awards table” · grants of plan-based awards table. Filing ↗machine: span 871366–871375
7Section 03, Kevin Raketich RSUDEF 14A2026-03-120001193125-26-102544Section “2025 Grants of plan-based awards table” · grants of plan-based awards table. Filing ↗machine: span 884280–884287
8Section 03, Kevin Raketich PSUDEF 14A2026-03-120001193125-26-102544Section “2025 Grants of plan-based awards table” · grants of plan-based awards table. Filing ↗machine: span 885260–885267
9Section 03, Kristine Syrvalin RSUDEF 14A2026-03-120001193125-26-102544Section “2025 Grants of plan-based awards table” · grants of plan-based awards table. Filing ↗machine: span 880830–880837
10Section 03, Kristine Syrvalin PSUDEF 14A2026-03-120001193125-26-102544Section “2025 Grants of plan-based awards table” · grants of plan-based awards table. Filing ↗machine: span 881810–881817
11Section 03, Kristopher Westbrooks PSUDEF 14A2026-03-120001193125-26-102544Section “2025 Grants of plan-based awards table” · grants of plan-based awards table. Filing ↗machine: span 874827–874834
12Section 03, Kristopher Westbrooks RSUDEF 14A2026-03-120001193125-26-102544Section “2025 Grants of plan-based awards table” · grants of plan-based awards table. Filing ↗machine: span 873847–873854
13Section 03, Michael Williams RSUDEF 14A2026-03-120001193125-26-102544Section “2025 Grants of plan-based awards table” · grants of plan-based awards table. Filing ↗machine: span 870383–870392
14Section 03, John Zaranec III RSUDEF 14A2026-03-120001193125-26-102544Section “2025 Grants of plan-based awards table” · grants of plan-based awards table. Filing ↗machine: span 877388–877395
15Section 07, pay ratioDEF 14A2026-03-120001193125-26-102544Section “CEO Pay Ratio”. As printed: 54 : 1. Filing ↗
16Section 08, Ronald A. RiceDEF 14A2026-03-120001193125-26-102544Section “Director Compensation”. As printed: 299,941. Filing ↗machine: span 458350–458357
17Section 08, Donald T. MisheffDEF 14A2026-03-120001193125-26-102544Section “Director Compensation”. As printed: 229,941. Filing ↗machine: span 455801–455808
18Section 08, Randall A. WotringDEF 14A2026-03-120001193125-26-102544Section “Director Compensation”. As printed: 224,941. Filing ↗machine: span 459604–459611
19Section 08, Kenneth V. GarciaDEF 14A2026-03-120001193125-26-102544Section “Director Compensation”. As printed: 224,941. Filing ↗machine: span 451926–451933
20Section 08, Melissa M. MillerDEF 14A2026-03-120001193125-26-102544Section “Director Compensation”. As printed: 209,941. Filing ↗machine: span 454477–454484
21Section 08, Nicholas J. ChirekosDEF 14A2026-03-120001193125-26-102544Section “Director Compensation”. As printed: 209,941. Filing ↗machine: span 449370–449377
22Section 08, Mary Ellen BakerDEF 14A2026-03-120001193125-26-102544Section “Director Compensation”. As printed: 209,941. Filing ↗machine: span 448115–448122
23Section 08, Ellis A. JonesDEF 14A2026-03-120001193125-26-102544Section “Director Compensation”. As printed: 209,941. Filing ↗machine: span 453225–453232
24Section 08, Randall H. EdwardsDEF 14A2026-03-120001193125-26-102544Section “Director Compensation”. As printed: 209,941. Filing ↗machine: span 450673–450680
25Section 08, Jamy P. RankinDEF 14A2026-03-120001193125-26-102544Section “Director Compensation”. As printed: 209,941. Filing ↗machine: span 457050–457057
26Section 08, Michael S. WilliamsDEF 14A2026-03-120001193125-26-102544Section “Director Compensation”. As printed: 0. Filing ↗
27Section 06, 2026 voteForm 8-K2026-05-010001193125-26-201451Item 5.07 · say-on-pay result. As reported: 97.33% (votes for as printed: 32,457,415). Filing ↗
28Section 06, 2025 voteForm 8-K2025-05-080000950170-25-067017Item 5.07 · say-on-pay result. As reported: 99.03% (votes for as printed: 31,666,789). Filing ↗
29Section 06, 2024 voteForm 8-K2024-05-080000950170-24-055711Item 5.07 · say-on-pay result. As reported: 99.23% (votes for as printed: 31,799,759). Filing ↗
30Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
31Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
32Section 09b board cost (computed)ComputedcomputedCash 1,040,000 + equity 1,199,410 + all other 0 = 2,239,410, summed across the director compensation table rows.machine: formula: Σ = 2,239,410
33Ryerson Holding Corporation, Section 10b CEO totalDEF 14A2026-03-180001193125-26-114120CEO total compensation as printed in Ryerson Holding Corporation's own proxy. As printed: 17,857,908. Filing ↗machine: t60 · r6 · c18 · span 2643676–2643686
34Nucor Corporation, Section 10b CEO totalDEF 14A2026-03-270001193125-26-127739CEO total compensation as printed in Nucor Corporation's own proxy. As printed: 14,945,471. Filing ↗machine: t120 · r3 · c39 · span 919349–919359
35Reliance, Inc., Section 10b CEO totalDEF 14A2026-04-020001104659-26-039140CEO total compensation as printed in Reliance, Inc.'s own proxy. As printed: 13,374,389. Filing ↗machine: r1 · c42 · span 1142690–1142700
36Steel Dynamics, Inc., Section 10b CEO totalDEF 14A2026-03-270001104659-26-035826CEO total compensation as printed in Steel Dynamics, Inc.'s own proxy. As printed: 12,059,908. Filing ↗machine: t202 · r5 · c17 · span 991109–991119
37Carpenter Technology Corporation, Section 10b CEO totalDEF 14A2025-09-120001193125-25-202215CEO total compensation as printed in Carpenter Technology Corporation's own proxy. As printed: 8,416,878. Filing ↗machine: r6 · c33 · span 2594412–2594421
38Metallus (subject), Section 10b CEO totalDEF 14A2026-03-120001193125-26-102544CEO total compensation as printed in Metallus's own proxy. As printed: 5,863,348. Filing ↗machine: span 960010–960019
39Friedman Industries, Incorporated, Section 10b CEO totalDEF 14A2026-07-280001437749-26-024581CEO total compensation as printed in Friedman Industries, Incorporated's own proxy. As printed: 2,709,607. Filing ↗machine: r1 · c16 · span 139640–139649
40Ampco-Pittsburgh Corporation, Section 10b CEO totalDEF 14A2026-03-270001193125-26-127659CEO total compensation as printed in Ampco-Pittsburgh Corporation's own proxy. As printed: 2,065,460. Filing ↗machine: r3 · c14 · span 1153868–1153877
41Section 10a, Steel Dynamics, Inc. reciprocityDEF 14A0001104659-26-035826Steel Dynamics, Inc.'s most recent proxy was read; its disclosed peer group does not include Metallus. Filing ↗
42Section 10a, Nucor Corporation reciprocityDEF 14A0001193125-26-127739Nucor Corporation's most recent proxy was read; its disclosed peer group does not include Metallus. Filing ↗
43Section 10a, Ryerson Holding Corporation reciprocityDEF 14A0001193125-26-114120Ryerson Holding Corporation names Metallus in its own disclosed peer group (read from its most recent proxy). Filing ↗
44Section 10a, Ampco-Pittsburgh Corporation reciprocityDEF 14A0001193125-26-127659Ampco-Pittsburgh Corporation's most recent proxy was read; its disclosed peer group does not include Metallus. Filing ↗
45Section 10a, Carpenter Technology Corporation reciprocityDEF 14A0001193125-25-202215Carpenter Technology Corporation's most recent proxy was read; its disclosed peer group does not include Metallus. Filing ↗
46Section 10a, Reliance, Inc. reciprocityDEF 14A0001104659-26-039140Reliance, Inc.'s most recent proxy was read; its disclosed peer group does not include Metallus. Filing ↗