Derivatives and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Location and Fair Value Amount of Derivative Instruments

The following table summarizes the location and fair value amount of the Company's derivative instruments reported in the Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025. As of June 30, 2026 and December 31, 2025, all derivative instruments held by the Company were subject to master netting arrangements with various financial institutions. The Company’s accounting policy is to not offset these positions in the Condensed Consolidated Balance Sheets. The gross derivative assets and liabilities presented in the Condensed Consolidated Balance Sheets offset to a net asset of $12.9 million and $9.4 million as of June 30, 2026 and December 31, 2025, respectively.


		Asset Derivatives										Liability Derivatives
		Balance Sheet Location		June 30, 2026				December 31, 2025				Balance Sheet Location		June 30, 2026				December 31, 2025
Derivatives not designated as hedging instruments under ASC 815		(In millions)
Metal commodity contracts		Prepaid expenses and other current assets		$	19.8			$	12.2			Other accrued liabilities		$	8.1			$	2.6
Energy commodity contracts		Prepaid expenses and other current assets			1.1				—			Other accrued liabilities			—				0.2
Foreign currency exchange contracts		Prepaid expenses and other current assets			0.1				—			Other accrued liabilities			—				—
Embedded customer derivatives		Receivables less provisions			—				—			Other accrued liabilities			14.0				9.7
Total derivatives				$	21.0			$	12.2					$	22.1			$	12.5

Volume of Company 's Activity in Derivative Instruments

The following table presents the volume of the Company’s activity in derivative instruments as of June 30, 2026 and December 31, 2025:


		Notional Amount
Derivative Instruments		June 30, 2026				December 31, 2025				Unit of Measurement
Hot roll coil swap contracts			54,869				16,972			Tons
Aluminum swap contracts			24,347				20,075			Tons
Nickel swap contracts			623				288			Tons
Copper swap contracts			6,575				6,297			Tons
Natural gas swap contracts			79,240				147,160			Gallons
Diesel fuel swap contracts			1,064,000				1,964,000			Gallons
Foreign currency exchange contracts		4.3 million				1.8 million				U.S. dollars

Location and Amount of Gains and Losses on Derivatives with Financial Institutions, Net of Embedded Customer Derivatives Not Designated as Hedging Instruments Reported in Condensed Consolidated Statements of Comprehensive Income (Loss)

The following table summarizes the location and amount of gains and losses on derivatives with financial institutions net of embedded customer derivatives not designated as hedging instruments reported in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2026 and 2025:


				Amount of Gain/(Loss) Recognized in Income on Derivatives
Derivatives not designated as hedging instruments under ASC 815		Location of Gain/(Loss) Recognized in Income on Derivatives		Three Months Ended June 30,								Six Months Ended June 30,
		Location of Gain/(Loss) Recognized in Income on Derivatives		2026				2025				2026				2025
				(In millions)
Metal commodity contracts, net of embedded customer derivatives		Cost of materials sold		$	(2.9	)		$	1.0			$	1.6			$	7.1
Energy contracts		Warehousing, delivery, selling, general, and administrative			0.2				(0.2	)			2.1				—
Foreign exchange contracts		Other income and (expense), net			0.2				—				0.2				(0.1	)
Total				$	(2.5	)		$	0.8			$	3.9			$	7.0