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Ironclad Steel Products · ICSP

DEMO DATAUNDERWRITING ASSUMPTIONHOLD
DEMO DATA — fictional company with illustrative numbers.

Mini-mill producer of specialty bar and plate steel with cyclical end markets.

Recommendation
HOLD
2 core test(s) failed
Credit score
93 / 100
Low
Base IRR
8.5%
vs hurdle 12.0%
Downside IRR
5.3%
performing
Severe recovery
52%
IRR -3.7%
Net leverage
2.1x
FY2025A
EBITDA / interest
5.38x
FY2025A
Open high-priority DD
6
Diligence →

Overview

Sector / industryMaterials / Specialty Steel
HeadquartersPittsburgh, PA
Revenue (FY2025A)$3.2B
EBITDA (FY2025A)$384M
Total debt (face value)$1.0B
Cash$210M
Net debt$790M
Asset / collateral base$2.4B
Enterprise value (assumed multiple)$2.3B

Investment thesis UNDERWRITING ASSUMPTION

Low leverage today, but steel is the most cyclical name on our list. Unsecured notes at 97 pay a fair coupon; we want to see what the severe case does to secured-vs-unsecured recovery before sizing.

InstrumentSenior Unsecured Notes 7.50%
Face value / purchase price / cash investment$100M / 97.0 / $97.5M UNDERWRITING ASSUMPTION
Current yield · yield to maturity7.7% · 8.6%

Key protections

  • Reshoring and infrastructure demand
  • Low net leverage

Key risks

  • Price/volume cyclicality
  • Import competition
  • Energy cost spikes

Key catalysts

  • Section 232 tariff developments
  • Mill outage schedule

Data-quality notes

  • All figures are fictional and illustrative.
Sources & data lineage (3)
SourceDocumentData typePeriodAccessionDoc dateRetrievedClass
CreditIQ demo datasetIronclad Steel Products — illustrative financial statements FY2022–FY2025Income statement / cash flowFY2022–FY2025—2026-03-312026-03-31DEMO DATA
CreditIQ demo datasetIronclad Steel Products — illustrative capital structure & covenantsDebt scheduleAs of 2026-03-31—2026-03-312026-03-31DEMO DATA
CreditIQ demo datasetIllustrative indicative bid marks (% of par)Market price2026-03-31—2026-03-312026-03-31DEMO DATA