Haynes International (HAYN) 10-K 16 Nov 23 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Sep. 30, 2023	Nov. 16, 2023	Mar. 31, 2023
Cover Abstract
Document Type	10-K
Document Annual Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-33288
Entity Registrant Name	HAYNES INTERNATIONAL INC
Entity Central Index Key	0000858655
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-1185400
Entity Address, Address Line One	1020 West Park Avenue
Entity Address, City or Town	Kokomo
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46904-9013
City Area Code	765
Local Phone Number	456-6000
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	HAYN
Security Exchange Name	NASDAQ
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 437,446,639
Entity Common Stock, Shares Outstanding		12,753,936
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	Indianapolis, IN

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Current assets:
Cash and cash equivalents	$ 10,723	$ 8,440
Accounts receivable, less allowance for credit losses of $428 and $459 at September 30, 2022 and September 30, 2023, respectively	106,292	94,912
Inventories	414,077	357,556
Income taxes receivable	2,372
Other current assets	5,702	3,514
Total current assets	539,166	464,422
Property, plant and equipment, net	142,540	142,772
Deferred income taxes	3,608	5,680
Other assets	10,523	9,723
Goodwill	4,789	4,789
Other intangible assets, net	5,655	4,909
Total assets	706,281	632,295
Current liabilities:
Accounts payable	52,812	54,886
Accrued expenses	18,201	19,294
Income taxes payable	336	828
Accrued pension and postretirement benefits	2,940	3,371
Deferred revenue-current portion	2,500	2,500
Total current liabilities	76,789	80,879
Revolving credit facilities - Long-term	114,843	74,721
Long-term obligations (less current portion)	7,448	7,848
Deferred revenue (less current portion)	5,329	7,829
Deferred income taxes	3,686	3,103
Operating lease liabilities	362	576
Accrued pension benefits (less current portion)	14,019	21,090
Accrued postretirement benefits (less current portion)	49,481	60,761
Total liabilities	271,957	256,807
Commitments and contingencies
Stockholders' equity:
Common stock, $0.001 par value (40,000,000 shares authorized, 12,854,773 and 13,124,401 shares issued and 12,479,741 and 12,731,661 shares outstanding at September 30, 2022 and September 30, 2023, respectively)	13	13
Preferred stock, $0.001 par value (20,000,000 shares authorized, 0 shares issued and outstanding)
Additional paid-in capital	277,713	266,193
Accumulated earnings	165,825	135,040
Treasury stock, 375,032 shares at September 30, 2022 and 392,740 shares at September 30, 2023	(15,600)	(14,666)
Accumulated other comprehensive income (loss)	6,373	(11,092)
Total stockholders' equity	434,324	375,488
Total liabilities and stockholders' equity	$ 706,281	$ 632,295

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 459	$ 428
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	13,124,401	12,854,773
Common stock, shares outstanding (in shares)	12,731,661	12,479,741
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury stock, shares (in shares)	392,740	375,032

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED STATEMENTS OF OPERATIONS
Net revenues	$ 589,956	$ 490,461	$ 337,661
Cost of sales	480,196	384,128	297,931
Gross profit	109,760	106,333	39,730
Selling, general and administrative expense	48,028	47,089	43,470
Research and technical expense	4,126	3,822	3,403
Operating income (loss)	57,606	55,422	(7,143)
Nonoperating retirement benefit expense (income)	(1,834)	(4,655)	1,470
Interest income	(56)	(18)	(16)
Interest expense	7,594	2,481	1,186
Income (loss) before income taxes	51,902	57,614	(9,783)
Provision for (benefit from) income taxes	9,927	12,527	(1,100)
Net income (loss)	$ 41,975	$ 45,087	$ (8,683)
Net income (loss) per share:
Basic (dollars per share)	$ 3.31	$ 3.62	$ (0.71)
Diluted (dollars per share)	$ 3.26	$ 3.57	$ (0.71)
Weighted Average Common Shares Outstanding
Basic (in shares)	12,566,843	12,346,025	12,499,609
Diluted (in shares)	12,780,278	12,505,500	12,499,609
Dividends declared per common share (dollars per share)	$ 0.88	$ 0.88	$ 0.88

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income (loss)	$ 41,975	$ 45,087	$ (8,683)
Other comprehensive income (loss), net of tax:
Pension and postretirement	10,736	13,066	59,006
Foreign currency translation adjustment	6,729	(11,817)	3,254
Other comprehensive income (loss)	17,465	1,249	62,260
Comprehensive income	$ 59,440	$ 46,336	$ 53,577

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Earnings	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Total
Balance at Sep. 30, 2020	$ 13	$ 257,583	$ 120,943	$ (2,437)	$ (74,601)	$ 301,501
Balance (in shares) at Sep. 30, 2020	12,622,371
Increase (Decrease) in Stockholders' Equity
Net income (loss)			(8,683)			(8,683)
Dividends paid ($0.88 per share for the year ended September 30, 2021, 2022 and 2023, respectively)			(11,245)			(11,245)
Other comprehensive income					62,260	62,260
Issue restricted stock (less forfeitures) (in shares)	76,498
Purchase of treasury stock				(4,986)		(4,986)
Purchase of treasury stock (in shares)	(136,729)
Stock compensation		4,474				4,474
Balance at Sep. 30, 2021	$ 13	262,057	101,015	(7,423)	(12,341)	343,321
Balance (in shares) at Sep. 30, 2021	12,562,140
Increase (Decrease) in Stockholders' Equity
Net income (loss)			45,087			45,087
Dividends paid ($0.88 per share for the year ended September 30, 2021, 2022 and 2023, respectively)			(11,062)			(11,062)
Other comprehensive income					1,249	1,249
Exercise of stock options		537				537
Exercise of stock options (in shares)	14,558
Issue restricted stock (less forfeitures) (in shares)	82,437
Purchase of treasury stock				(7,243)		(7,243)
Purchase of treasury stock (in shares)	(179,394)
Stock compensation		3,599				3,599
Balance at Sep. 30, 2022	$ 13	266,193	135,040	(14,666)	(11,092)	375,488
Balance (in shares) at Sep. 30, 2022	12,479,741
Increase (Decrease) in Stockholders' Equity
Net income (loss)			41,975			41,975
Dividends paid ($0.88 per share for the year ended September 30, 2021, 2022 and 2023, respectively)			(11,190)			(11,190)
Other comprehensive income					17,465	17,465
Exercise of stock options		8,230				8,230
Exercise of stock options (in shares)	218,576
Issue restricted stock (less forfeitures) (in shares)	51,052
Purchase of treasury stock				(934)		(934)
Purchase of treasury stock (in shares)	(17,708)
Stock compensation		3,290				3,290
Balance at Sep. 30, 2023	$ 13	$ 277,713	$ 165,825	$ (15,600)	$ 6,373	$ 434,324
Balance (in shares) at Sep. 30, 2023	12,731,661

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Dividend paid (in dollars per share)	$ 0.88	$ 0.88	$ 0.88

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income (loss)	$ 41,975	$ 45,087	$ (8,683)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	17,996	18,289	19,100
Amortization	579	780	467
Pension and post-retirement expense - U.S. and U.K.	2,243	1,898	8,100
Change in long-term obligations	(108)	(136)	9
Stock compensation expense	3,290	3,599	4,474
Deferred revenue	(2,500)	(2,500)	(2,500)
Deferred income taxes	(608)	6,442	(2,436)
Loss on disposition of property	498	18	173
Change in assets and liabilities:
Accounts receivable	(8,159)	(42,710)	(6,159)
Inventories	(50,440)	(116,780)	(777)
Other assets	(3,106)	3,464	(4,926)
Accounts payable and accrued expenses	(8,465)	10,696	33,869
Income taxes	(2,848)	1,780	2,859
Accrued pension and postretirement benefits	(7,064)	(9,408)	(20,305)
Net cash provided by (used in) operating activities	(16,717)	(79,481)	23,265
Cash flows from investing activities:
Additions to property, plant and equipment	(16,397)	(15,114)	(5,949)
Net cash used in investing activities	(16,397)	(15,114)	(5,949)
Cash flows from financing activities:
Revolving credit facility borrowings	156,856	115,528
Revolving credit facility repayments	(116,734)	(40,807)
Dividends paid	(11,192)	(11,072)	(11,175)
Proceeds from exercise of stock options	8,230	537
Payment for purchase of treasury stock	(934)	(7,243)	(4,986)
Payment for debt issuance cost	(1,325)	(103)	(997)
Payments on long-term obligations	(315)	(278)	(285)
Net cash provided by (used in) financing activities	34,586	56,562	(17,443)
Effect of exchange rates on cash	811	(1,253)	615
Increase (decrease) in cash and cash equivalents:	2,283	(39,286)	488
Cash and cash equivalents:
Beginning of period	8,440	47,726	47,238
End of period	10,723	8,440	47,726
Supplemental disclosures of cash flow information:
Interest (net of capitalized interest)	6,810	1,206	855
Income taxes paid, net	13,202	3,671	(1,580)
Capital expenditures incurred but not yet paid	1,442	242	666
Dividends declared but not yet paid	$ 198	$ 199	$ 210

Background and Organization

Background and Organization	12 Months Ended
	Sep. 30, 2023
Background and Organization
Background and Organization	Note 1. Background and Organization Description of Business Haynes International, Inc. (“Haynes”, “the Company”, “we”, “our” or “us”) is one of the world’s largest developers, producers, and distributors of technologically advanced high-performance nickel- and cobalt-based alloys. The Company’s products, which are sold primarily into the aerospace, chemical processing and industrial gas turbine industries, consist of high-temperature resistant alloys, or “HTA” products, and corrosion-resistant alloys, or “CRA” products. HTA products are used by manufacturers of equipment that is subjected to extremely high temperatures, such as jet engines for the aerospace market, gas turbine engines used for power generation and industrial heating equipment. CRA products are used in applications that require resistance to very corrosive media found in chemical processing, power plant emissions control and waste treatment. Haynes high-performance alloy sales in sheet, coil and plate forms, in the aggregate, represented approximately 64% of net product revenues in fiscal 2023. The Company also produces its products as seamless and welded tubulars, which represented approximately 12% of fiscal 2023 net product revenues and in wire form, which represented approximately 6% of fiscal 2023 net product revenues, and in slab, bar and billet forms, which, in the aggregate, represented approximately 18% of fiscal 2023 net product revenues. High-performance alloys are characterized by highly engineered, often proprietary, metallurgical formulations primarily of nickel, cobalt and other metals with complex physical properties. The complexity of the manufacturing process for high-performance alloys is reflected in the Company’s relatively high average selling price per pound, compared to the average selling price of other metals, such as carbon steel sheet, stainless steel sheet and aluminum. The high-performance alloy industry has significant barriers to entry such as the combination of (i) demanding end-user specifications, (ii) a multi-stage manufacturing process and (iii) the technical sales, marketing and manufacturing expertise required to develop and sell new applications. ​ COVID-19 Pandemic ​ COVID-19 related disruptions ​

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Sep. 30, 2023
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies A. Principles of Consolidation and Nature of Operations The consolidated financial statements include the accounts of Haynes International, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances are eliminated. The Company has manufacturing facilities in Kokomo, Indiana; Mountain Home, North Carolina; and Arcadia, Louisiana with service centers in LaPorte, Indiana; LaMirada, California; Houston, Texas; Windsor, Connecticut; Openshaw, England; Lenzburg, Switzerland; Shanghai, China; and sales offices in Paris, France; Singapore; Milan, Italy; and Tokyo, Japan. B. Cash and Cash Equivalents The Company considers all highly liquid investment instruments, including investments with original maturities of three months or less at acquisition, to be cash equivalents, the carrying value of which approximates fair value due to the short maturity of these investments. C. Accounts Receivable The Company maintains allowances for credit losses for estimated losses resulting from the inability of its customers to make required payments. The Company markets its products to a diverse customer base, both in the United States of America and overseas. Trade credit is extended based upon the Company’s evaluation of each customer’s ability to perform its obligation, which is updated periodically. D. Revenue Recognition The Company recognizes revenue when performance obligations under the terms of customer contracts are satisfied which occurs when control of the goods has been transferred to the customer and services have been performed. Allowances for sales returns are recorded as a component of net sales in the periods in which the related sales are recognized. The Company determines this allowance based on historical experience. Additionally, the Company recognizes revenue attributable to an up-front fee received from Titanium Metals Corporation (TIMET) as a result of a twenty-year E. Inventories Inventories are stated at the lower of cost or net realizable value. The cost of inventories is determined using the first-in, first-out (FIFO) method. The Company writes down its inventory for estimated obsolescence or unmarketable inventory in an amount equal to the difference between the cost of inventory and the estimated market or scrap value, if applicable, based upon assumptions about future demand and market conditions. F. Goodwill and Other Intangible Assets The Company had goodwill, trademarks, customer relationships and other intangibles as of September 30, 2023. As the customer relationships have a definite life, they are amortized over fifteen years. The Company reviews customer relationships for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the assets is measured by a comparison of the carrying amount of the asset to the undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount exceeds the fair value of the asset. Goodwill and trademarks (indefinite lived) are tested for impairment at least annually as of January 31 for goodwill and as of August 31 for trademarks (the annual impairment testing dates), or more frequently if impairment indicators exist. If the carrying value of the trademarks exceeds the fair value (determined using an income approach, based upon a discounted cash flow of an assumed royalty rate), impairment of the trademark may exist resulting in a charge to earnings to the extent of the impairment. The impairment test for goodwill is performed by comparing the fair value of a reporting unit with its carrying amount and recognizing an impairment loss in the event that the carrying amount is greater than the fair value. Any goodwill impairment loss recognized would not exceed the total carrying amount of goodwill allocated to that reporting unit. No impairment was recognized in the years ended September 30, 2021, 2022 or 2023 because the fair value exceeded the carrying values in each of those years. During fiscal 2021, 2022 and 2023, there were no changes in the carrying amount of goodwill. Amortization of the customer relationships and other intangibles was $467, $780 and $579 for the years ended September 30, 2021, 2022 and 2023, respectively. The following represents a summary of intangible assets at September 30, 2022 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Accumulated Carrying September 30, 2022 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (1,128) ​ ​ 972 ​ Other ​ 1,100 ​ ​ (963) ​ ​ 137 ​ ​ ​ $ 7,000 ​ $ (2,091) ​ $ 4,909 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Accumulated Carrying September 30, 2023 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (1,257) ​ ​ 843 ​ Other ​ 1,080 ​ ​ (68) ​ ​ 1,012 ​ ​ ​ $ 6,980 ​ $ (1,325) ​ $ 5,655 ​ ​ ​ ​ ​ ​ Estimated future Aggregate Amortization Expense: ​ Year Ending September 30, ​ ​ ​ 2024 $ 396 ​ 2025 393 ​ 2026 390 ​ 2027 318 ​ 2028 113 ​ Thereafter 245 ​ ​ G. Property, Plant and Equipment Additions to property, plant and equipment are recorded at cost with depreciation calculated primarily by using the straight-line method based on estimated economic useful lives, which are generally as follows: ​ ​ ​ ​ ​ ​ ​ Buildings and improvements ​ ​ ​ 40 years Machinery and equipment 5 — 14 years Land improvements ​ ​ 20 years ​ Expenditures for maintenance and repairs and minor renewals are charged to expense; major renewals are capitalized. Upon the retirement or sale of assets, the cost of the disposed assets and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is credited or charged to operations. The Company records capitalized interest for long-term construction projects to capture the cost of capital committed prior to the placed in service date as a part of the historical cost of acquiring the asset. Interest is not capitalized when the balance on the revolver is zero. The Company reviews long-lived assets for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. The reviews are conducted at the lowest identifiable level of cash flows for the identified asset group. Recoverability of the asset group is measured by a comparison of the carrying amount of the asset group to the undiscounted future cash flows expected to be generated by the asset group. If the carrying amount of an asset group exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount exceeds the fair value of the asset group. No impairment was recognized during the years ended September 30, 2021, 2022 or 2023. H. Environmental Remediation When it is probable that a liability has been incurred or an asset of the Company has been impaired, a loss is recognized assuming the amount of the loss can be reasonably estimated. The measurement of environmental liabilities by the Company is based on currently available facts, present laws and regulations and current technology. Such estimates take into consideration the expected costs of post-closure monitoring based on historical experience. Amounts accrued for post-closure monitoring are presented in Note 18, Long-term Obligations. I. Pension and Postretirement Benefits The Company has defined benefit pension and postretirement plans covering most of its current and former employees. Significant elements in determining the assets or liabilities and related income or expense for these plans are the expected return on plan assets, the discount rate used to value future payment streams, expected trends in health care costs and other actuarial assumptions. Annually, the Company evaluates the significant assumptions to be used to value its pension and postretirement plan assets and liabilities based on current market conditions and expectations of future costs. If actual results are less favorable than those projected by management, additional expense may be required in future periods. Salaried employees hired after December 31, 2005 and hourly employees hired after June 30, 2007 are not covered by the pension plan; however, they are eligible for an enhanced matching program under the Company’s defined contribution plan (its 401(k) plan). Effective December 31, 2007, the U.S. pension plan was amended to freeze benefits for all non-union employees in the U.S. Effective September 30, 2009, the U.K. pension plan was amended to freeze benefits for all employees in the plan. Effective January 1, 2007, a plan amendment of the postretirement medical plan capped the Company’s liability related to retiree health care costs at $5,000 annually. Effective October 1, 2009, the U.S. postretirement medical plan was closed for all non-union employees. J. Foreign Currency Exchange The Company’s foreign operating entities’ financial statements are denominated in the functional currencies of each respective country, which are the local currencies. All assets and liabilities are translated to U.S. dollars using exchange rates in effect at the end of the year, and revenues and expenses are translated at the weighted average rate for the year. Translation gains or losses are recorded as a separate component of comprehensive income (loss) and transaction gains and losses are reflected in the consolidated statements of operations. Gains and losses arising from the impact of foreign currency exchange rate fluctuations on transactions in foreign currency are included in selling, general and administrative expense. The Company has entered into foreign currency forward contracts (See Note 20, Foreign Currency Forward Contracts) with the purpose to reduce income statement volatility resulting from transaction gains and losses. K. Research and Technical Costs Research and technical costs related to the development of new products and processes are expensed as incurred. Research and technical costs for the fiscal years ended September 30, 2021, 2022 and 2023 were $3,403, $3,822 and $4,126, respectively. L. Income Taxes The Company accounts for deferred tax assets and liabilities using enacted tax rates for the effect of temporary differences between book and tax basis of recorded assets and liabilities. A valuation allowance is required if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The determination of whether or not a valuation allowance is needed is based upon an evaluation of both positive and negative evidence. In its evaluation of the need for a valuation allowance, the Company utilizes prudent and feasible tax planning strategies. The ultimate amount of deferred tax assets realized could be different from those recorded, as influenced by potential changes in enacted tax laws and the availability of future taxable income. The Company records uncertain tax positions on the basis of a two-step process whereby (1) it is determined whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the related tax authority (See Note 7, Income Taxes). M. Stock-based Compensation As described in Note 12, the Company has incentive compensation plans that provide for the issuance of restricted stock, restricted stock units, performance shares, stock options and stock appreciation rights to key employees and non-employee directors. To date, the Company has only issued restricted stock, performance shares and stock options. The stock-based compensation grants typically have a vesting period before the employee or director can take receipt of the stock or becomes eligible to exercises stock options. Employees and directors earn and receive dividends from the restricted stock during this vesting period and accumulated dividends related to performance shares are paid to the employees at the time that the shares are received by the employee after the end of the vesting period. The Company recognizes compensation expense under the fair-value based method as a component of operating expenses. N. Financial Instruments and Concentrations of Risk The Company may periodically enter into forward currency exchange contracts to minimize the variability in the Company’s operating results arising from foreign exchange rate movements. The Company does not engage in foreign currency speculation. At September 30, 2022 and 2023, the Company had no foreign currency exchange contracts outstanding. To date, all foreign currency contracts have been settled prior to the end of the month in which they were initiated. Financial instruments which potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and accounts receivable. At September 30, 2023, and periodically throughout fiscal 2023, the Company maintained cash balances in excess of federally insured limits. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the relatively short maturity of these instruments. During fiscal 2021, 2022 and 2023, the Company did not have sales to any group of affiliated customers that were greater than 10% of net revenues. The Company generally does not require collateral with the exception of letters of credit with certain foreign sales. Credit losses amounted to $74, $171 and $286 in fiscal 2021, 2022 and 2023, respectively. The Company does not believe it is significantly vulnerable to the risk of near-term severe impact from business concentrations with respect to customers, suppliers, products, markets or geographic areas. O. Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments, including those related to credit losses, inventories, income taxes, asset impairment, incremental borrowing rates, retirement benefits and environmental matters. The process of determining significant estimates is fact specific and takes into account factors such as historical experience, current and expected economic conditions, product mix, pension asset mix and in some cases, actuarial techniques, and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The Company routinely reevaluates these significant factors and makes adjustments where facts and circumstances dictate. Actual results may differ from these estimates under different assumptions or conditions. P. Earnings Per Share The Company accounts for earnings per share using the two-class method. The two-class method is an earnings allocation that determines net income per share for each class of common stock and participating securities according to participation rights in undistributed earnings. Non-vested restricted stock awards that include non-forfeitable rights to dividends are considered participating securities. Basic earnings per share is computed by dividing net income available to common stockholders for the period by the weighted average number of common shares outstanding for the period. The computation of diluted earnings per share is similar to basic earnings per share, except the denominator is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. Basic and diluted net income per share were computed as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended September 30, (in thousands, except share and per share data) 2021 2022 2023 Numerator: Basic and Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ (8,683) ​ $ 45,087 ​ $ 41,975 ​ Dividends ​ (11,245) ​ (11,062) ​ (11,190) ​ Undistributed income (loss) ​ (19,928) ​ 34,025 ​ 30,785 ​ Percentage allocated to common shares (a) ​ 100.0 % 99.0 % 99.2 % Undistributed income (loss) allocated to common shares ​ ​ (19,928) ​ ​ 33,699 ​ ​ 30,544 ​ Dividends paid on common shares outstanding ​ 11,098 ​ 10,955 ​ 11,103 ​ Net income (loss) available to common shares ​ ​ (8,830) ​ ​ 44,654 ​ ​ 41,647 ​ Denominator: Basic and Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 12,499,609 ​ 12,346,025 ​ 12,566,843 ​ Adjustment for dilutive potential common shares ​ — ​ 159,475 ​ 213,435 ​ Weighted average shares outstanding - Diluted ​ 12,499,609 ​ 12,505,500 ​ 12,780,278 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income (loss) per share ​ $ (0.71) ​ $ 3.62 ​ $ 3.31 ​ Diluted net income (loss) per share ​ $ (0.71) ​ $ 3.57 ​ $ 3.26 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of stock option shares excluded as their effect would be anti-dilutive ​ 385,548 ​ 261,228 ​ 206,096 ​ Number of restricted stock shares excluded as their effect would be anti-dilutive ​ 165,794 ​ 50,415 ​ 41,809 ​ Number of deferred restricted stock shares excluded as their effect would be anti-dilutive ​ ​ 30,529 ​ 2,791 ​ 6,052 ​ Number of performance share awards excluded as their effect would be anti-dilutive ​ ​ 76,266 ​ 46,693 ​ 41,210 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common shares outstanding ​ 12,499,609 ​ 12,346,025 ​ 12,566,843 ​ Unvested participating shares ​ — ​ 119,549 ​ 98,992 ​ ​ ​ 12,499,609 ​ 12,465,574 ​ 12,665,835 ​ ​ Q. Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848). .

Revenues from Contracts with Cu

Revenues from Contracts with Customers	12 Months Ended
	Sep. 30, 2023
Revenues from Contracts with Customers
Revenues from Contracts with Customers	Note 3. Revenues from Contracts with Customers The Company applies a five-step analysis to: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when, or as, the Company satisfies a performance obligation. The Company’s revenue from contracts with customers is generated primarily from providing high-performance alloys, manufactured to the specifications of its customers, along with conversion services to certain customers. Performance Obligations Revenue is recognized when performance obligations under the terms of contracts with the customer are satisfied, which occurs when control of the goods and services has been transferred to the customer. This predominately occurs upon shipment or delivery of the product or when the service is performed. The Company may occasionally have customer agreements involving production and shipment of goods that would require revenue to be recognized over time due to there being no alternative use for the product without significant economic loss and an enforceable right to payment including a normal profit margin from the customer in the event of contract termination. As of September 30, 2022 and September 30, 2023, the Company did not have any customer agreements that would require revenue to be recorded over time. Each customer purchase order or contract for goods transferred represents a single performance obligation for which revenue is recognized at either a point in time or over-time as described in the preceding paragraph. The standard terms and conditions of a customer purchase order include limited warranties and the right of customers to have products that do not meet specifications repaired or replaced, at the Company’s option. Such warranties do not represent a separate performance obligation. The customer agreement with TIMET (See Note 15) includes the performance obligation to provide conversion services for up to ten million pounds of titanium metal annually over a 20-year 20-year Transaction Price Each customer purchase order or contract sets forth the transaction price for the products and services purchased under that arrangement. Some customer arrangements may include variable consideration, such as volume rebates, which generally depend upon the Company’s customers meeting specified performance criteria, such as a purchasing level over a period of time. The Company exercises judgment to estimate the most likely amount of variable consideration at each reporting date. Revenue is measured as the amount of consideration expected to be received in exchange for the transfer of goods or services to customers. Revenue is derived from product sales or conversion services, and is reported net of sales discounts, rebates, incentives, returns and other allowances offered to customers, if applicable. Payment terms vary from customer to customer depending upon credit worthiness, prior payment history and other credit considerations. Amounts billed to customers for shipping and handling activities to fulfill the Company’s promise to transfer the goods are included in revenues and costs incurred by the Company for the delivery of goods are classified as cost of sales in the consolidated statements of operations. Shipping terms may vary for products shipped outside the United States depending on the mode of transportation, the country where the material is shipped and any agreements made with the customers. Contract Balances As of September 30, 2022 and September 30, 2023, accounts receivable with customers were $95,340 and $106,751, respectively. Allowance for credit losses as of September 30, 2022 and September 30, 2023 were $428 and $459, respectively, and are presented within accounts receivable, less allowance for credit losses on the Consolidated Balance Sheets. Contract liabilities are recognized when the Company has received consideration from a customer to transfer goods or services at a future point in time when the Company performs under the purchase order or contract. As of September 30, 2022 and September 30, 2023, no contract liabilities have been recorded except for $10,329 and $7,829, respectively, for the TIMET agreement and $700 and $810 for accrued product returns, respectively. Practical Expedients The Company has elected to use the practical expedient that permits the omission of disclosure for remaining performance obligations which are expected to be satisfied within one year or less. Aside from the TIMET agreement, the Company did not have any remaining performance obligations in excess of one year or any contracts that it did not have the right to invoice as of September 30, 2023. The Company does not adjust for the time value of money as the majority of its contracts have an original expected duration of one year or less; contracts that are greater than one year are related to net revenues that are constrained until the subsequent sales occur. Disaggregation of Revenue Revenue is disaggregated by end-use markets. The following table includes a breakdown of net revenues to the markets served by the Company for the fiscal years ended September 30, 2021, 2022 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ September 30, ​ 2021 2022 2023 Net revenues (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Aerospace ​ $ 128,072 ​ $ 230,001 ​ $ 290,391 Chemical processing ​ 63,147 ​ 91,665 ​ 92,019 Industrial gas turbine ​ 66,772 ​ 91,878 ​ 120,731 Other markets ​ 58,090 ​ 53,706 ​ 60,287 Total product revenue ​ 316,081 ​ 467,250 ​ 563,428 Other revenue ​ 21,580 ​ 23,211 ​ 26,528 Net revenues ​ $ 337,661 ​ $ 490,461 ​ $ 589,956 ​ See Note 13 for revenue disaggregated by geography and product group.

Inventories

Inventories	12 Months Ended
	Sep. 30, 2023
Inventories
Inventories	Note 4. Inventories Inventories are stated at the lower of cost or net realizable value. The cost of inventories is determined using the FIFO method. The following is a summary of the major classes of inventories: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ September 30, ​ ​ 2022 2023 Raw Materials ​ $ 31,887 ​ $ 42,602 ​ ​ Work-in-process ​ 226,572 ​ 229,120 ​ ​ Finished Goods ​ 97,657 ​ 140,756 ​ ​ Other ​ 1,440 ​ 1,599 ​ ​ ​ ​ $ 357,556 ​ $ 414,077 ​ ​ ​

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment
Property, Plant and Equipment	Note 5. Property, Plant and Equipment The following is a summary of the major classes of property, plant and equipment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ 2022 2023 Land and land improvements ​ $ 10,158 ​ $ 10,418 ​ Buildings and improvements ​ 45,872 ​ 46,931 ​ Machinery and equipment ​ 313,841 ​ 321,676 ​ Construction in process ​ 8,756 ​ 16,704 ​ ​ ​ 378,627 ​ 395,729 ​ Less accumulated depreciation ​ (235,855) ​ (253,189) ​ ​ ​ $ 142,772 ​ $ 142,540 ​ ​ As of September 30, 2022 and 2023, the Company had $132 and $131, respectively, of assets under a finance lease for equipment related to the service center operation in Shanghai, China. Additionally, the Company had $5,643 and $5,230 of assets under finance leases for two buildings at the LaPorte, Indiana service center as of September 30, 2022 and 2023, respectively.

Accrued Expenses

Accrued Expenses	12 Months Ended
	Sep. 30, 2023
Accrued Expenses
Accrued Expenses	Note 6. Accrued Expenses The following is a summary of the major classes of accrued expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ 2022 2023 Employee compensation ​ $ 7,734 ​ $ 8,329 ​ Taxes, other than income taxes ​ 2,897 ​ 2,900 ​ Accrued product returns ​ ​ 700 ​ ​ 810 ​ Utilities ​ ​ 1,383 ​ ​ 1,171 ​ Professional fees ​ ​ 966 ​ ​ 428 ​ Finance lease obligation, current ​ ​ 265 ​ ​ 302 ​ Management incentive compensation ​ ​ 3,609 ​ ​ 2,289 ​ Other ​ 1,740 ​ 1,972 ​ ​ ​ $ 19,294 ​ $ 18,201 ​ ​

Income Taxes

Income Taxes	12 Months Ended
	Sep. 30, 2023
Income Taxes
Income Taxes	Note 7. Income Taxes The components of income (loss) before provision for income taxes and the provision for income taxes are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended September 30, ​ 2021 2022 2023 Income (loss) before income taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ $ (11,417) ​ $ 38,864 ​ $ 37,538 Foreign ​ 1,634 ​ 18,750 ​ 14,364 Total ​ $ (9,783) ​ $ 57,614 ​ $ 51,902 Provision for (benefit from) income taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Federal ​ $ 741 ​ $ 2,031 ​ $ 7,366 Foreign ​ 349 ​ 3,302 ​ 2,741 State ​ 228 ​ 639 ​ 490 Total ​ 1,318 ​ 5,972 ​ 10,597 Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Federal ​ (2,986) ​ 5,931 ​ (1,509) Foreign ​ 470 ​ 120 ​ 459 State ​ (317) ​ (300) ​ 25 Valuation allowance ​ 415 ​ 804 ​ 355 Total ​ (2,418) ​ 6,555 ​ (670) Total provision for (benefit from) income taxes ​ $ (1,100) ​ $ 12,527 ​ $ 9,927 ​ The provision for income taxes applicable to results of operations differed from the U.S. federal statutory rate as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended September 30, ​ 2021 2022 2023 Statutory federal tax rate ​ 21.00 % ​ 21.00 % ​ 21.00 % Tax provision for income taxes at the statutory rate ​ $ (2,054) ​ $ 12,099 ​ $ 10,899 ​ Foreign tax rate differentials ​ (59) ​ (307) ​ 102 ​ Provision for state taxes, net of federal taxes ​ (84) ​ 974 ​ 822 ​ U.S. tax on distributed and undistributed earnings of foreign subsidiaries ​ 198 ​ 984 ​ 54 ​ Foreign derived intangible income deduction ​ ​ — ​ (966) ​ (693) ​ Tax credits ​ (691) ​ (702) ​ (724) ​ Federal and state tax rate change impact on deferred tax asset ​ 790 ​ (206) ​ 81 ​ Change in valuation allowance ​ 415 ​ 804 ​ 355 ​ Stock compensation ​ ​ 138 ​ ​ 191 ​ ​ 46 ​ Other, net ​ 247 ​ (344) ​ (1,015) ​ Provision for (benefit from) income taxes at effective tax rate ​ $ (1,100) ​ $ 12,527 ​ $ 9,927 ​ Effective tax rate ​ 11.2 % 21.7 % 19.1 % ​ During fiscal 2021, the Company’s effective tax rate was lower than the federal statutory rate primarily due to an increase in the UK tax rate and decreases in the state tax rates and apportionment, both of which resulted in a decrease in net deferred tax assets. During fiscal 2022, the Company’s effective tax rate was higher than the federal statutory rate primarily due to a provision for state taxes, net of federal taxes and an increased valuation allowance on tax credits that are not expected to be able to be utilized before they expire. During fiscal 2023, the Company’s effective tax rate was lower than the federal statutory rate primarily due to a change in estimate on U.S. taxes owed on foreign income. Deferred tax assets (liabilities) are comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ 2022 2023 Deferred tax assets: ​ ​ ​ ​ ​ ​ ​ Pension and postretirement benefits ​ $ 16,802 ​ $ 12,045 ​ TIMET Agreement ​ 2,396 ​ 1,801 ​ Inventories ​ 3,225 ​ 4,341 ​ Accrued compensation and benefits ​ 2,096 ​ 1,451 ​ Accrued expenses and other ​ 2,600 ​ 2,526 ​ Tax attributes ​ 5,625 ​ 5,596 ​ Other assets ​ ​ 250 ​ 1,077 ​ Valuation allowance ​ ​ (4,695) ​ ​ (5,052) ​ Total deferred tax assets ​ $ 28,299 ​ $ 23,785 ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment, net ​ $ (24,081) ​ $ (22,056) ​ Intangible and other ​ (1,414) ​ (1,511) ​ Other liabilities ​ ​ (227) ​ (296) ​ Total deferred tax liabilities ​ $ (25,722) ​ $ (23,863) ​ ​ ​ ​ ​ ​ ​ ​ Net deferred tax assets (liabilities) ​ $ 2,577 ​ $ (78) ​ ​ As of September 30, 2023 the Company had state tax net operating loss carryforwards of $7,254, tax credits of $5,832 and foreign net operating loss carryforwards of $1,984. Certain state tax attributes and other tax credit attributes begin to expire in 2026 and 2024, respectively. The Company has recorded a valuation allowance against the foreign net operating loss carryforwards of $445 and federal and state tax credits of $4,607 because management does not believe that it is more likely than not that the amounts will be realized. Undistributed earnings of certain of the Company’s foreign subsidiaries amounted to approximately $83,063 at September 30, 2023. The Company considers most of those earnings reinvested indefinitely and, accordingly, aside from the one-time transition tax associated with the Tax Cuts and Jobs Act, no additional provision for U.S. income taxes has been provided. For the Company’s foreign subsidiary in the U.K., Haynes International Ltd, as of September 30, 2023, the Company considers this subsidiary’s earnings to be reinvested indefinitely except to the extent there is previously taxed earnings and profit (PTEP), in which case, the Company might decide to repatriate cash via a dividend to the U.S. If such funds were to be repatriated, there could be minor currency gains/losses that would be subject to tax and any distribution could also be subject to applicable non-U.S. income and withholding taxes. As of September 30, 2023, the Company was open to examination in the U.S. for the 2019 through 2023 tax years and in various foreign jurisdictions from 2018 through 2023. The Company is also open to examination in various states in the U.S., none of which were individually material. As of September 30, 2022 and 2023, the Company had no uncertain tax positions.

Debt

Debt	12 Months Ended
	Sep. 30, 2023
Debt
Debt	Note 8. Debt U.S. revolving credit facility On June 20, 2023, the Company and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”) entered into Amendment No. 3 to Credit Agreement (the “Amendment”), which amended that certain Credit Agreement, dated October 19, 2020 (as amended by that certain Amendment No. 1 to Credit Agreement dated August 30, 2022, by that certain Increase Joinder Regarding Incremental Revolving Commitments and Amendment No. 2 to Credit Agreement dated October 7, 2022 and by the Amendment, the “Credit Agreement”). The Amendment increased the maximum amount available for revolving loans under the credit facility to $200,000, subject to a borrowing base and certain reserves. The Company must pay monthly, in arrears, a commitment fee of 0.375% per annum on the unused amount of the revolving credit facility total commitment. For letters of credit, the Company must pay a fronting fee of 0.125% per annum as well as customary fees for issuance, amendments and processing. The Company is subject to certain covenants as to fixed charge coverage ratios and other customary covenants, including covenants restricting the incurrence of indebtedness, the granting of liens and the sale of assets. The covenant pertaining to fixed charge coverage ratios is only effective in the event the amount of excess availability under the revolver is less than the greater of (i) 15.0% of the maximum credit revolving loan amount and (ii) $25,000. The Company is permitted to pay dividends and repurchase common stock if certain financial metrics are met. The Company may pay quarterly cash dividends up to $3,500 per fiscal quarter so long as the Company is not in default under the Credit Agreement and the related Security Agreement (as defined in the Credit Agreement). As of September 30, 2023, the Company was in compliance with the covenants of the Credit Agreement. Borrowings under the Credit Agreement are collateralized by a pledge of substantially all of the U.S. assets of the Company, including the equity interests in its U.S. subsidiaries, but excluding the four-high Steckel rolling mill and related assets, which are pledged to TIMET to secure the performance of the Company’s obligations under its Conversion Services Agreement with TIMET (see Note 15). Borrowings under the Credit Agreement are also secured by a pledge of a 100% equity interest in each of the Company’s direct foreign subsidiaries. The Company’s U.K. subsidiary (Haynes International Ltd.) has an overdraft facility of 1,333 Pounds Sterling ($1,633), all of which was available September 30, 2023 available September 30, 2023 available September 30, 2023

Pension Plan and Retirement Ben

Pension Plan and Retirement Benefits	12 Months Ended
	Sep. 30, 2023
Pension Plan and Retirement Benefits
Pension Plan and Retirement Benefits	Note 9. Pension Plan and Retirement Benefits Defined Contribution Plans The Company sponsors a defined contribution plan (its 401(k) plan) for substantially all U.S. employees. The Company contributes an amount equal to 50% of an employee’s contribution to the plan up to a maximum contribution of 3% of the employee’s salary, except for all salaried employees and certain hourly employees (those hired after June 30, 2007 that are not eligible for the U.S. pension plan). For salary earned through June 30, 2023, the Company contributed an amount equal to 60% of an employee’s contribution to the plan up to a maximum contribution of 6% of the employee’s salary for these groups. Beginning on July 1, 2023, the Company contributes an annual amount equal to 60% of an employee’s contribution to the plan up to a maximum contribution of 8% of the employee’s salary for these groups. Expenses associated with this plan for the years ended September 30, 2021, 2022 and 2023 totaled $1,748, $2,016 and $2,352, respectively. The Company sponsors certain profit sharing plans for the benefit of employees meeting certain eligibility requirements. There were no contributions to these plans for the years ended September 30, 2021, 2022 and 2023. Defined Benefit Plans The Company has non-contributory defined benefit pension plans which cover certain employees in the U.S. and the U.K. Benefits provided under the Company’s U.S. defined benefit pension plan are based on years of service and the employee’s final compensation. The Company’s funding policy is to contribute annually an amount deductible for federal income tax purposes based upon an actuarial cost method using actuarial and economic assumptions designed to achieve adequate funding of benefit obligations. The Company has non-qualified pensions for a few former executives of the Company. Non-qualified pension plan expense for the years ended September 30, 2021, 2022 and 2023 was $37, $3 and $57, respectively. Accrued liabilities in the amount of $530 and $492 for these benefits are included in accrued pension and postretirement benefits liability at September 30, 2022 and 2023, respectively. In addition to providing pension benefits, the Company provides certain health care and life insurance benefits for retired employees. Certain employees, depending on date of hire, become eligible for health care, and substantially all employees become eligible for life insurance, if they reach normal retirement age while working for the Company. The Company’s liability related to total retiree health care costs is limited to $5,000 annually. The Company made contributions of $21,000, $6,000, and $6,000 to fund its domestic Company-sponsored pension plan for the years ended September 30, 2021, 2022 and 2023, respectively. The Company’s U.K. subsidiary made contributions of $0 for each of the years ended September 30, 2021, 2022 and 2023, respectively, to the U.K. pension plan. The Company uses a September 30 measurement date for its plans. As of the September 30, 2023 measurement date, the projected benefit obligation for the U.S pension plan and the U.K. pension plan was $217,393 and $7,397, respectively. The status of employee pension benefit plans and other postretirement benefit plans is summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Defined Benefit ​ ​ Postretirement ​ ​ Pension Plans ​ ​ Health Care Benefits ​ ​ Year Ended ​ ​ Year Ended ​ ​ September 30, ​ ​ September 30, ​ 2022 2023 2022 2023 Change in Benefit Obligation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Projected benefit obligation at beginning of year ​ $ 315,466 ​ $ 231,275 ​ ​ $ 82,964 ​ $ 64,037 ​ Service cost ​ 4,728 ​ 2,689 ​ ​ 1,825 ​ 1,389 ​ Interest cost ​ 7,936 ​ 11,548 ​ ​ 2,234 ​ 3,199 ​ Actuarial (gains) losses ​ (81,225) ​ (5,236) ​ ​ (20,343) ​ (14,171) ​ Benefits paid ​ (15,223) ​ (14,615) ​ ​ (2,643) ​ (2,128) ​ Administrative expenses ​ (407) ​ (871) ​ ​ — ​ — ​ Projected benefit obligation at end of year ​ $ 231,275 ​ $ 224,790 ​ ​ $ 64,037 ​ $ 52,326 ​ Change in Plan Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of plan assets at beginning of year ​ $ 297,703 ​ $ 218,321 ​ ​ $ — ​ $ — ​ Actual return on assets ​ (69,752) ​ 11,136 ​ ​ — ​ — ​ Employer contributions ​ 6,000 ​ 6,000 ​ ​ 2,643 ​ 2,128 ​ Benefits paid ​ (15,223) ​ (14,615) ​ ​ (2,643) ​ (2,128) ​ Administrative expenses ​ ​ (407) ​ ​ (871) ​ ​ ​ — ​ ​ — ​ Fair value of plan assets at end of year ​ $ 218,321 ​ $ 219,971 ​ ​ $ — ​ $ — ​ Funded Status of Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unfunded status ​ $ (12,954) ​ $ (4,819) ​ ​ $ (64,037) ​ $ (52,326) ​ ​ The actuarial gains incurred during the fiscal years ended September 30, 2022 and 2023 for the Defined Benefit Pension Plans were driven by an increase in the discount rate applied against future expected benefit payments which resulted in a decrease in the defined benefit obligation. Amounts recognized in the consolidated balance sheets are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Defined Benefit ​ Postretirement ​ Non-Qualified ​ All Plans ​ ​ Pension Plans ​ Health Care Benefits ​ Pension Plans ​ Combined ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, ​ 2022 2023 2022 2023 2022 2023 2022 2023 Accrued pension and postretirement benefits: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ $ — ​ $ — ​ $ (3,276) ​ $ (2,845) ​ $ (95) ​ $ (95) ​ $ (3,371) ​ $ (2,940) ​ Non - ​ (12,954) ​ (4,819) ​ (60,761) ​ (49,481) ​ (435) ​ (397) ​ (74,150) ​ (54,697) ​ Accrued pension and postretirement benefits ​ $ (12,954) ​ $ (4,819) ​ $ (64,037) ​ $ (52,326) ​ $ (530) ​ $ (492) ​ $ (77,521) ​ $ (57,637) ​ Accumulated other comprehensive (income) loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (income) loss ​ 22,496 ​ 20,663 ​ (30,807) ​ (42,699) ​ — ​ — ​ (8,311) ​ (22,036) ​ Prior service cost ​ 1,365 ​ 1,130 ​ — ​ — ​ — ​ — ​ 1,365 ​ 1,130 ​ Total accumulated other comprehensive (income) loss ​ $ 23,861 ​ $ 21,793 ​ $ (30,807) ​ $ (42,699) ​ $ — ​ $ — ​ $ (6,946) ​ $ (20,906) ​ ​ The non-current portion of the defined benefit pension plan portion of accrued pension and postretirement benefits amounted to $12,954 and $4,819 in fiscal 2022 and 2023, respectively. These amounts included the U.K. pension plan net pension asset of $7,702 and $8,803, respectively, which was included in Other assets on the Consolidated Balance Sheets as well as the U.S. pension plan accrued pension liability of $20,655 and $13,622, respectively, which were recorded in accrued pension benefit (less current portion) on the Consolidated Balance Sheet. The accumulated benefit obligation for the pension plans was $227,915 and $216,287 at September 30, 2022 and 2023, respectively. The cost of the Company’s postretirement benefits is accrued over the years that employees provide service to the date of their full eligibility for such benefits. The Company’s policy is to fund the cost of claims on an annual basis. The components of net periodic pension cost and postretirement health care benefit cost are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Defined Benefit Pension Plans ​ ​ Year Ended September 30, ​ 2021 2022 2023 Service cost ​ $ 5,628 ​ $ 4,728 ​ $ 2,689 ​ Interest cost ​ 7,481 ​ ​ 7,936 ​ ​ 11,548 ​ Expected return on assets ​ (16,356) ​ ​ (14,818) ​ ​ (14,570) ​ Amortization of prior service cost ​ 239 ​ ​ 233 ​ ​ 236 ​ Recognized actuarial loss ​ 7,721 ​ ​ — ​ ​ 31 ​ Net periodic cost ​ $ 4,713 ​ $ (1,921) ​ $ (66) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Postretirement ​ ​ Health Care Benefits ​ ​ Year Ended September 30, ​ 2021 2022 2023 Service cost ​ $ 1,095 ​ $ 1,825 ​ $ 1,389 ​ Interest cost ​ 2,292 ​ ​ 2,234 ​ ​ 3,199 ​ Recognized actuarial loss ​ — ​ ​ (240) ​ ​ (2,279) ​ Net periodic cost ​ $ 3,387 ​ $ 3,819 ​ $ 2,309 ​ ​ Assumptions A 5.0% annual rate of increase for the costs of covered health care benefits for ages under 65 and a 5.0% annual rate of increase for ages over 65 were assumed for 2022 and increased to 7.0% for the under 65 and over 65 age groups in 2023, 6.5% in 2024, 6.0% in 2025, 5.5% in 2026 and 5.0% in the years thereafter. The actuarial present value of the projected pension benefit obligation and postretirement health care benefit obligation for the plans at September 30, 2022 and 2023 were determined based on the following assumptions: ​ ​ ​ ​ ​ ​ ​ ​ September 30, September 30, ​ ​ 2022 ​ 2023 Discount rate (postretirement health care) (1) 5.13 % 5.63 % Discount rate (U.S. pension plan) (1) 5.13 % 5.63 % Discount rate (U.K. pension plan) 5.90 % 5.70 % Rate of compensation increase (U.S. pension plan only) 2.50 % 3.50 % ​ (1) The discount rate for the postretirement health care plan and the U.S. pension plan are derived using the FTSE Pension Discount Curve and projected benefit payments. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Defined Benefit ​ ​ Pension and ​ ​ Postretirement Health ​ ​ Care Plans ​ ​ Year Ended ​ ​ September 30, ​ 2021 2022 2023 Discount rate (postretirement health care plan) 2.50 % 2.75 % 5.13 % Discount rate (U.S. pension plan) 2.25 % 2.63 % 5.13 % Discount rate (U.K. pension plan) 1.50 % 2.00 % 5.90 % Expected return on plan assets (U.S. pension plan) 7.25 % 5.25 % 6.88 % Expected return on plan assets (U.K. pension plan) 2.00 % 3.00 % 5.50 % Rate of compensation increase (U.S. pension plan only) 2.50 % 2.50 % 2.50 % ​ Plan Assets and Investment Strategy The Company’s pension plan assets by level within the fair value hierarchy at September 30, 2022 and 2023 are presented in the table below. The pension plan assets were accounted for at fair value. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Investments in U.S and International equities, and Fixed Income securities are held in mutual funds and common / collective funds which are valued using net asset value (NAV) provided by the administrator of the fund, and individual fixed income securities which consists of Level 1 and Level 2 assets. As of September 30, 2023, the fixed income portfolio consisted of 301 issuances of fixed income securities from 238 issuers. For more information on a description of the fair value hierarchy, see Note 16. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ Level 1 ​ ​ ​ ​ ​ ​ ​ ​ Active ​ Level 2 ​ ​ ​ ​ ​ ​ ​ Markets for ​ Other ​ ​ ​ ​ ​ ​ ​ Identical ​ Observable ​ ​ ​ ​ ​ ​ ​ Assets ​ Inputs ​ NAV ​ Total U.S. Pension Plan Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. corporate and government bonds ​ $ 15,926 ​ $ 158,582 ​ $ — ​ $ 174,508 ​ U.S. common stock mutual funds ​ — ​ $ — ​ $ 16,471 ​ 16,471 ​ Common /collective funds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bonds ​ — ​ — ​ — ​ — ​ Short-term money market ​ — ​ — ​ — ​ — ​ U.S. common stock ​ — ​ — ​ 6,847 ​ 6,847 ​ International equity ​ — ​ — ​ 5,390 ​ 5,390 ​ Total U.S. ​ $ 15,926 ​ $ 158,582 ​ $ 28,708 ​ $ 203,216 ​ U.K. Plan Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equities ​ $ — ​ $ — ​ $ 5,135 ​ $ 5,135 ​ Bonds ​ — ​ — ​ 8,006 ​ 8,006 ​ Other ​ — ​ — ​ 1,964 ​ 1,964 ​ Total U.K. ​ $ — ​ $ — ​ $ 15,105 ​ $ 15,105 ​ Total pension plan assets ​ $ 15,926 ​ $ 158,582 ​ $ 43,813 ​ $ 218,321 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ Level 1 ​ ​ ​ ​ ​ ​ ​ ​ Active ​ Level 2 ​ ​ ​ ​ ​ ​ ​ Markets for ​ Other ​ ​ ​ ​ ​ ​ ​ Identical ​ Observable ​ ​ ​ ​ ​ ​ ​ Assets ​ Inputs ​ NAV ​ Total U.S. Pension Plan Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. corporate and government bonds ​ $ 26,647 ​ $ 154,686 ​ $ — ​ $ 181,333 ​ U.S. common stock mutual funds ​ ​ — ​ ​ — ​ ​ 17,900 ​ ​ 17,900 ​ International equity ​ — ​ — ​ 4,538 ​ 4,538 ​ Total U.S. ​ $ 26,647 ​ $ 154,686 ​ $ 22,438 ​ $ 203,771 ​ U.K. Plan Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bonds ​ — ​ — ​ 10,692 ​ 10,692 ​ Short-term money market ​ 5,508 ​ — ​ — ​ 5,508 ​ Total U.K. ​ $ 5,508 ​ $ — ​ $ 10,692 ​ $ 16,200 ​ Total pension plan assets ​ $ 32,155 ​ $ 154,686 ​ $ 33,130 ​ $ 219,971 ​ ​ The primary financial objectives of the plans are to maintain asset funding as a percentage of the benefit obligations. The U.S. pension plan utilized a customized liability driven investment (LDI) strategy, which is designed to match the risk and duration of the fixed income assets in the portfolio with that of the obligation. It is the policy of the U.S. pension plan to invest assets with an allocation to equities as shown below based on a matrix which determines the allocation between equities and fixed income based on the funding percentage of the plan. The balance of the assets is maintained in fixed income investments, and in cash holdings, to the extent permitted by the plan documents. Target asset classes as a percent of total assets as of September 30, 2023: ​ ​ ​ ​ ​ Asset Class Target (1) Equity 11 % Fixed Income 89 % Real Estate and Other — % (1) The Company adjusts the target allocation based on the fair value of pension assets as a percentage of the projected pension obligation. In choosing the assumption for the expected long-term rate of return on U.S. pension plan assets, the Company takes into account the plan’s target asset allocation as well as capital market assumptions relating to the asset classes. The Company believes that its assumption regarding the long-term rate of return on plan assets is reasonable, and comparable to the asset return assumptions of other companies, given the target allocation of the plan assets. Note that over very long historical periods, the realized return on plan assets has met or exceeded the expected rate of return. Also note that in recognition of the variability of future market returns, it is reasonable to consider a modest range around the expected future return, and there exists the potential for the use of a lower, or higher, expected rate of return in the future. ​ The U.K. pension plan assets follow a more conservative investment objective due to the higher funding status of the plan. Contributions and Benefit Payments The Company has not yet determined the amounts to contribute to its domestic pension plans, domestic other postretirement benefit plans and the U.K. pension plan in fiscal 2024. Pension and postretirement health care benefits, which include expected future service, are expected to be paid out of the respective plans as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Postretirement Fiscal Year Ending September 30 ​ Pension ​ Health Care 2024 ​ $ 16,001 ​ $ 3,988 ​ 2025 ​ 16,308 ​ 4,021 ​ 2026 ​ 16,623 ​ 4,124 ​ 2027 ​ 16,953 ​ 4,063 ​ 2028 ​ 17,002 ​ 4,101 ​ 2029 - 2033 (in total) ​ 86,225 ​ 21,333 ​ ​

Legal, Environmental and Other

Legal, Environmental and Other Contingencies	12 Months Ended
	Sep. 30, 2023
Legal, Environmental and Other Contingencies
Legal, Environmental and Other Contingencies	Note 10. Legal, Environmental and Other Contingencies Legal The Company is regularly involved in litigation, both as a plaintiff and as a defendant, relating to its business and operations, including environmental, commercial, asbestos, employment and federal and/or state Equal Employment Opportunity Commission administrative actions. Future expenditures for environmental, employment, intellectual property and other legal matters cannot be determined with any degree of certainty. Environmental The Company has received permits from the Indiana Department of Environmental Management and the North Carolina Department of Environment and Natural Resources to close and provide post-closure environmental monitoring and care for certain areas of its Kokomo, Indiana and Mountain Home, North Carolina facilities, respectively. The Company is required to, among other things, monitor groundwater and to continue post-closure maintenance of the former disposal areas at each site. As a result, the Company is aware of elevated levels of certain contaminants in the groundwater, and additional testing and corrective action by the Company could be required. The Company is unable to estimate the costs of any further corrective action at these sites, if required. Accordingly, the Company cannot assure that the costs of any future corrective action at these or any other current or former sites would not have a material effect on the Company’s financial condition, results of operations or liquidity. As of September 30, 2023, the Company has accrued $355 for post-closure monitoring and maintenance activities, of which $266 is included in long-term obligations as it is not due within one year. Accruals for these costs are calculated by estimating the cost to monitor and maintain each post-closure site and multiplying that amount by the number of years remaining in the post-closure monitoring. Expected maturities of post-closure monitoring and maintenance activities (discounted) included in long-term obligations are as follows at September 30, 2023. ​ ​ ​ ​ ​ Expected maturities of post-closure monitoring and maintenance activities (discounted) ​ Year Ending September 30, ​ ​ ​ 2025 $ 62 ​ 2026 60 ​ 2027 63 ​ 2028 ​ 65 ​ 2029 and thereafter 16 ​ ​ $ 266 ​ ​

Stockholders Equity

Stockholders Equity	12 Months Ended
	Sep. 30, 2023
Stockholder's Equity
Stockholder's Equity	Note 11. Stockholder’s Equity Dividends During fiscal years 2021, 2022, and 2023, the Company paid dividends of $11,175, $11,072 and $11,192, respectively. Treasury Stock Treasury stock activity for fiscal years 2021, 2022 and 2023 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended Year Ended Year Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ 2021 2022 2023 Number of shares at beginning of year ​ ​ 58,909 ​ ​ 195,638 ​ ​ 375,032 Repurchases of common stock to satisfy employee payroll taxes ​ ​ 23,751 ​ ​ 37,002 ​ ​ 17,708 Repurchases of common stock from share repurchase plan ​ ​ 112,978 ​ ​ 142,392 ​ ​ — Number of shares at end of year ​ ​ 195,638 ​ ​ 375,032 ​ ​ 392,740 ​ Share Repurchase Plan On July 28, 2021, the Board of Directors authorized the use of up to $20 million of available cash to purchase shares of the Company's common stock through July 27, 2022. The Board adopted the repurchase plan because it believed that repurchasing the Company’s stock at current market prices presented an attractive capital allocation strategy for the Company given the available options for the use of capital. The authorization of the repurchase plan has expired and no new authorization has been put in place. During fiscal 2021, the Company repurchased 112,978 shares at an average price per share of $37.57 with an aggregate purchase price of $4,245 under a Rule 10b5-1 agreement and in fiscal 2022, the Company repurchased 142,392 shares at an average price per share of $40.09 with an aggregate purchase price of $5,709 under the 10b5-1 agreement. The Company repurchased 17,708 shares in fiscal 2023 with an aggregate purchase price of $934 in order to satisfy payroll taxes related to employee stock-based compensation plans.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Sep. 30, 2023
Stock-Based Compensation
Stock-Based Compensation	Note 12. Stock based Compensation Restricted Stock Plan On March 1, 2016, the Company adopted the 2016 Incentive Compensation Plan which provided for grants of restricted stock, restricted stock units and performance shares, among other awards. Up to 275,000 shares of restricted stock, restricted stock units and performance shares could be granted in the aggregate under this plan. Following the adoption of the 2016 Incentive Compensation Plan, the Company ceased granting awards from its 2009 restricted stock plan, although awards remain outstanding thereunder. On January 24, 2020, the Company adopted the 2020 Incentive Compensation Plan which provides for grants of restricted stock, restricted stock units and performance shares, among other awards. Up to 250,000 shares of restricted stock, restricted stock units and performance shares were authorized to be granted in the aggregate under this plan. On February 25, 2022, the 2020 Incentive Compensation Plan was amended to allow for an aggregate of 575,000 authorized shares of restricted stock, restricted stock units and performance shares to be granted under this plan. Following the adoption of the 2020 Incentive Compensation Plan, the Company ceased granting awards from the 2016 Incentive Compensation Plan, although awards remain outstanding thereunder. ​ Grants of restricted stock are comprised of shares of the Company’s common stock subject to transfer restrictions, which vest in accordance with the terms and conditions established by the Compensation Committee. The Compensation Committee may set vesting requirements based on the achievement of specific performance goals or the passage of time. Employees and directors earn and receive dividends from the restricted stock during this vesting period. Restricted shares are subject to forfeiture if employment or service terminates prior to the vesting date or if any applicable performance goals are not met. The Company will assess, on an ongoing basis, the probability of whether the performance criteria will be achieved. The Company will recognize compensation expense over the performance period if it is deemed probable that the goals will be achieved. The fair value of the Company’s restricted stock is determined based upon the closing price of the Company’s common stock on the trading day immediately preceding the grant date. The Company’s plans provide for the adjustment of the number of shares covered by an outstanding grant and the maximum number of shares for which restricted stock may be granted in the event of a stock split, extraordinary dividend or distribution or similar recapitalization event. The shares of time-based restricted stock granted to employees vest on the third anniversary of their grant date if the recipient is still an employee of the Company on such date. The shares of restricted stock granted to non-employee directors will vest on the earlier of (a) the first anniversary of the date of grant or (b) the failure of such non-employee director to be re-elected at an annual meeting of the stockholders of the Company as a result of such non-employee director being excluded from the nominations for any reason other than cause. The following table summarizes the activity under the 2016 Incentive Compensation Plan and the 2020 Incentive Compensation Plan with respect to restricted stock for the year ended September 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Fair ​ ​ Number of ​ Value At ​ ​ Shares ​ Grant Date Unvested at September 30, 2022 96,536 ​ $ 33.23 ​ Granted 30,159 ​ $ 49.23 ​ Forfeited / Canceled (510) ​ $ 30.11 ​ Vested (36,342) ​ $ 36.82 ​ Unvested at September 30, 2023 89,843 ​ $ 37.17 ​ Expected to vest 89,843 ​ $ 37.17 ​ ​ Compensation expense related to restricted stock for the years ended September 30, 2021, 2022 and 2023 was $2,024, $1,474, and $1,257, respectively. The remaining unrecognized compensation expense related to restricted stock at September 30, 2023 was $1,451, to be recognized over a weighted average period of 1.17 years. During fiscal 2023, the Company repurchased 17,708 shares of stock from employees at an average purchase price of $52.72 to satisfy required withholding taxes upon vesting of restricted stock-based compensation. Deferred Restricted Stock On November 20, 2017, the Company adopted a deferred compensation plan that allows directors and officers the option to defer receipt of cash and stock compensation. Beginning in fiscal 2018, the Company has granted shares of restricted stock from the 2016 Incentive Compensation Plans and 2020 Incentive Compensation Plans with respect to which elections have been made by certain individuals to defer receipt to a future period. Such shares vest in accordance with the parameters of the 2016 Incentive Compensation Plan and the 2020 Incentive Compensation Plan, as applicable; however, receipt of the shares and any corresponding dividends are deferred until the end of the deferral period. In the event the deferred shares are forfeited prior to the vesting date, deferred dividends pertaining to those shares will also be forfeited. During the deferral period, the participants who elected to defer shares will not have voting rights with respect to those shares. The following table summarizes the activity under the 2016 Incentive Compensation Plan and the 2020 Incentive Compensation Plan with respect to deferred restricted stock for the year ended September 30, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Fair ​ ​ Number of ​ Value At ​ ​ Shares ​ Grant Date Unvested and deferred at September 30, 2022 3,801 ​ $ 44.07 ​ Granted 8,974 ​ $ 49.19 ​ Vested and deferred ​ (3,801) ​ $ 44.07 ​ Unvested and deferred at September 30, 2023 8,974 ​ $ 49.19 ​ Vested and deferred at September 30, 2023 21,351 ​ $ 31.32 ​ ​ Compensation expense related to deferred restricted stock for the years ended September 30, 2021, 2022 and 2023 was $188, $168 and $378, respectively. The remaining unrecognized compensation expense related to restricted stock at September 30, 2023 was $91, to be recognized over a weighted average period of 0.21 years. Performance Shares In November 2020, the Company granted to certain employees a target numbers of performance shares under the 2016 Incentive Compensation Plan. The number of performance shares that will ultimately be earned, as well as the number of shares that will be distributed in settling those earned performance shares, if any, will not be determined until the end of the performance period. Performance shares earned will depend on the calculated total stockholder return of the Company at the end of the three-year period commencing from the beginning of the fiscal year in which the award was granted as compared to the total stockholder return of the Company’s peer group, as defined by the Compensation Committee for this purpose. The fair value of the performance shares is estimated as of the date of the grant using a Monte Carlo simulation model. The following table summarizes the activity under the 2016 Incentive Compensation Plan and 2020 Incentive Compensation Plan with respect to performance shares for the year ended September 30, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Fair ​ ​ Number of ​ Value At ​ ​ Shares ​ Grant Date Unvested at September 30, 2022 76,420 ​ $ 41.37 ​ Granted 19,555 ​ $ 69.39 ​ Vested ​ (25,226) ​ $ 42.83 ​ Forfeited / Canceled ​ — ​ $ 0.00 ​ Unvested at September 30, 2023 70,749 ​ $ 48.60 ​ ​ Compensation expense related to the performance shares for the years ended September 30, 2021, 2022 and 2023 was $1,082, $1,021 and $1,224, respectively. The remaining unrecognized compensation expense related to performance shares at September 30, 2023 was $1,376, to be recognized over a weighted average period of 1.53 years. Stock Option Plans The Company’s 2020 Incentive Compensation Plan and its previous stock option plans authorize, or formerly authorized, the granting of non-qualified stock options and stock appreciation rights to certain key employees and non-employee directors for the purchase of shares of the Company’s common stock. For the 2020 Incentive Compensation Plan, the maximum number of shares that may be granted subject to options was originally 350,000, which number was subsequently amended on February 25, 2022 and increased to 400,000. Following the adoption of the 2020 Incentive Compensation Plan, the Company ceased granting awards from its previous incentive compensation plans, although awards remain outstanding from previous plans. Each plan provides for the adjustment of the maximum number of shares for which options may be granted in the event of a stock split, extraordinary dividend or distribution or similar recapitalization event. Unless the Compensation Committee determines otherwise, options are exercisable for a period of ten years from the date of grant and vest 33 1 / 3 % ​ The Company has elected to use the Black-Scholes option pricing model to estimate fair value, which incorporates various assumptions including volatility, expected life, risk-free interest rates and dividend yields. The volatility is based on historical volatility of the Company’s common stock over the most recent period commensurate with the estimated expected term of the stock option granted. The Company uses historical volatility because management believes such volatility is representative of prospective trends. The expected term of an award is based on historical exercise data. The risk-free interest rate assumption is based upon observed interest rates appropriate for the expected term of the awards. The dividend yield assumption is based on the Company’s history and expectations regarding dividend payouts at the time of the grant. The following assumptions were used for grants during fiscal 2021, 2022 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Dividend Risk-free Expected Expected Grant Date ​ Value ​ Yield ​ Interest Rate ​ Volatility ​ Life June 16, 2023 ​ $ 20.82 ​ 1.70 % 3.91 % 48 % 5 years ​ February 7, 2023 ​ $ 22.70 1.65 % 3.81 % 51 % 5 years ​ November 22, 2022 ​ $ 20.52 1.80 % 3.97 % 51 % 5 years ​ November 23, 2021 ​ $ 15.02 2.00 % 1.22 % 45 % 5 years ​ November 24, 2020 ​ $ 5.91 3.89 % 0.39 % 43 % 5 years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The stock-based employee compensation expense for stock options for the years ended September 30, 2021, 2022 and 2023 was $1,180, $937 and $650, respectively. The remaining unrecognized compensation expense at September 30, 2023 was $686, to be recognized over a weighted average vesting period of 1.08 years. The following table summarizes the activity under the stock option plans for the year ended September 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Aggregate ​ Weighted ​ Average ​ ​ ​ ​ Intrinsic ​ Average ​ Remaining ​ ​ Number of ​ Value ​ Exercise ​ Contractual ​ ​ Shares ​ (000s) ​ Prices ​ Life Outstanding at September 30, 2022 697,220 ​ ​ ​ ​ $ 34.75 ​ ​ ​ ​ Granted 32,985 ​ ​ ​ ​ $ 49.08 ​ ​ ​ ​ Exercised (218,576) ​ ​ ​ ​ $ 37.90 ​ ​ ​ ​ Forfeited/Surrendered ​ (13,081) ​ ​ ​ ​ $ 47.96 ​ ​ ​ ​ Outstanding at September 30, 2023 498,548 ​ $ 6,346 ​ $ 33.96 6.26 yrs. ​ Vested or expected to vest 479,274 ​ $ 6,046 ​ $ 34.07 6.20 yrs. ​ Exercisable at September 30, 2023 399,672 ​ $ 5,313 ​ $ 33.23 5.80 yrs. ​ ​

Segment Reporting

Segment Reporting	12 Months Ended
	Sep. 30, 2023
Segment Reporting
Segment Reporting	Note 13. Segment Reporting The Company operates in one business segment: the design, manufacture, marketing and distribution of technologically advanced, high-performance alloys for use in the aerospace, industrial gas turbine, chemical processing and other industries. The Company has operations in the United States, Europe and China, which are summarized below. Sales between geographic areas are made at negotiated selling prices. Revenues from external customers are attributed to the geographic areas presented based on the destination of product shipments. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended September 30, ​ 2021 2022 2023 Net Revenue by Geography: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 179,127 ​ $ 278,473 ​ $ 344,381 ​ Europe ​ 85,555 ​ 116,599 ​ 135,403 ​ China ​ 30,668 ​ 33,910 ​ 27,097 ​ Other ​ 42,311 ​ 61,479 ​ 83,075 ​ Net Revenues ​ $ 337,661 ​ $ 490,461 ​ $ 589,956 ​ Net Revenue by Product Group: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ High-temperature resistant alloys ​ $ 253,246 ​ $ 387,464 ​ $ 501,463 ​ Corrosive-resistant alloys ​ 84,415 ​ 102,997 ​ 88,493 ​ Net revenues ​ $ 337,661 ​ $ 490,461 ​ $ 589,956 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ 2022 2023 Long-lived Assets by Geography ​ ​ ​ ​ ​ ​ ​ United States ​ $ 135,698 ​ $ 134,596 ​ Europe ​ 6,921 ​ 7,799 ​ China ​ 153 ​ 145 ​ Total long-lived assets ​ $ 142,772 ​ $ 142,540 ​ ​

Valuation and Qualifying Accoun

Valuation and Qualifying Accounts	12 Months Ended
	Sep. 30, 2023
Valuation and Qualifying Accounts
Valuation and Qualifying Accounts	Note 14. Valuation and Qualifying Accounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at Charges ​ Balance at ​ ​ Beginning ​ (credits) to ​ ​ ​ End of ​ ​ of Period ​ Expense ​ Deductions (1) ​ Period Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 545 74 ​ (66) 553 ​ September 30, 2022 553 171 ​ (296) 428 ​ September 30, 2023 428 286 ​ (255) 459 ​ (1) Uncollectible accounts written off net of recoveries .

Deferred Revenue

Deferred Revenue	12 Months Ended
	Sep. 30, 2023
Deferred Revenue
Deferred Revenue	Note 15. Deferred Revenue On November 17, 2006, the Company entered into a 20-year 20 years 20-year

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Sep. 30, 2023
Fair Value Measurements
Fair Value Measurements	Note 16. Fair Value Measurements The fair value hierarchy has three levels based on the inputs used to determine fair value: ● Level 1—Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; ● Level 2—Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly; and ● Level 3—Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. When available, the Company uses unadjusted quoted market prices to measure fair value. If quoted market prices are not available, fair value is based upon internally-developed models that use, where possible, current market-based or independently-sourced market parameters such as interest rates and currency rates. Items valued using internally-generated models are classified according to the lowest level input or value driver that is significant to the valuation. The valuation model used depends on the specific asset or liability being valued. Fixed income securities are held as individual bonds and are valued as either level 1 assets as they are quoted in active markets or level 2 assets. U.S. and International equities, and Other Investments held in the Company’s pension plan are held as individual bonds or in mutual funds and common / collective funds which are valued using net asset value (NAV) provided by the administrator of the fund. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding. These investments are not classified in the fair value hierarchy in accordance with guidance included in ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) The fair value of Cash and Cash Equivalents is determined using Level 1 information. The following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2022 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 Fair Value Measurements ​ ​ at Reporting Date Using: ​ Level 1 Level 2 Level 3 NAV Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension plan assets ​ $ 15,926 ​ $ 158,582 ​ $ — $ 43,813 ​ $ 218,321 ​ Total fair value ​ $ 15,926 ​ $ 158,582 ​ $ — $ 43,813 ​ $ 218,321 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 Fair Value Measurements ​ ​ at Reporting Date Using: ​ Level 1 Level 2 Level 3 NAV Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension plan assets ​ $ 32,155 ​ $ 154,686 ​ $ — $ 33,130 ​ $ 219,971 ​ Total fair value ​ $ 32,155 ​ $ 154,686 ​ $ — $ 33,130 ​ $ 219,971 ​ ​ The Company had no other financial assets or liabilities measured at fair value on a recurring basis as of September 30, 2022 or 2023.

Comprehensive Income (Loss) and

Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component	12 Months Ended
	Sep. 30, 2023
Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component
Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component	Note 17. Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component Comprehensive income (loss) includes changes in equity that result from transactions and economic events from non-owner sources. Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss) items, including pension and foreign currency translation adjustments, net of tax when applicable. Comprehensive Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended September 30, ​ ​ 2021 ​ ​ 2022 ​ ​ 2023 ​ Pre-tax Tax Net Pre-tax Tax Net Pre-tax Tax Net Net income (loss) ​ ​ ​ ​ ​ ​ ​ $ (8,683) ​ ​ ​ ​ ​ ​ ​ ​ $ 45,087 ​ ​ ​ ​ ​ ​ ​ ​ $ 41,975 Other comprehensive income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension and postretirement: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net gain (loss) arising during period ​ $ 68,941 ​ ​ (16,044) ​ 52,897 ​ ​ $ 16,991 ​ ​ (3,924) ​ 13,067 ​ ​ $ 16,008 ​ ​ (3,700) ​ 12,308 Amortization of prior service cost ​ 228 ​ ​ (52) ​ 176 ​ ​ 239 ​ ​ (56) ​ 183 ​ ​ 233 ​ ​ (55) ​ 178 Amortization of (gain) loss ​ 7,735 ​ ​ (1,802) ​ 5,933 ​ ​ (240) ​ ​ 56 ​ (184) ​ ​ (2,279) ​ ​ 529 ​ (1,750) Foreign currency translation adjustment ​ 3,254 ​ — ​ 3,254 ​ ​ (11,817) ​ — ​ (11,817) ​ ​ 6,729 ​ — ​ 6,729 Other comprehensive income (loss) ​ $ 80,158 ​ $ (17,898) ​ 62,260 ​ ​ $ 5,173 ​ $ (3,924) ​ 1,249 ​ ​ $ 20,691 ​ $ (3,226) ​ 17,465 Total comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ $ 53,577 ​ ​ ​ ​ ​ ​ ​ ​ $ 46,336 ​ ​ ​ ​ ​ ​ ​ ​ $ 59,440 ​ Accumulated Other Comprehensive Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended September 30, 2022 ​ Pension Postretirement Foreign ​ ​ ​ ​ Plan ​ Plan ​ Exchange ​ Total Accumulated other comprehensive income (loss) as of September 30, 2021 ​ $ (14,791) ​ $ 9,017 ​ $ (6,567) ​ $ (12,341) Other comprehensive income (loss) before reclassifications ​ (2,557) ​ 15,624 ​ (11,817) ​ 1,250 Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 239 ​ ​ — ​ ​ — ​ ​ 239 Actuarial losses (1) ​ ​ — ​ ​ (240) ​ ​ — ​ ​ (240) Tax benefit ​ ​ (56) ​ ​ 56 ​ ​ — ​ ​ — Net current-period other comprehensive income (loss) ​ (2,374) ​ 15,440 ​ (11,817) ​ 1,249 Accumulated other comprehensive income (loss) as of September 30, 2022 ​ $ (17,165) ​ $ 24,457 ​ $ (18,384) ​ $ (11,092) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended September 30, 2023 ​ Pension Postretirement Foreign ​ ​ ​ ​ Plan ​ Plan ​ Exchange ​ Total Accumulated other comprehensive income (loss) as of September 30, 2022 ​ $ (17,165) ​ $ 24,457 ​ $ (18,384) ​ $ (11,092) Other comprehensive income (loss) before reclassifications ​ 1,401 ​ 10,907 ​ 6,729 ​ 19,037 Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 233 ​ ​ — ​ ​ — ​ ​ 233 Actuarial losses (1) ​ ​ — ​ ​ (2,279) ​ ​ — ​ ​ (2,279) Tax benefit ​ ​ (55) ​ ​ 529 ​ ​ — ​ ​ 474 Net current-period other comprehensive income (loss) ​ 1,579 ​ 9,157 ​ 6,729 ​ 17,465 Accumulated other comprehensive income (loss) as of September 30, 2023 ​ $ (15,586) ​ $ 33,614 ​ $ (11,655) ​ $ 6,373 (1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost.

Long-term Obligations

Long-term Obligations	12 Months Ended
	Sep. 30, 2023
Long-term Obligations
Long-term Obligations	Note 18. Long-term Obligations The following table sets for the components of Long-term obligations as of September 30, 2022 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ September 30, ​ ​ 2022 2023 Finance lease obligations ​ $ 7,384 ​ $ 7,118 ​ Environmental post-closure monitoring and maintenance activities ​ ​ 407 ​ ​ 355 ​ Long-term disability ​ ​ 210 ​ ​ 189 ​ Deferred dividends ​ ​ 199 ​ ​ 198 ​ Less amounts due within one year ​ (352) ​ (412) ​ Long-term obligations (less current portion) ​ $ 7,848 ​ $ 7,448 ​ ​

Leases

Leases	12 Months Ended
	Sep. 30, 2023
Leases
Leases	Note 19. Leases On October 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842) ​ Nature of the Leases ​ The Company has operating and finance leases for buildings, equipment (e.g. trucks and forklifts), vehicles, and computer equipment. Leasing arrangements require fixed payments and also include an amount that is probable to be owed under residual value guarantees , if applicable. Some lease payments also include payments related to purchase or termination options when the lessee is reasonably certain to exercise the option or is not reasonably certain not to exercise the option, respectively. The leases have remaining terms of 1 to 15 years . For all leases with an initial expected term of more than 12 months 842 On January 1, 2015, the Company entered into a finance lease agreement for the building that houses the assets and operations of LaPorte Custom Metal Processing (LCMP). The leased asset and obligation are recorded at the present value of the minimum lease payments. The asset is included in Property, plant and equipment, net on the Consolidated Balance Sheets and is depreciated over the 20-year The Company entered into a 20-year costs incurred relative to the buildout of the facility of approximately $4,100 are included in Property, plant and equipment, net on the Consolidated Balance Sheets and depreciated over the 20-year Significant Judgments and Assumptions ​ Determination of Whether a Contract Contains a Lease ​ The Company determines whether a contract is or contains a lease at the inception of the contract. The contract is or contains a lease if the contract conveys the right to control the use of identified assets for a period of time in exchange for consideration. The Company generally must also have the right to obtain substantially all of the economic benefits from use of the property, plant, and equipment and have the right to direct its use. ​ Practical Expedients (Policy Elections) ​ The Company elected certain practical expedients and transition relief, including the short-term lease recognition exemption, which excludes leases with a term of 12 months or less from recognition on the balance sheet, recognizing lease components and non-lease components together as a single lease component, and the transition relief package which, among other things, includes not reassessing the lease classification or whether a contract is or contains a lease. ​ The following table sets forth the components of the Company’s lease cost for the years ended September 30, 2022 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ September 30, ​ 2022 ​ 2023 Finance lease cost: ​ ​ ​ ​ ​ ​ Amortization of ROU asset $ 430 ​ $ 430 ​ Interest on lease liabilities ​ 784 ​ ​ 759 ​ Total finance lease cost $ 1,214 ​ $ 1,189 ​ ​ ​ ​ ​ ​ ​ ​ Operating lease cost $ 1,100 ​ $ 1,173 ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ Operating cash flows from finance leases ​ 784 ​ ​ 759 ​ Operating cash flows from operating leases ​ 1,100 ​ ​ 1,173 ​ Financing cash flows from finance leases ​ 228 ​ ​ 265 ​ Total cash paid for amounts included in measurement of lease liabilities $ 2,112 ​ $ 2,197 ​ ​ Lease costs associated with short term leases are not material. ​ The following table sets forth the Company’s ROU assets and lease liabilities as of September 30, 2022 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ September 30, ​ 2022 ​ 2023 Finance lease assets (included in Property, plant and equipment, net) $ 5,643 ​ $ 5,230 ​ Operating ROU lease assets (included in Other assets) $ 1,085 ​ $ 1,067 ​ ​ ​ ​ ​ ​ ​ ​ Finance lease liabilities ​ ​ ​ ​ ​ ​ Accrued expenses $ 265 ​ $ 302 ​ Long-term obligations (less current portion) ​ 7,119 ​ ​ 6,816 ​ Total Finance lease liabilities $ 7,384 ​ $ 7,118 ​ Operating lease liabilities $ 1,085 ​ $ 1,067 ​ ​ Operating lease payments due within one year are recorded in Accrued expenses on the Consolidated Balance Sheets. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ September 30, ​ ​ 2022 ​ 2023 Weighted average lease term (Years) ​ ​ ​ ​ ​ ​ ​ Finance leases ​ ​ 13.1 ​ ​ 12.1 ​ Operating leases ​ ​ 3.0 ​ ​ 2.0 ​ Weighted average discount rate ​ ​ ​ ​ ​ ​ ​ Finance leases ​ ​ 10.32 % ​ 10.32 % Operating leases ​ ​ 5.25 % ​ 5.84 % ​ The following is a table of future minimum lease payments during each fiscal year under operating and finance leases and the present value of the net minimum lease payments as of September 30, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance Operating Future minimum lease payments Leases ​ Leases ​ 2024 $ 1,032 ​ $ 718 ​ 2025 1,037 ​ 276 ​ 2026 1,044 ​ 126 ​ 2027 1,049 ​ 62 ​ 2028 1,050 ​ — ​ Thereafter 7,357 ​ — ​ Total minimum lease payments ​ 12,569 ​ ​ 1,182 ​ Less: amount representing interest ​ (5,451) ​ ​ (115) ​ Present value of net minimum lease payments $ 7,118 ​ $ 1,067 ​ ​

Foreign Currency Forward Contra

Foreign Currency Forward Contracts	12 Months Ended
	Sep. 30, 2023
Foreign Currency Forward Contracts
Foreign Currency Forward Contracts	Note 20. Foreign Currency Forward Contracts The Company enters into foreign currency forward contracts with the purpose of reducing income statement volatility resulting from foreign currency denominated transactions. The Company has not designated the contacts as hedges; therefore, changes in fair value are recognized in earnings. All of these contracts are designed to be settled within the same fiscal quarter they are entered into and, accordingly, as of September 30, 2021, 2022 and 2023, there are no contracts that remain unsettled. As a result, there is no impact to the balance sheet as of September 30, 2022 or September 30, 2023. Foreign exchange contract gains and losses are recorded within Selling, General and Administrative expenses on the Consolidated Statements of Operations along with foreign currency transactional gains and losses as follows. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended Year Ended Year Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ 2021 ​ 2022 ​ 2023 Foreign currency transactional gain (loss) $ (42) ​ $ 4,393 ​ $ (2,538) Foreign exchange forward contract gain (loss) ​ (532) ​ ​ (6,066) ​ ​ 1,403 Net gain (loss) included in selling, general and administrative expense ​ $ (574) ​ $ (1,673) ​ $ (1,135) ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Sep. 30, 2023
Summary of Significant Accounting Policies
Principles of Consolidation and Nature of Operations	A. Principles of Consolidation and Nature of Operations The consolidated financial statements include the accounts of Haynes International, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances are eliminated. The Company has manufacturing facilities in Kokomo, Indiana; Mountain Home, North Carolina; and Arcadia, Louisiana with service centers in LaPorte, Indiana; LaMirada, California; Houston, Texas; Windsor, Connecticut; Openshaw, England; Lenzburg, Switzerland; Shanghai, China; and sales offices in Paris, France; Singapore; Milan, Italy; and Tokyo, Japan.
Cash and Cash Equivalents	B. Cash and Cash Equivalents The Company considers all highly liquid investment instruments, including investments with original maturities of three months or less at acquisition, to be cash equivalents, the carrying value of which approximates fair value due to the short maturity of these investments.
Accounts Receivable	C. Accounts Receivable The Company maintains allowances for credit losses for estimated losses resulting from the inability of its customers to make required payments. The Company markets its products to a diverse customer base, both in the United States of America and overseas. Trade credit is extended based upon the Company’s evaluation of each customer’s ability to perform its obligation, which is updated periodically.
Revenue Recognition	D. Revenue Recognition The Company recognizes revenue when performance obligations under the terms of customer contracts are satisfied which occurs when control of the goods has been transferred to the customer and services have been performed. Allowances for sales returns are recorded as a component of net sales in the periods in which the related sales are recognized. The Company determines this allowance based on historical experience. Additionally, the Company recognizes revenue attributable to an up-front fee received from Titanium Metals Corporation (TIMET) as a result of a twenty-year
Inventories	E. Inventories Inventories are stated at the lower of cost or net realizable value. The cost of inventories is determined using the first-in, first-out (FIFO) method. The Company writes down its inventory for estimated obsolescence or unmarketable inventory in an amount equal to the difference between the cost of inventory and the estimated market or scrap value, if applicable, based upon assumptions about future demand and market conditions.
Goodwill and Other Intangible Assets	F. Goodwill and Other Intangible Assets The Company had goodwill, trademarks, customer relationships and other intangibles as of September 30, 2023. As the customer relationships have a definite life, they are amortized over fifteen years. The Company reviews customer relationships for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the assets is measured by a comparison of the carrying amount of the asset to the undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount exceeds the fair value of the asset. Goodwill and trademarks (indefinite lived) are tested for impairment at least annually as of January 31 for goodwill and as of August 31 for trademarks (the annual impairment testing dates), or more frequently if impairment indicators exist. If the carrying value of the trademarks exceeds the fair value (determined using an income approach, based upon a discounted cash flow of an assumed royalty rate), impairment of the trademark may exist resulting in a charge to earnings to the extent of the impairment. The impairment test for goodwill is performed by comparing the fair value of a reporting unit with its carrying amount and recognizing an impairment loss in the event that the carrying amount is greater than the fair value. Any goodwill impairment loss recognized would not exceed the total carrying amount of goodwill allocated to that reporting unit. No impairment was recognized in the years ended September 30, 2021, 2022 or 2023 because the fair value exceeded the carrying values in each of those years. During fiscal 2021, 2022 and 2023, there were no changes in the carrying amount of goodwill. Amortization of the customer relationships and other intangibles was $467, $780 and $579 for the years ended September 30, 2021, 2022 and 2023, respectively. The following represents a summary of intangible assets at September 30, 2022 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Accumulated Carrying September 30, 2022 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (1,128) ​ ​ 972 ​ Other ​ 1,100 ​ ​ (963) ​ ​ 137 ​ ​ ​ $ 7,000 ​ $ (2,091) ​ $ 4,909 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Accumulated Carrying September 30, 2023 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (1,257) ​ ​ 843 ​ Other ​ 1,080 ​ ​ (68) ​ ​ 1,012 ​ ​ ​ $ 6,980 ​ $ (1,325) ​ $ 5,655 ​ ​ ​ ​ ​ ​ Estimated future Aggregate Amortization Expense: ​ Year Ending September 30, ​ ​ ​ 2024 $ 396 ​ 2025 393 ​ 2026 390 ​ 2027 318 ​ 2028 113 ​ Thereafter 245 ​ ​
Property, Plant and Equipment	G. Property, Plant and Equipment Additions to property, plant and equipment are recorded at cost with depreciation calculated primarily by using the straight-line method based on estimated economic useful lives, which are generally as follows: ​ ​ ​ ​ ​ ​ ​ Buildings and improvements ​ ​ ​ 40 years Machinery and equipment 5 — 14 years Land improvements ​ ​ 20 years ​ Expenditures for maintenance and repairs and minor renewals are charged to expense; major renewals are capitalized. Upon the retirement or sale of assets, the cost of the disposed assets and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is credited or charged to operations. The Company records capitalized interest for long-term construction projects to capture the cost of capital committed prior to the placed in service date as a part of the historical cost of acquiring the asset. Interest is not capitalized when the balance on the revolver is zero. The Company reviews long-lived assets for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. The reviews are conducted at the lowest identifiable level of cash flows for the identified asset group. Recoverability of the asset group is measured by a comparison of the carrying amount of the asset group to the undiscounted future cash flows expected to be generated by the asset group. If the carrying amount of an asset group exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount exceeds the fair value of the asset group. No impairment was recognized during the years ended September 30, 2021, 2022 or 2023.
Environmental Remediation	H. Environmental Remediation When it is probable that a liability has been incurred or an asset of the Company has been impaired, a loss is recognized assuming the amount of the loss can be reasonably estimated. The measurement of environmental liabilities by the Company is based on currently available facts, present laws and regulations and current technology. Such estimates take into consideration the expected costs of post-closure monitoring based on historical experience. Amounts accrued for post-closure monitoring are presented in Note 18, Long-term Obligations.
Pension and Postretirement Benefits	I. Pension and Postretirement Benefits The Company has defined benefit pension and postretirement plans covering most of its current and former employees. Significant elements in determining the assets or liabilities and related income or expense for these plans are the expected return on plan assets, the discount rate used to value future payment streams, expected trends in health care costs and other actuarial assumptions. Annually, the Company evaluates the significant assumptions to be used to value its pension and postretirement plan assets and liabilities based on current market conditions and expectations of future costs. If actual results are less favorable than those projected by management, additional expense may be required in future periods. Salaried employees hired after December 31, 2005 and hourly employees hired after June 30, 2007 are not covered by the pension plan; however, they are eligible for an enhanced matching program under the Company’s defined contribution plan (its 401(k) plan). Effective December 31, 2007, the U.S. pension plan was amended to freeze benefits for all non-union employees in the U.S. Effective September 30, 2009, the U.K. pension plan was amended to freeze benefits for all employees in the plan. Effective January 1, 2007, a plan amendment of the postretirement medical plan capped the Company’s liability related to retiree health care costs at $5,000 annually. Effective October 1, 2009, the U.S. postretirement medical plan was closed for all non-union employees.
Foreign Currency Exchange	J. Foreign Currency Exchange The Company’s foreign operating entities’ financial statements are denominated in the functional currencies of each respective country, which are the local currencies. All assets and liabilities are translated to U.S. dollars using exchange rates in effect at the end of the year, and revenues and expenses are translated at the weighted average rate for the year. Translation gains or losses are recorded as a separate component of comprehensive income (loss) and transaction gains and losses are reflected in the consolidated statements of operations. Gains and losses arising from the impact of foreign currency exchange rate fluctuations on transactions in foreign currency are included in selling, general and administrative expense. The Company has entered into foreign currency forward contracts (See Note 20, Foreign Currency Forward Contracts) with the purpose to reduce income statement volatility resulting from transaction gains and losses.
Research and Technical Costs	K. Research and Technical Costs Research and technical costs related to the development of new products and processes are expensed as incurred. Research and technical costs for the fiscal years ended September 30, 2021, 2022 and 2023 were $3,403, $3,822 and $4,126, respectively.
Income Taxes	L. Income Taxes The Company accounts for deferred tax assets and liabilities using enacted tax rates for the effect of temporary differences between book and tax basis of recorded assets and liabilities. A valuation allowance is required if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The determination of whether or not a valuation allowance is needed is based upon an evaluation of both positive and negative evidence. In its evaluation of the need for a valuation allowance, the Company utilizes prudent and feasible tax planning strategies. The ultimate amount of deferred tax assets realized could be different from those recorded, as influenced by potential changes in enacted tax laws and the availability of future taxable income. The Company records uncertain tax positions on the basis of a two-step process whereby (1) it is determined whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the related tax authority (See Note 7, Income Taxes).
Stock-based Compensation	M. Stock-based Compensation As described in Note 12, the Company has incentive compensation plans that provide for the issuance of restricted stock, restricted stock units, performance shares, stock options and stock appreciation rights to key employees and non-employee directors. To date, the Company has only issued restricted stock, performance shares and stock options. The stock-based compensation grants typically have a vesting period before the employee or director can take receipt of the stock or becomes eligible to exercises stock options. Employees and directors earn and receive dividends from the restricted stock during this vesting period and accumulated dividends related to performance shares are paid to the employees at the time that the shares are received by the employee after the end of the vesting period. The Company recognizes compensation expense under the fair-value based method as a component of operating expenses.
Financial Instruments and Concentrations of Risk	N. Financial Instruments and Concentrations of Risk The Company may periodically enter into forward currency exchange contracts to minimize the variability in the Company’s operating results arising from foreign exchange rate movements. The Company does not engage in foreign currency speculation. At September 30, 2022 and 2023, the Company had no foreign currency exchange contracts outstanding. To date, all foreign currency contracts have been settled prior to the end of the month in which they were initiated. Financial instruments which potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and accounts receivable. At September 30, 2023, and periodically throughout fiscal 2023, the Company maintained cash balances in excess of federally insured limits. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the relatively short maturity of these instruments. During fiscal 2021, 2022 and 2023, the Company did not have sales to any group of affiliated customers that were greater than 10% of net revenues. The Company generally does not require collateral with the exception of letters of credit with certain foreign sales. Credit losses amounted to $74, $171 and $286 in fiscal 2021, 2022 and 2023, respectively. The Company does not believe it is significantly vulnerable to the risk of near-term severe impact from business concentrations with respect to customers, suppliers, products, markets or geographic areas.
Accounting Estimates	O. Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments, including those related to credit losses, inventories, income taxes, asset impairment, incremental borrowing rates, retirement benefits and environmental matters. The process of determining significant estimates is fact specific and takes into account factors such as historical experience, current and expected economic conditions, product mix, pension asset mix and in some cases, actuarial techniques, and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The Company routinely reevaluates these significant factors and makes adjustments where facts and circumstances dictate. Actual results may differ from these estimates under different assumptions or conditions.
Earnings Per Share	P. Earnings Per Share The Company accounts for earnings per share using the two-class method. The two-class method is an earnings allocation that determines net income per share for each class of common stock and participating securities according to participation rights in undistributed earnings. Non-vested restricted stock awards that include non-forfeitable rights to dividends are considered participating securities. Basic earnings per share is computed by dividing net income available to common stockholders for the period by the weighted average number of common shares outstanding for the period. The computation of diluted earnings per share is similar to basic earnings per share, except the denominator is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. Basic and diluted net income per share were computed as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended September 30, (in thousands, except share and per share data) 2021 2022 2023 Numerator: Basic and Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ (8,683) ​ $ 45,087 ​ $ 41,975 ​ Dividends ​ (11,245) ​ (11,062) ​ (11,190) ​ Undistributed income (loss) ​ (19,928) ​ 34,025 ​ 30,785 ​ Percentage allocated to common shares (a) ​ 100.0 % 99.0 % 99.2 % Undistributed income (loss) allocated to common shares ​ ​ (19,928) ​ ​ 33,699 ​ ​ 30,544 ​ Dividends paid on common shares outstanding ​ 11,098 ​ 10,955 ​ 11,103 ​ Net income (loss) available to common shares ​ ​ (8,830) ​ ​ 44,654 ​ ​ 41,647 ​ Denominator: Basic and Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 12,499,609 ​ 12,346,025 ​ 12,566,843 ​ Adjustment for dilutive potential common shares ​ — ​ 159,475 ​ 213,435 ​ Weighted average shares outstanding - Diluted ​ 12,499,609 ​ 12,505,500 ​ 12,780,278 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income (loss) per share ​ $ (0.71) ​ $ 3.62 ​ $ 3.31 ​ Diluted net income (loss) per share ​ $ (0.71) ​ $ 3.57 ​ $ 3.26 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of stock option shares excluded as their effect would be anti-dilutive ​ 385,548 ​ 261,228 ​ 206,096 ​ Number of restricted stock shares excluded as their effect would be anti-dilutive ​ 165,794 ​ 50,415 ​ 41,809 ​ Number of deferred restricted stock shares excluded as their effect would be anti-dilutive ​ ​ 30,529 ​ 2,791 ​ 6,052 ​ Number of performance share awards excluded as their effect would be anti-dilutive ​ ​ 76,266 ​ 46,693 ​ 41,210 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common shares outstanding ​ 12,499,609 ​ 12,346,025 ​ 12,566,843 ​ Unvested participating shares ​ — ​ 119,549 ​ 98,992 ​ ​ ​ 12,499,609 ​ 12,465,574 ​ 12,665,835 ​
Recently Issued Accounting Pronouncements	Q. Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848). .

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Sep. 30, 2023
Summary of Significant Accounting Policies
Summary of finite-lived intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Accumulated Carrying September 30, 2022 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (1,128) ​ ​ 972 ​ Other ​ 1,100 ​ ​ (963) ​ ​ 137 ​ ​ ​ $ 7,000 ​ $ (2,091) ​ $ 4,909 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Accumulated Carrying September 30, 2023 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (1,257) ​ ​ 843 ​ Other ​ 1,080 ​ ​ (68) ​ ​ 1,012 ​ ​ ​ $ 6,980 ​ $ (1,325) ​ $ 5,655 ​
Schedule of indefinite-lived intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Accumulated Carrying September 30, 2022 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (1,128) ​ ​ 972 ​ Other ​ 1,100 ​ ​ (963) ​ ​ 137 ​ ​ ​ $ 7,000 ​ $ (2,091) ​ $ 4,909 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Accumulated Carrying September 30, 2023 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (1,257) ​ ​ 843 ​ Other ​ 1,080 ​ ​ (68) ​ ​ 1,012 ​ ​ ​ $ 6,980 ​ $ (1,325) ​ $ 5,655 ​
Schedule of estimated future aggregate amortization expense	​ ​ ​ ​ ​ Estimated future Aggregate Amortization Expense: ​ Year Ending September 30, ​ ​ ​ 2024 $ 396 ​ 2025 393 ​ 2026 390 ​ 2027 318 ​ 2028 113 ​ Thereafter 245 ​
Schedule of estimated economic useful lives of property, plant and equipment	​ ​ ​ ​ ​ ​ ​ Buildings and improvements ​ ​ ​ 40 years Machinery and equipment 5 — 14 years Land improvements ​ ​ 20 years
Schedule of basic and diluted net income per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended September 30, (in thousands, except share and per share data) 2021 2022 2023 Numerator: Basic and Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ (8,683) ​ $ 45,087 ​ $ 41,975 ​ Dividends ​ (11,245) ​ (11,062) ​ (11,190) ​ Undistributed income (loss) ​ (19,928) ​ 34,025 ​ 30,785 ​ Percentage allocated to common shares (a) ​ 100.0 % 99.0 % 99.2 % Undistributed income (loss) allocated to common shares ​ ​ (19,928) ​ ​ 33,699 ​ ​ 30,544 ​ Dividends paid on common shares outstanding ​ 11,098 ​ 10,955 ​ 11,103 ​ Net income (loss) available to common shares ​ ​ (8,830) ​ ​ 44,654 ​ ​ 41,647 ​ Denominator: Basic and Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 12,499,609 ​ 12,346,025 ​ 12,566,843 ​ Adjustment for dilutive potential common shares ​ — ​ 159,475 ​ 213,435 ​ Weighted average shares outstanding - Diluted ​ 12,499,609 ​ 12,505,500 ​ 12,780,278 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income (loss) per share ​ $ (0.71) ​ $ 3.62 ​ $ 3.31 ​ Diluted net income (loss) per share ​ $ (0.71) ​ $ 3.57 ​ $ 3.26 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of stock option shares excluded as their effect would be anti-dilutive ​ 385,548 ​ 261,228 ​ 206,096 ​ Number of restricted stock shares excluded as their effect would be anti-dilutive ​ 165,794 ​ 50,415 ​ 41,809 ​ Number of deferred restricted stock shares excluded as their effect would be anti-dilutive ​ ​ 30,529 ​ 2,791 ​ 6,052 ​ Number of performance share awards excluded as their effect would be anti-dilutive ​ ​ 76,266 ​ 46,693 ​ 41,210 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common shares outstanding ​ 12,499,609 ​ 12,346,025 ​ 12,566,843 ​ Unvested participating shares ​ — ​ 119,549 ​ 98,992 ​ ​ ​ 12,499,609 ​ 12,465,574 ​ 12,665,835 ​

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	12 Months Ended
	Sep. 30, 2023
Revenues from Contracts with Customers
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ September 30, ​ 2021 2022 2023 Net revenues (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Aerospace ​ $ 128,072 ​ $ 230,001 ​ $ 290,391 Chemical processing ​ 63,147 ​ 91,665 ​ 92,019 Industrial gas turbine ​ 66,772 ​ 91,878 ​ 120,731 Other markets ​ 58,090 ​ 53,706 ​ 60,287 Total product revenue ​ 316,081 ​ 467,250 ​ 563,428 Other revenue ​ 21,580 ​ 23,211 ​ 26,528 Net revenues ​ $ 337,661 ​ $ 490,461 ​ $ 589,956

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Sep. 30, 2023
Inventories
Summary of major classes of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ September 30, ​ ​ 2022 2023 Raw Materials ​ $ 31,887 ​ $ 42,602 ​ ​ Work-in-process ​ 226,572 ​ 229,120 ​ ​ Finished Goods ​ 97,657 ​ 140,756 ​ ​ Other ​ 1,440 ​ 1,599 ​ ​ ​ ​ $ 357,556 ​ $ 414,077 ​ ​ ​

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment
Summary of the major classes of property, plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ 2022 2023 Land and land improvements ​ $ 10,158 ​ $ 10,418 ​ Buildings and improvements ​ 45,872 ​ 46,931 ​ Machinery and equipment ​ 313,841 ​ 321,676 ​ Construction in process ​ 8,756 ​ 16,704 ​ ​ ​ 378,627 ​ 395,729 ​ Less accumulated depreciation ​ (235,855) ​ (253,189) ​ ​ ​ $ 142,772 ​ $ 142,540 ​

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Sep. 30, 2023
Accrued Expenses
Summary of the major classes of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ 2022 2023 Employee compensation ​ $ 7,734 ​ $ 8,329 ​ Taxes, other than income taxes ​ 2,897 ​ 2,900 ​ Accrued product returns ​ ​ 700 ​ ​ 810 ​ Utilities ​ ​ 1,383 ​ ​ 1,171 ​ Professional fees ​ ​ 966 ​ ​ 428 ​ Finance lease obligation, current ​ ​ 265 ​ ​ 302 ​ Management incentive compensation ​ ​ 3,609 ​ ​ 2,289 ​ Other ​ 1,740 ​ 1,972 ​ ​ ​ $ 19,294 ​ $ 18,201 ​ ​

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Sep. 30, 2023
Income Taxes
Schedule of components of income before provision for income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended September 30, ​ 2021 2022 2023 Income (loss) before income taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ $ (11,417) ​ $ 38,864 ​ $ 37,538 Foreign ​ 1,634 ​ 18,750 ​ 14,364 Total ​ $ (9,783) ​ $ 57,614 ​ $ 51,902 Provision for (benefit from) income taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Federal ​ $ 741 ​ $ 2,031 ​ $ 7,366 Foreign ​ 349 ​ 3,302 ​ 2,741 State ​ 228 ​ 639 ​ 490 Total ​ 1,318 ​ 5,972 ​ 10,597 Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Federal ​ (2,986) ​ 5,931 ​ (1,509) Foreign ​ 470 ​ 120 ​ 459 State ​ (317) ​ (300) ​ 25 Valuation allowance ​ 415 ​ 804 ​ 355 Total ​ (2,418) ​ 6,555 ​ (670) Total provision for (benefit from) income taxes ​ $ (1,100) ​ $ 12,527 ​ $ 9,927
Schedule of provision for income taxes applicable to results of operations differed from the U.S. federal statutory rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended September 30, ​ 2021 2022 2023 Statutory federal tax rate ​ 21.00 % ​ 21.00 % ​ 21.00 % Tax provision for income taxes at the statutory rate ​ $ (2,054) ​ $ 12,099 ​ $ 10,899 ​ Foreign tax rate differentials ​ (59) ​ (307) ​ 102 ​ Provision for state taxes, net of federal taxes ​ (84) ​ 974 ​ 822 ​ U.S. tax on distributed and undistributed earnings of foreign subsidiaries ​ 198 ​ 984 ​ 54 ​ Foreign derived intangible income deduction ​ ​ — ​ (966) ​ (693) ​ Tax credits ​ (691) ​ (702) ​ (724) ​ Federal and state tax rate change impact on deferred tax asset ​ 790 ​ (206) ​ 81 ​ Change in valuation allowance ​ 415 ​ 804 ​ 355 ​ Stock compensation ​ ​ 138 ​ ​ 191 ​ ​ 46 ​ Other, net ​ 247 ​ (344) ​ (1,015) ​ Provision for (benefit from) income taxes at effective tax rate ​ $ (1,100) ​ $ 12,527 ​ $ 9,927 ​ Effective tax rate ​ 11.2 % 21.7 % 19.1 % ​
Schedule of deferred tax assets (liabilities)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ 2022 2023 Deferred tax assets: ​ ​ ​ ​ ​ ​ ​ Pension and postretirement benefits ​ $ 16,802 ​ $ 12,045 ​ TIMET Agreement ​ 2,396 ​ 1,801 ​ Inventories ​ 3,225 ​ 4,341 ​ Accrued compensation and benefits ​ 2,096 ​ 1,451 ​ Accrued expenses and other ​ 2,600 ​ 2,526 ​ Tax attributes ​ 5,625 ​ 5,596 ​ Other assets ​ ​ 250 ​ 1,077 ​ Valuation allowance ​ ​ (4,695) ​ ​ (5,052) ​ Total deferred tax assets ​ $ 28,299 ​ $ 23,785 ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment, net ​ $ (24,081) ​ $ (22,056) ​ Intangible and other ​ (1,414) ​ (1,511) ​ Other liabilities ​ ​ (227) ​ (296) ​ Total deferred tax liabilities ​ $ (25,722) ​ $ (23,863) ​ ​ ​ ​ ​ ​ ​ ​ Net deferred tax assets (liabilities) ​ $ 2,577 ​ $ (78) ​

Pension Plan and Retirement B_2

Pension Plan and Retirement Benefits (Tables)	12 Months Ended
	Sep. 30, 2023
Pension Plan and Retirement Benefits
Schedule of status of employee pension benefit plans and other postretirement benefit plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Defined Benefit ​ ​ Postretirement ​ ​ Pension Plans ​ ​ Health Care Benefits ​ ​ Year Ended ​ ​ Year Ended ​ ​ September 30, ​ ​ September 30, ​ 2022 2023 2022 2023 Change in Benefit Obligation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Projected benefit obligation at beginning of year ​ $ 315,466 ​ $ 231,275 ​ ​ $ 82,964 ​ $ 64,037 ​ Service cost ​ 4,728 ​ 2,689 ​ ​ 1,825 ​ 1,389 ​ Interest cost ​ 7,936 ​ 11,548 ​ ​ 2,234 ​ 3,199 ​ Actuarial (gains) losses ​ (81,225) ​ (5,236) ​ ​ (20,343) ​ (14,171) ​ Benefits paid ​ (15,223) ​ (14,615) ​ ​ (2,643) ​ (2,128) ​ Administrative expenses ​ (407) ​ (871) ​ ​ — ​ — ​ Projected benefit obligation at end of year ​ $ 231,275 ​ $ 224,790 ​ ​ $ 64,037 ​ $ 52,326 ​ Change in Plan Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of plan assets at beginning of year ​ $ 297,703 ​ $ 218,321 ​ ​ $ — ​ $ — ​ Actual return on assets ​ (69,752) ​ 11,136 ​ ​ — ​ — ​ Employer contributions ​ 6,000 ​ 6,000 ​ ​ 2,643 ​ 2,128 ​ Benefits paid ​ (15,223) ​ (14,615) ​ ​ (2,643) ​ (2,128) ​ Administrative expenses ​ ​ (407) ​ ​ (871) ​ ​ ​ — ​ ​ — ​ Fair value of plan assets at end of year ​ $ 218,321 ​ $ 219,971 ​ ​ $ — ​ $ — ​ Funded Status of Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unfunded status ​ $ (12,954) ​ $ (4,819) ​ ​ $ (64,037) ​ $ (52,326) ​
Schedule of amounts recognized in the consolidated balance sheets and amounts expected to be recognized from AOCI into the statement of operations in the following year	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Defined Benefit ​ Postretirement ​ Non-Qualified ​ All Plans ​ ​ Pension Plans ​ Health Care Benefits ​ Pension Plans ​ Combined ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, ​ 2022 2023 2022 2023 2022 2023 2022 2023 Accrued pension and postretirement benefits: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ $ — ​ $ — ​ $ (3,276) ​ $ (2,845) ​ $ (95) ​ $ (95) ​ $ (3,371) ​ $ (2,940) ​ Non - ​ (12,954) ​ (4,819) ​ (60,761) ​ (49,481) ​ (435) ​ (397) ​ (74,150) ​ (54,697) ​ Accrued pension and postretirement benefits ​ $ (12,954) ​ $ (4,819) ​ $ (64,037) ​ $ (52,326) ​ $ (530) ​ $ (492) ​ $ (77,521) ​ $ (57,637) ​ Accumulated other comprehensive (income) loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (income) loss ​ 22,496 ​ 20,663 ​ (30,807) ​ (42,699) ​ — ​ — ​ (8,311) ​ (22,036) ​ Prior service cost ​ 1,365 ​ 1,130 ​ — ​ — ​ — ​ — ​ 1,365 ​ 1,130 ​ Total accumulated other comprehensive (income) loss ​ $ 23,861 ​ $ 21,793 ​ $ (30,807) ​ $ (42,699) ​ $ — ​ $ — ​ $ (6,946) ​ $ (20,906) ​
Schedule of components of net periodic pension and postretirement benefit cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Defined Benefit Pension Plans ​ ​ Year Ended September 30, ​ 2021 2022 2023 Service cost ​ $ 5,628 ​ $ 4,728 ​ $ 2,689 ​ Interest cost ​ 7,481 ​ ​ 7,936 ​ ​ 11,548 ​ Expected return on assets ​ (16,356) ​ ​ (14,818) ​ ​ (14,570) ​ Amortization of prior service cost ​ 239 ​ ​ 233 ​ ​ 236 ​ Recognized actuarial loss ​ 7,721 ​ ​ — ​ ​ 31 ​ Net periodic cost ​ $ 4,713 ​ $ (1,921) ​ $ (66) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Postretirement ​ ​ Health Care Benefits ​ ​ Year Ended September 30, ​ 2021 2022 2023 Service cost ​ $ 1,095 ​ $ 1,825 ​ $ 1,389 ​ Interest cost ​ 2,292 ​ ​ 2,234 ​ ​ 3,199 ​ Recognized actuarial loss ​ — ​ ​ (240) ​ ​ (2,279) ​ Net periodic cost ​ $ 3,387 ​ $ 3,819 ​ $ 2,309 ​ ​
Schedule of assumptions used to determine actuarial present value of the projected pension benefit obligation and postretirement health care benefit obligation for the plans	​ ​ ​ ​ ​ ​ ​ ​ September 30, September 30, ​ ​ 2022 ​ 2023 Discount rate (postretirement health care) (1) 5.13 % 5.63 % Discount rate (U.S. pension plan) (1) 5.13 % 5.63 % Discount rate (U.K. pension plan) 5.90 % 5.70 % Rate of compensation increase (U.S. pension plan only) 2.50 % 3.50 % ​
Schedule of assumptions used to determine net periodic pension and postretirement health care benefit costs for the plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Defined Benefit ​ ​ Pension and ​ ​ Postretirement Health ​ ​ Care Plans ​ ​ Year Ended ​ ​ September 30, ​ 2021 2022 2023 Discount rate (postretirement health care plan) 2.50 % 2.75 % 5.13 % Discount rate (U.S. pension plan) 2.25 % 2.63 % 5.13 % Discount rate (U.K. pension plan) 1.50 % 2.00 % 5.90 % Expected return on plan assets (U.S. pension plan) 7.25 % 5.25 % 6.88 % Expected return on plan assets (U.K. pension plan) 2.00 % 3.00 % 5.50 % Rate of compensation increase (U.S. pension plan only) 2.50 % 2.50 % 2.50 % ​
Schedule of plan assets by level within the fair value hierarchy	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ Level 1 ​ ​ ​ ​ ​ ​ ​ ​ Active ​ Level 2 ​ ​ ​ ​ ​ ​ ​ Markets for ​ Other ​ ​ ​ ​ ​ ​ ​ Identical ​ Observable ​ ​ ​ ​ ​ ​ ​ Assets ​ Inputs ​ NAV ​ Total U.S. Pension Plan Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. corporate and government bonds ​ $ 15,926 ​ $ 158,582 ​ $ — ​ $ 174,508 ​ U.S. common stock mutual funds ​ — ​ $ — ​ $ 16,471 ​ 16,471 ​ Common /collective funds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bonds ​ — ​ — ​ — ​ — ​ Short-term money market ​ — ​ — ​ — ​ — ​ U.S. common stock ​ — ​ — ​ 6,847 ​ 6,847 ​ International equity ​ — ​ — ​ 5,390 ​ 5,390 ​ Total U.S. ​ $ 15,926 ​ $ 158,582 ​ $ 28,708 ​ $ 203,216 ​ U.K. Plan Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equities ​ $ — ​ $ — ​ $ 5,135 ​ $ 5,135 ​ Bonds ​ — ​ — ​ 8,006 ​ 8,006 ​ Other ​ — ​ — ​ 1,964 ​ 1,964 ​ Total U.K. ​ $ — ​ $ — ​ $ 15,105 ​ $ 15,105 ​ Total pension plan assets ​ $ 15,926 ​ $ 158,582 ​ $ 43,813 ​ $ 218,321 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ Level 1 ​ ​ ​ ​ ​ ​ ​ ​ Active ​ Level 2 ​ ​ ​ ​ ​ ​ ​ Markets for ​ Other ​ ​ ​ ​ ​ ​ ​ Identical ​ Observable ​ ​ ​ ​ ​ ​ ​ Assets ​ Inputs ​ NAV ​ Total U.S. Pension Plan Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. corporate and government bonds ​ $ 26,647 ​ $ 154,686 ​ $ — ​ $ 181,333 ​ U.S. common stock mutual funds ​ ​ — ​ ​ — ​ ​ 17,900 ​ ​ 17,900 ​ International equity ​ — ​ — ​ 4,538 ​ 4,538 ​ Total U.S. ​ $ 26,647 ​ $ 154,686 ​ $ 22,438 ​ $ 203,771 ​ U.K. Plan Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bonds ​ — ​ — ​ 10,692 ​ 10,692 ​ Short-term money market ​ 5,508 ​ — ​ — ​ 5,508 ​ Total U.K. ​ $ 5,508 ​ $ — ​ $ 10,692 ​ $ 16,200 ​ Total pension plan assets ​ $ 32,155 ​ $ 154,686 ​ $ 33,130 ​ $ 219,971 ​
Schedule of asset classes as a percent of total assets	​ ​ ​ ​ ​ Asset Class Target (1) Equity 11 % Fixed Income 89 % Real Estate and Other — % (1) The Company adjusts the target allocation based on the fair value of pension assets as a percentage of the projected pension obligation.
Schedule of expected benefit payments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Postretirement Fiscal Year Ending September 30 ​ Pension ​ Health Care 2024 ​ $ 16,001 ​ $ 3,988 ​ 2025 ​ 16,308 ​ 4,021 ​ 2026 ​ 16,623 ​ 4,124 ​ 2027 ​ 16,953 ​ 4,063 ​ 2028 ​ 17,002 ​ 4,101 ​ 2029 - 2033 (in total) ​ 86,225 ​ 21,333 ​ ​

Legal, Environmental and Othe_2

Legal, Environmental and Other Contingencies (Tables)	12 Months Ended
	Sep. 30, 2023
Legal, Environmental and Other Contingencies
Schedule of expected maturities of post-closure monitoring and maintenance activities (discounted)	​ ​ ​ ​ ​ Expected maturities of post-closure monitoring and maintenance activities (discounted) ​ Year Ending September 30, ​ ​ ​ 2025 $ 62 ​ 2026 60 ​ 2027 63 ​ 2028 ​ 65 ​ 2029 and thereafter 16 ​ ​ $ 266 ​ ​

Stockholders Equity (Tables)

Stockholders Equity (Tables)	12 Months Ended
	Sep. 30, 2023
Stockholder's Equity
Schedule of treasury stock activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended Year Ended Year Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ 2021 2022 2023 Number of shares at beginning of year ​ ​ 58,909 ​ ​ 195,638 ​ ​ 375,032 Repurchases of common stock to satisfy employee payroll taxes ​ ​ 23,751 ​ ​ 37,002 ​ ​ 17,708 Repurchases of common stock from share repurchase plan ​ ​ 112,978 ​ ​ 142,392 ​ ​ — Number of shares at end of year ​ ​ 195,638 ​ ​ 375,032 ​ ​ 392,740

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Sep. 30, 2023
Stock-Based Compensation
Summary of activity under the restricted stock plan	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Fair ​ ​ Number of ​ Value At ​ ​ Shares ​ Grant Date Unvested at September 30, 2022 96,536 ​ $ 33.23 ​ Granted 30,159 ​ $ 49.23 ​ Forfeited / Canceled (510) ​ $ 30.11 ​ Vested (36,342) ​ $ 36.82 ​ Unvested at September 30, 2023 89,843 ​ $ 37.17 ​ Expected to vest 89,843 ​ $ 37.17 ​
Summary of activity under the deferred restricted stock plan	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Fair ​ ​ Number of ​ Value At ​ ​ Shares ​ Grant Date Unvested and deferred at September 30, 2022 3,801 ​ $ 44.07 ​ Granted 8,974 ​ $ 49.19 ​ Vested and deferred ​ (3,801) ​ $ 44.07 ​ Unvested and deferred at September 30, 2023 8,974 ​ $ 49.19 ​ Vested and deferred at September 30, 2023 21,351 ​ $ 31.32 ​
Summary of activity under the 2016 Incentive Compensation Plan with respect to performance shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Fair ​ ​ Number of ​ Value At ​ ​ Shares ​ Grant Date Unvested at September 30, 2022 76,420 ​ $ 41.37 ​ Granted 19,555 ​ $ 69.39 ​ Vested ​ (25,226) ​ $ 42.83 ​ Forfeited / Canceled ​ — ​ $ 0.00 ​ Unvested at September 30, 2023 70,749 ​ $ 48.60 ​
Schedule of fair value assumptions used for grants under the stock option plan	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Dividend Risk-free Expected Expected Grant Date ​ Value ​ Yield ​ Interest Rate ​ Volatility ​ Life June 16, 2023 ​ $ 20.82 ​ 1.70 % 3.91 % 48 % 5 years ​ February 7, 2023 ​ $ 22.70 1.65 % 3.81 % 51 % 5 years ​ November 22, 2022 ​ $ 20.52 1.80 % 3.97 % 51 % 5 years ​ November 23, 2021 ​ $ 15.02 2.00 % 1.22 % 45 % 5 years ​ November 24, 2020 ​ $ 5.91 3.89 % 0.39 % 43 % 5 years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Summary of activity under the stock option plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Aggregate ​ Weighted ​ Average ​ ​ ​ ​ Intrinsic ​ Average ​ Remaining ​ ​ Number of ​ Value ​ Exercise ​ Contractual ​ ​ Shares ​ (000s) ​ Prices ​ Life Outstanding at September 30, 2022 697,220 ​ ​ ​ ​ $ 34.75 ​ ​ ​ ​ Granted 32,985 ​ ​ ​ ​ $ 49.08 ​ ​ ​ ​ Exercised (218,576) ​ ​ ​ ​ $ 37.90 ​ ​ ​ ​ Forfeited/Surrendered ​ (13,081) ​ ​ ​ ​ $ 47.96 ​ ​ ​ ​ Outstanding at September 30, 2023 498,548 ​ $ 6,346 ​ $ 33.96 6.26 yrs. ​ Vested or expected to vest 479,274 ​ $ 6,046 ​ $ 34.07 6.20 yrs. ​ Exercisable at September 30, 2023 399,672 ​ $ 5,313 ​ $ 33.23 5.80 yrs. ​ ​

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Sep. 30, 2023
Segment Reporting
Schedule of revenues from external customers attributable to geographic areas	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended September 30, ​ 2021 2022 2023 Net Revenue by Geography: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 179,127 ​ $ 278,473 ​ $ 344,381 ​ Europe ​ 85,555 ​ 116,599 ​ 135,403 ​ China ​ 30,668 ​ 33,910 ​ 27,097 ​ Other ​ 42,311 ​ 61,479 ​ 83,075 ​ Net Revenues ​ $ 337,661 ​ $ 490,461 ​ $ 589,956 ​ Net Revenue by Product Group: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ High-temperature resistant alloys ​ $ 253,246 ​ $ 387,464 ​ $ 501,463 ​ Corrosive-resistant alloys ​ 84,415 ​ 102,997 ​ 88,493 ​ Net revenues ​ $ 337,661 ​ $ 490,461 ​ $ 589,956 ​
Schedule of long-lived assets by geographic areas	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ 2022 2023 Long-lived Assets by Geography ​ ​ ​ ​ ​ ​ ​ United States ​ $ 135,698 ​ $ 134,596 ​ Europe ​ 6,921 ​ 7,799 ​ China ​ 153 ​ 145 ​ Total long-lived assets ​ $ 142,772 ​ $ 142,540 ​ ​

Valuation and Qualifying Acco_2

Valuation and Qualifying Accounts (Tables)	12 Months Ended
	Sep. 30, 2023
Valuation and Qualifying Accounts
Schedule of changes in valuation and qualifying accounts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at Charges ​ Balance at ​ ​ Beginning ​ (credits) to ​ ​ ​ End of ​ ​ of Period ​ Expense ​ Deductions (1) ​ Period Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 545 74 ​ (66) 553 ​ September 30, 2022 553 171 ​ (296) 428 ​ September 30, 2023 428 286 ​ (255) 459 ​ (1) Uncollectible accounts written off net of recoveries .

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Sep. 30, 2023
Fair Value Measurements
Schedule of company's fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 Fair Value Measurements ​ ​ at Reporting Date Using: ​ Level 1 Level 2 Level 3 NAV Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension plan assets ​ $ 15,926 ​ $ 158,582 ​ $ — $ 43,813 ​ $ 218,321 ​ Total fair value ​ $ 15,926 ​ $ 158,582 ​ $ — $ 43,813 ​ $ 218,321 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 Fair Value Measurements ​ ​ at Reporting Date Using: ​ Level 1 Level 2 Level 3 NAV Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension plan assets ​ $ 32,155 ​ $ 154,686 ​ $ — $ 33,130 ​ $ 219,971 ​ Total fair value ​ $ 32,155 ​ $ 154,686 ​ $ — $ 33,130 ​ $ 219,971 ​ ​

Comprehensive Income (Loss) a_2

Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component (Tables)	12 Months Ended
	Sep. 30, 2023
Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component
Schedule of comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended September 30, ​ ​ 2021 ​ ​ 2022 ​ ​ 2023 ​ Pre-tax Tax Net Pre-tax Tax Net Pre-tax Tax Net Net income (loss) ​ ​ ​ ​ ​ ​ ​ $ (8,683) ​ ​ ​ ​ ​ ​ ​ ​ $ 45,087 ​ ​ ​ ​ ​ ​ ​ ​ $ 41,975 Other comprehensive income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension and postretirement: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net gain (loss) arising during period ​ $ 68,941 ​ ​ (16,044) ​ 52,897 ​ ​ $ 16,991 ​ ​ (3,924) ​ 13,067 ​ ​ $ 16,008 ​ ​ (3,700) ​ 12,308 Amortization of prior service cost ​ 228 ​ ​ (52) ​ 176 ​ ​ 239 ​ ​ (56) ​ 183 ​ ​ 233 ​ ​ (55) ​ 178 Amortization of (gain) loss ​ 7,735 ​ ​ (1,802) ​ 5,933 ​ ​ (240) ​ ​ 56 ​ (184) ​ ​ (2,279) ​ ​ 529 ​ (1,750) Foreign currency translation adjustment ​ 3,254 ​ — ​ 3,254 ​ ​ (11,817) ​ — ​ (11,817) ​ ​ 6,729 ​ — ​ 6,729 Other comprehensive income (loss) ​ $ 80,158 ​ $ (17,898) ​ 62,260 ​ ​ $ 5,173 ​ $ (3,924) ​ 1,249 ​ ​ $ 20,691 ​ $ (3,226) ​ 17,465 Total comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ $ 53,577 ​ ​ ​ ​ ​ ​ ​ ​ $ 46,336 ​ ​ ​ ​ ​ ​ ​ ​ $ 59,440
Schedule of accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended September 30, 2022 ​ Pension Postretirement Foreign ​ ​ ​ ​ Plan ​ Plan ​ Exchange ​ Total Accumulated other comprehensive income (loss) as of September 30, 2021 ​ $ (14,791) ​ $ 9,017 ​ $ (6,567) ​ $ (12,341) Other comprehensive income (loss) before reclassifications ​ (2,557) ​ 15,624 ​ (11,817) ​ 1,250 Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 239 ​ ​ — ​ ​ — ​ ​ 239 Actuarial losses (1) ​ ​ — ​ ​ (240) ​ ​ — ​ ​ (240) Tax benefit ​ ​ (56) ​ ​ 56 ​ ​ — ​ ​ — Net current-period other comprehensive income (loss) ​ (2,374) ​ 15,440 ​ (11,817) ​ 1,249 Accumulated other comprehensive income (loss) as of September 30, 2022 ​ $ (17,165) ​ $ 24,457 ​ $ (18,384) ​ $ (11,092) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended September 30, 2023 ​ Pension Postretirement Foreign ​ ​ ​ ​ Plan ​ Plan ​ Exchange ​ Total Accumulated other comprehensive income (loss) as of September 30, 2022 ​ $ (17,165) ​ $ 24,457 ​ $ (18,384) ​ $ (11,092) Other comprehensive income (loss) before reclassifications ​ 1,401 ​ 10,907 ​ 6,729 ​ 19,037 Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 233 ​ ​ — ​ ​ — ​ ​ 233 Actuarial losses (1) ​ ​ — ​ ​ (2,279) ​ ​ — ​ ​ (2,279) Tax benefit ​ ​ (55) ​ ​ 529 ​ ​ — ​ ​ 474 Net current-period other comprehensive income (loss) ​ 1,579 ​ 9,157 ​ 6,729 ​ 17,465 Accumulated other comprehensive income (loss) as of September 30, 2023 ​ $ (15,586) ​ $ 33,614 ​ $ (11,655) ​ $ 6,373 (1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost.

Long-term Obligations (Tables)

Long-term Obligations (Tables)	12 Months Ended
	Sep. 30, 2023
Long-term Obligations
Schedule of long-term obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ September 30, ​ ​ 2022 2023 Finance lease obligations ​ $ 7,384 ​ $ 7,118 ​ Environmental post-closure monitoring and maintenance activities ​ ​ 407 ​ ​ 355 ​ Long-term disability ​ ​ 210 ​ ​ 189 ​ Deferred dividends ​ ​ 199 ​ ​ 198 ​ Less amounts due within one year ​ (352) ​ (412) ​ Long-term obligations (less current portion) ​ $ 7,848 ​ $ 7,448 ​ ​

Leases (Tables)

Leases (Tables)	12 Months Ended
	Sep. 30, 2023
Leases
Schedule of lease costs	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ September 30, ​ 2022 ​ 2023 Finance lease cost: ​ ​ ​ ​ ​ ​ Amortization of ROU asset $ 430 ​ $ 430 ​ Interest on lease liabilities ​ 784 ​ ​ 759 ​ Total finance lease cost $ 1,214 ​ $ 1,189 ​ ​ ​ ​ ​ ​ ​ ​ Operating lease cost $ 1,100 ​ $ 1,173 ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ Operating cash flows from finance leases ​ 784 ​ ​ 759 ​ Operating cash flows from operating leases ​ 1,100 ​ ​ 1,173 ​ Financing cash flows from finance leases ​ 228 ​ ​ 265 ​ Total cash paid for amounts included in measurement of lease liabilities $ 2,112 ​ $ 2,197 ​
Schedule of Balance Sheet operating and financing lease information	The following table sets forth the Company’s ROU assets and lease liabilities as of September 30, 2022 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ September 30, ​ 2022 ​ 2023 Finance lease assets (included in Property, plant and equipment, net) $ 5,643 ​ $ 5,230 ​ Operating ROU lease assets (included in Other assets) $ 1,085 ​ $ 1,067 ​ ​ ​ ​ ​ ​ ​ ​ Finance lease liabilities ​ ​ ​ ​ ​ ​ Accrued expenses $ 265 ​ $ 302 ​ Long-term obligations (less current portion) ​ 7,119 ​ ​ 6,816 ​ Total Finance lease liabilities $ 7,384 ​ $ 7,118 ​ Operating lease liabilities $ 1,085 ​ $ 1,067 ​ ​ Operating lease payments due within one year are recorded in Accrued expenses on the Consolidated Balance Sheets. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ September 30, ​ ​ 2022 ​ 2023 Weighted average lease term (Years) ​ ​ ​ ​ ​ ​ ​ Finance leases ​ ​ 13.1 ​ ​ 12.1 ​ Operating leases ​ ​ 3.0 ​ ​ 2.0 ​ Weighted average discount rate ​ ​ ​ ​ ​ ​ ​ Finance leases ​ ​ 10.32 % ​ 10.32 % Operating leases ​ ​ 5.25 % ​ 5.84 %
Schedule of financing and operating lease maturity	The following is a table of future minimum lease payments during each fiscal year under operating and finance leases and the present value of the net minimum lease payments as of September 30, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance Operating Future minimum lease payments Leases ​ Leases ​ 2024 $ 1,032 ​ $ 718 ​ 2025 1,037 ​ 276 ​ 2026 1,044 ​ 126 ​ 2027 1,049 ​ 62 ​ 2028 1,050 ​ — ​ Thereafter 7,357 ​ — ​ Total minimum lease payments ​ 12,569 ​ ​ 1,182 ​ Less: amount representing interest ​ (5,451) ​ ​ (115) ​ Present value of net minimum lease payments $ 7,118 ​ $ 1,067 ​ ​

Foreign Currency Forward Cont_2

Foreign Currency Forward Contracts (Tables)	12 Months Ended
	Sep. 30, 2023
Foreign Currency Forward Contracts
Schedule of foreign exchange hedging gains and losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended Year Ended Year Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ 2021 ​ 2022 ​ 2023 Foreign currency transactional gain (loss) $ (42) ​ $ 4,393 ​ $ (2,538) Foreign exchange forward contract gain (loss) ​ (532) ​ ​ (6,066) ​ ​ 1,403 Net gain (loss) included in selling, general and administrative expense ​ $ (574) ​ $ (1,673) ​ $ (1,135) ​

Background and Organization (De

Background and Organization (Details) - Revenue Benchmark - Product Concentration	12 Months Ended
	Sep. 30, 2023
Sheet, Coil and Plate Forms
Concentration disclosure
Concentration percentage	64%
Seamless and Welded Tubulars
Concentration disclosure
Concentration percentage	12%
Wire Form
Concentration disclosure
Concentration percentage	6%
Slab, Bar and Billet Form
Concentration disclosure
Concentration percentage	18%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Revenue Recognition (Details)	Nov. 17, 2006
Conversion Services Arrangement
Revenue Recognition
Term of agreement to provide conversion services	20 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Intangible Assets
Useful life	15 years
Goodwill impairment charges	$ 0	$ 0	$ 0
Change to goodwill	0	0	0
Amortization of customer relationships, patents, non-competes and other intangibles	579	780	$ 467
Total intangible assets, Gross Amount	6,980	7,000
Finite-lived intangible assets, Accumulated Amortization	(1,325)	(2,091)
Carrying Amount	5,655	4,909
Customer relationships
Intangible Assets
Finite-lived intangible assets Gross Amount	2,100	2,100
Finite-lived intangible assets, Accumulated Amortization	(1,257)	(1,128)
Finite-lived intangible assets, Carrying Amount	843	972
Other Intangible Assets
Intangible Assets
Finite-lived intangible assets Gross Amount	1,080	1,100
Finite-lived intangible assets, Accumulated Amortization	(68)	(963)
Finite-lived intangible assets, Carrying Amount	1,012	137
Trademarks
Intangible Assets
Indefinite-lived intangible assets	$ 3,800	3,800
Finite-lived intangible assets, Carrying Amount		$ 3,800

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Amortization Expense (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Estimate of Aggregate Amortization Expense:
2024	$ 396
2025	393
2026	390
2027	318
2028	113
Thereafter	$ 245

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment
Impairment recognized	$ 0	$ 0	$ 0
Building and Building Improvements [Member]
Property, Plant and Equipment
Estimated economic useful lives	40 years
Machinery and Equipment [Member] | Minimum
Property, Plant and Equipment
Estimated economic useful lives	5 years
Machinery and Equipment [Member] | Maximum
Property, Plant and Equipment
Estimated economic useful lives	14 years
Land Improvements [Member]
Property, Plant and Equipment
Estimated economic useful lives	20 years

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Pension and Postretirement Benefits (Details) $ in Thousands	Jan. 01, 2007 USD ($)
Defined Benefit Other Postretirement Benefit Plan
Pension and Postretirement Benefits
Maximum liability related to total retiree health care costs under plan amendment	$ 5,000

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Research and Technical Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Research and Technical Costs
Research and technical expense	$ 4,126	$ 3,822	$ 3,403

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Financial Instruments (Details)	12 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Financial Instruments
Foreign currency exchange contracts outstanding	0	0
Credit losses	$ 286,000	$ 171,000	$ 74,000

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Numerator: Basic and Diluted
Net income (loss)	$ 41,975	$ 45,087	$ (8,683)
Dividends paid ($0.88 per share for the year ended September 30, 2021, 2022 and 2023, respectively)	(11,190)	(11,062)	(11,245)
Undistributed income (loss) - Basic	30,785	34,025	(19,928)
Undistributed income (loss) - Diluted	$ 30,785	$ 34,025	$ (19,928)
Percentage allocated to common shares - Basic	99.20%	99%	100%
Percentage allocated to common shares - Diluted	99.20%	99%	100%
Undistributed income (loss) allocated to common shares - Basic	$ 30,544	$ 33,699	$ (19,928)
Undistributed income (loss) allocated to common shares - Diluted	30,544	33,699	(19,928)
Dividends paid on common shares outstanding	11,103	10,955	11,098
Net income (loss) available to common shares - Basic	41,647	44,654	(8,830)
Net income (loss) available to common shares - Diluted	$ 41,647	$ 44,654	$ (8,830)
Denominator: Basic and Diluted
Weighted average shares outstanding - Basic (in shares)	12,566,843	12,346,025	12,499,609
Adjustment for dilutive potential common shares (in shares)	213,435	159,475
Weighted average shares outstanding - Diluted (in shares)	12,780,278	12,505,500	12,499,609
Basic net income (loss) per share (in dollars per share)	$ 3.31	$ 3.62	$ (0.71)
Diluted net income (loss) per share (in dollars per share)	$ 3.26	$ 3.57	$ (0.71)

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Anti-dilutive Securities (Details) - shares	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Employee Stock Option [Member]
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	206,096	261,228	385,548
Restricted Stock
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	41,809	50,415	165,794
Deferred Restricted Stock
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	6,052	2,791	30,529
Performance Shares
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	41,210	46,693	76,266

Summary of Significant Accou_13

Summary of Significant Accounting Policies - Weighted Average Common Shares (Details) - shares	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Percentage allocated to common shares - weighted average
Weighted average shares outstanding - Basic (in shares)	12,566,843	12,346,025	12,499,609
Unvested participating shares	98,992	119,549
Total	12,665,835	12,465,574	12,499,609

Revenues from Contracts with _3

Revenues from Contracts with Customers - Other Information (Details) $ in Thousands, lb in Millions		12 Months Ended
	Nov. 17, 2006 USD ($) lb	Sep. 30, 2023 USD ($) lb	Sep. 30, 2022 USD ($)
Revenues from Contracts with Customers
Accounts receivable, gross		$ 106,751	$ 95,340
Accounts receivable, allowance for doubtful accounts		459	428
Contract liabilities		$ 7,829	10,329
Revenue, Remaining Performance Obligation, Optional Exemption, Performance Obligation		true
Estimated product returns		$ 810	$ 700
Conversion Services Arrangement
Revenues from Contracts with Customers
Revenue recognition period	20 years
Advance payments received	$ 50,000
Conversion Services Arrangement | Maximum
Revenues from Contracts with Customers
Annual volume of titanium metal to be converted (in pounds) | lb	10	10

Revenues from Contracts with _4

Revenues from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Revenue from Contracts with Customers
Net revenues	$ 589,956	$ 490,461	$ 337,661
Product
Revenue from Contracts with Customers
Net revenues	563,428	467,250	316,081
Aerospace
Revenue from Contracts with Customers
Net revenues	290,391	230,001	128,072
Chemical processing
Revenue from Contracts with Customers
Net revenues	92,019	91,665	63,147
Industrial gas turbine
Revenue from Contracts with Customers
Net revenues	120,731	91,878	66,772
Other markets
Revenue from Contracts with Customers
Net revenues	60,287	53,706	58,090
Others
Revenue from Contracts with Customers
Net revenues	$ 26,528	$ 23,211	$ 21,580

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Inventories
Raw Materials	$ 42,602	$ 31,887
Work-in-process	229,120	226,572
Finished Goods	140,756	97,657
Other	1,599	1,440
Total	$ 414,077	$ 357,556

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) $ in Thousands	Sep. 30, 2023 USD ($) item	Sep. 30, 2022 USD ($) item
Property, plant and equipment
Gross amount	$ 395,729	$ 378,627
Less accumulated depreciation	(253,189)	(235,855)
Net amount	142,540	142,772
Finance lease assets	5,230	5,643
Shanghai
Property, plant and equipment
Finance lease assets	131	132
La Porte
Property, plant and equipment
Finance lease assets	$ 5,230	$ 5,643
Number of leased buildings | item	2	2
Land and Land Improvements [Member]
Property, plant and equipment
Gross amount	$ 10,418	$ 10,158
Building and Building Improvements [Member]
Property, plant and equipment
Gross amount	46,931	45,872
Machinery and Equipment [Member]
Property, plant and equipment
Gross amount	321,676	313,841
Construction in Progress [Member]
Property, plant and equipment
Gross amount	$ 16,704	$ 8,756

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Accrued Expenses
Employee compensation	$ 8,329	$ 7,734
Taxes, other than income taxes	2,900	2,897
Accrued product returns	810	700
Utilities	1,171	1,383
Professional fees	428	966
Finance lease obligation, current	302	265
Management incentive compensation	2,289	3,609
Other	1,972	1,740
Total accrued expenses	$ 18,201	$ 19,294

Income Taxes - Provision (Detai

Income Taxes - Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Income Taxes
Statutory federal tax rate (as a percent)	21%	21%	21%
Income (loss) before income taxes:
U.S.	$ 37,538	$ 38,864	$ (11,417)
Foreign	14,364	18,750	1,634
Income (loss) before income taxes	51,902	57,614	(9,783)
Current:
U.S. Federal	7,366	2,031	741
Foreign	2,741	3,302	349
State	490	639	228
Total	10,597	5,972	1,318
Deferred:
U.S. Federal	(1,509)	5,931	(2,986)
Foreign	459	120	470
State	25	(300)	(317)
Valuation allowance	355	804	415
Total	(670)	6,555	(2,418)
Total provision for (benefit from) income taxes	$ 9,927	$ 12,527	$ (1,100)

Income Taxes - Rate (Details)

Income Taxes - Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Effective income tax rate reconciliation
Statutory federal tax rate (as a percent)	21%	21%	21%
Tax provision for income taxes at the statutory rate	$ 10,899	$ 12,099	$ (2,054)
Foreign tax rate differentials	102	(307)	(59)
Provision for state taxes, net of federal taxes	822	974	(84)
U.S. tax on distributed and undistributed earnings of foreign subsidiaries	54	984	198
Foreign derived intangible income deduction	(693)	(966)
Tax credits	(724)	(702)	(691)
Federal and state tax rate change impact on deferred tax asset	81	(206)	790
Change in valuation allowance	355	804	415
Stock compensation	46	191	138
Other, net	(1,015)	(344)	247
Total provision for (benefit from) income taxes	$ 9,927	$ 12,527	$ (1,100)
Effective tax rate (as a percent)	19.10%	21.70%	11.20%

Income Taxes - Deferred Taxes (

Income Taxes - Deferred Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Deferred tax assets:
Pension and postretirement benefits	$ 12,045	$ 16,802
Inventories	4,341	3,225
Accrued compensation and benefits	1,451	2,096
Accrued expenses and other	2,526	2,600
Tax attributes	5,596	5,625
Other assets	1,077	250
Valuation allowance	(5,052)	(4,695)
Total deferred tax assets	23,785	28,299
Deferred tax liabilities:
Property, plant and equipment, net	(22,056)	(24,081)
Intangible and other	(1,511)	(1,414)
Other liabilities	(296)	(227)
Total deferred tax liabilities	(23,863)	(25,722)
Net deferred tax assets (liabilities)		2,577
Net deferred tax assets (liabilities)	(78)
Conversion Services Arrangement
Deferred tax assets:
TIMET Agreement	$ 1,801	$ 2,396

Income Taxes - NOL (Details)

Income Taxes - NOL (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Net operating loss carryforwards
Tax credit	$ 4,607,000
Undistributed losses of foreign subsidiaries	83,063,000
Undistributed losses of foreign subsidiaries taxes	0
Uncertain tax positions	0	$ 0
State
Net operating loss carryforwards
Net operating loss carryforwards	7,254,000
Tax credit	5,832,000
Foreign
Net operating loss carryforwards
Net operating loss carryforwards	1,984,000
Net operating loss carryforward valuation allowance	$ 445,000

Debt - US Revolving Credit Faci

Debt - US Revolving Credit Facility (Details) - USD ($) $ in Thousands	Jun. 20, 2023	Sep. 30, 2023	Sep. 30, 2022
Debt
Revolving credit facilities - Long-term		$ 114,843	$ 74,721
Credit Agreement
Debt
Maximum borrowing capacity	$ 200,000
Commitment fee (as a percent)	0.375%
Excess availability, percentage, maximum	15%
Excess availability, amount, maximum	$ 25,000
Maximum quarterly amount of dividends which the Company may pay if in compliance with financial covenants	$ 3,500
Percentage of equity interest in direct foreign subsidiaries pledged as collateral for borrowings	100%
Credit Agreement | Minimum | Prime rate
Debt
Basis spread on variable rate (as a percent)	1%
Credit Agreement | Minimum | SOFR
Debt
Basis spread on variable rate (as a percent)	2%
Credit Agreement | Maximum | Prime rate
Debt
Basis spread on variable rate (as a percent)	1.50%
Credit Agreement | Maximum | SOFR
Debt
Basis spread on variable rate (as a percent)	2.50%
Letter of Credit [Member]
Debt
Fronting fee (as a percent)	0.125%
Domestic Line of Credit [Member]
Debt
Outstanding balance		$ 114,843

Debt - Overdraft Facilities (De

Debt - Overdraft Facilities (Details) - Sep. 30, 2023 € in Thousands, £ in Thousands, SFr in Thousands, $ in Thousands	GBP (£)	USD ($)	EUR (€)	CHF (SFr)
Haynes International Ltd. overdraft facility
Debt and long-term obligations
Maximum borrowing capacity	£ 1,333	$ 1,633
Available borrowing capacity	£ 1,333	1,633
Haynes International S.A.R.L. overdraft facility
Debt and long-term obligations
Maximum borrowing capacity		254	€ 240
Available borrowing capacity		254	€ 240
Haynes International AG overdraft facility
Debt and long-term obligations
Maximum borrowing capacity		1,315		SFr 1,200
Available borrowing capacity		$ 1,315		SFr 1,200

Pension Plan and Retirement B_3

Pension Plan and Retirement Benefits - Defined Contribution Plans (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Defined Contribution 401K Plan [Member]
Defined Contribution Plans
Expenses associated with plan			$ 2,352	$ 2,016	$ 1,748
Defined Contribution 401K Plan [Member] | Employees with exceptions
Defined Contribution Plans
Percentage employer matches of the employee's percentage contribution matched.			50%
Defined Contribution 401K Plan [Member] | Employees with exceptions | Maximum
Defined Contribution Plans
Percentage of employees' gross pay for which the employer contributes a matching contribution			3%
Defined Contribution 401K Plan [Member] | Certain employees not eligible for U.S. pension plan
Defined Contribution Plans
Percentage employer matches of the employee's percentage contribution matched.	60%	60%
Defined Contribution 401K Plan [Member] | Certain employees not eligible for U.S. pension plan | Maximum
Defined Contribution Plans
Percentage of employees' gross pay for which the employer contributes a matching contribution	8%	6%
Profit Sharing Plans [Member]
Defined Contribution Plans
Expenses associated with plan			$ 0	$ 0	$ 0

Pension Plan and Retirement B_4

Pension Plan and Retirement Benefits - Defined Benefit Plans - Expense (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 01, 2007	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Pension Plan and Retirement Benefits
Accrued pension and postretirement benefits		$ 57,637	$ 77,521
Defined Benefit Pension Plan
Pension Plan and Retirement Benefits
Pension plan expense		(66)	(1,921)	$ 4,713
Accrued pension and postretirement benefits		4,819	12,954
Contribution to plan		6,000	6,000
Projected benefit obligation		224,790	231,275	315,466
Pension Plans Defined Benefit Us [Member]
Pension Plan and Retirement Benefits
Contribution to plan		6,000	6,000	21,000
Pension Plans Defined Benefit Non Us [Member]
Pension Plan and Retirement Benefits
Contribution to plan		0	0	0
Non Qualified Pension Plans Defined Benefit [Member]
Pension Plan and Retirement Benefits
Pension plan expense		57	3	37
Accrued pension and postretirement benefits		492	530
Defined Benefit Other Postretirement Benefit Plan
Pension Plan and Retirement Benefits
Pension plan expense		2,309	3,819	3,387
Accrued pension and postretirement benefits		52,326	64,037
Maximum liability related to total retiree health care costs under plan amendment	$ 5,000
Contribution to plan		2,128	2,643
Projected benefit obligation		52,326	$ 64,037	$ 82,964
UNITED STATES
Pension Plan and Retirement Benefits
Projected benefit obligation		217,393
Pension Plans Defined Benefit Non US
Pension Plan and Retirement Benefits
Projected benefit obligation		$ 7,397

Pension Plan and Retirement B_5

Pension Plan and Retirement Benefits - Defined Benefit Plans - Status (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Change in Benefit Obligation:
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Nonoperating Retirement Benefit Expense	Nonoperating Retirement Benefit Expense
Defined Benefit Pension Plan
Change in Benefit Obligation:
Projected benefit obligation at beginning of year	$ 231,275	$ 315,466
Service cost	2,689	4,728	$ 5,628
Interest cost	11,548	7,936	7,481
Actuarial gains (losses)	(5,236)	(81,225)
Benefits paid	(14,615)	(15,223)
Administrative expenses	(871)	(407)
Projected benefit obligation at end of year	224,790	231,275	315,466
Change in Plan Assets:
Fair value of plan assets at beginning of year	218,321	297,703
Actual return on assets	11,136	(69,752)
Contribution to plan	6,000	6,000
Benefits paid	(14,615)	(15,223)
Administrative expenses	(871)	(407)
Fair value of plan assets at end of year	219,971	218,321	297,703
Funded Status of Plan:
Unfunded status	(4,819)	(12,954)
Defined Benefit Other Postretirement Benefit Plan
Change in Benefit Obligation:
Projected benefit obligation at beginning of year	64,037	82,964
Service cost	1,389	1,825	1,095
Interest cost	3,199	2,234	2,292
Actuarial gains (losses)	(14,171)	(20,343)
Benefits paid	(2,128)	(2,643)
Projected benefit obligation at end of year	52,326	64,037	$ 82,964
Change in Plan Assets:
Contribution to plan	2,128	2,643
Benefits paid	(2,128)	(2,643)
Funded Status of Plan:
Unfunded status	$ (52,326)	$ (64,037)

Pension Plan and Retirement B_6

Pension Plan and Retirement Benefits - Defined Benefit Plans - Recognized in BS (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Accrued pension and postretirement benefits:
Current	$ (2,940)	$ (3,371)
Non-current	(54,697)	(74,150)
Accrued pension and postretirement benefits	(57,637)	(77,521)
Accumulated other comprehensive (income) loss:
Net (income) loss	22,036	8,311
Prior service cost	1,130	1,365
Total accumulated other comprehensive (income) loss	(20,906)	(6,946)
Accumulated benefit obligation	216,287	227,915
Defined Benefit Pension Plan
Accrued pension and postretirement benefits:
Non-current	(4,819)	(12,954)
Accrued pension and postretirement benefits	(4,819)	(12,954)
Accumulated other comprehensive (income) loss:
Net (income) loss	(20,663)	(22,496)
Prior service cost	1,130	1,365
Total accumulated other comprehensive (income) loss	21,793	23,861
Defined Benefit Pension Plan | Other assets
Accrued pension and postretirement benefits:
Noncurrent assets	8,803	7,702
Non-current	(13,622)	(20,655)
Defined Benefit Other Postretirement Benefit Plan
Accrued pension and postretirement benefits:
Current	(2,845)	(3,276)
Non-current	(49,481)	(60,761)
Accrued pension and postretirement benefits	(52,326)	(64,037)
Accumulated other comprehensive (income) loss:
Net (income) loss	42,699	30,807
Total accumulated other comprehensive (income) loss	(42,699)	(30,807)
Non Qualified Pension Plans Defined Benefit [Member]
Accrued pension and postretirement benefits:
Current	(95)	(95)
Non-current	(397)	(435)
Accrued pension and postretirement benefits	$ (492)	$ (530)

Pension Plan and Retirement B_7

Pension Plan and Retirement Benefits - Defined Benefit Plans - Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Components of net periodic pension cost and postretirement health care benefit cost
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Nonoperating Retirement Benefit Expense	Nonoperating Retirement Benefit Expense	Nonoperating Retirement Benefit Expense
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Nonoperating Retirement Benefit Expense	Nonoperating Retirement Benefit Expense	Nonoperating Retirement Benefit Expense
Defined Benefit Pension Plan
Components of net periodic pension cost and postretirement health care benefit cost
Service cost	$ 2,689	$ 4,728	$ 5,628
Interest cost	11,548	7,936	7,481
Expected return	(14,570)	(14,818)	(16,356)
Amortization of prior service cost	236	233	239
Recognized actuarial loss	31		7,721
Net periodic benefit cost	(66)	(1,921)	4,713
Defined Benefit Other Postretirement Benefit Plan
Components of net periodic pension cost and postretirement health care benefit cost
Service cost	1,389	1,825	1,095
Interest cost	3,199	2,234	2,292
Recognized actuarial loss	(2,279)	(240)
Net periodic benefit cost	$ 2,309	$ 3,819	$ 3,387

Pension Plan and Retirement B_8

Pension Plan and Retirement Benefits - Benefit Obligation Assumptions (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 01, 2007	Sep. 30, 2027	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Pension Plans Defined Benefit Us [Member]
Assumptions used to determine benefit obligation
Discount rate (as a percent)						5.63%	5.13%
Rate of compensation increase (as a percent)						3.50%	2.50%
Pension Plans Defined Benefit Non Us [Member]
Assumptions used to determine benefit obligation
Discount rate (as a percent)						5.70%	5.90%
Defined Benefit Other Postretirement Benefit Plan
Assumptions relating to health care cost trend rates
Annual rate of increase for the costs of covered health care benefits on the basis of age (as a percent)		5%	5.50%	6%	6.50%	7%
Effect of one percentage point change in assumed health care cost trend rates
Maximum liability related to total retiree health care costs under plan amendment	$ 5,000
Assumptions used to determine benefit obligation
Discount rate (as a percent)						5.63%	5.13%
Defined Benefit Other Postretirement Benefit Plan | Minimum
Assumptions relating to health care cost trend rates
Employee age required to participate in the plan						65 years	65 years
Defined Benefit Other Postretirement Benefit Plan | Maximum
Assumptions relating to health care cost trend rates
Employee age required to participate in the plan							65 years
Defined Benefit Other Postretirement Benefit Plan | Under Sixty Five Age Group [Member]
Assumptions relating to health care cost trend rates
Annual rate of increase for the costs of covered health care benefits on the basis of age (as a percent)							5%
Defined Benefit Other Postretirement Benefit Plan | Over Sixty Five Age Group [Member]
Assumptions relating to health care cost trend rates
Annual rate of increase for the costs of covered health care benefits on the basis of age (as a percent)							5%

Pension Plan and Retirement B_9

Pension Plan and Retirement Benefits - Cost Assumptions (Details)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Defined Benefit Other Postretirement Benefit Plan
Assumptions used to determine net periodic benefit cost
Discount rate (as a percent)	5.13%	2.75%	2.50%
Pension Plans Defined Benefit Us [Member]
Assumptions used to determine net periodic benefit cost
Discount rate (as a percent)	5.13%	2.63%	2.25%
Expected return on plan assets (as a percent)	6.88%	5.25%	7.25%
Rate of compensation increase (as a percent)	2.50%	2.50%	2.50%
Pension Plans Defined Benefit Non Us [Member]
Assumptions used to determine net periodic benefit cost
Discount rate (as a percent)	5.90%	2%	1.50%
Expected return on plan assets (as a percent)	5.50%	3%	2%

Pension Plan and Retirement _10

Pension Plan and Retirement Benefits - Plan Assets (Details) $ in Thousands	Sep. 30, 2023 USD ($) item	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Defined Benefit Pension Plan
Asset allocation
Total pension plan assets	$ 219,971	$ 218,321	$ 297,703
Defined Benefit Pension Plan | Fair Value, Inputs, Level 1 [Member]
Asset allocation
Total pension plan assets	32,155	15,926
Defined Benefit Pension Plan | Fair Value, Inputs, Level 2 [Member]
Asset allocation
Total pension plan assets	154,686	158,582
Defined Benefit Pension Plan | NAV
Asset allocation
Total pension plan assets	$ 33,130	43,813
Pension Plans Defined Benefit Us [Member]
Defined Benefit Plans
Number of issuances of fixed income securities | item	301
Number of issuers of fixed income securities | item	238
Asset allocation
Total pension plan assets	$ 203,771	203,216
Pension Plans Defined Benefit Us [Member] | U.S. corporate and government bonds
Asset allocation
Total pension plan assets	181,333	174,508
Pension Plans Defined Benefit Us [Member] | Mutual Fund [Member]
Asset allocation
Total pension plan assets		16,471
Pension Plans Defined Benefit Us [Member] | U.S. common stock
Asset allocation
Total pension plan assets	17,900	6,847
Pension Plans Defined Benefit Us [Member] | International equity
Asset allocation
Total pension plan assets	4,538	5,390
Pension Plans Defined Benefit Us [Member] | Fair Value, Inputs, Level 1 [Member]
Asset allocation
Total pension plan assets	26,647	15,926
Pension Plans Defined Benefit Us [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. corporate and government bonds
Asset allocation
Total pension plan assets	26,647	15,926
Pension Plans Defined Benefit Us [Member] | Fair Value, Inputs, Level 2 [Member]
Asset allocation
Total pension plan assets	154,686	158,582
Pension Plans Defined Benefit Us [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. corporate and government bonds
Asset allocation
Total pension plan assets	154,686	158,582
Pension Plans Defined Benefit Us [Member] | NAV
Asset allocation
Total pension plan assets	22,438	28,708
Pension Plans Defined Benefit Us [Member] | NAV | Mutual Fund [Member]
Asset allocation
Total pension plan assets		16,471
Pension Plans Defined Benefit Us [Member] | NAV | U.S. common stock
Asset allocation
Total pension plan assets	17,900	6,847
Pension Plans Defined Benefit Us [Member] | NAV | International equity
Asset allocation
Total pension plan assets	4,538	5,390
Pension Plans Defined Benefit Non Us [Member]
Asset allocation
Total pension plan assets	16,200	15,105
Pension Plans Defined Benefit Non Us [Member] | Bonds [Member]
Asset allocation
Total pension plan assets	10,692	8,006
Pension Plans Defined Benefit Non Us [Member] | Money Market Funds [Member]
Asset allocation
Total pension plan assets	5,508
Pension Plans Defined Benefit Non Us [Member] | Equity
Asset allocation
Total pension plan assets		5,135
Pension Plans Defined Benefit Non Us [Member] | Other
Asset allocation
Total pension plan assets		1,964
Pension Plans Defined Benefit Non Us [Member] | Fair Value, Inputs, Level 1 [Member]
Asset allocation
Total pension plan assets	5,508
Pension Plans Defined Benefit Non Us [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member]
Asset allocation
Total pension plan assets	5,508
Pension Plans Defined Benefit Non Us [Member] | NAV
Asset allocation
Total pension plan assets	10,692	15,105
Pension Plans Defined Benefit Non Us [Member] | NAV | Bonds [Member]
Asset allocation
Total pension plan assets	$ 10,692	8,006
Pension Plans Defined Benefit Non Us [Member] | NAV | Equity
Asset allocation
Total pension plan assets		5,135
Pension Plans Defined Benefit Non Us [Member] | NAV | Other
Asset allocation
Total pension plan assets		$ 1,964

Pension Plan and Retirement _11

Pension Plan and Retirement Benefits - Investment Strategy (Details)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Pension Plans Defined Benefit Us [Member]
Asset allocation
Plan's return on assets assumption (as a percent)	6.88%	5.25%	7.25%
Pension Plans Defined Benefit Us [Member] | Equity
Asset allocation
Target plan asset allocation (as a percent)	11%
Pension Plans Defined Benefit Us [Member] | Fixed Income
Asset allocation
Target plan asset allocation (as a percent)	89%
Pension Plans Defined Benefit Non Us [Member]
Asset allocation
Plan's return on assets assumption (as a percent)	5.50%	3%	2%

Pension Plan and Retirement _12

Pension Plan and Retirement Benefits - Expected benefit payments (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Defined Benefit Pension Plan
Expected benefit payments
2024	$ 16,001
2025	16,308
2026	16,623
2027	16,953
2028	17,002
2029-2033 (in total)	86,225
Defined Benefit Other Postretirement Benefit Plan
Expected benefit payments
2024	3,988
2025	4,021
2026	4,124
2027	4,063
2028	4,101
2029-2033 (in total)	$ 21,333

Legal, Environmental and Othe_3

Legal, Environmental and Other Contingencies (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Environmental post-closure monitoring and maintenance activities	$ 355	$ 407
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Capital Leases Future Minimum Payments And Accrual For Environmental Loss Contingencies Noncurrent	Capital Leases Future Minimum Payments And Accrual For Environmental Loss Contingencies Noncurrent
Long Term Obligations
Maturities of long-term obligations (discounted)
2025	$ 62
2026	60
2027	63
2028	65
2029 and thereafter	16
Long-term obligations (less current portion)	266
Pending Litigation
Environmental post-closure monitoring and maintenance activities	$ 355

Stockholders Equity - Dividends

Stockholders Equity - Dividends (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Stockholder's Equity
Dividends paid	$ 11,192	$ 11,072	$ 11,175

Stockholders Equity - Treasury

Stockholders Equity - Treasury stock activity (Details) - shares	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Stockholder's Equity
Number of shares at beginning of year	375,032	195,638	58,909
Repurchases of common stock to satisfy employee payroll taxes	17,708	37,002	23,751
Repurchases of common stock from share repurchase plan		142,392	112,978
Number of shares at end of year	392,740	375,032	195,638

Stockholders Equity - Share Rep

Stockholders Equity - Share Repurchase Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Jul. 28, 2021
Stockholder's Equity
Repurchases of common stock from share repurchase plan		142,392	112,978
Repurchases of common stock to satisfy employee payroll taxes	17,708	37,002	23,751
Aggregate purchase price of shares repurchased to satisfy employee payroll taxes	$ 934
Share Repurchase Plan
Stockholder's Equity
Available cash to purchase shares				$ 20,000
Repurchases of common stock from share repurchase plan		142,392	112,978
Repurchase of common stock price (dollars per share)		$ 40.09	$ 37.57
Aggregate purchase price of shares repurchased from share repurchase plan		$ 5,709	$ 4,245

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Plan and Performance Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Feb. 25, 2022	Jan. 24, 2020	Mar. 01, 2016
Restricted Stock | 2009 Restricted Stock Plan
Restricted stock plan activity, number of shares
Unvested and deferred at beginning of the period (in shares)	96,536
Granted (in shares)	30,159
Forfeited / Canceled (in shares)	(510)
Vested and deferred (in shares)	(36,342)
Unvested and deferred at end of the period (in shares)	89,843	96,536
Expected to vest (in shares)	89,843
Restricted stock plan activity, Weighted Average Fair Value at Grant Date
Unvested and deferred at beginning of the period (in dollars per share)	$ 33.23
Granted (in dollars per share)	49.23
Forfeited / Canceled (in dollars per share)	30.11
Vested and deferred (in dollars per share)	36.82
Unvested and deferred at end of the period (in dollars per share)	37.17	$ 33.23
Expected to vest (in dollars per share)	$ 37.17
Deferred Restricted Stock plan activity, number of shares
Vested (in shares)	36,342
Deferred Restricted Stock plan activity, Weighted Average Fair Value at Grant Date
Vested and deferred (in dollars per share)	$ 36.82
Restricted stock plan activity, other disclosures
Compensation expense	$ 1,257	$ 1,474	$ 2,024
Remaining unrecognized compensation expense	$ 1,451
Weighted average period for recognition	1 year 2 months 1 day
Restricted Stock | 2009 Restricted Stock Plan | Employee
Restricted stock plan activity, other disclosures
Repurchase of stock from employees (in shares)	17,708
Average purchase price (in dollars per share)	$ 52.72
Restricted Stock | 2016 Restricted Stock Plan
Restricted stock plan activity, number of shares
Unvested and deferred at beginning of the period (in shares)	3,801
Granted (in shares)	8,974
Vested and deferred (in shares)	(3,801)
Unvested and deferred at end of the period (in shares)	8,974	3,801
Expected to vest (in shares)	21,351
Restricted stock plan activity, Weighted Average Fair Value at Grant Date
Unvested and deferred at beginning of the period (in dollars per share)	$ 44.07
Granted (in dollars per share)	49.19
Vested and deferred (in dollars per share)	44.07
Unvested and deferred at end of the period (in dollars per share)	49.19	$ 44.07
Expected to vest (in dollars per share)	$ 31.32
Deferred Restricted Stock plan activity, number of shares
Vested (in shares)	3,801
Deferred Restricted Stock plan activity, Weighted Average Fair Value at Grant Date
Vested and deferred (in dollars per share)	$ 44.07
Restricted stock plan activity, other disclosures
Compensation expense	$ 378	$ 168	188
Remaining unrecognized compensation expense	$ 91
Weighted average period for recognition	2 months 15 days
Restricted Stock, Restricted Stock Units and Performance Shares
Stock-Based Compensation
Number of shares authorized under the plan						275,000
Restricted Stock, Restricted Stock Units and Performance Shares | 2020 Incentive Compensation Plan
Stock-Based Compensation
Number of shares authorized under the plan				575,000	250,000
Performance Shares
Stock-Based Compensation
Award vesting period	3 years
Performance Shares | Certain Employees
Restricted stock plan activity, number of shares
Unvested and deferred at beginning of the period (in shares)	76,420
Granted (in shares)	19,555
Vested and deferred (in shares)	(25,226)
Unvested and deferred at end of the period (in shares)	70,749	76,420
Restricted stock plan activity, Weighted Average Fair Value at Grant Date
Unvested and deferred at beginning of the period (in dollars per share)	$ 41.37
Granted (in dollars per share)	69.39
Forfeited / Canceled (in dollars per share)	0
Vested and deferred (in dollars per share)	42.83
Unvested and deferred at end of the period (in dollars per share)	$ 48.60	$ 41.37
Deferred Restricted Stock plan activity, number of shares
Vested (in shares)	25,226
Deferred Restricted Stock plan activity, Weighted Average Fair Value at Grant Date
Vested and deferred (in dollars per share)	$ 42.83
Restricted stock plan activity, other disclosures
Compensation expense	$ 1,224	$ 1,021	$ 1,082
Remaining unrecognized compensation expense	$ 1,376
Weighted average period for recognition	1 year 6 months 10 days

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Plans (Details) - Employee Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands						12 Months Ended
	Jun. 16, 2023	Feb. 07, 2023	Nov. 22, 2022	Nov. 23, 2021	Nov. 24, 2020	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Feb. 25, 2022
Information relating to stock options
Expiration period						10 years
Vesting of awards per year (as a percent)						33.33%
Award vesting period						3 years
Fair value assumptions
Fair Value (in dollars per share)	$ 20.82	$ 22.70	$ 20.52	$ 15.02	$ 5.91
Dividend Yield (as a percent)	1.70%	1.65%	1.80%	2%	3.89%
Risk-Free Interest Rate (as a percent)	3.91%	3.81%	3.97%	1.22%	0.39%
Expected Volatility (as a percent)	48%	51%	51%	45%	43%
Expected Life	5 years	5 years	5 years	5 years	5 years
Stock-based employee compensation expense						$ 650	$ 937	$ 1,180
Remaining unrecognized compensation expense						$ 686
Weighted average period for recognition						1 year 29 days
Activity under stock option plans, number of shares
Outstanding at beginning of the period (in shares)						697,220
Granted (in shares)						32,985
Exercised (in shares)						(218,576)
Surrendered (in share)						(13,081)
Outstanding at end of the period (in shares)						498,548	697,220
Vested or expected to vest (in shares)						479,274
Exercisable at end of period (in shares)						399,672
Outstanding at end of period, Aggregate Intrinsic Value						$ 6,346
Vested or expected to vest, Aggregate Intrinsic Value						6,046
Exercisable at end of the period, Aggregate Intrinsic Value						$ 5,313
Weighted Average Exercise Prices
Outstanding at beginning of the period (in dollars per share)						$ 34.75
Granted (in dollars per share)						49.08
Exercised (in dollars per share)						37.90
Surrendered (in dollars per share)						47.96
Outstanding at end of period (in dollars per share)						33.96	$ 34.75
Vested or expected to vest (in dollars per share)						34.07
Exercisable at end of the period (in dollars per share)						$ 33.23
Outstanding at end of the period, Weighted Average Remaining Contractual Life						6 years 3 months 3 days
Vested or expected to vest, Weighted Average Remaining Contractual Life						6 years 2 months 12 days
Exercisable at end of the period, Weighted Average Remaining Contractual Life						5 years 9 months 18 days
2020 Incentive Compensation Plan
Information relating to stock options
Number of shares authorized						350,000			400,000

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	12 Months Ended
	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Segment Reporting
Number of Business Segment | segment	1
Net revenues	$ 589,956	$ 490,461	$ 337,661
Long-lived assets	142,540	142,772
High Temperature Resistant Alloys [Member]
Segment Reporting
Net revenues	501,463	387,464	253,246
Corrosive Resistant Alloys [Member]
Segment Reporting
Net revenues	88,493	102,997	84,415
UNITED STATES
Segment Reporting
Net revenues	344,381	278,473	179,127
Long-lived assets	134,596	135,698
Europe
Segment Reporting
Net revenues	135,403	116,599	85,555
Long-lived assets	7,799	6,921
CHINA
Segment Reporting
Net revenues	27,097	33,910	30,668
Long-lived assets	145	153
Other Countries [Member]
Segment Reporting
Net revenues	$ 83,075	$ 61,479	$ 42,311

Valuation and Qualifying Acco_3

Valuation and Qualifying Accounts (Details) - Credit Losses - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Movement in valuation and qualifying accounts
Balance at Beginning of Period	$ 428	$ 553	$ 545
Charges (credits) to Expense	286	171	74
Deductions	(255)	(296)	(66)
Balance at End of Period	$ 459	$ 428	$ 553

Deferred Revenue (Details)

Deferred Revenue (Details) - Conversion Services Arrangement $ in Thousands, lb in Millions		12 Months Ended
	Nov. 17, 2006 USD ($) lb	Sep. 30, 2023 lb
Deferred revenue
Term of agreement to provide conversion services	20 years
Up-front/advance payment received	$ 50,000
Up Front Fees Received	$ 50,000
Additional volume of titanium metal to be converted on exercise of option by service receiver (in pounds) | lb	10
Liquidated damages	$ 25,000
Revenue recognition period	20 years
Maximum
Deferred revenue
Annual volume of titanium metal to be converted (in pounds) | lb	10	10
Amount of loan offered by counterparty	$ 12,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - Estimate of Fair Value Measurement [Member] - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Assets:
Total fair value	$ 219,971	$ 218,321
Defined Benefit Pension Plan
Assets:
Total fair value	219,971	218,321
Fair Value, Inputs, Level 1 [Member]
Assets:
Total fair value	32,155	15,926
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Pension Plan
Assets:
Total fair value	32,155	15,926
Fair Value, Inputs, Level 2 [Member]
Assets:
Total fair value	154,686	158,582
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Pension Plan
Assets:
Total fair value	154,686	158,582
NAV
Assets:
Total fair value	33,130	43,813
NAV | Defined Benefit Pension Plan
Assets:
Total fair value	$ 33,130	$ 43,813

Comprehensive Income (Loss) a_3

Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component - Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Comprehensive Income (Loss)
Net income (loss)	$ 41,975	$ 45,087	$ (8,683)
Other comprehensive income (loss), Pre-tax	20,691	5,173	80,158
Other comprehensive income (loss), Tax	(3,226)	(3,924)	(17,898)
Other comprehensive income (loss)	17,465	1,249	62,260
Comprehensive income	59,440	46,336	53,577
Pension and postretirement: Net gain (loss) arising during period
Comprehensive Income (Loss)
Other comprehensive income (loss), Pre-tax	16,008	16,991	68,941
Other comprehensive income (loss), Tax	(3,700)	(3,924)	(16,044)
Other comprehensive income (loss)	12,308	13,067	52,897
Pension and postretirement: Less: amortization of prior service cost
Comprehensive Income (Loss)
Other comprehensive income (loss), Pre-tax	233	239	228
Other comprehensive income (loss), Tax	(55)	(56)	(52)
Other comprehensive income (loss)	178	183	176
Pension and postretirement: Less: amortization of gain (loss)
Comprehensive Income (Loss)
Other comprehensive income (loss), Pre-tax	(2,279)	(240)	7,735
Other comprehensive income (loss), Tax	529	56	(1,802)
Other comprehensive income (loss)	(1,750)	(184)	5,933
Accumulated Translation Adjustment
Comprehensive Income (Loss)
Other comprehensive income (loss), Pre-tax	6,729	(11,817)	3,254
Other comprehensive income (loss)	$ 6,729	$ (11,817)	$ 3,254

Comprehensive Income (Loss) a_4

Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component - Other (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Accumulated other comprehensive income (loss)
Balance	$ 375,488	$ 343,321	$ 301,501
Other comprehensive income (loss)	17,465	1,249	62,260
Balance	434,324	375,488	343,321
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss)
Balance	(11,092)	(12,341)	(74,601)
Other comprehensive income (loss) before reclassifications	19,037	1,250
Amounts reclassified from accumulated other comprehensive income (loss), Tax provision (benefit)	474
Other comprehensive income (loss)	17,465	1,249	62,260
Balance	6,373	(11,092)	(12,341)
Accumulated Defined Benefit Plans Adjustment | Defined Benefit Pension Plan
Accumulated other comprehensive income (loss)
Balance	(17,165)	(14,791)
Other comprehensive income (loss) before reclassifications	1,401	(2,557)
Amounts reclassified from accumulated other comprehensive income (loss), Tax provision (benefit)	(55)	(56)
Other comprehensive income (loss)	1,579	(2,374)
Balance	(15,586)	(17,165)	(14,791)
Accumulated Defined Benefit Plans Adjustment | Defined Benefit Other Postretirement Benefit Plan
Accumulated other comprehensive income (loss)
Balance	24,457	9,017
Other comprehensive income (loss) before reclassifications	10,907	15,624
Amounts reclassified from accumulated other comprehensive income (loss), Tax provision (benefit)	529	56
Other comprehensive income (loss)	9,157	15,440
Balance	33,614	24,457	9,017
Pension and postretirement: Less: amortization of prior service cost
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	233	239
Other comprehensive income (loss)	178	183	176
Pension and postretirement: Less: amortization of prior service cost | Defined Benefit Pension Plan
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	233	239
Pension and postretirement: Less: amortization of gain (loss)
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	(2,279)	(240)
Other comprehensive income (loss)	(1,750)	(184)	5,933
Pension and postretirement: Less: amortization of gain (loss) | Defined Benefit Other Postretirement Benefit Plan
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	(2,279)	(240)
Accumulated Translation Adjustment
Accumulated other comprehensive income (loss)
Balance	(18,384)	(6,567)
Other comprehensive income (loss) before reclassifications	6,729	(11,817)
Other comprehensive income (loss)	6,729	(11,817)	3,254
Balance	$ (11,655)	$ (18,384)	$ (6,567)

Long-term Obligations (Details)

Long-term Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Long-term obligations (less current portion)
Finance lease obligations	$ 7,118	$ 7,384
Environmental post-closure monitoring and maintenance activities	355	407
Long-term disability	189	210
Deferred dividends	198	199
Less amounts due within one year	(412)	(352)
Long-term obligations (less current portion)	$ 7,448	$ 7,848
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Long-term obligations (less current portion)	Long-term obligations (less current portion)

Leases - Other (Details)

Leases - Other (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 01, 2015	Sep. 30, 2023
Lessee, Operating Lease, Existence of Residual Value Guarantee		true
Lessee, Operating Lease, Existence of Option to Terminate		true
Lease, Practical Expedients, Package		true
Construction costs related to buildout of the facility
Lease term	20 years
Minimum
Operating lease remaining term		1 year
Finance lease remaining term		1 year
Maximum
Operating lease remaining term		15 years
Finance lease remaining term		15 years
Property Plant And Equipment
Construction costs related to buildout of the facility
Build out of facility		$ 4,100

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Finance lease cost:
Amortization of ROU asset	$ 430	$ 430
Interest on lease liabilities	759	784
Total finance lease cost	1,189	1,214
Operating lease costs:
Operating lease cost	1,173	1,100
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flow from finance leases	759	784
Operating cash flow from operating leases	1,173	1,100
Financing cash flows from finance leases	265	228
Total cash paid for amount included in measurement of lease liabilities	$ 2,197	$ 2,112

Leases - Balance Sheet Informat

Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Leases
Finance lease assets (included in Property, plant and equipment, net)	$ 5,230	$ 5,643
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Operating ROU lease assets (included in Other assets)	$ 1,067	$ 1,085
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Prepaid Expenses and Deferred Costs, Noncurrent	Prepaid Expenses and Deferred Costs, Noncurrent
Finance lease liabilities
Accrued expenses	$ 302	$ 265
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current	Accrued Liabilities, Current
Long-term obligations (less current portion)	$ 6,816	$ 7,119
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Capital Leases Future Minimum Payments And Accrual For Environmental Loss Contingencies Noncurrent	Capital Leases Future Minimum Payments And Accrual For Environmental Loss Contingencies Noncurrent
Total Finance lease liabilities	$ 7,118	$ 7,384
Operating lease liabilities
Operating lease liabilities	$ 1,067	$ 1,085
Weighted average lease term Finance leases	12 years 1 month 6 days	13 years 1 month 6 days
Weighted average lease term Operating leases	2 years	3 years
Weighted average discount rate Finance leases (as a percent)	10.32%	10.32%
Weighted average discount rate Operating leases (as a percent)	5.84%	5.25%

Leases - Rolling Maturity (Deta

Leases - Rolling Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Finance Leases Rolling Maturity
2024	$ 1,032
2025	1,037
2026	1,044
2027	1,049
2028	1,050
Thereafter	7,357
Total minimum lease payments	12,569
Less: amount representing interest	(5,451)
Total Finance lease liabilities	7,118	$ 7,384
Operating Leases Rolling Maturity
2024	718
2025	276
2026	126
2027	62
Total minimum lease payments	1,182
Less: amount representing interest	(115)
Present value of minimum lease payments	$ 1,067	$ 1,085

Foreign Currency Forward Cont_3

Foreign Currency Forward Contracts (Details) - Selling, General and Administrative Expenses - Not Designated as Hedging Instrument - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Foreign currency balance sheet hedging
Foreign currency net gain (loss)	$ (1,135)	$ (1,673)	$ (574)
Foreign Currency Transaction
Foreign currency balance sheet hedging
Foreign currency net gain (loss)	(2,538)	4,393	(42)
Foreign Exchange Forward
Foreign currency balance sheet hedging
Foreign currency net gain (loss)	$ 1,403	$ (6,066)	$ (532)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 41,975	$ 45,087	$ (8,683)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false