What The Manitowoc Company, Inc. told the SEC could break it.

Manitowoc is materially exposed to trade policy: the U.S. imposed 50% tariffs on new steel and aluminum derivative products that include certain of its crane components and models (applying to imports from nearly all countries, with the UK at a reduced 25%), and ongoing China/EU reciprocal tariffs and an evolving tariff landscape have increased input costs (the company recorded $6.1 million of net tariff costs in 2025), disrupted supply chains and can affect demand through price sensitivity.

“the U.S. government imposed 50% tariffs on new steel and aluminum derivative products which include certain of our crane components and models. These tariffs apply to imports from nearly all countries, with the United Kingdom subject to a reduced 25% rate.”

Manitowoc's cranes are steel-intensive: its primary raw materials are structural and rolled steel, and its purchased semi- and fully-finished materials are primarily steel structures, hydraulic components and powertrains, so its costs and margins are exposed to volatility in steel, aluminum and copper prices; when component/raw-material costs rise it may be unable to fully pass them through, pressuring profitability.

“Our primary raw materials are structural and rolled steel and our purchased semi- and fully-finished processed materials are primarily steel structures, hydraulic components, and powertrains.”

Manitowoc has significant international operations: approximately 49% of net sales in 2025 (51% in 2024, 53% in 2023) came from products sold outside the United States, and it manufactures tower cranes in France, Portugal, India and China, exposing it to country-specific risks (less flexible labor relationships, local economic/political conditions) and to foreign-currency exchange-rate movements that affect both sales and costs.

“For the years ended December 31, 2025, 2024, and 2023, approximately 49%, 51%, and 53%, respectively, of our net sales were attributable to products sold outside of the United States.”

Manitowoc globally sources critical raw materials and components (steel, hydraulic components, powertrains) and pursues a global sourcing strategy with alternate sources wherever possible plus long-term agreements with the majority of critical suppliers to mitigate single-supplier dependence; nonetheless, disruption at critical suppliers — or inability to procure alternates at similar competitive pricing if long-term agreements are terminated — could adversely affect its production and financial performance.

“We utilize a global sourcing strategy by maintaining alternate sources of supply for our critical materials and parts around the globe, wherever possible. This sourcing strategy 9 Table of Contents mitigates the risk of being dependent on a single supplier and helps to ensure that raw materials and components are available in the regions we operate. For the majority of our critical suppliers, we have long-term agreements.”