Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-36313 TIMKENSTEEL CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of incor ...

ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR UNITED STATES SECURITIES AND EXCHANGE COMMISSION o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 WASHINGTON, D.C. 20549 For the transition period from to FORM 10-K Commission file number: 1-36313 TIMKENSTEEL CORPORATION (Exact name of registrant as specified in its charter) Ohio 46-4024951 (State or other jurisdiction of incorporatio ...

TimkenSteel Corporation (TMST) Q4 2019 Results Earnings Conference Call February 21, 2020 9:00 AM ET Company Participants Jennifer Beeman - Senior Manager of Communications and Investor Relations Terry Dunlap - Interim Chief Executive Officer Kris Westbrook - Executive Vice President and Chief Financial Officer Tom Moline - Executive Vice President of Commercial Conference Call Participants Tyler Kenyon - Cowen Justin Bergner - G. Research Michael Leshock - KeyBanc Capital Markets Seth Rosenfeld - Exane BMP ...

| --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | Forward-looking statements and non-GAAP financial information 2 This presentation includes "forward-looking" statements within the meaning of the federal securities laws. You can generally identify the company's forward-looking statements by words such as "will," "anticipate," "believe," "could," "estimate," "expect," "forecast," "outlook," "intend," "may," "possible," "potential ...

[PART I. Financial Information](index=3&type=section&id=PART%20I.%20Financial%20Information) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company presents its unaudited consolidated financial statements for the three and nine months ended September 30, 2019 Consolidated Statements of Operations (Unaudited) | (Dollars in millions) | Three Months Ended Sep 30, 2019 | Three Months Ended Sep 30, 2018 | Nine Months Ended Sep 30, 2019 | Nine Months Ended Sep 30, 2018 | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | $274.2 | $409.9 | $981.9 | $1,204.2 | | **Gross Profit** | $13.2 | $24.6 | $67.7 | $77.8 | | **Income (Loss) Before Income Taxes** | ($6.7) | $2.3 | ($6.6) | $9.1 | | **Net Income (Loss)** | ($4.6) | $1.4 | ($4.8) | $7.9 | | **Diluted earnings (loss) per share** | ($0.10) | $0.03 | ($0.11) | $0.17 | Consolidated Balance Sheet Highlights (Unaudited) | (Dollars in millions) | September 30, 2019 | December 31, 2018 | | :--- | :--- | :--- | | **Total Current Assets** | $418.0 | $491.4 | | **Total Assets** | $1,107.3 | $1,197.6 | | **Total Current Liabilities** | $122.5 | $220.8 | | **Total Liabilities** | $507.6 | $662.4 | | **Total Shareholders' Equity** | $599.7 | $535.2 | Consolidated Statements of Cash Flows Highlights (Unaudited) | (Dollars in millions) | Nine Months Ended Sep 30, 2019 | Nine Months Ended Sep 30, 2018 | | :--- | :--- | :--- | | **Net Cash Provided (Used) by Operating Activities** | $24.3 | ($28.4) | | **Net Cash Used by Investing Activities** | ($21.7) | ($16.7) | | **Net Cash Provided (Used) by Financing Activities** | ($5.8) | $47.6 | [Notes to Unaudited Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) The notes detail the adoption of a new lease standard, revenue declines, restructuring charges, and subsequent events - The company adopted the new lease standard ASU 2016-02 on January 1, 2019, resulting in the recognition of **right-to-use assets and lease liabilities of $16.0 million**[29](index=29&type=chunk)[30](index=30&type=chunk) Net Sales by End-Market Sector (Nine Months Ended Sep 30) | End-Market | 2019 (in millions) | 2018 (in millions) | Change | | :--- | :--- | :--- | :--- | | Mobile | $389.7 | $420.5 | -7.3% | | Industrial | $388.2 | $484.3 | -19.8% | | Energy | $147.5 | $188.0 | -21.5% | | Other | $56.5 | $111.4 | -49.3% | | **Total Net Sales** | **$981.9** | **$1,204.2** | **-18.5%** | - In Q2 2019, the company implemented restructuring actions, including 55 salaried position eliminations, and recognized **charges of $3.6 million** for severance and benefits[35](index=35&type=chunk) - On October 15, 2019, the company entered into a Third Amended and Restated Credit Agreement, **increasing its asset-based revolving credit facility to $400.0 million** and extending the maturity to October 15, 2024[64](index=64&type=chunk)[65](index=65&type=chunk) - Subsequent events in October 2019 include the CEO stepping down, resulting in a **Q4 charge of approximately $4.0 million**, and further restructuring actions with an expected **Q4 charge of approximately $1.7 million**[82](index=82&type=chunk)[83](index=83&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses significant declines in sales and profit, cost-reduction efforts, and stable liquidity [Business Overview](index=26&type=section&id=Business%20Overview) The company operates as a focused North American producer of Special Bar Quality (SBQ) steel products - TimkenSteel manufactures alloy, carbon, and micro-alloy steel, with an **annual melt capacity of approximately 2 million tons**[85](index=85&type=chunk) - The company believes it is the **only focused Special Bar Quality (SBQ) steel producer in North America** and has the largest SBQ large bar production capacity among North American producers[86](index=86&type=chunk) [Results of Operations](index=27&type=section&id=Results%20of%20Operations) Q3 and nine-month results show sharp declines in net sales and gross profit due to lower volumes and costs Q3 2019 vs Q3 2018 Performance | Metric | Q3 2019 | Q3 2018 | Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $274.2M | $409.9M | -33.1% | Lower volume (-$92.4M) and lower surcharges (-$55.8M), partially offset by favorable price/mix (+$12.6M) | | **Gross Profit** | $13.2M | $24.6M | -46.3% | Unfavorable manufacturing costs, raw material spread, and lower volumes, partially offset by favorable LIFO and price/mix | | **SG&A** | $21.4M | $24.0M | -10.8% | Profitability improvement plans reducing headcount, professional fees, and variable compensation | Nine Months 2019 vs 2018 Performance | Metric | YTD 2019 | YTD 2018 | Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $981.9M | $1,204.2M | -18.5% | Lower volume (-$196.5M) and lower surcharges (-$82.7M), partially offset by favorable price/mix (+$55.8M) | | **Gross Profit** | $67.7M | $77.8M | -13.0% | Unfavorable manufacturing costs, raw material spread, and lower volumes, partially offset by favorable LIFO and price/mix | [Liquidity and Capital Resources](index=35&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) Liquidity remains sufficient, supported by improved operating cash flow and an expanded credit facility - On October 15, 2019, the company entered into a Third Amended and Restated Credit Agreement, which **increased capacity to $400 million**, extended maturity to 2024, and improved interest rate pricing[115](index=115&type=chunk)[116](index=116&type=chunk) Liquidity Summary | (Dollars in millions) | September 30, 2019 | December 31, 2018 | | :--- | :--- | :--- | | Cash and cash equivalents | $18.4 | $21.6 | | Availability not borrowed | $187.0 | $182.4 | | **Total liquidity** | **$205.4** | **$204.0** | - **Net cash provided by operating activities was $24.3 million** for the nine months ended Sep 30, 2019, a $52.7 million improvement from the same period in 2018, primarily due to lower cash used for working capital[125](index=125&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company faces market risks from interest rates, foreign currency, and commodity prices - The company has **$110.0 million in variable-rate debt**; a 1% increase in interest rates would result in an additional $1.1 million in annual interest expense[138](index=138&type=chunk) - Exposure to commodity price fluctuations (scrap steel, alloys, natural gas, electricity) is managed through supplier agreements and a **raw material surcharge passed to customers**[140](index=140&type=chunk) [Controls and Procedures](index=42&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes to internal controls - The principal executive officer and principal financial officer concluded that the company's **disclosure controls and procedures were effective** as of the end of the period covered by the report[141](index=141&type=chunk) - **No changes in internal control over financial reporting** occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal controls[142](index=142&type=chunk) [PART II. Other Information](index=43&type=section&id=PART%20II.%20Other%20Information) [Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) Ongoing legal actions, including an EPA matter, are not expected to have a material adverse effect - The company is working with the U.S. EPA and Department of Justice to resolve Notices of Violation related to the Clean Air Act at its Canton, Ohio plants, and **does not anticipate the resolution will have a material adverse effect**[145](index=145&type=chunk) [Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) No material changes were made to previously disclosed risk factors from the company's latest Annual Report - **No material changes** have been made to the risk factors as disclosed in the Annual Report on Form 10-K for the year ended December 31, 2018[146](index=146&type=chunk) [Exhibits](index=44&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including Sarbanes-Oxley certifications and XBRL data files - The report includes certifications from the CEO and CFO pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act, as well as **XBRL filings**[148](index=148&type=chunk) [Signatures](index=45&type=section&id=Signatures) - The report was signed on November 6, 2019, by Kristopher R. Westbrooks, Executive Vice President and Chief Financial Officer[151](index=151&type=chunk)[153](index=153&type=chunk)

TimkenSteel Corporation. (TMST) Q2 2019 Results Earnings Conference Call August 2, 2019 10:00 AM ET Company Participants Jennifer Beeman - Senior Manager of Communications and Investor Relations Tim Timken - Chairman Chief Executive Officer and President Kris Westbrook - Executive Vice President and Chief Financial Officer Conference Call Participants Tyler Kenyon - Cowen Justin Bergner - G. Research Phil Gibbs - KeyBanc Capital Markets Operator Good morning. My name is Christina and I will be your conferen ...

| --- | --- | --- | --- | |-------|-------|-------|-------| | | | | | | | | | | Forward-looking statements and non-GAAP financial information 2 This presentation includes "forward-looking" statements within the meaning of the federal securities laws. You can generally identify the company's forward-looking statements by words such as "will," "anticipate," "believe," "could," "estimate," "expect," "forecast," "outlook," "intend," "may," "possible," "potential," "predict," "project," "seek," "target," "could, ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-36313 TIMKENSTEEL CORPORATION (Exact name of registrant as specified in its charter) Ohio 46-4024951 (State or other jurisdiction of incorpor ...

Financial Performance - Net income for the first quarter of 2019 was $42 million, an increase of $6 million compared to the first quarter of 2018[8] - EBITDA for the first quarter of 2019 was $263 million, an increase of $5 million compared to the first quarter of 2018[8] - Gross margin expanded by 230 bps (23%) over the first quarter of 2018 and 120 bps (12%) over the fourth quarter of 2018[8] - Base sales improved $110 per ton over the first quarter of 2018 and $50 per ton over the fourth quarter of 2018[8] Market Outlook - The mining market continues to have a strong growth outlook[17] - Industrial equipment's growth outlook continues to be flat[17] - Rail equipment growth remains positive[17] - The agriculture market outlook has softened[17] - Drilling activity is slightly decreasing in the oil and gas market due to a large number of uncompleted wells[17] Outlook - Second-quarter 2019 shipments are expected to be similar to the first quarter of 2019, with a 12% lower production[25] - Adjusted EBITDA is projected to be between $0 and $10 million for the second quarter of 2019[25] - Actions are being implemented that are expected to drive improved profitability of approximately $50 million on an annualized basis, with approximately $30 million being realized in the remainder of 2019[25] - 2019 capital spending is projected to be approximately $50 million[25]

Financial Data and Key Metrics Changes - The company reported net income of $4.2 million or $0.09 per diluted share, an improvement of $6 million over the first quarter last year [16] - EBITDA was $26.3 million, representing a $5 million increase over the same period last year, with an EBITDA margin expansion of 150 basis points [17] - Operating cash flow was a use of $34 million in the first quarter 2019, primarily due to the timing of supplier payments [21] Business Line Data and Key Metrics Changes - Shipments in the mobile segment were 10% above the fourth quarter and 2% above the first quarter last year, with expectations for second quarter shipments to be in line with the first quarter [18] - Energy shipments increased 8% year-over-year but declined sequentially from the fourth quarter 2018, with expectations for second quarter energy shipments to be similar to the first quarter [19] - Industrial shipments decreased 3% compared to the fourth quarter and 10% compared to the first quarter 2018, with expectations for second quarter industrial shipments to be similar to the first quarter [20] Market Data and Key Metrics Changes - The North American light vehicle production forecast for 2019 is 16.8 million units, slightly lower than last year but stable with an improving mix of heavier SUVs and trucks [18] - The market saw a slight decline in drilling activity, with a high number of drilled but uncompleted wells impacting energy demand [13] Company Strategy and Development Direction - The company is focused on creating customized and innovative solutions, delivering quality products, and operating with integrity, leveraging technological leadership and operational flexibility [8] - A lean initiative was launched to review all facets of the business, aiming for approximately $50 million in annualized sustainable savings [25] - The company plans to accelerate maintenance activities to better position itself for anticipated stronger demand in the second half of the year [14] Management's Comments on Operating Environment and Future Outlook - The second quarter is not performing as initially expected, with lower customer demand impacting operations [13] - Management anticipates stable automotive and general industrial markets in the second half, with growth in mining, rail, military, and oil and gas [14] - Microeconomic indicators suggest a stronger second half, despite current challenges [13] Other Important Information - Capital expenditures for the first quarter were $4 million, with full-year 2019 capital spending expected to be approximately $50 million, a 25% increase from 2018 [22] - The company has sufficient liquidity of $165 million as of March 31, 2019 [22] Q&A Session Summary Question: Understanding the cost savings program - The $30 million in 2019 savings and $50 million in annualized savings will have a cash component, with some items providing true cash savings while others improve margins through efficiency [32][33] Question: Maintenance work in the second half of the year - There is still substantial maintenance work planned for the second half, but management is confident in managing both maintenance and production schedules [35] Question: Capital expenditures and spending trends - Capital expenditures are expected to increase in the second half of the year, with a higher level of spending typically seen as the year progresses [39][40] Question: Pricing weakness in the automotive sector - The pricing weakness was driven by a product mix shift, selling fewer higher-priced tubes and more lower-priced bars [41] Question: Exposure to oil and gas business - The company has broad exposure across oil and gas activities, with expectations for improved balance in drilling and completion activities in the second half of the year [43] Question: Raw material spread as a headwind - The raw material spread is expected to be a sizeable headwind in the second quarter, but it is anticipated to lessen as markets recover in the second half [45][46] Question: Update on trade issues - Ongoing trade negotiations are being monitored closely, with expectations that negotiations may shift from tariffs to quotas, which could be more effective in managing imports [47][48]