Company Overview - Metallus (NYSE: MTUS) is a leader in high-quality specialty metals, manufactured components, and supply chain solutions, with a focus on recycled scrap metal [3] - The company has been in the business of producing high-quality steel for over 100 years and employs approximately 1,880 people [3] - Metallus reported sales of $1.1 billion in 2024, indicating a strong market presence [3] Financial Results - Metallus released its fourth-quarter and full-year 2024 results on February 27, 2025 [1] - A live conference call to discuss these financial results is scheduled for February 28, 2025, at 9:00 a.m. ET, with access available online [2]

Company Performance - Metallus (MTUS) reported a quarterly loss of $0.08 per share, significantly missing the Zacks Consensus Estimate of $0.01, and down from earnings of $0.36 per share a year ago, representing an earnings surprise of -900% [1] - The company posted revenues of $240.5 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 1.72%, and down from $328.1 million in the same quarter last year [2] - Over the last four quarters, Metallus has surpassed consensus EPS estimates only once and has not beaten consensus revenue estimates during this period [2] Stock Outlook - Metallus shares have increased by approximately 12.7% since the beginning of the year, outperforming the S&P 500's gain of 1.3% [3] - The company's earnings outlook, including current consensus earnings expectations for upcoming quarters, will be crucial for investors [4] - The current consensus EPS estimate for the coming quarter is $0.02 on revenues of $269.9 million, and for the current fiscal year, it is $1.05 on revenues of $1.16 billion [7] Industry Context - The Steel - Speciality industry, to which Metallus belongs, is currently ranked in the top 20% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Metallus's stock performance [5]

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 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 incorporation or organization) 1835 Dueber Avenue SW, Canton, OH 44706 (Address of principal executive offices) (Zip Code) For the quarterly period ended March 31, ...

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 June 30, 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 incorp ...

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 ...

[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)

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 ...

PART I. Financial Information [Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) The company's Q1 2019 financials show a return to profitability driven by higher gross profit, alongside the adoption of new lease accounting standards which impacted the balance sheet [Consolidated Statements of Operations (Unaudited)](index=3&type=section&id=Consolidated%20Statements%20of%20Operations%20(Unaudited)) In Q1 2019, the company's net income reached $4.2 million, a reversal from a $1.9 million loss in Q1 2018, despite a slight decline in net sales Consolidated Statements of Operations (Unaudited) | | Three Months Ended March 31, | | | :--- | :--- | :--- | | (Dollars in millions, except per share data) | **2019** | **2018** | | **Net sales** | **$371.0** | **$380.8** | | Cost of products sold | 341.9 | 359.7 | | **Gross Profit** | **29.1** | **21.1** | | Selling, general and administrative expenses | 23.3 | 24.7 | | **Operating Income (Loss)** | **5.8** | **(3.6)** | | Income (Loss) Before Income Taxes | 4.3 | (1.8) | | **Net Income (Loss)** | **$4.2** | **($1.9)** | | **Diluted earnings (loss) per share** | **$0.09** | **($0.04)** | [Consolidated Balance Sheets (Unaudited)](index=5&type=section&id=Consolidated%20Balance%20Sheets%20(Unaudited)) Total assets and liabilities remained stable as of March 31, 2019, with notable changes in decreased cash, increased inventories, and the recognition of new lease assets and liabilities Balance Sheet Highlights | (Dollars in millions) | March 31, 2019 | December 31, 2018 | | :--- | :--- | :--- | | Cash and cash equivalents | $7.8 | $21.6 | | Inventories, net | $324.3 | $296.8 | | Total Current Assets | $494.2 | $491.4 | | Total Assets | $1,204.7 | $1,197.6 | | Total Current Liabilities | $185.7 | $220.8 | | Total Liabilities | $663.4 | $662.4 | | Total Shareholders' Equity | $541.3 | $535.2 | - The adoption of the new lease standard (ASU 2016-02) resulted in the recognition of right-to-use assets and lease liabilities of **$16.0 million** as of January 1, 2019[22](index=22&type=chunk) [Consolidated Statements of Cash Flows (Unaudited)](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows%20(Unaudited)) Net cash used by operating activities increased in Q1 2019 due to working capital changes, while financing activities provided cash primarily from credit agreement borrowings Cash Flow Summary | (Dollars in millions) | Three Months Ended March 31, 2019 | Three Months Ended March 31, 2018 | | :--- | :--- | :--- | | Net Cash Used by Operating Activities | ($33.6) | ($19.4) | | Net Cash Used by Investing Activities | (4.4) | (2.2) | | Net Cash Provided by Financing Activities | 24.2 | 32.5 | | **Decrease (Increase) In Cash and Cash Equivalents** | **(13.8)** | **10.9** | [Notes to Unaudited Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) The notes detail the adoption of new lease standards, sales performance by sector, tax valuation allowances, and a significant subsequent event related to retiree health plans - The company adopted ASU 2016-02, "Leases (Topics 842)," on January 1, 2019, recognizing right-to-use assets and lease liabilities of **$16.0 million**[21](index=21&type=chunk)[22](index=22&type=chunk) Net Sales by End-Market Sector (in millions) | End-Market Sector | Q1 2019 | Q1 2018 | | :--- | :--- | :--- | | Mobile | $144.2 | $142.5 | | Industrial | $147.0 | $147.7 | | Energy | $60.8 | $49.1 | | Other | $19.0 | $41.5 | | **Total Net Sales** | **$371.0** | **$380.8** | - The company maintains a **full valuation allowance** against its U.S. deferred tax assets due to recent operating performance, resulting in a low effective tax rate of **1.1%** for Q1 2019[53](index=53&type=chunk) - Subsequent to the quarter end, on April 9, 2019, the company announced a change to its retiree health plan, which is estimated to reduce the accumulated postretirement benefit obligation (APBO) by approximately **$65 to $70 million**[56](index=56&type=chunk)[57](index=57&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a slight sales decrease offset by improved gross profit from favorable price/mix, along with solid liquidity and negative operating cash flow from working capital changes [Results of Operations](index=19&type=section&id=Results%20of%20Operations) Q1 2019 net sales decreased due to lower shipment volume, but gross profit rose significantly from favorable price/mix, which also helped lower SG&A expenses - Net sales decreased **2.6%** due to a **39 thousand ship ton reduction** in volume, mainly from planned lower OCTG billet shipments, partially offset by a favorable price/mix of approximately **$29.5 million**[66](index=66&type=chunk) - Gross profit increased by **$8.0 million (37.9%)** primarily due to favorable price/mix, partially offset by higher manufacturing costs and a raw material spread headwind[69](index=69&type=chunk) - SG&A expense decreased by **$1.4 million (5.7%)** compared to Q1 2018, mainly due to a decrease in variable compensation[72](index=72&type=chunk) [Liquidity and Capital Resources](index=24&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) The company maintained total liquidity of $165.2 million as of March 31, 2019, which management deems sufficient for its needs through at least January 2023 Liquidity Summary (in millions) | | March 31, 2019 | December 31, 2018 | | :--- | :--- | :--- | | Cash and cash equivalents | $7.8 | $21.6 | | Credit Agreement Availability | 157.4 | 182.4 | | **Total liquidity** | **$165.2** | **$204.0** | - Management believes that cash on hand, projected cash from operations, and available borrowings will be **sufficient** to satisfy liquidity requirements for at least the next twelve months and through the Credit Agreement's maturity date of January 26, 2023[83](index=83&type=chunk) [Cash Flows](index=25&type=section&id=Cash%20Flows) In Q1 2019, operating cash usage increased due to supplier payment timing, while financing activities provided $24.2 million from net borrowings - Net cash used by operating activities increased by **$14.2 million** YoY, mainly due to the timing of payments to suppliers, partially offset by reduced accounts receivable and improved operating income[88](index=88&type=chunk) - Net cash provided by financing activities was **$24.2 million**, primarily from net borrowings of **$25.0 million** on the Credit Agreement[91](index=91&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=28&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risks include interest rate fluctuations on its variable-rate debt and commodity price volatility for raw materials like scrap steel - The company has **$140.0 million** in variable-rate debt; a **1% rise** in interest rates would increase annual interest expense by **$1.4 million**[98](index=98&type=chunk) - The company is exposed to commodity price fluctuations for raw materials, principally scrap steel, and uses a **raw material surcharge** to pass through cost changes to customers[100](index=100&type=chunk) [Controls and Procedures](index=28&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2019, with no material changes to internal controls - Management, including the principal executive and financial officers, concluded that disclosure controls and procedures were **effective** as of the end of the quarter[101](index=101&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[102](index=102&type=chunk) PART II. Other Information [Legal Proceedings](index=29&type=section&id=Item%201.%20Legal%20Proceedings) The company is addressing two Notices of Violation from the U.S. EPA regarding its Canton plants but does not expect a material adverse financial impact - The U.S. EPA issued Notices of Violation in 2014 and 2015 alleging Clean Air Act violations at the company's Canton, Ohio plants; negotiations are ongoing, and the company **does not expect a material adverse effect** from the resolution[105](index=105&type=chunk) [Risk Factors](index=29&type=section&id=Item%201A.%20Risk%20Factors) No material changes were reported to the risk factors previously disclosed in the company's 2018 Annual Report on Form 10-K - **No material changes** have occurred to the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2018[106](index=106&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=29&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or use of proceeds during the period - **None**[107](index=107&type=chunk) [Exhibits](index=30&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including certifications and XBRL data files [Signatures](index=31&type=section&id=Signatures) The report was duly signed by the Executive Vice President and Chief Financial Officer on May 2, 2019