Timkensteel Corp (TMST) SEC Filing 10-Q Quarterly Report for the period ending Friday, September 30, 2022

Exhibit 99.1

TimkenSteel Announces Third-Quarter 2022 Results

CANTON, Ohio: November 3, 2022 – TimkenSteel (NYSE: TMST), a leader in high-quality specialty steel, manufactured components, and supply chain solutions, today confirmed its previously reported third-quarter 2022 net sales of $316.8 million and reported a net loss of $13.3 million, or a loss of $0.29 per diluted share. On an adjusted basis

This compares with the company's sequential second-quarter 2022 net sales of $415.7 million and net income of $74.5 million, or $1.42 per diluted share. On an adjusted basis(1), second-quarter 2022 net income was $67.4 million, or $1.29 per diluted share, and adjusted EBITDA was a record $84.2 million.

In the same quarter last year, net sales were $343.7 million with net income of $50.1 million, or $0.94 per diluted share. On an adjusted basis(1), third-quarter 2021 net income was $55.2 million, or $1.04 per diluted share, and adjusted EBITDA was $72.0 million.

“As we guided in our mid-October announcement, our third-quarter financial performance was significantly impacted by the July incident at our melt shop. While we anticipate that fourth-quarter profitability will remain challenged as we continue to ramp up melt production, I am encouraged that demand remains solid across our end markets, we see a positive trend in base sales pricing and our balance sheet is strong. These factors give me confidence that we will enter 2023 with positive momentum and are well positioned for long-term success,” said Mike Williams, president and chief executive officer. “We remain focused on enhancing our safety culture with important initiatives and advanced training that will continue into 2023. Lastly, I thank our customers for their continued trust in TimkenSteel.”

THIRD-QUARTER 2022 FINANCIAL SUMMARY

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