Exhibit 99.1


TimkenSteel Announces Second-Quarter 2020 Results


CANTON, Ohio: August 6, 2020 - TimkenSteel (NYSE: TMST), a leader in customized alloy steel products and services, today reported second-quarter 2020 net sales of $154.0 million and a net loss of $15.3 million. In the same quarter last year, net sales were $336.7 million with net loss of $11.9 million. Adjusted EBITDA

(1) for the second quarter of 2020 was $5.7 million compared with adjusted EBITDA(1) of $16.9 million in the same quarter last year. The positive adjusted EBITDA in second-quarter 2020 was achieved through aggressive cost reduction actions to help offset significantly weaker demand.  


“Thanks to the exceptional efforts of the TimkenSteel team, I am encouraged that we were able to safely deliver positive EBITDA and cash flow for the quarter despite historic weak demand. We continue to prioritize the health and safety of our employees while focusing on the needs of our customers as we all navigate to a new normal,” said Terry L. Dunlap, interim chief executive officer and president. “The organization continued to execute the profitability improvement and cash generation initiatives deployed earlier in the year while rapidly implementing a host of additional cost reduction actions as the impacts of COVID-19 became clear. We remain focused on taking actions to improve our profitability and generate positive free cash flow while effectively serving our customers. At the end of the second quarter, our cash balance remained at a high level, and we have ample liquidity to meet the current needs of our business.”




Net sales of $154.0 million decreased 54 percent and 41 percent compared with the prior-year and sequential quarters, respectively. The decline in sales was primarily a result of the dramatic reduction in market demand stemming from the COVID-19 pandemic. Additionally, the decline in sales compared with the prior-year quarter was impacted by a 29 percent decrease in our average raw material surcharge per ton as a result of lower scrap and alloy prices.


Ship tons of 108,700 declined 56 percent from the prior-year second quarter as a result of lower demand across all end markets, especially in automotive markets, which experienced significant COVID-19-related production disruptions during the quarter.


Manufacturing costs were favorable compared with the prior-year and sequential quarter primarily from significant cost reduction actions, partially offset by the unfavorable impact of weak demand on production levels and fixed cost leverage.


SG&A expense of $16.8 million was $3.4 million lower than the prior-year second quarter and $6.6 million lower sequentially primarily driven by reduced employee costs as a result of the company’s restructuring and     COVID-19-related cost reduction actions.



Throughout the COVID-19 crisis, TimkenSteel employees have worked together to maintain a safe operating environment while continuing to effectively service customers. Employees have strictly followed guidelines set forth by the Centers for Disease Control and Prevention, U.S. Department of Labor and Ohio Department of Health, and the company’s COVID-19 task force has worked closely with local health departments where the company operates.


To help offset the economic uncertainty and expected decline in demand, the company implemented aggressive actions to reduce operating expenses, conserve cash and maximize liquidity. In the second quarter, the company’s

COVID-19-related actions saved approximately $7 million in cash and reduced administrative expenses by approximately $5 million.



Please see discussion of non-GAAP financial measures in this news release.




The following information was filed by Timkensteel Corp (TMST) on Thursday, August 6, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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