Metallus (MTUS) 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Trading Symbol	TMST
Title of 12(b) Security	Common shares
Security Exchange Name	NYSE
Entity Registrant Name	TIMKENSTEEL CORPORATION
Entity Central Index Key	0001598428
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		46,626,025
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	OH
Entity Address, Address Line One	1835 Dueber Avenue SW
Entity Address, City or Town	Canton
Entity Address, State or Province	OH
City Area Code	330
Local Phone Number	471.7000
Entity Address, Postal Zip Code	44706
Entity Tax Identification Number	46-4024951
Entity File Number	1-36313

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net sales	$ 352	$ 273.6
Cost of products sold	292	242.9
Gross Profit	60	30.7
Selling, general and administrative expenses	18.5	19.5
Restructuring charges	0.4	0.5
Loss (gain) on sale or disposal of assets, net	0.1
Impairment charges	0	8.2
Interest expense	1.2	1.9
Loss on extinguishment of debt	(17)
Other (income) expense, net	(15.2)	(9.4)
Income (Loss) Before Income Taxes	38	10
Provision (benefit) for income taxes	0.9	0.2
Net Income (Loss)	$ 37.1	$ 9.8
Per Share Data:
Basic earnings (loss) per share	$ 0.80	$ 0.22
Diluted earnings (loss) per share	$ 0.70	$ 0.20

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 37.1	$ 9.8
Other comprehensive income (loss), net of tax of $0.1 million for the three months ended March 31, 2022
Foreign currency translation adjustments	(0.8)	0.1
Pension and postretirement liability adjustments	(1.1)	(1.5)
Other comprehensive income (loss), net of tax	(1.9)	(1.4)
Comprehensive Income (Loss), net of tax	$ 35.2	$ 8.4

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Other comprehensive income (loss), net of tax	$ 0.1	$ 0

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 239.9	$ 259.6
Accounts receivable, net of allowances (2022 - $2.1 million; 2021 - $1.9 million) Inventories, net	135.1	100.5
Inventories, net	230.1	210.9
Deferred charges and prepaid expenses	3.6	3.9
Assets held for sale	4.3	4.3
Other current assets	2.2	3.1
Total Current Assets	615.2	582.3
Property, plant and equipment, net	500.8	510.2
Operating lease right-of-use assets	13.8	14.5
Pension assets	48.2	43.1
Intangible assets, net	6.1	6.7
Other non-current assets	1.9	2.1
Total Assets	1,186	1,158.9
Current Liabilities
Accounts payable	168.5	141.9
Salaries, wages and benefits	21.2	37.9
Accrued pension and postretirement costs	2.6	4.3
Current operating lease liabilities	5.7	5.7
Current convertible notes, net	35.2	44.9
Other current liabilities	13	16.1
Total Current Liabilities	246.2	250.8
Non-Current Liabilities
Credit Agreement	0	0
Non-current operating lease liabilities	8.1	8.8
Accrued pension and postretirement costs	217.3	223
Deferred income taxes	2.1	2.2
Other non-current liabilities	9.1	9.5
Total Liabilities	482.8	494.3
Shareholders’ Equity
Preferred shares, without par value; authorized 10.0 million shares, none issued	0	0
Common shares, without par value; authorized 200.0 million shares; issued 2022 - 46.7 million shares and 2021 - 46.3 million shares	0	0
Additional paid-in capital	840.3	832.1
Retained deficit	151.1	188.2
Treasury shares - 2022 - 0.2 million; 2021 - None	(4.8)	0
Accumulated other comprehensive income (loss)	18.8	20.7
Total Shareholders' Equity	703.2	664.6
Total Liabilities and Shareholders’ Equity	$ 1,186	$ 1,158.9

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowances for accounts receivable	$ 2.1	$ 1.9
Preferred shares, authorized (in shares)	10,000,000	10,000,000
Preferred shares, issued (in shares)	0	0
Common shares, authorized (in shares)	200,000,000	200,000,000
Common shares, issued (in shares)	46,900,000	46,300,000
Treasury shares (in shares)	200,000	0

Consolidated Statements of Shar

Consolidated Statements of Shareholder's Equity (Unaudited) - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Shares	Additional Paid-in Capital	Additional Paid-in CapitalCumulative Effect, Period of Adoption, Adjustment	Retained Deficit	Retained DeficitCumulative Effect, Period of Adoption, Adjustment	Treasury Shares	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2020	$ 507.5			$ 843.4		$ (363.4)		$ (12.9)	$ 40.4
Beginning balance (in shares) at Dec. 31, 2020			45,164,308
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	9.8					9.8
Other comprehensive income (loss)	(1.4)								(1.4)
Stock-based compensation expense	1.8			1.8
Stock option activity	2.5			2.5
Issuance of treasury shares				(12.4)				12.4
Issuance of treasury shares (in shares)			580,248
Shares surrendered for taxes	(0.5)							(0.5)
Shares surrendered for taxes (in shares)			(72,174)
Ending balance at Mar. 31, 2021	513.3	$ (6.4)		824.7	$ (10.6)	(349.4)	$ 4.2	(1)	39
Ending balance (in shares) at Mar. 31, 2021			45,672,382
Beginning balance at Dec. 31, 2021	664.6			832.1		(188.2)		0	20.7
Beginning balance (in shares) at Dec. 31, 2021			46,268,855
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	37.1					37.1
Other comprehensive income (loss)	(1.9)								(1.9)
Stock-based compensation expense	2.1			2.1
Stock-based compensation expense (in shares)			298,648
Stock option activity	6.3			6.3
Stock option activity (in shares)			406,750
Purchase of treasury shares	(3.4)							(3.4)
Purchase of treasury shares (in Shares)			(169,816)
Shares surrendered for taxes	(1.6)			(0.2)				(1.4)
Shares surrendered for taxes (in shares)			(91,853)
Ending balance at Mar. 31, 2022	$ 703.2			$ 840.3		$ (151.1)		$ (4.8)	$ 18.8
Ending balance (in shares) at Mar. 31, 2022			46,712,584

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Activities
Net income (loss)	$ 37.1	$ 9.8
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation and amortization	14.6	17.6
Amortization of deferred financing fees	0.2	0.3
Loss on extinguishment of debt	17
Loss (gain) on sale or disposal of assets, net	0.1
Impairment charges	0	8.2
Deferred income taxes	(0.1)
Stock-based compensation expense	2.1	1.8
Pension and postretirement (benefit) expense, net	(10.7)	(4.7)
Changes in operating assets and liabilities:
Accounts receivable, net	(34.4)	(33)
Inventories, net	(19)	(28.2)
Accounts payable	28.3	48.1
Other accrued expenses	(20.1)	(2.4)
Pension and postretirement contributions and payments	(3.7)	(1.6)
Deferred charges and prepaid expenses	0.3	0.3
Other, net	1.6	(3)
Net Cash Provided (Used) by Operating Activities	13.3	13.2
Investing Activities
Capital expenditures	(6.5)	(2.3)
Net Cash Provided (Used) by Investing Activities	(6.5)	(2.3)
Financing Activities
Purchase of treasury shares	(3.4)
Proceeds from exercise of stock options	6.3	2.5
Shares surrendered for employee taxes on stock compensation	(1.6)	(0.5)
Repayments on convertible notes	(26.8)
Net Cash Provided (Used) by Financing Activities	(25.5)	2
Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash	(18.7)	12.9
Cash, cash equivalents, and restricted cash at beginning of period	259.6	102.8
Cash, Cash Equivalents, and Restricted Cash at End of Period	$ 240.9	$ 115.7

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 239.9	$ 115.7
Restricted cash reported in other current assets	1	0
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows	$ 240.9	$ 115.7

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note 1 - Basis of Presentation The accompanying unaudited Consolidated Financial Statements have been prepared by TimkenSteel Corporation (the “Company” or “TimkenSteel”) in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) and disclosures considered necessary for a fair presentation have been included. For further information, refer to TimkenSteel’s audited Consolidated Financial Statements and Notes included in its Annual Report on Form 10-K for the year ended December 31, 2021. Certain items previously reported in specific financial statement captions have been reclassified to conform with current year presentation. The Company's restricted cash balance represents an imprest cash account used for the funding of employee healthcare costs. Funding of this account began during the first quarter of 2022 when the Company changed its healthcare plan administrator. The balance of restricted cash as of March 31, 2022 was $ 1.0 million, which is included in other current assets on the Consolidated Balance Sheets.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Note 2 - Recent Accounting Pronouncements Adoption of New Accounting Standards The Company did not adopt any Accounting Standard Updates (“ASU”) in the first quarter of 2022. Additionally, there are no current ASUs issued, but not adopted, that are expected to have an impact on the Company. As of January 1, 2021, the Company early adopted ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40), using the modified retrospective method of transition. The standard simplifies the accounting for convertible instruments, as well as the diluted net income per share calculation. The standard also removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. Upon adoption of ASU 2020-06 as of January 1, 2021, all outstanding Convertible Notes were fully classified as a liability, there was no longer a separate equity component and the Convertible Notes no longer have a debt discount that is amortized. This resulted in a decrease of $ 10.6 million to additional paid-in capital and an increase of $ 1.1 million and $ 5.3 million to current convertible notes, net and non-current convertible notes, net, respectively, on the Consolidated Balance Sheets as of January 1, 2021. Additionally, retained deficit was reduced by $ 4.2 million in the Consolidated Balance Sheets as of January 1, 2021 to remove amortization expense recognized in prior periods. The adoption of this standard did not have an effect on the Company’s cash flows, liquidity, or the methodology used for the earnings per share calculation. Refer to “Note 10 – Financing Arrangements” for additional information on the Convertible Notes. Legislation related to the COVID-19 Pandemic Due to a provision in the Coronavirus Aid, Relief, and Economic Security ("CARES") Act, the Company was able to defer the employer share of Social Security payroll taxes for a specified time during 2020. During the year ended December 31, 2020, the Company deferred $ 6.4 million in cash payments and recorded reserves for such deferred payroll taxes in salaries, wages and benefits on the Consolidated Balance Sheets , to be paid in two equal installments. The first installment in the amount of $ 3.2 million was paid during the fourth quarter of 2021. The second installment is due on December 31, 2022. The CARES Act also provided for an employee retention credit (“Employee Retention Credit”), which is a refundable tax credit against certain employment taxes. The Company qualified for the tax credit in the second and third quarters of 2020 and accrued a benefit of $ 2.3 million in the fourth quarter of 2020 related to the Employee Retention Credit in other (income) expense, net on the Consolidated Statements of Operations. The Company filed for this credit in the second quarter of 2021 and received a portion of the proceeds from the Internal Revenue Service ("IRS") in the amount of $ 0.5 million during the fourth quarter of 2021. The Company received the remaining $ 1.8 million of cash proceeds in the first quarter of 2022.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Note 3 - Revenue Recognition The following table provides the major sources of revenue by end-market sector for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Mobile $ 144.1 $ 133.6 Industrial 175.0 124.7 Energy 25.0 7.7 Other (1) 7.9 7.6 Total Net Sales $ 352.0 $ 273.6 (1) “Other” sales by end-market sector relates to the Company’s scrap sales. The following table provides the major sources of revenue by product type for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Bar $ 236.4 $ 173.2 Tube 46.5 36.1 Manufactured components (3) 61.2 56.7 Other (2) 7.9 7.6 Total Net Sales $ 352.0 $ 273.6 (2) “Other” sales by product type relates to the Company’s scrap sales. (3) Formerly known as the “Value-add” product type.

Restructuring Charges

Restructuring Charges	3 Months Ended
	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring Charges	Note 4 - Restructuring Charges Over the past several years, TimkenSteel has made numerous organizational changes to enhance profitable and sustainable growth. These company-wide actions included the restructuring of its business support functions, the reduction of management layers throughout the organizatio n and other domestic and international actions to further improve the Company’s overall cost structure. Restructuring charges totaled $ 0.4 million and $ 0.5 million for the three months ended March 31, 2022 and March 31, 2021, respectively. Restructuring charges for the three months ended March 31, 2022 were $ 0.4 million related to severance and employee-related benefits as a result of organizational changes. Restructuring charges for the three months ended March 31, 2021 amounted to $ 0.5 million, including $ 0.3 million related to the transition of customers to other TimkenSteel manufacturing equipment due to the discontinuation of specific small-diameter seamless mechanical tube manufacturing and the indefinite idling of our Harrison melt and casting activities (refer to “Note 5 – Disposition of Non-Core Assets” for additional information). The remaining $ 0.2 million related to severance and employee-related benefits as a result of organizational changes. TimkenSteel recorded reserves for such restructuring charges as other current liabilities on the Consolidated Balance Sheets. The reserve balance at March 31, 2022 is expected to be substantially used in the next twelve months. The following is a summary of the restructuring reserve for the three months ended March 31, 2022 and 2021: Balance at December 31, 2021 $ 4.7 Expenses 0.4 Payments ( 1.0 ) Balance at March 31, 2022 $ 4.1 Balance at December 31, 2020 $ 1.5 Expenses 0.5 Payments ( 1.4 ) Balance at March 31, 2021 $ 0.6

Disposition of Non-Core Assets

Disposition of Non-Core Assets	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Disposition of Non-Core Assets	e 5 - Disposition of Non-Core Assets TimkenSteel Material Services Facility During the first quarter of 2020, management completed its previously announced plan to close the Company’s TimkenSteel Material Services (“TMS”) facility in Houston and began selling the assets at the facility. During the first quarter of 2021, the remaining associated machinery and equipment that was classified as held for sale was fully impaired as there was no longer an expected market value for these assets. This resulted in impairment charges of $ 0.3 million. The remaining $ 4.3 million of land and buildings associated with TMS are classified as assets held for sale on the Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021, as it is probable that these assets will be sold within the next 12 months. Small-Diameter Seamless Mechanical Tubing Machinery and Equipment In the third quarter of 2020, TimkenSteel informed customers that as of December 31, 2020 the Company would discontinue the commercial offering of specific small-diameter seamless mechanical tubing products. As a result, accelerated depreciation of $ 1.5 million was recognized in the first quarter of 2021 in alignment with the ramp down of this machinery and equipment. Spare parts related to this machinery and equipment of $ 0.5 million were also written down in the first quarter of 2021, as management determined there was no alternative use. Harrison Melt and Casting Assets On February 16, 2021, management announced a plan to indefinitely idle its Harrison melt and casting assets, which was completed in the first quarter of 2021. All of the Company’s melt and casting activities now take place at the Faircrest location. The Company worked collaboratively with employees, suppliers and a number of customers to ensure a well-organized and efficient transition. The Company’s rolling and finishing operations at Harrison were not impacted by this action. The Company recognized non-cash charges of $ 9.5 million related to the write-down of the associated Harrison melt and casting assets in the first quarter of 2021. These charges include $ 7.9 million related to the impairment of the associated machinery and equipment, which is classified as impairment charges on the Consolidated Statements of Operations, as well as a write-down of spare parts of $ 1.6 million, which is included in cost of products sold in the Consolidated Statements of Operations, as management determined there was no alternative use. The Company did not incur any cash expenditures related to these charges. TimkenSteel (Shanghai) Corporation Limited On March 31, 2021, the Company entered into an agreement pursuant to which Daido Steel (Shanghai) Co., Ltd. agreed to acquire all of the Company’s ownership interest in TimkenSteel (Shanghai) Corporation Limited in an all-cash transaction. The sale closed on July 30, 2021 and net cash proceeds of $ 6.2 million were received in the third quarter of 2021. As a result of this transaction, a loss on sale of consolidated subsidiary of $ 1.1 million was recognized on the Consolidated Statements of Operations during the third quarter of 2021. TimkenSteel’s consolidated financial statements include activity for TimkenSteel (Shanghai) Corporation Limited through July 30, 2021.

Other (Income) Expense, Net

Other (Income) Expense, Net	3 Months Ended
	Mar. 31, 2022
Other Income and Expenses [Abstract]
Other (Income) Expense, Net	Note 6 – Other (Income) Expense, net The following table provides the components of other (income) expense, net for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Pension and postretirement non-service benefit (income) loss $ ( 8.7 ) $ ( 9.6 ) Loss (gain) from remeasurement of benefit plans ( 6.5 ) 0.2 Total other (income) expense, net $ ( 15.2 ) $ ( 9.4 ) Non-service related pension and other postretirement benefit income, for all years, consists of the interest cost, expected return on plan assets and amortization components of net periodic cost. The Supplemental Pension Plan of TimkenSteel Corporation ("Supplemental Plan") and the TimkenSteel Corporation Retirement Plan (“Salaried Plan”) have a provision that permits employees to elect to receive their pension benefits in a lump sum upon retirement. In the first quarter of 2022, the cumulative cost of all lump sum payments exceeded the sum of the service cost and interest cost components of net periodic pension cost for the Supplemental Plan. Additionally, the cumulative costs of all lump sum payments were projected to exceed the sum of the service costs and interest cost components of net periodic pension cost in 2022 for the Salaried Plan. As a result, the Company completed a full remeasurement of its pension obligations and plan assets associated with the Supplemental Plan and Salaried Plan during the first quarter of 2022, and is required to complete a full remeasurement of both plans each quarter for the remainder of 2022. A total gain of $ 6.5 million from the remeasurement of these benefit plans was recognized in the first quarter of 2022. This gain was primarily driven by a $ 25.6 million decrease in the liability due to the change in discount rate during the first quarter of 2022, partially offset by $ 19.1 million of investment losses on plan assets. A full remeasurement of the pension obligations and plan assets associated with the Salaried Plan was also required during each quarter of 2021. For more details on the remeasurement refer to “Note 11 - Retirement and Postretirement Plans.”

Income Tax Provision

Income Tax Provision	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Tax Provision	Note 7 - Income Tax Provision TimkenSteel’s provision for income taxes in interim periods is computed by applying the appropriate estimated annual effective tax rates to income or loss before income taxes for the period. In addition, non-recurring or discrete items, including interest on prior-year tax liabilities, are recorded during the periods in which they occur. Three Months Ended March 31, 2022 2021 Provision (benefit) for incomes taxes $ 0.9 $ 0.2 Effective tax rate 2.4 % 2.0 % Income tax expense for the three months ended March 31, 2022 was calculated using forecasted multi-jurisdictional annual effective tax rates to determine a blended annual effective tax rate. The effective tax rate is lower than the U.S. federal statutory rate of 21 % primarily due to the valuation allowance the Company has on deferred tax assets in the U.S. This is partially offset by state, local, and foreign taxes. Due to TimkenSteel’s historical operating performance in the U.S., the Company assessed its U.S. deferred tax assets and concluded, based upon all available evidence, that it was more likely than not that it would not realize the assets. As a result, the Company maintains a full valuation allowance against its deferred tax assets in the U.S. and applicable foreign countries until sufficient positive evidence exists to conclude that a valuation allowance is not necessary. Going forward, the need to maintain valuation allowances against deferred tax assets in the U.S. and other affected countries may cause variability in the Company’s effective tax rate. The majority of TimkenSteel’s income taxes are derived from domestic state and local taxes. The effective tax rate of 2.4 % for the three months ended March 31, 2022 was higher than the rate of 2.0 % for the three months ended March 31, 2021, primarily due to increased projected income in the U.S., causing higher state and local tax expenses.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Note 8 - Earnings (Loss) Per Share Basic earnings (loss) per share is computed based upon the weighted average number of common shares outstanding. Diluted earnings (loss) per share is computed based upon the weighted average number of common shares outstanding plus the dilutive effect of common share equivalents calculated using the treasury stock method or if-converted method. For the Convertible Notes, the Company utilizes the if-converted method to calculate diluted earnings (loss) per share. Under the if-converted method, the Company adjusts net earnings to add back interest expense (including amortization of debt issuance costs) recognized on the Convertible Notes and includes the number of shares potentially issuable related to the Convertible Notes in the weighted average shares outstanding. Treasury shares are excluded from the denominator in calculating both basic and diluted earnings (loss) per share. Equity-based Awards Common share equivalents for shares issuable for equity-based awards amounted to 4.3 million shares for the three months ended March 31, 2022. For the three months ended March 31, 2022, 0.9 million shares were excluded from the computation of diluted earnings (loss) per share, primarily related to options with exercise prices above the average market price of our common shares (i.e., “underwater” options), because the effect of their inclusion would have been anti-dilutive. The difference between the remaining 3.4 million shares and 1.2 million shares assumed purchased with potential proceeds for the three months ended March 31, 2022, were included in the denominator of the diluted earnings (loss) per share calculation. Common share equivalents for shares issuable for equity-based awards amounted to 5.1 million shares for the three months ended March 31, 2021. For the three months ended March 31, 2021, 2.3 million shares were excluded from the computation of diluted earnings (loss) per share, primarily related to options with exercise prices above the average market price of our common shares (i.e., “underwater” options), because the effect of their inclusion would have been anti-dilutive. The difference between the remaining 2.8 million shares and 1.6 million shares assumed purchased with potential proceeds for the three months ended March 31, 2021, were included in the denominator of the diluted earnings (loss) per share calculation. Convertible Notes Common share equivalents for shares issuable upon the conversion of outstanding Convertible Notes were included in the computation of diluted earnings (loss) per share for the three months ended March 31, 2022 and 2021 as these shares would be dilutive. In the first quarter of 2022, TimkenSteel repurchased $ 10.0 million of outstanding principal related to the Convertible Notes. The Convertible Notes repurchase reduced weighted average diluted shares outstanding by approximately 0.7 million shares in the first quarter of 2022. Refer to “Note 10 – Financing Arrangements” for additional information on the Convertible Notes. The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted earnings (loss) per share for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Numerator: Net income (loss), basic $ 37.1 $ 9.8 Add convertible notes interest 0.7 1.3 Net income (loss), diluted $ 37.8 $ 11.1 Denominator: Weighted average shares outstanding, basic 46.4 45.4 Dilutive effect of stock-based awards 2.2 1.2 Dilutive effect of convertible notes 5.2 9.1 Weighted average shares outstanding, diluted 53.8 55.7 Basic earnings (loss) per share $ 0.80 $ 0.22 Diluted earnings (loss) per share $ 0.70 $ 0.20

Inventories

Inventories	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Inventories	Note 9 - Inventories The components of inventories, net of reserves as of March 31, 2022 and December 31, 2021 were as follows: March 31, December 31, Manufacturing supplies $ 29.4 $ 29.3 Raw materials 38.4 37.3 Work in process 111.9 89.3 Finished products 50.9 55.8 Gross inventory 230.6 211.7 Allowance for inventory reserves ( 0.5 ) ( 0.8 ) Total inventories, net $ 230.1 $ 210.9

Financing Arrangements

Financing Arrangements	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Financing Arrangements	Note 10 - Financing Arrangements For a detailed discussion of the Company's long-term debt and credit arrangements, refer to “Note 14 - Financing Arrangements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The following table summarizes the current and non-current debt as of March 31, 2022 and December 31, 2021. March 31, December 31, Credit Agreement $ — $ — Convertible Senior Notes due 2025 35.2 44.9 Total debt $ 35.2 $ 44.9 Less current portion of debt 35.2 44.9 Total non-current portion of debt $ — $ — Amended Credit Agreement On October 15, 2019, the Company, as borrower, and certain domestic subsidiaries of the Company, as subsidiary guarantors, entered into a Third Amended and Restated Credit Agreement (the “Amended Credit Agreement”), with JP Morgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), Bank of America, N.A., as syndication agent, and the other lenders party thereto (collectively, the “Lenders”), which further amended and restated the Company’s Second Amended and Restated Credit Agreement dated as of January 26, 2018. As of March 31, 2022, the amount available under the Amended Credit Agreement was $ 282.9 million, reflective of the Company’s asset borrowing base with no outstanding borrowings. Additionally, the Company is in compliance with all covenants outlined in the Amended Credit Agreement. Convertible Senior Notes due 2021 The Convertible Senior Notes due 2021 were settled on June 1, 2021 with cash payment of $ 38.9 million and issuance of shares of 0.1 million, as most noteholders exercised the conversion option prior to the date of maturity. For details regarding method of settlement for noteholders who exercised their conversion option prior to maturity, refer to the Indenture for the Convertible Senior Notes due 2021 filed as an exhibit to a Form 8-K on May 31, 2016 and incorporated by reference in our most recent 10-K filing. The final cash payment for interest was also made to noteholders on June 1, 2021 in the amount of $ 1.2 million. Convertible Senior Notes due 2025 The principal amount of the Convertible Senior Notes due 2025 upon issuance was $ 46.0 million. Transaction costs related to the Convertible Senior Notes due 2025 incurred upon issuance were $ 1.5 million. These costs are amortized to interest expense over the term of the notes. The Convertible Senior Notes due 2025 mature on December 1, 2025. The Convertible Senior Notes due 2025 are convertible at the option of holders in certain circumstances and during certain periods into the Company’s common shares, cash, or a combination thereof, at the Company’s election. The Indenture for the Convertible Senior Notes due 2025 provides that notes will become convertible during a quarter when the share price for 20 trading days during the final 30 trading days of the immediately preceding quarter was greater than 130 % of the conversion price. This criterion was met during the first quarter of 2022 and as such the notes can be converted at the option of the holders beginning April 1 through June 30, 2022. Whether the notes will be convertible following such period will depend on if this criterion, or another conversion condition, is met in the future. As such, the Convertible Senior Notes due 2025 are classified as a current liability in the Consolidated Balance Sheets as of March 31, 2022. This criterion was also met as of December 31, 2021. For details regarding all conversion mechanics and methods of settlement, refer to the Indenture for the Convertible Senior Notes due 2025 filed as an exhibit to a Form 8-K on December 15, 2020 and incorporated by reference in our most recent 10-K filing. The components of the Convertible Senior Notes due 2025 as of March 31, 2022 and December 31, 2021 were as follows: March 31, December 31, Principal $ 36.0 $ 46.0 Less: Debt issuance costs, net of amortization ( 0.8 ) ( 1.1 ) Convertible Senior Notes due 2025, net $ 35.2 $ 44.9 In the first qu arter of 2022, TimkenSteel repurchased a total of $ 10.0 million aggregate principal amount of its Convertible Senior Notes Due 2025. Total cash paid to noteholders was $ 26.8 million. A loss on extinguishment of debt was recognized in the first quarter of 2022 in the amount of $ 17.0 million, which includes a charge of $ 0.2 million for unamortized debt issuance costs related to the portion of debt extinguished, as well as the related transaction costs. Convertible Notes Interest Expense The following table sets forth total interest expense recognized related to the Convertible Notes: Three Months Ended March 31, 2022 2021 Contractual interest expense $ 0.6 $ 1.2 Amortization of debt issuance costs 0.1 0.1 Total $ 0.7 $ 1.3 Fair Value Measurement The fair value of the Convertible Senior Notes due 2025 was approximately $ 107.9 million as of March 31, 2022. The fair value of the Convertible Senior Notes due 2025, which falls within Level 2 of the fair value hierarchy as defined by applicable accounting guidance, is based on a valuation model primarily using observable market inputs and requires a recurring fair value measurement on a quarterly basis. TimkenSteel’s Credit Facility is variable-rate debt. As such, any outstanding carrying value is a reasonable estimate of fair value as interest rates on these borrowings approximate current market rates. This valuation falls within Level 2 of the fair value hierarchy and is based on quoted prices for similar assets and liabilities in active markets that are observable either directly or indirectly. There were no outstanding borrowings on the Credit Facility as of March 31, 2022. Cash Interest Paid The total cash interest paid for the three months ended March 31, 2022 and 2021 was $ 0.4 million and $ 0.3 million, respectively. Treasury Shares On December 20, 2021, TimkenSteel announced that its Board of Directors authorized a share repurchase program under which the Company may repurchase up to $ 50.0 million of its outstanding common shares. The share repurchase program is intended to return capital to shareholders while also offsetting dilution from annual equity compensation awards. T he share repurchase program does not require the Company to acquire any dollar amount or number of shares and may be modified, suspended, extended or terminated by the Company at any time without prior notice. For the three months ended March 31, 2022, the Company repurchased approximately 0.2 million common shares at an aggregate cost of $ 3.4 million in the open market, which equates to an average repurchase price of $ 20.27 per share. As of March 31, 2022, the Company had a balance of $ 46.6 million remaining on its previously approved $ 50.0 million share repurchase program. In April 2022, the Company repurchased approximately 0.1 million common shares at an aggregate cost of $ 3.0 million, which equates to an average repurchase price of $ 21.88 per share. As of April 30, 2022, the Company had $ 43.6 million remaining under its previously approved $ 50.0 million share repurchase program.

Retirement and Postretirement P

Retirement and Postretirement Plans	3 Months Ended
	Mar. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Retirement and Postretirement Plans	Note 11 - Retirement and Postretirement Plans Plan Amendments TimkenSteel Corporation Bargaining Unit Pension Plan ("Bargaining Plan") On October 29, 2021, the United Steelworkers ("USW") Local 1123 voted to ratify a new four-year contract (the “Contract”). The Contract is in effect until September 27, 2025 and resulted in several changes to the Bargaining Plan which increased the pension liability by $ 14.2 million in 2021. These plan amendments were recognized in other comprehensive income (loss) in 2021 and have begun to be amortized as part of the pension net periodic benefit cost in the first quarter of 2022. The primary change that drove the increase in the pension liability was the addition of a full lump sum form of payment for participants commencing benefits on or after January 1, 2022. In addition, the plan is now closed to new entrants effective January 1, 2022. TimkenSteel Corporation Retirement Plan ("Salaried Plan") During the fourth quarter of 2021, termination of the Salaried Plan was approved by the TimkenSteel Board of Directors. Participants were notified in January 2022 and the plan was terminated effective March 31, 2022 , subject to regulatory approval. The purchase of an annuity from an insurance company is expected to occur in 2023 , after which time the insurance company selected will be responsible for all participant benefit payments. Pension Net Periodic Benefit Cost (Income) The components of net periodic benefit cost (income) for the three months ended March 31, 2022 were as follows: Pension United States of America United Kingdom Mexico Bargaining Salaried Supplemental Pension Pension Total Postretirement Service cost $ 4.1 $ 0.1 $ — $ — $ — $ 4.2 $ 0.3 Interest cost 7.5 1.4 0.1 0.4 — 9.4 0.8 Expected return on plan assets ( 14.4 ) ( 1.5 ) — ( 0.9 ) — ( 16.8 ) ( 0.9 ) Amortization of prior service cost 0.3 — — — — 0.3 ( 1.5 ) Net remeasurement losses (gains) — ( 4.0 ) ( 2.5 ) — — ( 6.5 ) — Net Periodic Benefit Cost (Income) $ ( 2.5 ) $ ( 4.0 ) $ ( 2.4 ) $ ( 0.5 ) $ — $ ( 9.4 ) $ ( 1.3 ) The components of net periodic benefit cost (income) for the three months ended March 31, 2021 were as follows: Pension United States of America United Kingdom Mexico Bargaining Salaried Supplemental Pension Pension Total Postretirement Service cost $ 4.3 $ 0.1 $ — $ — $ — $ 4.4 $ 0.3 Interest cost 7.1 1.5 0.2 0.3 — 9.1 0.8 Expected return on plan assets ( 12.9 ) ( 3.5 ) — ( 0.8 ) — ( 17.2 ) ( 0.9 ) Amortization of prior service cost 0.1 — — — — 0.1 ( 1.5 ) Net remeasurement losses (gains) — 0.2 — — — 0.2 — Net Periodic Benefit Cost (Income) $ ( 1.4 ) $ ( 1.7 ) $ 0.2 $ ( 0.5 ) $ — $ ( 3.4 ) $ ( 1.3 ) The Supplemental Plan and Salaried Plan have a provision that permits employees to elect to receive their pension benefits in a lump sum upon retirement. In the first quarter of 2022, the cumulative cost of all lump sum payments exceeded the sum of the service cost and interest cost components of net periodic pension cost for the Supplemental Plan. Additionally, the cumulative costs of all lump sum payments were projected to exceed the sum of the service costs and interest cost components of net periodic pension cost in 2022 for the Salaried Plan. As a result, the Company completed a full remeasurement of its pension obligations and plan assets associated with the Supplemental Plan and Salaried Plan during the first quarter of 2022, and is required to complete a full remeasurement of both plans each quarter for the remainder of 2022. A full remeasurement of the pension obligations and plan assets associated with the Salaried Plan was also required during each quarter of 2021.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 12 – Stock-Based Compensation During the three months ended March 31, 2022 the Board of Directors granted 292,773 time-based restricted stock units and 178,467 performance-based restricted stock units, which relates to the annual grant to our employees. Time-based restricted stock units are issued with the fair value equal to the closing market price of TimkenSteel common shares on the date of grant. These restricted stock units do not have any performance conditions for vesting. Expense is recognized over the service period, adjusted for any forfeitures that should occur during the vesting period. The fair value of the restricted stock units granted during the three months ended March 31, 2022 was $ 17.74 per share. Performance-based restricted stock units issued in 2022 vest based on achievement of a total shareholder return (“TSR”) metric. The TSR metric is considered a market condition, which requires TimkenSteel to reflect it in the fair value on grant date using an advanced option-pricing model. The fair value of each performance share was therefore determined using a Monte Carlo valuation model, a generally accepted lattice pricing model under ASC 718 – Stock-based Compensation. The Monte Carlo valuation model, among other factors, uses commonly-accepted economic theory underlying all valuation models, estimates fair value using simulations of future share prices based on stock price behavior and considers the correlation of peer company returns in determining fair value. The fair value of the performance-based restricted stock units granted during the three months ended March 31, 2022 was $ 25.04 per share. TimkenSteel recognized stock-based compensation expense of $ 2.1 million for the three months ended March 31, 2022 , compared to $ 1.8 million for the three months ended March 31, 2021. Future stock-based compensation expense related to the unvested portion of all awards is approximately $ 17.4 million. The future expense is expected to be recognized over the remaining vesting periods through 2025 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	Note 13 - Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2022 and 2021 by component were as follows: Foreign Currency Pension and Total Balance as of December 31, 2021 $ ( 5.1 ) $ 25.8 $ 20.7 Other comprehensive income (loss) before reclassifications, before income tax ( 0.8 ) — ( 0.8 ) Amounts reclassified from accumulated other comprehensive income (loss), before income tax — ( 1.2 ) ( 1.2 ) Tax effect — 0.1 0.1 Net current period other comprehensive income (loss), net of income taxes ( 0.8 ) ( 1.1 ) ( 1.9 ) Balance as of March 31, 2022 $ ( 5.9 ) $ 24.7 $ 18.8 Foreign Currency Pension and Total Balance at December 31, 2020 $ ( 5.4 ) $ 45.8 $ 40.4 Other comprehensive income (loss) before reclassifications, before income tax 0.1 — 0.1 Amounts reclassified from accumulated other comprehensive income (loss), before income tax — ( 1.5 ) ( 1.5 ) Tax effect — — — Net current period other comprehensive income (loss), net of income taxes 0.1 ( 1.5 ) ( 1.4 ) Balance as of March 31, 2021 $ ( 5.3 ) $ 44.3 $ 39.0 The amount reclassified from accumulated other comprehensive income (loss) in the three months ended March 31, 2022 and 2021 for the pension and postretirement liability adjustment was included in other (income) expense, net in the unaudited Consolidated Statements of Operations.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2022
Loss Contingency Accrual, Disclosures [Abstract]
Contingencies	Note 14 – Contingencies TimkenSteel has a number of loss exposures incurred in the ordinary course of business, such as environmental claims, product warranty claims, employee-related matters, and other litigation. Establishing loss reserves for these matters requires management’s estimate and judgment regarding risk exposure and ultimate liability or realization. These loss reserves are reviewed periodically and adjustments are made to reflect the most recent facts and circumstances. Accruals related to environmental claims represent management’s best estimate of the fees and costs associated with these claims. Although it is not possible to predict with certainty the outcome of such claims, management believes that their ultimate dispositions should not have a material adverse effect on our financial position, cash flows or results of operations. As of March 31, 2022 and December 31, 2021 , TimkenSteel had a $ 0.4 million and a $ 0.3 million contingency reserve, respectively, related to loss exposures incurred in the ordinary course of business.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Adoption of New Accounting Standards	New Accounting Standards The Company did not adopt any Accounting Standard Updates (“ASU”) in the first quarter of 2022. Additionally, there are no current ASUs issued, but not adopted, that are expected to have an impact on the Company. As of January 1, 2021, the Company early adopted ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40), using the modified retrospective method of transition. The standard simplifies the accounting for convertible instruments, as well as the diluted net income per share calculation. The standard also removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. Upon adoption of ASU 2020-06 as of January 1, 2021, all outstanding Convertible Notes were fully classified as a liability, there was no longer a separate equity component and the Convertible Notes no longer have a debt discount that is amortized. This resulted in a decrease of $ 10.6 million to additional paid-in capital and an increase of $ 1.1 million and $ 5.3 million to current convertible notes, net and non-current convertible notes, net, respectively, on the Consolidated Balance Sheets as of January 1, 2021. Additionally, retained deficit was reduced by $ 4.2 million in the Consolidated Balance Sheets as of January 1, 2021 to remove amortization expense recognized in prior periods. The adoption of this standard did not have an effect on the Company’s cash flows, liquidity, or the methodology used for the earnings per share calculation. Refer to “Note 10 – Financing Arrangements” for additional information on the Convertible Notes.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table provides the major sources of revenue by end-market sector for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Mobile $ 144.1 $ 133.6 Industrial 175.0 124.7 Energy 25.0 7.7 Other (1) 7.9 7.6 Total Net Sales $ 352.0 $ 273.6 (1) “Other” sales by end-market sector relates to the Company’s scrap sales. The following table provides the major sources of revenue by product type for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Bar $ 236.4 $ 173.2 Tube 46.5 36.1 Manufactured components (3) 61.2 56.7 Other (2) 7.9 7.6 Total Net Sales $ 352.0 $ 273.6 (2) “Other” sales by product type relates to the Company’s scrap sales. (3) Formerly known as the “Value-add” product type.

Restructuring Charges (Tables)

Restructuring Charges (Tables)	3 Months Ended
	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve	The following is a summary of the restructuring reserve for the three months ended March 31, 2022 and 2021: Balance at December 31, 2021 $ 4.7 Expenses 0.4 Payments ( 1.0 ) Balance at March 31, 2022 $ 4.1 Balance at December 31, 2020 $ 1.5 Expenses 0.5 Payments ( 1.4 ) Balance at March 31, 2021 $ 0.6

Other (Income) Expense, Net (Ta

Other (Income) Expense, Net (Tables)	3 Months Ended
	Mar. 31, 2022
Other Income and Expenses [Abstract]
Schedule of Other (Income) Expense, Net	The following table provides the components of other (income) expense, net for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Pension and postretirement non-service benefit (income) loss $ ( 8.7 ) $ ( 9.6 ) Loss (gain) from remeasurement of benefit plans ( 6.5 ) 0.2 Total other (income) expense, net $ ( 15.2 ) $ ( 9.4 )

Income Tax Provision (Tables)

Income Tax Provision (Tables)	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of (Benefit) Provision for Income Taxes	TimkenSteel’s provision for income taxes in interim periods is computed by applying the appropriate estimated annual effective tax rates to income or loss before income taxes for the period. In addition, non-recurring or discrete items, including interest on prior-year tax liabilities, are recorded during the periods in which they occur. Three Months Ended March 31, 2022 2021 Provision (benefit) for incomes taxes $ 0.9 $ 0.2 Effective tax rate 2.4 % 2.0 %

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted earnings (loss) per share for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Numerator: Net income (loss), basic $ 37.1 $ 9.8 Add convertible notes interest 0.7 1.3 Net income (loss), diluted $ 37.8 $ 11.1 Denominator: Weighted average shares outstanding, basic 46.4 45.4 Dilutive effect of stock-based awards 2.2 1.2 Dilutive effect of convertible notes 5.2 9.1 Weighted average shares outstanding, diluted 53.8 55.7 Basic earnings (loss) per share $ 0.80 $ 0.22 Diluted earnings (loss) per share $ 0.70 $ 0.20

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Schedule of Components of Inventory	The components of inventories, net of reserves as of March 31, 2022 and December 31, 2021 were as follows: March 31, December 31, Manufacturing supplies $ 29.4 $ 29.3 Raw materials 38.4 37.3 Work in process 111.9 89.3 Finished products 50.9 55.8 Gross inventory 230.6 211.7 Allowance for inventory reserves ( 0.5 ) ( 0.8 ) Total inventories, net $ 230.1 $ 210.9

Financing Arrangements (Tables)

Financing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Instrument [Line Items]
Summary of Current and Non-current Debt	The following table summarizes the current and non-current debt as of March 31, 2022 and December 31, 2021. March 31, December 31, Credit Agreement $ — $ — Convertible Senior Notes due 2025 35.2 44.9 Total debt $ 35.2 $ 44.9 Less current portion of debt 35.2 44.9 Total non-current portion of debt $ — $ —
Schedule of Interest Expense	The following table sets forth total interest expense recognized related to the Convertible Notes: Three Months Ended March 31, 2022 2021 Contractual interest expense $ 0.6 $ 1.2 Amortization of debt issuance costs 0.1 0.1 Total $ 0.7 $ 1.3
Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Schedule of Components of Convertible Notes	The components of the Convertible Senior Notes due 2025 as of March 31, 2022 and December 31, 2021 were as follows: March 31, December 31, Principal $ 36.0 $ 46.0 Less: Debt issuance costs, net of amortization ( 0.8 ) ( 1.1 ) Convertible Senior Notes due 2025, net $ 35.2 $ 44.9

Retirement and Postretirement_2

Retirement and Postretirement Plans (Tables)	3 Months Ended
	Mar. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Schedule of Defined Benefit Plans Disclosures	The components of net periodic benefit cost (income) for the three months ended March 31, 2022 were as follows: Pension United States of America United Kingdom Mexico Bargaining Salaried Supplemental Pension Pension Total Postretirement Service cost $ 4.1 $ 0.1 $ — $ — $ — $ 4.2 $ 0.3 Interest cost 7.5 1.4 0.1 0.4 — 9.4 0.8 Expected return on plan assets ( 14.4 ) ( 1.5 ) — ( 0.9 ) — ( 16.8 ) ( 0.9 ) Amortization of prior service cost 0.3 — — — — 0.3 ( 1.5 ) Net remeasurement losses (gains) — ( 4.0 ) ( 2.5 ) — — ( 6.5 ) — Net Periodic Benefit Cost (Income) $ ( 2.5 ) $ ( 4.0 ) $ ( 2.4 ) $ ( 0.5 ) $ — $ ( 9.4 ) $ ( 1.3 ) The components of net periodic benefit cost (income) for the three months ended March 31, 2021 were as follows: Pension United States of America United Kingdom Mexico Bargaining Salaried Supplemental Pension Pension Total Postretirement Service cost $ 4.3 $ 0.1 $ — $ — $ — $ 4.4 $ 0.3 Interest cost 7.1 1.5 0.2 0.3 — 9.1 0.8 Expected return on plan assets ( 12.9 ) ( 3.5 ) — ( 0.8 ) — ( 17.2 ) ( 0.9 ) Amortization of prior service cost 0.1 — — — — 0.1 ( 1.5 ) Net remeasurement losses (gains) — 0.2 — — — 0.2 — Net Periodic Benefit Cost (Income) $ ( 1.4 ) $ ( 1.7 ) $ 0.2 $ ( 0.5 ) $ — $ ( 3.4 ) $ ( 1.3 )

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2022 and 2021 by component were as follows: Foreign Currency Pension and Total Balance as of December 31, 2021 $ ( 5.1 ) $ 25.8 $ 20.7 Other comprehensive income (loss) before reclassifications, before income tax ( 0.8 ) — ( 0.8 ) Amounts reclassified from accumulated other comprehensive income (loss), before income tax — ( 1.2 ) ( 1.2 ) Tax effect — 0.1 0.1 Net current period other comprehensive income (loss), net of income taxes ( 0.8 ) ( 1.1 ) ( 1.9 ) Balance as of March 31, 2022 $ ( 5.9 ) $ 24.7 $ 18.8 Foreign Currency Pension and Total Balance at December 31, 2020 $ ( 5.4 ) $ 45.8 $ 40.4 Other comprehensive income (loss) before reclassifications, before income tax 0.1 — 0.1 Amounts reclassified from accumulated other comprehensive income (loss), before income tax — ( 1.5 ) ( 1.5 ) Tax effect — — — Net current period other comprehensive income (loss), net of income taxes 0.1 ( 1.5 ) ( 1.4 ) Balance as of March 31, 2021 $ ( 5.3 ) $ 44.3 $ 39.0

Basis of Presentation - Narrati

Basis of Presentation - Narrative (Details) $ in Millions	Mar. 31, 2022USD ($)
Restricted Cash and Cash Equivalents [Abstract]
Restricted Cash	$ 1

Recent Accounting Pronounceme_3

Recent Accounting Pronouncements - Narrative (Details) - USD ($) $ in Millions	Jan. 01, 2021	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Retained deficit		$ 151.1	$ 188.2
Proceeds from issuance of internal revenue service			0.5
Cash proceeds from issuance of remaining internal revenue service		$ 1.8
Coronavirus Aid, Relief, and Economic Security Act
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Deferred cash payments of payroll taxes			$ 3.2	$ 6.4
Accrued benefit				$ 2.3
Accounting Standards Update 202006 Member | Revision of Prior Period, Accounting Standards Update, Adjustment
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Decrease to additional paid in capital	$ (10.6)
Increase to current convertible notes net	1.1
Increase to non-current convertible notes net	5.3
Retained deficit	$ 4.2

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 352	$ 273.6
Bar
Disaggregation of Revenue [Line Items]
Net sales	236.4	173.2
Tube
Disaggregation of Revenue [Line Items]
Net sales	46.5	36.1
Manufactured Components
Disaggregation of Revenue [Line Items]
Net sales	61.2	56.7
Other
Disaggregation of Revenue [Line Items]
Net sales	7.9	7.6
Mobile
Disaggregation of Revenue [Line Items]
Net sales	144.1	133.6
Industrial
Disaggregation of Revenue [Line Items]
Net sales	175	124.7
Energy
Disaggregation of Revenue [Line Items]
Net sales	25	7.7
Other
Disaggregation of Revenue [Line Items]
Net sales	$ 7.9	$ 7.6

Restructuring Charges - Narrati

Restructuring Charges - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 0.4	$ 0.5
Restructuring charges related to severance and employee-related benefits	$ 0.4	0.2
Restructuring charges related to transition of customers to other manufacturing equipment		$ 0.3

Restructuring Charges - Summary

Restructuring Charges - Summary of Restructuring Reserve (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restructuring Reserve [Roll Forward]
Beginning balance	$ 4.7	$ 1.5
Expenses	0.4	0.5
Payments	(1)	(1.4)
Ending balance	$ 4.1	$ 0.6

Disposition of Non-Core Assets

Disposition of Non-Core Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Mar. 31, 2021	Mar. 31, 2022	Dec. 31, 2021
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Assets held for sale			$ 4.3	$ 4.3
TimkenSteel (Shanghai) Corporation Limited | Daido Steel (Shanghai) Co., Ltd.
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Proceeds from sale of consolidated subsidiary, net	$ 6.2
Loss on sale of consolidated subsidiary	$ (1.1)
Harrison Facility | Melt and Cast Related Assets
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Non-cash charges related to write down of assets		$ 9.5
Machinery and Equipment | Harrison Facility | Melt and Cast Related Assets
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Non-cash charges related to write down of assets		7.9
Spare Parts | Harrison Facility | Melt and Cast Related Assets
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Non-cash charges related to write down of assets		1.6
Disposal Group, Held-for-sale, Not Discontinued Operation
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Impairment charges		0.3
Assets held for sale			$ 4.3	$ 4.3
Disposal Group, Held-for-sale, Not Discontinued Operation | Machinery and Equipment
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Accelerated depreciation		1.5
Disposal Group, Held-for-sale, Not Discontinued Operation | Spare Parts
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Impairment charges related to the indefinite idling of assets		$ 0.5

Other (Income) Expense, Net (De

Other (Income) Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other Income and Expenses [Abstract]
Pension and postretirement non-service benefit (income) loss	$ (8.7)	$ (9.6)
Loss (gain) from remeasurement of benefit plans	(6.5)	0.2
Total other (income) expense, net	$ (15.2)	$ (9.4)

Other (Income) Expense, Net - N

Other (Income) Expense, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other Income and Expenses [Abstract]
Total gain from remeasurement of benefit plans	$ (6.5)	$ 0.2
Decrease in liability	25.6
Investment losses on plan assets	$ 19.1

Income Tax Provision - Schedule

Income Tax Provision - Schedule of (Benefit) Provision for Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Provision (benefit) for income taxes	$ 0.9	$ 0.2
Effective tax rate	2.40%	2.00%

Income Tax Provision - Narrativ

Income Tax Provision - Narrative (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%
Effective tax rate	2.40%	2.00%

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Shares assumed purchased	3.4	2.8
Shares assumed purchased with potential proceeds	1.2	1.6
Convertible Senior Notes due 2025
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of computation of diluted earnings (loss) per share	0.7
Debt Instrument, Face Amount	$ 10
Underwater Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of computation of diluted earnings (loss) per share	0.9	2.3
Equity-based Awards [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of computation of diluted earnings (loss) per share	4.3	5.1

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net income (loss), basic	$ 37.1	$ 9.8
Add convertible notes interest	0.7	1.3
Net income (loss), diluted	$ 37.8	$ 11.1
Denominator:
Weighted average shares outstanding, basic (in shares)	46.4	45.4
Dilutive effect of stock-based awards (in shares)	2.2	1.2
Dilutive effect of convertible notes (in shares)	5.2	9.1
Weighted average shares outstanding, diluted (in shares)	53.8	55.7
Basic earnings (loss) per share	$ 0.80	$ 0.22
Diluted earnings (loss) per share	$ 0.70	$ 0.20

Inventories - Schedule of Inven

Inventories - Schedule of Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Manufacturing supplies	$ 29.4	$ 29.3
Raw materials	38.4	37.3
Work in process	111.9	89.3
Finished products	50.9	55.8
Gross inventory	230.6	211.7
Allowance for inventory reserves	(0.5)	(0.8)
Total inventories, net	$ 230.1	$ 210.9

Financing Arrangements - Summar

Financing Arrangements - Summary of Current and Non-current Debt (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total debt	$ 35.2	$ 44.9
Less current portion of debt	35.2	44.9
Total non-current portion of debt	0	0
Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Total debt	$ 35.2	$ 44.9

Financing Arrangements - Narrat

Financing Arrangements - Narrative (Details) $ / shares in Units, shares in Millions	Jun. 01, 2021USD ($)	Mar. 31, 2022USD ($)Daysshares	Mar. 31, 2021USD ($)shares	Apr. 30, 2022USD ($)$ / sharesshares	Dec. 31, 2021USD ($)	Dec. 20, 2021shares
Debt Instrument [Line Items]
Settled with cash payment		$ 26,800,000
Interest paid		400,000	$ 300,000
Loss on extinguishment of debt		(17,000,000)
Common Stock, Shares outstanding | shares						50
Stock Repurchased, Shares | shares			0.2
Stock Repurchased, Amount			$ 3,400,000
Average Repurchase price			$ 20.27
Stock Repurchase Program, Remaining Amount		46,600,000
Stock Repurchase Program, Amount		50,000,000		$ 50,000,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount		46,600,000
Common Shares
Debt Instrument [Line Items]
Stock Repurchase Program, Remaining Amount				$ 43,600,000
Shares repurchased | shares				0.1
Aggregate cost				$ 3,000,000
Average repurchase price | $ / shares				$ 21.88
Stock Repurchase Program, Remaining Authorized Repurchase Amount				$ 43,600,000
Third Amended Credit Facility
Debt Instrument [Line Items]
Outstanding borrowings		0
Third Amended Credit Facility | Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, tentative future commitment increase		$ 282,900,000
Convertible Senior Notes due 2021
Debt Instrument [Line Items]
Terms of conversion		The Convertible Senior Notes due 2021 were settled on June 1, 2021 with cash payment of $38.9 million and issuance of shares of 0.1 million, as most noteholders exercised the conversion option prior to the date of maturity.
Settled with cash payment	$ 38,900,000
Settlement through issuance of shares | shares		0.1
Final cash payment of interest made to noteholders		$ 1,200,000
Debt Instrument, Face Amount		46,000,000
Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Outstanding borrowings		0
Principal amount		36,000,000			$ 46,000,000
Transaction costs, debt gross		$ 1,500,000
Terms of conversion		The Convertible Senior Notes due 2025 are convertible at the option of holders in certain circumstances and during certain periods into the Company’s common shares, cash, or a combination thereof, at the Company’s election.
Settled with cash payment		$ 26,800,000
Debt instrument, threshold trading days | Days		20
Debt Instrument, , threshold consecutive trading days | Days		30
Debt Instrument, threshold Percentage of stock price conversion		130.00%
Fair value of convertible notes		$ 107,900,000
Debt Instrument, Face Amount		10,000,000
Loss on extinguishment of debt		(17,000,000)
Unamortized debt issuance costs		200,000
Convertible Senior Notes due 2025 | Convertible Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 10,000,000

Financing Arrangements - Schedu

Financing Arrangements - Schedule of Convertible Debt (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total debt	$ 35.2	$ 44.9
Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Principal	36	46
Less: Debt issuance costs, net of amortization	(0.8)	(1.1)
Total debt	$ 35.2	$ 44.9

Financing Arrangements - Sche_2

Financing Arrangements - Schedule of Interest Expense (Details) - Convertible Notes - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Contractual interest expense	$ 0.6	$ 1.2
Amortization of debt issuance costs	0.1	0.1
Total	$ 0.7	$ 1.3

Retirement and Postretirement_3

Retirement and Postretirement Plans - Narrative (Details) - USD ($) $ in Millions	Oct. 29, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total gain from remeasurement of benefit plans		$ (6.5)	$ 0.2
Bargaining Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan term of contract	4 years
Defined benefit plan contract expiration date	Sep. 27, 2025
Increased in pension liability				$ 14.2
Postretirement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan Terminated Effective Date				Mar. 31, 2022
Expected annuity purchase year				2023

Retirement and Postretirement_4

Retirement and Postretirement Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 4.2	$ 4.4
Interest cost	9.4	9.1
Expected return on plan assets	(16.8)	(17.2)
Amortization of prior service cost	0.3	0.1
Net remeasurement (gains) losses	(6.5)	0.2
Net Periodic Benefit Cost (Income)	(9.4)	(3.4)
Pension | United States of America | Bargaining Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	4.1	4.3
Interest cost	7.5	7.1
Expected return on plan assets	(14.4)	(12.9)
Amortization of prior service cost	0.3	0.1
Net Periodic Benefit Cost (Income)	(2.5)	(1.4)
Pension | United States of America | Salaried Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0.1	0.1
Interest cost	1.4	1.5
Expected return on plan assets	(1.5)	(3.5)
Net remeasurement (gains) losses	(4)	0.2
Net Periodic Benefit Cost (Income)	(4)	(1.7)
Pension | United States of America | Supplemental Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Interest cost	0.1	0.2
Net remeasurement (gains) losses	(2.5)
Net Periodic Benefit Cost (Income)	(2.4)	0.2
Pension | United Kingdom | Pension Scheme
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Interest cost	0.4	0.3
Expected return on plan assets	(0.9)	(0.8)
Net Periodic Benefit Cost (Income)	(0.5)	(0.5)
Postretirement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0.3	0.3
Interest cost	0.8	0.8
Expected return on plan assets	(0.9)	(0.9)
Amortization of prior service cost	(1.5)	(1.5)
Net Periodic Benefit Cost (Income)	$ (1.3)	$ (1.3)

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 2.1	$ 1.8
Future stock-based compensation expense		$ 17.4
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted	292,773
Fair value of shares granted	$ 17.74
Performance Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted	178,467
Fair value of shares granted	$ 25.04

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 664.6	$ 507.5
Other comprehensive income (loss) before reclassifications, before income tax	(0.8)	0.1
Amounts reclassified from accumulated other comprehensive income (loss), before income tax	(1.2)	(1.5)
Tax effect	0.1	0
Other comprehensive income (loss), net of tax	(1.9)	(1.4)
Ending balance	703.2	513.3
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(5.1)	(5.4)
Other comprehensive income (loss) before reclassifications, before income tax	(0.8)	0.1
Amounts reclassified from accumulated other comprehensive income (loss), before income tax	0	0
Tax effect	0	0
Other comprehensive income (loss), net of tax	(0.8)	0.1
Ending balance	(5.9)	(5.3)
Pension and Postretirement Liability Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	25.8	45.8
Other comprehensive income (loss) before reclassifications, before income tax	0	0
Amounts reclassified from accumulated other comprehensive income (loss), before income tax	(1.2)	(1.5)
Tax effect	0.1	0
Other comprehensive income (loss), net of tax	(1.1)	(1.5)
Ending balance	24.7	44.3
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	20.7	40.4
Other comprehensive income (loss), net of tax	(1.9)	(1.4)
Ending balance	$ 18.8	$ 39

Contingencies - Narrative (Deta

Contingencies - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Loss Contingency Accrual, Disclosures [Abstract]
Contingency reserves	$ 0.4	$ 0.3