Metallus (MTUS) 10-Q 3 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Oct. 31, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
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		44,469,394
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Net sales	$ 316.8	$ 343.7	$ 1,084.5	$ 944.6
Cost of products sold	311.2	277	937.5	780
Gross Profit	5.6	66.7	147	164.6
Selling, general and administrative expenses	16.2	19.9	56.4	60.4
Restructuring charges	0	0.4	0.8	2
Loss on sale of consolidated subsidiary	0	1.1	0	1.1
Loss (gain) on sale or disposal of assets, net	1.9	0.1	2.5	0.5
Impairment charges	0	0	0	8.2
Interest (income) expense, net	(0.2)	1.2	1.6	4.7
Loss on extinguishment of debt	0.1	0	43.1	0
Other (income) expense, net	0.2	(6.6)	(58.8)	(28.3)
Income (Loss) Before Income Taxes	(12.6)	50.6	101.4	116
Provision (benefit) for income taxes	0.7	0.5	3.1	2.1
Net Income (Loss)	$ (13.3)	$ 50.1	$ 98.3	$ 113.9
Per Share Data:
Basic earnings (loss) per share	$ (0.29)	$ 1.08	$ 2.12	$ 2.49
Diluted earnings (loss) per share	$ (0.29)	$ 0.94	$ 1.91	$ 2.12

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (13.3)	$ 50.1	$ 98.3	$ 113.9
Other comprehensive income (loss), net of tax of $0.2 million for the three months ended September 30, 2022 and $0.6 million for the nine months ended September 30, 2022
Foreign currency translation adjustments	(2.3)	(0.1)	(5.4)	0.3
Pension and postretirement liability adjustments	(0.8)	(1.4)	(2.7)	(4.3)
Other comprehensive income (loss), net of tax	(3.1)	(1.5)	(8.1)	(4)
Comprehensive Income (Loss), net of tax	$ (16.4)	$ 48.6	$ 90.2	$ 109.9

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Other comprehensive income (loss), net of tax	$ 0.2	$ 0.6	$ 0

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 262.5	$ 259.6
Accounts receivable, net of allowances (2022 - $1.5 million; 2021 - $1.9 million)	100.1	100.5
Inventories, net	205.6	210.9
Deferred charges and prepaid expenses	6.9	3.9
Assets held for sale	0	4.3
Other current assets	7.4	3.1
Total Current Assets	582.5	582.3
Property, plant and equipment, net	485.1	510.2
Operating lease right-of-use assets	14	14.5
Pension assets	32.8	43.1
Intangible assets, net	5.4	6.7
Other non-current assets	2.5	2.1
Total Assets	1,122.3	1,158.9
Current Liabilities
Accounts payable	123.8	141.9
Salaries, wages and benefits	22.6	37.9
Accrued pension and postretirement costs	2.6	4.3
Current operating lease liabilities	6.2	5.7
Current convertible notes, net	20.4	44.9
Other current liabilities	16.3	16.1
Total Current Liabilities	191.9	250.8
Non-Current Liabilities
Credit Agreement	0	0
Non-current operating lease liabilities	7.8	8.8
Accrued pension and postretirement costs	172.9	223
Deferred income taxes	1.7	2.2
Other non-current liabilities	12.9	9.5
Total Liabilities	387.2	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 - 47.1 million shares and 2021 - 46.3 million shares	0	0
Additional paid-in capital	846	832.1
Retained deficit	(89.9)	(188.2)
Treasury shares - 2022 - 1.9 million; 2021 - None	(33.6)	0
Accumulated other comprehensive income (loss)	12.6	20.7
Total Shareholders' Equity	735.1	664.6
Total Liabilities and Shareholders’ Equity	$ 1,122.3	$ 1,158.9

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowances for accounts receivable	$ 1.5	$ 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)	47,100,000	46,300,000
Treasury shares (in shares)	1,900,000	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 Capital Cumulative Effect, Period of Adoption, Adjustment	Retained Deficit	Retained Deficit Cumulative 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, 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)	113.9
Other comprehensive income (loss)	(4)
Ending balance at Sep. 30, 2021	620.6			829.5		(245.3)			36.4
Ending balance (in shares) at Sep. 30, 2021			46,208,244
Beginning balance at Mar. 31, 2021	513.3	$ (6.4)		824.7	$ (10.6)	(349.4)	$ 4.2	(1)	39
Beginning balance (in shares) at Mar. 31, 2021			45,672,382
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	54					54
Other comprehensive income (loss)	(1.1)								(1.1)
Stock-based compensation expense	1.8			1.8
Stock-based compensation expense (in shares)			178,886
Stock option activity	0.7			0.7
Stock option activity (in shares)			66,615
Issuance of treasury shares				(1)				1
Issuance of treasury shares (in shares)			57,845
Convertible notes settlement (in shares)			113,226
Convertible notes settlement	1.3			1.3
Ending balance at Jun. 30, 2021	570			827.5		(295.4)			37.9
Ending balance (in shares) at Jun. 30, 2021			46,088,954
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	50.1					50.1
Other comprehensive income (loss)	(1.5)								(1.5)
Stock-based compensation expense	1.9			1.9
Stock-based compensation expense (in shares)			93,350
Stock option activity	0.1			0.1
Stock option activity (in shares)			25,940
Ending balance at Sep. 30, 2021	620.6			829.5		(245.3)			36.4
Ending balance (in shares) at Sep. 30, 2021			46,208,244
Beginning balance at Dec. 31, 2021	664.6			832.1		(188.2)			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
Beginning balance at Dec. 31, 2021	664.6			832.1		(188.2)			20.7
Beginning balance (in shares) at Dec. 31, 2021			46,268,855
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	98.3
Other comprehensive income (loss)	(8.1)
Ending balance at Sep. 30, 2022	735.1			846		(89.9)		(33.6)	12.6
Ending balance (in shares) at Sep. 30, 2022			45,169,657
Beginning balance at Mar. 31, 2022	703.2			840.3		(151.1)		(4.8)	18.8
Beginning balance (in shares) at Mar. 31, 2022			46,712,584
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	74.5					74.5
Other comprehensive income (loss)	(3.1)								(3.1)
Stock-based compensation expense	2.2			2.2
Stock-based compensation expense (in shares)			44,157
Stock option activity	1.5			1.5
Stock option activity (in shares)			92,290
Purchase of treasury shares	(9.3)							(9.3)
Purchase of treasury shares (in Shares)			(437,638)
Issuance of treasury shares				(0.1)				0.1
Issuance of treasury shares (in shares)			2,285
Shares surrendered for taxes	(0.1)							(0.1)
Shares surrendered for taxes (in shares)			(2,285)
Ending balance at Jun. 30, 2022	768.9			843.9		(76.6)		(14.1)	15.7
Ending balance (in shares) at Jun. 30, 2022			46,411,393
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(13.3)					(13.3)
Other comprehensive income (loss)	(3.1)								(3.1)
Stock-based compensation expense	2.2			2.2
Stock option activity	0.1			0.1
Purchase of treasury shares	(19.7)							(19.7)
Purchase of treasury shares (in Shares)			(1,252,112)
Issuance of treasury shares				(0.2)				0.2
Issuance of treasury shares (in shares)			10,724
Shares surrendered for taxes (in shares)			(348)
Ending balance at Sep. 30, 2022	$ 735.1			$ 846		$ (89.9)		$ (33.6)	$ 12.6
Ending balance (in shares) at Sep. 30, 2022			45,169,657

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating Activities
Net income (loss)	$ 98.3	$ 113.9
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation and amortization	43.7	48.1
Amortization of deferred financing fees	0.6	0.7
Loss on extinguishment of debt	43.1	0
Loss on sale of consolidated subsidiary	0	1.1
Loss (gain) on sale or disposal of assets, net	2.5	0.5
Impairment charges	0	8.2
Deferred income taxes	(0.5)	(0.1)
Stock-based compensation expense	6.5	5.5
Pension and postretirement (benefit) expense, net	(44.7)	(11.7)
Changes in operating assets and liabilities:
Accounts receivable, net	0.5	(66.9)
Inventories, net	5.4	(45.1)
Accounts payable	(19.9)	44.3
Other accrued expenses	(12.5)	10.3
Pension and postretirement contributions and payments	(4.9)	(2.9)
Deferred charges and prepaid expenses	(3.1)	(1.1)
Other, net	(4.2)	1.4
Net Cash Provided (Used) by Operating Activities	110.8	106.2
Investing Activities
Capital expenditures	(15.7)	(7.3)
Proceeds from sale of consolidated subsidiary, net	0	6.2
Proceeds from disposals of property, plant and equipment	3	0.2
Net Cash Provided (Used) by Investing Activities	(12.7)	(0.9)
Financing Activities
Purchase of treasury shares	(32.4)	0
Proceeds from exercise of stock options	7.9	3.3
Shares surrendered for employee taxes on stock compensation	(1.7)	(0.5)
Repayments on convertible notes	(67.6)	(38.9)
Debt issuance costs	(0.7)	0
Net Cash Provided (Used) by Financing Activities	(94.5)	(36.1)
Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash	3.6	69.2
Cash, cash equivalents, and restricted cash at beginning of period	259.6	102.8
Cash, Cash Equivalents, and Restricted Cash at End of Period	$ 263.2	$ 172

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 262.5	$ 172
Restricted cash reported in other current assets	0.7	0
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows	$ 263.2	$ 172

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 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 September 30, 2022 was $ 0.7 millio n, which is included in other current assets on the Consolidated Balance Sheets.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2022
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 third 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	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Mobile $ 130.0 $ 133.5 $ 427.0 $ 400.0 Industrial 146.0 182.0 $ 529.2 480.3 Energy 36.0 20.4 $ 107.3 41.4 Other (1) 4.8 7.8 $ 21.0 22.9 Total Net Sales $ 316.8 $ 343.7 $ 1,084.5 $ 944.6 (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 and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Bar $ 206.5 $ 238.0 $ 738.1 $ 636.5 Tube 44.8 43.8 144.1 120.8 Manufactured components 60.7 54.1 181.3 164.3 Other (2) 4.8 7.8 21.0 23.0 Total Net Sales $ 316.8 $ 343.7 $ 1,084.5 $ 944.6 (2) “Other” sales by product type relates to the Company’s scrap sales. Contract liabilities are recognized when the Company has received consideration from a customer to transfer goods at a future point in time. Contract liabilities are primarily related to deferred revenue resulting from any cash payments received in advance from customers. As of September 30, 2022, contract liabilities totaled $ 5.1 million and were less than $ 0.1 million as of December 31, 2021. These are included in other current liabilities on the Consolidated Balance Sheets.

Restructuring Charges

Restructuring Charges	9 Months Ended
	Sep. 30, 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 organization and other domestic and international actions to further improve the Company’s overall cost structure. Restructuring charges tota led $ 0.8 million for the nine months ended September 30, 2022. These charges related to severance and employee-related benefits were incurred during the first half of 2022, as a result of continued organizational changes. There were no restructuring charges incurred during the third quarter of 2022. Restructuring charges totale d $ 0.4 million and $ 2.0 million for the three and nine months ended September 30, 2021 , respectively. During the nine months ended September 30, 2021, $ 1.7 million of restructuring charges related to severance and employee-related benefits as a result of organizational changes. The remaining $ 0.3 million of charges were incurred during the first quarter of 2021 and 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. TimkenSteel recorded reserves for such restructuring charges as other current liabilities on the Consolidated Balance Sheets. The reserve balance at September 30, 2022 is expected to be substantially used in the next twelve months. The following is a summary of the restructuring reserve for the nine months ended September 30, 2022 and 2021: Balance at December 31, 2021 $ 4.7 Expenses 0.8 Payments ( 4.7 ) Balance at September 30, 2022 $ 0.8 Balance at December 31, 2020 $ 1.5 Expenses 2.0 Payments ( 2.9 ) Balance at September 30, 2021 $ 0.6

Disposition of Non-Core Assets

Disposition of Non-Core Assets	9 Months Ended
	Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Disposition of Non-Core Assets	Note 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 were classified as assets held for sale on the Consolidated Balance Sheets as of December 31, 2021. All of these assets were sold during the third quarter of 2022. Net cash proceeds of $ 2.8 million were received and a loss on sale of assets of $ 1.5 million was recognized on the Consolidated Statement of Operations during the third quarter of 2022. 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	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Pension and postretirement non-service benefit (income) loss $ ( 3.0 ) $ ( 9.2 ) $ ( 19.8 ) $ ( 28.0 ) Loss (gain) from remeasurement of benefit plans, net 4.8 2.7 ( 37.2 ) 2.2 Insurance recovery ( 1.5 ) — ( 1.5 ) — Sales and use tax refund — — — ( 2.5 ) Foreign currency exchange (gain) loss — — ( 0.1 ) — Miscellaneous (income) expense ( 0.1 ) ( 0.1 ) ( 0.2 ) — Total other (income) expense, net $ 0.2 $ ( 6.6 ) $ ( 58.8 ) $ ( 28.3 ) Non-service related pension and other postretirement benefit income, for all years, consists primarily of the interest cost, expected return on plan assets and amortization components of net periodic cost. The remeasurement of benefit plans is due to all lump sum payments exceeding the sum of the service cost and interest cost components of the net periodic pension cost for certain plans, as well as the partial annuitization of the TimkenSteel Corporation Bargaining Unit Pension Plan ("Bargaining Plan"). The lump sum payments and partial annuitization constitute partial settlements, which are significant events requiring remeasurement of both plan assets and benefit obligations. A net loss of $ 4.8 million from the remeasurement of these benefit plans was recognized for the three months ended September 30, 2022. This loss was due to $ 73.6 million of investment losses on plan assets and lump sum basis losses, partially offset by a gain of $ 68.8 million primarily driven by a decrease in the pension liability due to an increase in discount rate. A net gain of $ 37.2 million from the remeasurement of these benefit plans was recognized for the nine months ended September 30, 2022. This gain was driven by a $ 299.9 million decrease in the pension liability primarily due to an increase in discount rate, partially offset by a loss of $ 262.7 million driven by investment losses on plan assets and lump sum basis losses. A total loss of $ 2.7 million and $ 2.2 million from the rem easurement of these benefit plans was recognized for the three and nine months ended September 30, 2021, respectively. For the three months ended September 30, 2021, this loss was due to $ 3.3 million of investment losses on plan assets and lump sum basis losses, partially offset by a gain of $ 0.6 million driven by a decrease in the pension liability due to an increase in discount rate. For the nine months ended September 30, 2021, this loss was due to $ 12.8 million of investment losses on plan assets and lump sum basis losses, partially offset by a gain of $ 10.6 million driven by a decrease in the pension liability due to an increase in discount rate. For more details on the aforementioned remeasurements, refer to “Note 11 - Retirement and Postretirement Plans.” During the third quarter of 2022, TimkenSteel recognized an insurance recovery gain of $ 1.5 million in the Consolidated Statements of Operations related to an unplanned outage at our Faircrest facility in November 2021. This was recorded in other current assets on the Consolidated Balance Sheets, as the amount was agreed upon with the insurance provider prior to the end of the third quarter of 2022. The cash proceeds were received in October 2022. In July 2022, we had an incident at our Faircrest facility, which resulted in approximately one month of melt shop downtime. The Company anticipates a significant insurance recovery related to this incident, which could have a material effect on our financial position, cash flows and results of operations. The timing and amount of any potential recovery are uncertain at this time. During the second quarter of 2021, TimkenSteel received a refund from the State of Ohio related to an overpayment of sales and use taxes for the period of October 1, 2016 through September 30, 2019. This resulted in a gain recognized of $ 2.5 million, net of related professional fees, during the second quarter of 2021.

Income Tax Provision

Income Tax Provision	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Provision (benefit) for incomes taxes $ 0.7 $ 0.5 $ 3.1 $ 2.1 Effective tax rate ( 5.6 )% 1.0 % 3.1 % 1.8 % Income tax expense for the three and nine months ended September 30, 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 %, due to the reversal of valuation allowance the Company has on deferred tax assets in the U.S., as a result of current year forecasted income. This is partially offset by state, local, and foreign taxes. Each reporting period we assess available positive and negative evidence and estimate if sufficient future taxable income will be generated to utilize the Company’s deferred tax assets. Due to TimkenSteel’s historical operating performance in the U.S., we have been limited in our ability to rely on other subjective evidence such as projections of our future profitability. 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. We will continue to assess available positive and negative evidence in future periods. 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 ( 5.6 )% for the three months ended September 30, 2022 changed from the rate of 1.0 % for the three months ended September 30, 2021, primarily driven by a change in profitability. T he effective tax rate of 3.1 % for the nine months ended September 3 0, 2022 changed from the rate of 1.8 % for the nine months ended September 30, 2021, primarily driven by increased state and local tax expenses. For the nine months ended September 30, 2022, TimkenSteel made $ 2.2 million in state and local tax payments, $ 2.0 million in U.S. federal payments, and $ 0.2 million in foreign tax payments. For the nine months ended September 30, 2021, TimkenSteel made $ 0.9 million in state and local tax payments, no U.S. federal payments, and $ 0.8 million in foreign tax payments. On August 16, 2022, the U.S. enacted the Inflation Reduction Act of 2022 ("IRA"), which, among other things, implemented a 15 % minimum tax on book income of certain large corporations, a 1 % excise tax on net stock repurchases and several tax incentives to promote clean energy. The Company has evaluated the provisions within the IRA and at this point in time does not expect the IRA to materially impact the Company.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 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 3.9 million shares and 4.1 million shares for the three and nine months ended September 30, 2022, respectively. For the three months ended September 30, 2022, common share equivalents for shares issuable for equity-based awards were excluded from the computation of diluted earnings (loss) per share, because the effect of their inclusion would have been anti-dilutive. For the nine months ended September 30, 2022, 1.1 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 3.0 million shares assumed issued and the 0.9 million shares assumed purchased with potential proceeds 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 4.7 million shares and 4.9 million shares for the three and nine months ended September 30, 2021, respectively. For the three and nine months ended September 30, 2021 , 1.6 million shares and 2.0 million shares, respectively, 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 3.1 million shares and 1.3 million shares assumed issued and the 2.9 million shares and 1.3 million shares assumed purchased with potential proceeds for the three and nine months ended September 30, 2021, respectively, 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 excluded in the computation of diluted earnings (loss) per share for the three months ended September 30, 2022 as these shares would be anti-dilutive. 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 nine months ended September 30, 2022 as these shares would be dilutive. Additionally, 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 and nine months ended September 30, 2021 as these shares would be dilutive. During the first half of 2022, TimkenSteel repurchased $ 25.2 million of outstanding principal related to the Convertible Notes. There were no repurchases related to the Convertible Notes during the third quarter of 2022. These repurchases of Convertible Notes reduced weighted average diluted shares outstanding by 2.0 million shares for the nine months ended September 30, 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 and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator: Net income (loss), basic $ ( 13.3 ) $ 50.1 $ 98.3 $ 113.9 Add convertible notes interest — 0.8 1.5 3.3 Net income (loss), diluted $ ( 13.3 ) $ 50.9 $ 99.8 $ 117.2 Denominator: Weighted average shares outstanding, basic 46.0 46.2 46.3 45.8 Dilutive effect of stock-based awards — 1.8 2.1 1.6 Dilutive effect of convertible notes — 5.9 3.9 7.8 Weighted average shares outstanding, diluted 46.0 53.9 52.3 55.2 Basic earnings (loss) per share $ ( 0.29 ) $ 1.08 $ 2.12 $ 2.49 Diluted earnings (loss) per share $ ( 0.29 ) $ 0.94 $ 1.91 $ 2.12

Inventories

Inventories	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Inventories	Note 9 - Inventories The components of inventories, net of reserves as of September 30, 2022 and December 31, 2021 were as follows: September 30, December 31, Manufacturing supplies $ 35.4 $ 29.3 Raw materials 39.7 37.3 Work in process 99.7 89.3 Finished products 31.4 55.8 Gross inventory 206.2 211.7 Allowance for inventory reserves ( 0.6 ) ( 0.8 ) Total inventories, net $ 205.6 $ 210.9

Financing Arrangements

Financing Arrangements	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Financing Arrangements	Note 10 - Financing Arrangements The following table summarizes the current and non-current debt as of September 30, 2022 and December 31, 2021: September 30, December 31, Credit Agreement $ — $ — Convertible Senior Notes due 2025 20.4 44.9 Total debt $ 20.4 $ 44.9 Less current portion of debt 20.4 44.9 Total non-current portion of debt $ — $ — Amended Credit Agreement On September 30, 2022, TimkenSteel Corporation (the “Company”), as borrower, and certain domestic subsidiaries of the Company, as subsidiary guarantors (the “Subsidiary Guarantors”), entered into a Fourth Amended and Restated Credit Agreement (the “Amended Credit Agreement”), with JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), and the lenders party thereto (collectively, the “Lenders”), which further amends and restates the Company’s existing secured Third Amended and Restated Credit Agreement, dated as of October 15, 2019. The Amended Credit Agreement provides for a $ 400.0 million asset-based revolving credit facility (the “Credit Facility”), including a $ 15.0 million sublimit for the issuance of commercial and standby letters of credit and a $ 40.0 million sublimit for swingline loans. Pursuant to the terms of the Amended Credit Agreement, the Company is entitled, on up to two occasions and subject to the satisfaction of certain conditions, to request increases in the commitments under the Amended Credit Agreement in the aggregate principal amount of up to $ 100.0 million, to the extent that existing or new lenders agree to provide such additional commitments. In addition to and independent of any increase described in the preceding sentence, the Company is entitled, subject to the satisfaction of certain conditions, to request a separate “first-in, last-out” tranche (the “Incremental FILO Tranche”) in an aggregate principal amount of up to $ 30.0 million with a separate borrowing base and interest rate margins, in each case, to be agreed upon among the Company, the Administrative Agent and the Lenders providing the Incremental FILO Tranche. The availability of borrowings under the Credit Facility is subject to a borrowing base calculation based upon a valuation of the eligible accounts receivable, inventory and machinery and equipment of the Company and the Subsidiary Guarantors, each multiplied by an applicable advance rate. The availability of borrowings may be further modified by reserves established from time to time by the Administrative Agent in its permitted discretion. The interest rate per annum applicable to loans under the Credit Facility will be, at the Company’s option, equal to either (i) the Alternate Base Rate (as defined in the Amended Credit Agreement) plus the applicable margin or (ii) the Adjusted Term SOFR Rate (as defined in the Amended Credit Agreement) plus the applicable margin. The applicable margin will be determined by a pricing grid based on the Company’s average quarterly availability. The Alternate Base Rate is subject to a 1.00 % floor, and the Adjusted Term SOFR Rate is subject to 0.00 % floor. In addition, the Company will pay a 0.25 % per annum commitment fee on the average daily unused amount of the Credit Facility. The Credit Facility will be used to finance working capital, capital expenditures, certain permitted acquisitions and other general corporate purposes. All of the indebtedness under the Credit Facility is guaranteed by the Company’s material domestic subsidiaries, as well as any other domestic subsidiary that the Company elects to make a party to the Amended Credit Agreement, and is secured by substantially all of the personal property of the Company and the Subsidiary Guarantors. The Credit Facility matures on September 30, 2027. Prior to the maturity date, amounts outstanding are required to be repaid (without reduction of the commitments thereunder) from mandatory prepayment events from the proceeds of certain asset sales, equity or debt issuances or casualty events. The Amended Credit Agreement contains certain customary covenants, including covenants that limit the ability of the Company and its subsidiaries to, among other things, (i) incur or suffer to exist certain liens, (ii) make investments, (iii) incur or guaranty additional indebtedness (iv) enter into consolidations, mergers, acquisitions, sale-leaseback transactions and sales of assets, (v) make distributions and other restricted payments, (vi) change the nature of its business, (vii) engage in transactions with affiliates and (viii) enter into restrictive agreements, including agreements that restrict the ability to incur liens or make distributions. In addition, the Amended Credit Agreement requires the Company to maintain a minimum specified fixed charge coverage ratio on a springing basis if minimum availability requirements as specified in the Amended Credit Agreement are not maintained. The Amended Credit Agreement contains certain customary events of default. If any event of default occurs and is continuing, the Lenders would be entitled to take various actions, including the acceleration of amounts due under the Amended Credit Agreement, and exercise other rights and remedies. As of September 30, 2022, the amount available under the Amended Credit Agreement was $ 224.7 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 third quarter of 2022 and as such the notes can be converted at the option of the holders beginning October 1 through December 31, 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 September 30, 2022. This criterion was also met as of December 31, 2021. To date, no holders have elected to convert their notes during any optional conversion periods. 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. In the first half of 2022, TimkenSteel repurchased a total of $ 25.2 million aggregate principal amount of its Convertible Senior Notes Due 2025. Total cash paid to noteholders was $ 67.6 million. A loss on extinguishment of debt was recognized of $ 43.0 million, including a charge of $ 0.6 million, for unamortized debt issuance costs related to the portion of debt extinguished, as well as the related transaction costs. There were no repurchases related to the Convertible Notes during the third quarter of 2022. The components of the Convertible Senior Notes due 2025 as of September 30, 2022 and December 31, 2021 were as follows: September 30, December 31, Principal $ 20.8 $ 46.0 Less: Debt issuance costs, net of amortization ( 0.4 ) ( 1.1 ) Convertible Senior Notes due 2025, net $ 20.4 $ 44.9 Fair Value Measurement The fair value of the Convertible Senior Notes due 2025 was approxim ately $ 45.4 million and $ 107.0 million as of September 30, 2022 and December 31, 2021, respectively. 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 September 30, 2022 and December 31, 2021. Interest (income) expense, net The following table provides the components of interest (income) expense, net for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Interest expense $ 0.9 $ 1.3 $ 3.0 $ 4.9 Interest income ( 1.1 ) ( 0.1 ) ( 1.4 ) ( 0.2 ) Interest (income) expense, net $ ( 0.2 ) $ 1.2 $ 1.6 $ 4.7 Interest income primarily relates to interest earned on cash invested in a money market fund. As of September 30, 2022, the carrying value of the Company's money market investment was $ 230.9 million, which approximates the fair value. The Company had no cash invested in a money market fund as of December 31, 2021. The money market fund is a cash equivalent and is included in cash and cash equivalents on the Consolidated Balance She ets. The fund consists of highly liquid investments with an average maturity of three months or less and falls within Level 1 of the fair value hierarchy as defined by applicable accounting guidance. The following table sets forth interest expense recognized specifically related to the Convertible Notes: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Contractual interest expense $ 0.3 $ 0.7 $ 1.4 $ 3.0 Amortization of debt issuance costs — 0.1 0.1 0.3 Total $ 0.3 $ 0.8 $ 1.5 $ 3.3 The total cash interest paid for the nine months ended September 30, 2022 and 2021 was $ 2.3 million and $ 3.4 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. The 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 Se ptember 30, 2022, the Company repurchased approximately 1.3 million common shares in the open market at an aggregate cost of $ 19.7 million, which equates to an average repurchase price of $ 15.72 per share. For the nine months ended September 30, 2022, the Company repurchased approximately 1.9 million common shares in the open market at an aggregate cost of $ 32.4 million, which equates to an average repurchase price of $ 17.42 per share. As of September 30, 2022, the Company had a balance of $ 17.6 million remaining on its previously approved $ 50.0 million share rep urchase program. In October 2022, the Company repurchased approximately 0.7 million common shares in the open market at an aggregate cost of $ 12.1 million, which equates to an average repurchase price of $ 16.07 per share. As of October 31, 2022, the Company had $ 5.5 million remaining under its previously approved $ 50.0 million share repurchase program. On November 2, 2022, the Board of Directors authorized an additional $ 75.0 million share repurchase program. This authorization reflects the continued confidence of the Board and senior leadership in the Company’s ability to generate sustainable through-cycle profitability while maintaining a strong balance sheet and cash flow. In aggregate as of November 2, 2022, the Company has $ 79.1 million remaining under its authorized share repurchase programs.

Retirement and Postretirement P

Retirement and Postretirement Plans	9 Months Ended
	Sep. 30, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Retirement and Postretirement Plans	Note 11 - Retirement and Postretirement Plans Plan Amendments and Updates 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. On July 7, 2022, the Company entered into an agreement with The Prudential Insurance Company of America ("Prudential") to purchase an irrevocable group annuity contract and transfer approximately $ 256.2 million of pension obligations under the Bargaining Plan. In connection with the agreement, Prudential began paying benefits under the group annuity contract as of October 1, 2022 for a specified group of approximately 1,900 participants and beneficiaries who previously received payments from the Bargaining Plan. Benefits payable to these participants and beneficiaries were not reduced as a result of this transaction. Plan participants and beneficiaries not included in the transaction remain in the Bargaining Plan. The Company recorded a non-cash settlement gain of approximately $ 2.7 million in the third quarter of 2022 related to this partial plan annuitization. Thi s settlement is a significant event which also required remeasurement of the Bargaining Plan during the third quarter. The transaction was funded directly by the assets of the Bargaining Plan and required no cash contribution from the Company. The timing and amount of future required pension contributions is significantly affected by asset returns and actuarial assumptions. Plan asset losses through the third quarter of 2022, combined with current actuarial assumptions, have resulted in potentially accelerated timing of future required pension contributions to as early as 2024. Required future pension contribution timing and amounts are subject to significant change based on future investment performance, Company estimates and actuarial assumptions, as well as current funding laws. 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 September 30, 2022 were as follows: Pension United States of America United Kingdom Mexico Bargaining Salaried Supplemental Pension Pension Total Postretirement Service cost $ 2.9 $ 0.1 $ — $ — $ — $ 3.0 $ 0.3 Interest cost 9.4 1.8 0.2 0.4 — 11.8 0.8 Expected return on plan assets ( 11.4 ) ( 1.2 ) — ( 0.9 ) — ( 13.5 ) ( 0.9 ) Amortization of prior service cost 0.3 — — — — 0.3 ( 1.5 ) Settlements ( 2.7 ) — — — — ( 2.7 ) — Net remeasurement losses (gains) 5.4 2.1 — — — 7.5 — Net Periodic Benefit Cost (Income) $ 3.9 $ 2.8 $ 0.2 $ ( 0.5 ) $ — $ 6.4 $ ( 1.3 ) The components of net periodic benefit cost (income) for the three months ended September 30, 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 1.3 0.2 0.3 — 8.9 0.9 Expected return on plan assets ( 12.9 ) ( 3.1 ) — ( 0.8 ) — ( 16.8 ) ( 0.8 ) Amortization of prior service cost 0.1 — — — — 0.1 ( 1.5 ) Net remeasurement losses (gains) — 2.7 — — — 2.7 — Net Periodic Benefit Cost (Income) $ ( 1.4 ) $ 1.0 $ 0.2 $ ( 0.5 ) $ — $ ( 0.7 ) $ ( 1.1 ) The components of net periodic benefit cost (income) for the nine months ended September 30, 2022 were as follows: Pension United States of America United Kingdom Mexico Bargaining Salaried Supplemental Pension Pension Total Postretirement Service cost $ 11.1 $ 0.3 $ — $ — $ — $ 11.4 $ 0.9 Interest cost 24.4 4.8 0.5 1.2 — 30.9 2.5 Expected return on plan assets ( 40.2 ) ( 4.0 ) — ( 2.7 ) — ( 46.9 ) ( 2.7 ) Amortization of prior service cost 0.9 — — — — 0.9 ( 4.5 ) Settlements ( 2.7 ) — — — — ( 2.7 ) — Net remeasurement losses (gains) ( 39.4 ) 7.4 ( 2.5 ) — — ( 34.5 ) — Net Periodic Benefit Cost (Income) $ ( 45.9 ) $ 8.5 $ ( 2.0 ) $ ( 1.5 ) $ — $ ( 40.9 ) $ ( 3.8 ) The components of net periodic benefit cost (income) for the nine months ended September 30, 2021 were as follows: Pension United States of America United Kingdom Mexico Bargaining Salaried Supplemental Pension Pension Total Postretirement Service cost $ 12.8 $ 0.3 $ — $ — $ — $ 13.1 $ 0.9 Interest cost 21.3 4.4 0.6 0.9 — 27.2 2.5 Expected return on plan assets ( 38.7 ) ( 9.6 ) — ( 2.4 ) — ( 50.7 ) ( 2.6 ) Amortization of prior service cost 0.2 — — — — 0.2 ( 4.5 ) Net remeasurement losses (gains) — 2.2 — — — 2.2 — Net Periodic Benefit Cost (Income) $ ( 4.4 ) $ ( 2.7 ) $ 0.6 $ ( 1.5 ) $ — $ ( 8.0 ) $ ( 3.7 ) The Bargaining Plan, Salaried Plan, and Supplemental Plan have a provision that permits employees to elect to receive their pension benefits in a lump sum upon retirement. The Company's accounting policy is to recognize settlements during the quarter in which it is projected that the costs of all settlements during the year will be greater than the sum of the service cost and intertest cost components. In the first quarter of 2022, the cumulative cost of all lump sum payments exceeded this threshold for the Supplemental Plan. Additionally, in the first quarter of 2022, the cumulative costs of all lump sum payments were projected to exceed this threshold during 2022 for the Salaried Plan. These costs did ultimately exceed this threshold for the Salaried Plan during the second quarter of 2022. Also, during the second quarter of 2022, the cumulative costs of all lump sum payments were projected to exceed this threshold in 2022 for the Bargaining Plan. These costs did ultimately exceed this threshold for the Bargaining Plan during the third quarter of 2022. These payments constitute a partial settlement, which is a significant event requiring remeasurement of both plan assets and benefit obligations. As a result, the Company completed a full remeasurement of its pension obligations and plan assets associated with the Supplemental Plan during the first quarter of 2022. No further remeasurement was required in the second or third quarters of 2022 or is expected for the remainder of 2022 related to the Supplemental Plan, as no further lump sum payments have been made or are expected to be made during the year. The Salaried Plan's pension obligations and plan assets were remeasured during the first three quarters of 2022, as lump sum payments are ongoing throughout the year. We also completed a full remeasurement of the Bargaining Plan's pension obligations and plan assets during the second and third quarters of 2022. A full remeasurement of the pension obligations and plan assets associated with the Salaried Plan was also completed throughout each quarter of 2021.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 12 – Stock-Based Compensation During the nine months ended September 30, 2022 the Board of Directors granted 339,453 time-based restricted stock units and 178,467 performance-based restricted stock units, which relates to the annual grant to our employees and Board of Directors. 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 occur during the vesting period. The weighted average fair value of the restricted stock units granted during the nine months ended September 30, 2022 was $ 18.13 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 nine months ended September 30, 2022 was $ 25.04 per share. TimkenSteel recognized stock-based compensation expense of $ 2.2 million and $ 6.5 million for the three and nine months ended September 30, 2022 , compared to $ 1.9 million and $ 5.5 million for the three and nine months ended September 30, 2021 . Future stock-based compensation expense related to the unvested portion of all awards is approximately $ 13.6 million . The future expense is expected to be recognized over the remaining vesting periods through 2025.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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 ( 5.4 ) — ( 5.4 ) Amounts reclassified from accumulated other comprehensive income (loss), before income tax — ( 3.3 ) ( 3.3 ) Tax effect — 0.6 0.6 Net current period other comprehensive income (loss), net of income taxes ( 5.4 ) ( 2.7 ) ( 8.1 ) Balance as of September 30, 2022 $ ( 10.5 ) $ 23.1 $ 12.6 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 0.3 — 0.3 Amounts reclassified from accumulated other comprehensive income (loss), before income tax — ( 4.3 ) ( 4.3 ) Tax effect — — — Net current period other comprehensive income (loss), net of income taxes 0.3 ( 4.3 ) ( 4.0 ) Balance as of September 30, 2021 $ ( 5.1 ) $ 41.5 $ 36.4 The amount reclassified from accumulated other comprehensive income (loss) in the nine months ended September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 2022 and December 31, 2021, TimkenSteel had a $ 0.6 m illion 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, 2022
Accounting Policies [Abstract]
Adoption of New Accounting Standards	Adoption of New Accounting Standards The Company did not adopt any Accounting Standard Updates (“ASU”) in the third 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 (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Mobile $ 130.0 $ 133.5 $ 427.0 $ 400.0 Industrial 146.0 182.0 $ 529.2 480.3 Energy 36.0 20.4 $ 107.3 41.4 Other (1) 4.8 7.8 $ 21.0 22.9 Total Net Sales $ 316.8 $ 343.7 $ 1,084.5 $ 944.6 (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 and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Bar $ 206.5 $ 238.0 $ 738.1 $ 636.5 Tube 44.8 43.8 144.1 120.8 Manufactured components 60.7 54.1 181.3 164.3 Other (2) 4.8 7.8 21.0 23.0 Total Net Sales $ 316.8 $ 343.7 $ 1,084.5 $ 944.6 (2) “Other” sales by product type relates to the Company’s scrap sales.

Restructuring Charges (Tables)

Restructuring Charges (Tables)	9 Months Ended
	Sep. 30, 2022
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve	The following is a summary of the restructuring reserve for the nine months ended September 30, 2022 and 2021: Balance at December 31, 2021 $ 4.7 Expenses 0.8 Payments ( 4.7 ) Balance at September 30, 2022 $ 0.8 Balance at December 31, 2020 $ 1.5 Expenses 2.0 Payments ( 2.9 ) Balance at September 30, 2021 $ 0.6

Other (Income) Expense, Net (Ta

Other (Income) Expense, Net (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Pension and postretirement non-service benefit (income) loss $ ( 3.0 ) $ ( 9.2 ) $ ( 19.8 ) $ ( 28.0 ) Loss (gain) from remeasurement of benefit plans, net 4.8 2.7 ( 37.2 ) 2.2 Insurance recovery ( 1.5 ) — ( 1.5 ) — Sales and use tax refund — — — ( 2.5 ) Foreign currency exchange (gain) loss — — ( 0.1 ) — Miscellaneous (income) expense ( 0.1 ) ( 0.1 ) ( 0.2 ) — Total other (income) expense, net $ 0.2 $ ( 6.6 ) $ ( 58.8 ) $ ( 28.3 )

Income Tax Provision (Tables)

Income Tax Provision (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Provision (benefit) for incomes taxes $ 0.7 $ 0.5 $ 3.1 $ 2.1 Effective tax rate ( 5.6 )% 1.0 % 3.1 % 1.8 %

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator: Net income (loss), basic $ ( 13.3 ) $ 50.1 $ 98.3 $ 113.9 Add convertible notes interest — 0.8 1.5 3.3 Net income (loss), diluted $ ( 13.3 ) $ 50.9 $ 99.8 $ 117.2 Denominator: Weighted average shares outstanding, basic 46.0 46.2 46.3 45.8 Dilutive effect of stock-based awards — 1.8 2.1 1.6 Dilutive effect of convertible notes — 5.9 3.9 7.8 Weighted average shares outstanding, diluted 46.0 53.9 52.3 55.2 Basic earnings (loss) per share $ ( 0.29 ) $ 1.08 $ 2.12 $ 2.49 Diluted earnings (loss) per share $ ( 0.29 ) $ 0.94 $ 1.91 $ 2.12

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Schedule of Components of Inventory	The components of inventories, net of reserves as of September 30, 2022 and December 31, 2021 were as follows: September 30, December 31, Manufacturing supplies $ 35.4 $ 29.3 Raw materials 39.7 37.3 Work in process 99.7 89.3 Finished products 31.4 55.8 Gross inventory 206.2 211.7 Allowance for inventory reserves ( 0.6 ) ( 0.8 ) Total inventories, net $ 205.6 $ 210.9

Financing Arrangements (Tables)

Financing Arrangements (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Instrument [Line Items]
Summary of Current and Non-current Debt	The following table summarizes the current and non-current debt as of September 30, 2022 and December 31, 2021: September 30, December 31, Credit Agreement $ — $ — Convertible Senior Notes due 2025 20.4 44.9 Total debt $ 20.4 $ 44.9 Less current portion of debt 20.4 44.9 Total non-current portion of debt $ — $ —
Schedule of Interest (income) Expense	The following table provides the components of interest (income) expense, net for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Interest expense $ 0.9 $ 1.3 $ 3.0 $ 4.9 Interest income ( 1.1 ) ( 0.1 ) ( 1.4 ) ( 0.2 ) Interest (income) expense, net $ ( 0.2 ) $ 1.2 $ 1.6 $ 4.7
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 September 30, 2022 and December 31, 2021 were as follows: September 30, December 31, Principal $ 20.8 $ 46.0 Less: Debt issuance costs, net of amortization ( 0.4 ) ( 1.1 ) Convertible Senior Notes due 2025, net $ 20.4 $ 44.9
Convertible Notes
Debt Instrument [Line Items]
Schedule of Interest (income) Expense	The following table sets forth interest expense recognized specifically related to the Convertible Notes: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Contractual interest expense $ 0.3 $ 0.7 $ 1.4 $ 3.0 Amortization of debt issuance costs — 0.1 0.1 0.3 Total $ 0.3 $ 0.8 $ 1.5 $ 3.3

Retirement and Postretirement_2

Retirement and Postretirement Plans (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2022 were as follows: Pension United States of America United Kingdom Mexico Bargaining Salaried Supplemental Pension Pension Total Postretirement Service cost $ 2.9 $ 0.1 $ — $ — $ — $ 3.0 $ 0.3 Interest cost 9.4 1.8 0.2 0.4 — 11.8 0.8 Expected return on plan assets ( 11.4 ) ( 1.2 ) — ( 0.9 ) — ( 13.5 ) ( 0.9 ) Amortization of prior service cost 0.3 — — — — 0.3 ( 1.5 ) Settlements ( 2.7 ) — — — — ( 2.7 ) — Net remeasurement losses (gains) 5.4 2.1 — — — 7.5 — Net Periodic Benefit Cost (Income) $ 3.9 $ 2.8 $ 0.2 $ ( 0.5 ) $ — $ 6.4 $ ( 1.3 ) The components of net periodic benefit cost (income) for the three months ended September 30, 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 1.3 0.2 0.3 — 8.9 0.9 Expected return on plan assets ( 12.9 ) ( 3.1 ) — ( 0.8 ) — ( 16.8 ) ( 0.8 ) Amortization of prior service cost 0.1 — — — — 0.1 ( 1.5 ) Net remeasurement losses (gains) — 2.7 — — — 2.7 — Net Periodic Benefit Cost (Income) $ ( 1.4 ) $ 1.0 $ 0.2 $ ( 0.5 ) $ — $ ( 0.7 ) $ ( 1.1 ) The components of net periodic benefit cost (income) for the nine months ended September 30, 2022 were as follows: Pension United States of America United Kingdom Mexico Bargaining Salaried Supplemental Pension Pension Total Postretirement Service cost $ 11.1 $ 0.3 $ — $ — $ — $ 11.4 $ 0.9 Interest cost 24.4 4.8 0.5 1.2 — 30.9 2.5 Expected return on plan assets ( 40.2 ) ( 4.0 ) — ( 2.7 ) — ( 46.9 ) ( 2.7 ) Amortization of prior service cost 0.9 — — — — 0.9 ( 4.5 ) Settlements ( 2.7 ) — — — — ( 2.7 ) — Net remeasurement losses (gains) ( 39.4 ) 7.4 ( 2.5 ) — — ( 34.5 ) — Net Periodic Benefit Cost (Income) $ ( 45.9 ) $ 8.5 $ ( 2.0 ) $ ( 1.5 ) $ — $ ( 40.9 ) $ ( 3.8 ) The components of net periodic benefit cost (income) for the nine months ended September 30, 2021 were as follows: Pension United States of America United Kingdom Mexico Bargaining Salaried Supplemental Pension Pension Total Postretirement Service cost $ 12.8 $ 0.3 $ — $ — $ — $ 13.1 $ 0.9 Interest cost 21.3 4.4 0.6 0.9 — 27.2 2.5 Expected return on plan assets ( 38.7 ) ( 9.6 ) — ( 2.4 ) — ( 50.7 ) ( 2.6 ) Amortization of prior service cost 0.2 — — — — 0.2 ( 4.5 ) Net remeasurement losses (gains) — 2.2 — — — 2.2 — Net Periodic Benefit Cost (Income) $ ( 4.4 ) $ ( 2.7 ) $ 0.6 $ ( 1.5 ) $ — $ ( 8.0 ) $ ( 3.7 )

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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 ( 5.4 ) — ( 5.4 ) Amounts reclassified from accumulated other comprehensive income (loss), before income tax — ( 3.3 ) ( 3.3 ) Tax effect — 0.6 0.6 Net current period other comprehensive income (loss), net of income taxes ( 5.4 ) ( 2.7 ) ( 8.1 ) Balance as of September 30, 2022 $ ( 10.5 ) $ 23.1 $ 12.6 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 0.3 — 0.3 Amounts reclassified from accumulated other comprehensive income (loss), before income tax — ( 4.3 ) ( 4.3 ) Tax effect — — — Net current period other comprehensive income (loss), net of income taxes 0.3 ( 4.3 ) ( 4.0 ) Balance as of September 30, 2021 $ ( 5.1 ) $ 41.5 $ 36.4

Basis of Presentation - Narrati

Basis of Presentation - Narrative (Details) $ in Millions	Sep. 30, 2022 USD ($)
Restricted Cash and Cash Equivalents [Abstract]
Restricted Cash	$ 0.7

Recent Accounting Pronounceme_3

Recent Accounting Pronouncements - Narrative (Details) - USD ($) $ in Millions		3 Months Ended
	Jan. 01, 2021	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2022	Dec. 31, 2020
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Retained deficit			$ 188.2	$ 89.9
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 316.8	$ 343.7	$ 1,084.5	$ 944.6
Bar
Disaggregation of Revenue [Line Items]
Net sales	206.5	238	738.1	636.5
Tube
Disaggregation of Revenue [Line Items]
Net sales	44.8	43.8	144.1	120.8
Manufactured Components
Disaggregation of Revenue [Line Items]
Net sales	60.7	54.1	181.3	164.3
Other
Disaggregation of Revenue [Line Items]
Net sales	4.8	7.8	21	23
Mobile
Disaggregation of Revenue [Line Items]
Net sales	130	133.5	427	400
Industrial
Disaggregation of Revenue [Line Items]
Net sales	146	182	529.2	480.3
Energy
Disaggregation of Revenue [Line Items]
Net sales	36	20.4	107.3	41.4
Other
Disaggregation of Revenue [Line Items]
Net sales	$ 4.8	$ 7.8	$ 21	$ 22.9

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract liabilities totalated	$ 5.1	$ 0.1

Restructuring Charges - Narrati

Restructuring Charges - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 0	$ 0.4	$ 0.8	$ 2
Restructuring charges related to severance and employee-related benefits		$ 0.3		$ 1.7

Restructuring Charges - Summary

Restructuring Charges - Summary of Restructuring Reserve (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restructuring Reserve [Roll Forward]
Beginning balance			$ 4.7	$ 1.5
Expenses	$ 0	$ 0.4	0.8	2
Payments			(4.7)	(2.9)
Ending balance	$ 0.8	$ 0.6	$ 0.8	$ 0.6

Disposition of Non-Core Assets

Disposition of Non-Core Assets (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Proceeds from sale of consolidated subsidiary, net				$ 0	$ 6.2
Loss on sale of consolidated subsidiary	$ 0	$ 1.1		0	$ 1.1
Assets held for sale	0			0		$ 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
Net Cash Proceeds	2.8			2.8
Loss on sale of assets	$ 1.5			$ 1.5
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 - S

Other (Income) Expense, Net - Schedule of Other (Income) Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Other Income and Expenses [Abstract]
Pension and postretirement non-service benefit (income) loss	$ (3)	$ (9.2)		$ (19.8)	$ (28)
Loss (gain) from remeasurement of benefit plans, net	4.8	2.7		(37.2)	2.2
Insurance recovery	(1.5)	0		(1.5)	0
Sales and use tax refund	0	0	$ (2.5)	0	(2.5)
Foreign currency exchange loss (gain)	0	0		(0.1)	0
Miscellaneous (income) expense	(0.1)	(0.1)		(0.2)	0
Total other (income) expense, net	$ 0.2	$ (6.6)		$ (58.8)	$ (28.3)

Other (Income) Expense, Net - N

Other (Income) Expense, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Other Income and Expenses [Abstract]
Total loss from remeasurement of benefit plans	$ (4.8)	$ (2.7)		$ 37.2	$ (2.2)
Decrease in liability	73.6	3.3			12.8
Investment losses on plan assets				262.7
Investment gains on plan assets	68.8	0.6		299.9	10.6
Gain on insurance proceeds received	1.5	0		1.5	0
Sales and use taxes refund	$ 0	$ 0	$ 2.5	$ 0	$ 2.5

Income Tax Provision - Schedule

Income Tax Provision - Schedule of (Benefit) Provision for Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Provision (benefit) for income taxes	$ 0.7	$ 0.5	$ 3.1	$ 2.1
Effective tax rate	(5.60%)	1%	3.10%	1.80%

Income Tax Provision - Narrativ

Income Tax Provision - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Aug. 16, 2022
Income Tax Contingency [Line Items]
Federal statutory income tax rate			21%
Effective tax rate	(5.60%)	1%	3.10%	1.80%
State and local tax payments			$ 2.2	$ 0.9
U.S federal payments			2	0
Foreign tax payments			$ 0.2	$ 0.8
Inflation Reduction Act Of Two Thousand Twenty Two
Income Tax Contingency [Line Items]
Percent of minimum tax on book income					15%
Percent of excise tax on net stock repurchases					1%

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Incremental Common Shares Attributable To Share Based Payment Arrangements Shares Assumed Issued		3,100,000		3,000,000	1,300,000
Shares assumed purchased with potential proceeds		2,900,000		900,000	1,300,000
Convertible Notes [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				2,000,000
Convertible notes repurchased outstanding principal amount			$ 25.2	$ 0
Employee Stock [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		1,600,000		1,100,000	2,000,000
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	3,900,000	4,700,000		4,100,000	4,900,000

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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net income (loss), basic	$ (13.3)	$ 50.1	$ 98.3	$ 113.9
Add convertible notes interest	0	0.8	1.5	3.3
Net income (loss), diluted	$ (13.3)	$ 50.9	$ 99.8	$ 117.2
Denominator:
Weighted average shares outstanding, basic (in shares)	46	46.2	46.3	45.8
Dilutive effect of stock-based awards (in shares)	0	1.8	2.1	1.6
Dilutive effect of convertible notes (in shares)	0	5.9	3.9	7.8
Weighted average shares outstanding, diluted (in shares)	46	53.9	52.3	55.2
Basic earnings (loss) per share	$ (0.29)	$ 1.08	$ 2.12	$ 2.49
Diluted earnings (loss) per share	$ (0.29)	$ 0.94	$ 1.91	$ 2.12

Inventories - Schedule of Inven

Inventories - Schedule of Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Manufacturing supplies	$ 35.4	$ 29.3
Raw materials	39.7	37.3
Work in process	99.7	89.3
Finished products	31.4	55.8
Gross inventory	206.2	211.7
Allowance for inventory reserves	(0.6)	(0.8)
Total inventories, net	$ 205.6	$ 210.9

Financing Arrangements - Summar

Financing Arrangements - Summary of Current and Non-current Debt (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total debt	$ 20.4	$ 44.9
Less current portion of debt	20.4	44.9
Total non-current portion of debt	0	0
Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Total debt	$ 20.4	$ 44.9

Financing Arrangements - Narrat

Financing Arrangements - Narrative (Details) $ / shares in Units, shares in Millions			3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Jun. 01, 2021 USD ($)	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) Days shares	Sep. 30, 2021 USD ($)	Nov. 02, 2022 USD ($)	Oct. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Dec. 20, 2021 shares
Debt Instrument [Line Items]
Settled with cash payment					$ 67,600,000	$ 38,900,000
Interest paid					2,300,000	3,400,000
Loss on extinguishment of debt			$ (100,000)	$ 0	(43,100,000)	$ 0
Common Stock, Shares outstanding | shares										50
Money market investment carrying value	$ 230,900,000		$ 230,900,000		$ 230,900,000				$ 0
Stock Repurchased, Shares | shares			1.3		1.9
Stock Repurchased, Amount			$ 19,700,000		$ 32,400,000
Average Repurchase price			15.72		17.42
Stock Repurchase Program, Remaining Amount	17,600,000		17,600,000		17,600,000		$ 79,100,000
Stock Repurchase Program, Amount	50,000,000		50,000,000		50,000,000		75,000,000	$ 50,000,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount	17,600,000		17,600,000		17,600,000		$ 79,100,000
Common Shares
Debt Instrument [Line Items]
Stock Repurchase Program, Remaining Amount								$ 5,500,000
Shares repurchased | shares								0.7
Aggregate cost								$ 12,100,000
Average repurchase price | $ / shares								$ 16.07
Stock Repurchase Program, Remaining Authorized Repurchase Amount								$ 5,500,000
Third Amended Credit Facility | Credit Agreement
Debt Instrument [Line Items]
Outstanding borrowings	0		0		0
Line of credit facility, tentative future commitment increase	$ 224,700,000		224,700,000		224,700,000
Fourth Amended Credit Facility
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.25%
Interest rate	1%
Line of credit facility, tentative future commitment increase	$ 100,000,000		100,000,000		100,000,000
Fourth Amended Credit Facility | Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	400,000,000		400,000,000		400,000,000
Fourth Amended Credit Facility | First In, Last Out (FILO)
Debt Instrument [Line Items]
Line of credit facility, tentative future commitment increase	30,000,000		30,000,000		30,000,000
Fourth Amended Credit Facility | Commercial and Standby Letters of Credit
Debt Instrument [Line Items]
Line of credit facility, borrowing sublimit	15,000,000		15,000,000		15,000,000
Fourth Amended Credit Facility | Swingline Loans
Debt Instrument [Line Items]
Line of credit facility, borrowing sublimit	40,000,000		40,000,000		$ 40,000,000
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
Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Outstanding borrowings	0		0		0				0
Transaction costs, debt gross	1,500,000		1,500,000		$ 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					$ 67,600,000
Debt instrument, threshold trading days | Days					20
Debt Instrument, , threshold consecutive trading days | Days					30
Debt Instrument, threshold Percentage of stock price conversion					130%
Fair value of convertible notes	45,400,000		45,400,000		$ 45,400,000				$ 107,000,000
Debt Instrument, Face Amount	46,000,000		46,000,000		46,000,000
Loss on extinguishment of debt					43,000,000
Unamortized debt issuance costs					600,000
Convertible Senior Notes due 2025 | Convertible Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 25,200,000		$ 25,200,000		$ 25,200,000
SOFR Rate | Fourth Amended Credit Facility
Debt Instrument [Line Items]
Interest rate	0%

Financing Arrangements - Schedu

Financing Arrangements - Schedule of Convertible Debt (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total debt	$ 20.4	$ 44.9
Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Principal	20.8	46
Less: Debt issuance costs, net of amortization	(0.4)	(1.1)
Total debt	$ 20.4	$ 44.9

Financing Arrangements - Sche_2

Financing Arrangements - Schedule Components of Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Interest Expense [Abstract]
Interest expense	$ 0.9	$ 1.3	$ 3	$ 4.9
Interest income	(1.1)	(0.1)	(1.4)	(0.2)
Interest Income (Expense), Net, Total	$ 0.2	$ (1.2)	$ (1.6)	$ (4.7)

Financing Arrangements - Sche_3

Financing Arrangements - Schedule of Interest Expense (Details) - Convertible Notes - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Debt Instrument [Line Items]
Contractual interest expense	$ 0.3	$ 0.7	$ 1.4	$ 3
Amortization of debt issuance costs	0	0.1	0.1	0.3
Total	$ 0.3	$ 0.8	$ 1.5	$ 3.3

Retirement and Postretirement_3

Retirement and Postretirement Plans - Narrative (Details) - USD ($) $ in Millions			3 Months Ended	9 Months Ended
	Jul. 07, 2022	Oct. 29, 2021	Sep. 30, 2022	Sep. 30, 2022
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
Bargaining Plan's obligations	$ 256.2
Settlement gain			$ 2.7
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 3	$ 4.4	$ 11.4	$ 13.1
Interest cost	11.8	8.9	30.9	27.2
Expected return on plan assets	(13.5)	(16.8)	(46.9)	(50.7)
Amortization of prior service cost	0.3	0.1	0.9	0.2
Settlements	(2.7)		(2.7)
Net remeasurement losses (gains)	7.5	2.7	(34.5)	2.2
Net Periodic Benefit Cost (Income)	6.4	(0.7)	(40.9)	(8)
Pension | United States of America | Bargaining Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	2.9	4.3	11.1	12.8
Interest cost	9.4	7.1	24.4	21.3
Expected return on plan assets	(11.4)	(12.9)	(40.2)	(38.7)
Amortization of prior service cost	0.3	0.1	0.9	0.2
Settlements	(2.7)		(2.7)
Net remeasurement losses (gains)	5.4		(39.4)
Net Periodic Benefit Cost (Income)	3.9	(1.4)	(45.9)	(4.4)
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	0.3	0.3
Interest cost	1.8	1.3	4.8	4.4
Expected return on plan assets	(1.2)	(3.1)	(4)	(9.6)
Net remeasurement losses (gains)	2.1	2.7	7.4	2.2
Net Periodic Benefit Cost (Income)	2.8	1	8.5	(2.7)
Pension | United States of America | Supplemental Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Interest cost	0.2	0.2	0.5	0.6
Net remeasurement losses (gains)			(2.5)
Net Periodic Benefit Cost (Income)	0.2	0.2	(2)	0.6
Pension | United Kingdom | Pension Scheme
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Interest cost	0.4	0.3	1.2	0.9
Expected return on plan assets	(0.9)	(0.8)	(2.7)	(2.4)
Net Periodic Benefit Cost (Income)	(0.5)	(0.5)	(1.5)	(1.5)
Postretirement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0.3	0.3	0.9	0.9
Interest cost	0.8	0.9	2.5	2.5
Expected return on plan assets	(0.9)	(0.8)	(2.7)	(2.6)
Amortization of prior service cost	(1.5)	(1.5)	(4.5)	(4.5)
Net Periodic Benefit Cost (Income)	$ (1.3)	$ (1.1)	$ (3.8)	$ (3.7)

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 2.2	$ 1.9	$ 6.5	$ 5.5
Future stock-based compensation expense			$ 13.6
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted			339,453
Fair value of shares granted			$ 18.13
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						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 768.9	$ 703.2	$ 664.6	$ 570	$ 513.3	$ 507.5	$ 664.6	$ 507.5
Other comprehensive income (loss) before reclassifications, before income tax							(5.4)	0.3
Amounts reclassified from accumulated other comprehensive income (loss), before income tax							(3.3)	(4.3)
Tax effect	0.2						0.6	0
Other comprehensive income (loss), net of tax	(3.1)	(3.1)	(1.9)	(1.5)	(1.1)	(1.4)	(8.1)	(4)
Ending balance	735.1	768.9	703.2	620.6	570	513.3	735.1	620.6
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(5.1)			(5.4)	(5.1)	(5.4)
Other comprehensive income (loss) before reclassifications, before income tax							(5.4)	0.3
Amounts reclassified from accumulated other comprehensive income (loss), before income tax							0	0
Tax effect							0	0
Other comprehensive income (loss), net of tax							(5.4)	0.3
Ending balance	(10.5)			(5.1)			(10.5)	(5.1)
Pension and Postretirement Liability Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			25.8			45.8	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							(3.3)	(4.3)
Tax effect							0.6	0
Other comprehensive income (loss), net of tax							(2.7)	(4.3)
Ending balance	23.1			41.5			23.1	41.5
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	15.7	18.8	20.7	37.9	39	40.4	20.7	40.4
Other comprehensive income (loss), net of tax	(3.1)	(3.1)	(1.9)	(1.5)	(1.1)	(1.4)
Ending balance	$ 12.6	$ 15.7	$ 18.8	$ 36.4	$ 37.9	$ 39	$ 12.6	$ 36.4

Contingencies - Narrative (Deta

Contingencies - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Loss Contingency Accrual, Disclosures [Abstract]
Contingency reserves	$ 0.6	$ 0.3