Metallus (MTUS) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		43,454,862
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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net sales	$ 356.6	$ 415.7	$ 680.1	$ 767.7
Cost of products sold	302.9	334.3	586	626.3
Gross Profit	53.7	81.4	94.1	141.4
Selling, general and administrative expenses	20.4	21.7	41.4	40.2
Restructuring charges	0	0.4	0	0.8
Loss (gain) on sale or disposal of assets, net	(2.6)	0.5	(2.5)	0.6
Interest (income) expense, net	(1.7)	0.6	(3.2)	1.8
Loss on extinguishment of debt	0	26	11.4	43
Other (income) expense, net	(2.3)	(43.8)	(11.1)	(59)
Income (Loss) Before Income Taxes	39.9	76	58.1	114
Provision (benefit) for income taxes	11	1.5	14.8	2.4
Net Income (Loss)	$ 28.9	$ 74.5	$ 43.3	$ 111.6
Per Share Data:
Basic earnings (loss) per share	$ 0.66	$ 1.60	$ 0.99	$ 2.40
Diluted earnings (loss) per share	$ 0.62	$ 1.42	$ 0.92	$ 2.12

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 28.9	$ 74.5	$ 43.3	$ 111.6
Other comprehensive income (loss), net of benefit (provision) for income taxes of $0.0 million and $0.3 million for the three months ended June 30, 2023 and 2022, and $(0.1) million and $0.4 million for the six months ended June 30, 2023 and 2022
Foreign currency translation adjustments	0.7	(2.3)	0.2	(3.1)
Pension and postretirement liability adjustments	(1.3)	(0.8)	(1.4)	(1.9)
Other comprehensive income (loss), net of tax	(0.6)	(3.1)	(1.2)	(5)
Comprehensive Income (Loss), net of tax	$ 28.3	$ 71.4	$ 42.1	$ 106.6

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Other comprehensive income (loss), net of tax	$ (0.1)	$ 0.3	$ (0.2)	$ 0.4

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 221.9	$ 257.2
Accounts receivable, net of allowances (2023 - $1.9 million; 2022 - $1.0 million)	133.3	79.4
Inventories, net	266	192.4
Deferred charges and prepaid expenses	3.2	6.4
Other current assets	2.3	21.2
Total Current Assets	626.7	556.6
Property, plant and equipment, net	485.3	486.1
Operating lease right-of-use assets	11.6	12.5
Pension assets	18.7	19.4
Intangible assets, net	3.9	5
Other non-current assets	2.3	2.4
Total Assets	1,148.5	1,082
Current Liabilities
Accounts payable	164.6	113.2
Salaries, wages and benefits	20.5	21.2
Accrued pension and postretirement costs	2	2
Current operating lease liabilities	5.8	6
Current convertible notes, net	13.1	20.4
Other current liabilities	13.8	23.9
Total Current Liabilities	219.8	186.7
Non-Current Liabilities
Credit Agreement	0	0
Non-current operating lease liabilities	5.8	6.5
Accrued pension and postretirement costs	168.1	162.9
Deferred income taxes	26.7	25.9
Other non-current liabilities	16.3	13.5
Total Liabilities	436.7	395.5
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 2023 - 47.1 million shares and 2022 - 47.1 million shares	0	0
Additional paid-in capital	841.2	847
Retained deficit	(79.8)	(123.1)
Treasury shares - 2023 - 3.6 million; 2022 - 3.0 million	(63.1)	(52.1)
Accumulated other comprehensive income (loss)	13.5	14.7
Total Shareholders' Equity	711.8	686.5
Total Liabilities and Shareholders’ Equity	$ 1,148.5	$ 1,082

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowances for accounts receivable	$ 1.9	$ 1
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	47,100,000
Treasury shares (in shares)	3,600,000	3,000,000

Consolidated Statements of Shar

Consolidated Statements of Shareholder's Equity (Unaudited) - USD ($) $ in Millions	Total	Common Shares	Additional Paid-in Capital	Retained Deficit	Treasury Shares	Accumulated Other Comprehensive Income (Loss)
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)	111.6
Other comprehensive income (loss)	(5)
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
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
Beginning balance at Dec. 31, 2022	686.5		847	(123.1)	(52.1)	14.7
Beginning balance (in shares) at Dec. 31, 2022		44,064,891
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	14.4			14.4
Other comprehensive income (loss)	(0.6)					(0.6)
Stock-based compensation expense	2.6		2.6
Stock option activity	1.3		1.3
Stock option activity (in shares)		101,130
Purchase of treasury shares	(9.4)				(9.4)
Purchase of treasury shares (in Shares)		(514,086)
Issuance of treasury shares			(11.4)		11.4
Issuance of treasury shares (in shares)		555,062
Shares surrendered for taxes	(3.4)				(3.4)
Shares surrendered for taxes (in shares)		(176,720)
Ending balance at Mar. 31, 2023	691.4		839.5	(108.7)	(53.5)	14.1
Ending balance (in shares) at Mar. 31, 2023		44,030,277
Beginning balance at Dec. 31, 2022	686.5		847	(123.1)	(52.1)	14.7
Beginning balance (in shares) at Dec. 31, 2022		44,064,891
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	43.3
Other comprehensive income (loss)	(1.2)
Ending balance at Jun. 30, 2023	711.8		841.2	(79.8)	(63.1)	13.5
Ending balance (in shares) at Jun. 30, 2023		43,485,392
Beginning balance at Mar. 31, 2023	691.4		839.5	(108.7)	(53.5)	14.1
Beginning balance (in shares) at Mar. 31, 2023		44,030,277
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	28.9			28.9
Other comprehensive income (loss)	(0.6)					(0.6)
Stock-based compensation expense	2.9		2.9
Stock option activity	0.6		0.6
Stock option activity (in shares)		76,030
Purchase of treasury shares	(11.4)				(11.4)
Purchase of treasury shares (in Shares)		(650,271)
Issuance of treasury shares			(1.8)		1.8
Issuance of treasury shares (in shares)		29,356
Ending balance at Jun. 30, 2023	$ 711.8		$ 841.2	$ (79.8)	$ (63.1)	$ 13.5
Ending balance (in shares) at Jun. 30, 2023		43,485,392

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating Activities
Net income (loss)	$ 43.3	$ 111.6
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation and amortization	28.8	29.3
Amortization of deferred financing fees	0.3	0.4
Loss on extinguishment of debt	11.4	43
Loss (gain) on sale or disposal of assets, net	(2.5)	0.6
Deferred income taxes	0.7	(0.2)
Stock-based compensation expense	5.5	4.3
Pension and postretirement (benefit) expense, net	5.8	(49.8)
Changes in operating assets and liabilities:
Accounts receivable, net	(53.5)	(59.4)
Inventories, net	(73)	(50.8)
Accounts payable	49	47
Other accrued expenses	(13)	(10.5)
Pension and postretirement contributions and payments	(1.9)	(4)
Deferred charges and prepaid expenses	3.2	0.5
Other, net	19	2
Net Cash Provided (Used) by Operating Activities	23.1	64
Investing Activities
Capital expenditures	(18.7)	(10)
Proceeds from disposals of property, plant and equipment	1.7	0.1
Net Cash Provided (Used) by Investing Activities	(17)	(9.9)
Financing Activities
Purchase of treasury shares	(20.8)	(12.7)
Proceeds from exercise of stock options	1.8	7.8
Shares surrendered for employee taxes on stock compensation	(3.4)	(1.7)
Repayments on convertible notes	(18.7)	(67.6)
Net Cash Provided (Used) by Financing Activities	(41.1)	(74.2)
Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash	(35)	(20.1)
Cash, cash equivalents, and restricted cash at beginning of period	257.8	259.6
Cash, Cash Equivalents, and Restricted Cash at End of Period	$ 222.8	$ 239.5

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 221.9	$ 238.5
Restricted cash reported in other current assets	0.9	1
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows	$ 222.8	$ 239.5

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2023
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, 2022 .

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2023
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 second quarter of 2023. Additionally, there are no current ASUs issued, but not adopted, that are expected to have an impact on the Company. 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 was paid during the fourth quarter of 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 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	6 Months Ended
	Jun. 30, 2023
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 six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Industrial $ 168.8 $ 208.2 $ 312.5 $ 383.2 Mobile 136.9 152.9 264.7 297.0 Energy 45.9 46.3 92.1 71.3 Other (1) 5.0 8.3 10.8 16.2 Total Net Sales $ 356.6 $ 415.7 $ 680.1 $ 767.7 (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 six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Bar $ 253.8 $ 295.2 $ 471.9 $ 531.6 Tube 38.5 52.8 84.2 99.3 Manufactured components 59.3 59.4 113.2 120.6 Other (2) 5.0 8.3 10.8 16.2 Total Net Sales $ 356.6 $ 415.7 $ 680.1 $ 767.7 (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 and are included in other current liabilities on the Consolidated Balance Sheets. As of June 30, 2023, contract liabilities totaled $ 2.0 million and were $ 1.7 million as of June 30, 2022 .

Restructuring Charges

Restructuring Charges	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring Charges	Note 4 - Restructuring Charges The Company did no t have restructuring charges for the three and six months ended June 30, 2023. Restructuring charges for the three and six months ended June 30, 2022 were $ 0.4 million and $ 0.8 million, respectively, related to severance and employee-related benefits as a result of organizational changes. TimkenSteel recorded reserves for such restructuring charges as other current liabilities on the Consolidated Balance Sheets. The reserve balance at June 30, 2023 is expected to be substantially used in the next twelve months. The following is a summary of the restructuring reserve for the six months ended June 30, 2023 and 2022: Balance at December 31, 2022 $ 0.5 Expenses — Payments ( 0.4 ) Balance at June 30, 2023 $ 0.1 Balance at December 31, 2021 $ 4.7 Expenses 0.8 Payments ( 3.6 ) Balance at June 30, 2022 $ 1.9

Disposition of Non-Core Assets

Disposition of Non-Core Assets	6 Months Ended
	Jun. 30, 2023
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. Land and buildings of $ 4.3 million 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 Statements of Operations during 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. In the fourth quarter of 2022, TimkenSteel entered into an agreement to sell the machinery and equipment used in the manufacturing of these specific products. TimkenSteel received down payments totaling $ 3.4 million, with $ 1.7 million received in 2022 and the remaining $ 1.7 million received in 2023. The final payment resulted in a gain on disposal of assets of $ 3.4 million. The gain, which has been recognized in the Consolidated Statement of Operations, was partially offset by asset write downs in the second quarter of 2023.

Other (Income) Expense, Net

Other (Income) Expense, Net	6 Months Ended
	Jun. 30, 2023
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 six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Pension and postretirement non-service benefit (income) loss $ ( 1.3 ) $ ( 8.1 ) $ ( 2.5 ) $ ( 16.8 ) Loss (gain) from remeasurement of benefit plans 0.5 ( 35.5 ) 2.7 ( 42.0 ) Foreign currency exchange (gain) loss ( 0.1 ) ( 0.1 ) ( 0.1 ) ( 0.1 ) Miscellaneous (income) expense 0.1 ( 0.1 ) 0.1 ( 0.1 ) Insurance recoveries ( 1.5 ) — ( 11.3 ) — Total other (income) expense, net $ ( 2.3 ) $ ( 43.8 ) $ ( 11.1 ) $ ( 59.0 ) 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 TimkenSteel Corporation Bargaining Unit Pension Plan ("Bargaining Plan"), the TimkenSteel Corporation Retirement Plan (“Salaried Plan”), and the Supplemental Pension Plan of TimkenSteel Corporation ("Supplemental Plan") each have a provision that permits employees to elect to receive their pension benefits in a lump sum upon retirement. In the first quarter of 2023, the cumulative cost of all lump sum payments was projected to exceed the sum of the service costs and interest cost components of net periodic pension cost for the Salaried Plan. As a result, the Company completed a full remeasurement of its pension obligations and plan assets associated with the Salaried Plan during the first and second quarters of 2023 and is required to complete a full remeasurement of the plan each quarter for the remainder of 2023. A loss of $ 0.5 million and $ 2.7 million from the remeasurement of the Salaried Plan was recognized for the three and six months ended June 30, 2023, respectively. For the three months ended June 30, 2023, the loss was primarily due to $ 2.6 million of investment losses on plan assets, partially offset by a $ 2.1 million decrease in the liability driven by an increase in the discount rate. For the six months ended June 30, 2023, the loss was primarily due to an increase in the liability driven by changes in the discount rate and lump sum basis losses. A total gain of $ 35.5 million and $ 42.0 million from the remeasurement of certain benefit plans was recognized for the three and six months ended June 30, 2022, respectively. This gain was primarily due to a $ 205.5 million and $ 231.1 million decrease in the liability due to the increase in discount rates during the three and six months ended June 30, 2022, respectively. This was partially offset by losses of $ 170.0 million and $ 189.1 million for the three and six months ended June 30, 2022, respectively, primarily driven by investment losses on plan assets. For more details on the aforementioned remeasurements, refer to “Note 11 - Retirement and Postretirement Plans.” During the second half of 2022, the Faircrest melt shop experienced unplanned operational downtime. TimkenSteel recognized insurance recoveries of $ 11.3 million related to the unplanned downtime in the first half of 2023, of which $ 9.8 million was recorded during the first quarter and $ 1.5 million was recorded in the second quarter. Additional amounts, if any, and timing of potential recoveries are uncertain at this time. For further information related to previous insurance recoveries, refer to "Note 7 - Other (Income) Expense, net" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 .

Income Tax Provision

Income Tax Provision	6 Months Ended
	Jun. 30, 2023
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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Provision (benefit) for incomes taxes $ 11.0 $ 1.5 $ 14.8 $ 2.4 Effective tax rate 27.4 % 2.0 % 25.4 % 2.1 % Income tax expense for the three months ended June 30, 2023 was calculated using forecasted multi-jurisdictional annual effective tax rates to determine a blended annual effective tax rate. The effective tax rate for the three and six months ended June 30, 2023 was 27.4 % and 25.4 %, respectively, compared to a rate of 2.0 % and 2.1 % for the prior year. The change was primarily related to higher federal and state taxes due to the reversal of the Company's full valuation allowance as of December 31, 2022, which offset the prior year utilization of loss carryforwards. Additionally, there are limitations on the tax deductibility of the first quarter of 2023 loss on extinguishment of debt on the Convertible Senior Notes due 2025. For the six months ended June 30, 2023 , TimkenSteel made $ 2.7 million in state and local tax payments, $ 9.5 million in U.S. federal payments, and $ 0.9 million in foreign tax payments. For the six months ended June 30, 2022 , TimkenSteel made $ 1.5 million in state and local tax payments, $ 1.0 million in U.S. federal payments, and $ 0.1 million in foreign tax payments.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2023
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 3.3 million shares and 3.4 million shares for the three and six months ended June 30, 2023, respectively. For the three and six months ended June 30, 2023 , 0.5 million shares and 0.7 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 2.8 million shares and 2.7 million shares assumed issued and the 1.0 million shares and 0.8 million shares assumed purchased with potential proceeds for the three and six months ended June 30, 2023, respectively, 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 4.0 million shares and 4.1 million shares for the three and six months ended June 30, 2022, respectively. For the three and six months ended June 30, 2022, 0.8 million shares and 1.0 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 3.2 million shares and 3.1 million shares assumed issued and the 1.0 million shares and 0.9 million shares assumed purchased with potential proceeds for the three and six months ended June 30, 2022, 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 included in the computation of diluted earnings (loss) per share for the three and six months ended June 30, 2023 and 2022 as these shares would be dilutive. In the first half of 2023, TimkenSteel repurchased $ 7.5 m illion of outstanding principal related to the Convertible Notes. There were no repurchases related to the Convertible Notes during the second quarter of 2023. These repurchases of Convertible Notes reduced weighted average diluted shares outstanding by approximately 1.0 million shares and 0.5 million shares for the three and six months ended June 30, 2023. Refer to “Note 10 – Financing Arrangements” for additional information on the Convertible Notes. For the three and six months ended June 30, 2022, TimkenSteel repurchased $ 15.2 m illion and $ 25.2 million, respectively, of outstanding principal related to the Convertible Notes. These repurchases of Convertible Notes reduced weighted average diluted shares outstanding by approximately 1.9 million shares and 1.3 million shares for the three and six months ended June 30, 2023. 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 six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net income (loss), basic $ 28.9 $ 74.5 $ 43.4 $ 111.6 Add convertible notes interest 0.2 0.5 0.6 1.2 Net income (loss), diluted $ 29.1 $ 75.0 $ 44.0 $ 112.8 Denominator: Weighted average shares outstanding, basic 43.8 46.6 43.8 46.5 Dilutive effect of stock-based awards 1.8 2.2 1.9 2.2 Dilutive effect of convertible notes 1.7 4.0 2.1 4.6 Weighted average shares outstanding, diluted 47.3 52.8 47.8 53.3 Basic earnings (loss) per share $ 0.66 $ 1.60 $ 0.99 $ 2.40 Diluted earnings (loss) per share $ 0.62 $ 1.42 $ 0.92 $ 2.12

Inventories

Inventories	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventories	Note 9 - Inventories The components of inventories, net of reserves as of June 30, 2023 and December 31, 2022 were as follows: June 30, December 31, Manufacturing supplies $ 45.3 $ 36.9 Raw materials 24.5 23.9 Work in process 157.9 94.7 Finished products 39.1 37.4 Gross inventory 266.8 192.9 Allowance for inventory reserves ( 0.8 ) ( 0.5 ) Total inventories, net $ 266.0 $ 192.4

Financing Arrangements

Financing Arrangements	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Financing Arrangements	Note 10 - Financing Arrangements For a detailed discussion of the Company's long-term debt and credit arrangements, refer to “Note 14 - Financing Arrangements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The following table summarizes the current and non-current debt as of June 30, 2023 and December 31, 2022: June 30, December 31, Credit Agreement $ — $ — Convertible Senior Notes due 2025 13.1 20.4 Total debt $ 13.1 $ 20.4 Less current portion of debt 13.1 20.4 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. As of June 30, 2023 , the amount available under the Amended Credit Agreement was $ 308.0 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 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 second quarter of 2023 and as such the notes can be converted at the option of the holders beginning July 1 through September 30, 2023. 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 June 30, 2023. This criterion was also met as of December 31, 2022. 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 2023 , TimkenSteel repurchased a total of $ 7.5 million aggregate principal amount of its Convertible Senior Notes due 2025. Total cash paid to noteholders was $ 18.7 million. A loss on extinguishment of debt was recognized of $ 11.4 million, including a charge of $ 0.2 million for unamortized debt issuance costs related to the portion of debt extinguished, as well as the related transaction costs. For additional details regarding the Convertible Notes please refer to “Note 14 - Financing Arrangements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The components of the Convertible Senior Notes due 2025 as of June 30, 2023 and December 31, 2022 were as follows: June 30, December 31, Principal $ 13.3 $ 20.8 Less: Debt issuance costs, net of amortization ( 0.2 ) ( 0.4 ) Convertible Senior Notes due 2025, net $ 13.1 $ 20.4 The following table sets forth total interest expense recognized related to the Convertible Notes: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Contractual interest expense $ 0.2 $ 0.5 $ 0.5 $ 1.1 Amortization of debt issuance costs — — 0.1 0.1 Total $ 0.2 $ 0.5 $ 0.6 $ 1.2 The total cash interest paid for the six months ended June 30, 2023 and 2022 wa s $ 1.1 million and $ 1.9 million, respectively. Fair Value Measurement The fair value of the Convertible Senior Notes due 2025 was approximately $ 38.3 million and $ 53.4 million as of June 30, 2023 and December 31, 2022, 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 June 30, 2023 and December 31, 2022. Interest (Income) Expense, net The following table provides the components of interest expense, net for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Interest expense $ 0.6 $ 0.9 $ 1.3 $ 2.1 Interest income ( 2.3 ) ( 0.3 ) ( 4.5 ) ( 0.3 ) Interest (income) expense, net $ ( 1.7 ) $ 0.6 $ ( 3.2 ) $ 1.8 Interest income primarily relates to interest earned on cash invested in a money market fund and deposits with financial institutions. The carrying value, which approximates the fair value, of the Company’s money market investment was $ 78.2 million as of June 30, 2023. The money market fund is a cash equivalent and is included in cash and cash equivalents on the Consolidated Balance Sheets. 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. Additionally as of June 30, 2023 , the Company has $ 117.2 million of cash held in five accounts which generate interest income at a rate similar to the money market fund. 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 notic e. 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. For the three months ended June 30, 2023 , the Company repurchased approximately 0.7 million common shares in the open market at an aggregate cost of $ 11.4 million, which equates to an average repurchase price of $ 17.66 per share. For the six months ended June 30, 2023 , the Company repurchased approximately 1.2 million common shares in the open market at an aggregate cost of $ 20.8 million, which equates to an average repurchase price of $ 17.90 per share. As of June 30, 2023, the Company had a balance of $ 52.2 million remaining on its authorized share repurchase program. For the three months ended June 30, 2022, the Company repurchased approximately 0.4 million common shares in the open market at an aggregate co st of $ 9.3 million, which equates to an average repurchase price o f $ 21.20 per share. For the six months ended June 30, 2022, the Company repurchased approximately 0.6 million common shares in the open market at an aggregate cost of $ 12.7 million, which equates to an average repurchase price of $ 20.94 per share. In July 2023, the Company repurchased approximately 0.1 million common shares at an aggregate cost of $ 3.0 million, which equates to an average repurchase price of $ 22.22 per share. As of July 31, 2023, the Company had a balance of $ 49.2 million remaining under its authorized share repurchase program.

Retirement and Postretirement P

Retirement and Postretirement Plans	6 Months Ended
	Jun. 30, 2023
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 began 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 option for participants commencing benefits on or after January 1, 2022. In addition, the plan is now closed to new entrants effective January 1, 2022. The timing and amount of future required pension contributions is significantly affected by asset returns and actuarial assumptions. Based on the results of the January 1, 2023 actuarial funding valuation, the company estimates required Bargaining Plan contributions of approximately $ 40 million in 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. 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 irrevocable annuity contract from an insurance company is expected to occur in 2024 , 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 June 30, 2023 were as follows: Pension United States of America United Kingdom Mexico Bargaining Salaried Supplemental Pension Pension Total Postretirement Service cost $ 2.4 $ 0.2 $ — $ — $ — $ 2.6 $ 0.2 Interest cost 6.5 1.6 0.2 0.5 — 8.8 1.2 Expected return on plan assets ( 6.7 ) ( 1.9 ) — ( 0.6 ) — ( 9.2 ) ( 0.9 ) Amortization of prior service cost 0.3 — — — — 0.3 ( 1.5 ) Net remeasurement losses (gains) — 0.5 — — — 0.5 — Net Periodic Benefit Cost (Income) $ 2.5 $ 0.4 $ 0.2 $ ( 0.1 ) $ — $ 3.0 $ ( 1.0 ) The components of net periodic benefit cost (income) for the three months ended June 30, 2022 were as follows: Pension United States of America United Kingdom Mexico Bargaining Salaried Supplemental Pension Pension Total Postretirement Service cost $ 4.1 $ 0.1 $ — $ — $ — $ 4.2 $ 0.3 Interest cost 7.5 1.6 0.2 0.4 — 9.7 0.9 Expected return on plan assets ( 14.4 ) ( 1.3 ) — ( 0.9 ) — ( 16.6 ) ( 0.9 ) Amortization of prior service cost 0.3 — — — — 0.3 ( 1.5 ) Net remeasurement losses (gains) ( 44.8 ) 9.3 — — — ( 35.5 ) — Net Periodic Benefit Cost (Income) $ ( 47.3 ) $ 9.7 $ 0.2 $ ( 0.5 ) $ — $ ( 37.9 ) $ ( 1.2 ) The components of net periodic benefit cost (income) for the six months ended June 30, 2023 were as follows: Pension United States of America United Kingdom Mexico Bargaining Salaried Supplemental Pension Pension Total Postretirement Service cost $ 4.8 $ 0.4 $ — $ — $ — $ 5.2 $ 0.4 Interest cost 13.0 3.3 0.4 1.0 — 17.7 2.4 Expected return on plan assets ( 13.4 ) ( 3.8 ) — ( 1.2 ) — ( 18.4 ) ( 1.8 ) Amortization of prior service cost 0.6 — — — — 0.6 ( 3.0 ) Net remeasurement losses (gains) — 2.7 — — — 2.7 — Net Periodic Benefit Cost (Income) $ 5.0 $ 2.6 $ 0.4 $ ( 0.2 ) $ — $ 7.8 $ ( 2.0 ) The components of net periodic benefit cost (income) for the six months ended June 30, 2022 were as follows: Pension United States of America United Kingdom Mexico Bargaining Salaried Supplemental Pension Pension Total Postretirement Service cost $ 8.2 $ 0.2 $ — $ — $ — $ 8.4 $ 0.6 Interest cost 15.0 3.0 0.3 0.8 — 19.1 1.7 Expected return on plan assets ( 28.8 ) ( 2.8 ) — ( 1.8 ) — ( 33.4 ) ( 1.8 ) Amortization of prior service cost 0.6 — — — — 0.6 ( 3.0 ) Net remeasurement losses (gains) ( 44.8 ) 5.3 ( 2.5 ) — — ( 42.0 ) — Net Periodic Benefit Cost (Income) $ ( 49.8 ) $ 5.7 $ ( 2.2 ) $ ( 1.0 ) $ — $ ( 47.3 ) $ ( 2.5 ) 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 interest cost components. In the first quarter of 2023, the cumulative cost of all lump sum payments was projected to exceed the sum of the service and interest cost components of net periodic pension cost for the Salaried Plan. As a result, the Company completed a full remeasurement of its pension obligations and plan assets associated with the Salaried Plan during the first and second quarter of 2023 and is required to complete a full remeasurement of the plan each quarter for the remainder of 2023. During the first quarter of 2022, the Company completed a full remeasurement of its pension obligations and plan assets associated with the Supplemental Plan. No remeasurement was made in the second quarter 2022 related to the Supplemental Plan, as no further lump sum payments were made. The Salaried Plan's pension obligations and plan assets were remeasured during each quarter of 2022. We also completed a full remeasurement of the Bargaining Plan's pension obligations and plan assets during the second quarter of 2022.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 12 – Stock-Based Compensation During the six months ended June 30, 2023 the Board of Directors granted 378,319 time-based restricted stock units and 211,639 performance-based restricted stock units, which relates to the annual grant to our employees and Board of Directors. During the six months ended June 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 should occur during the vesting period. The weighted average fair value of the restricted stock units granted during the six months ended June 30, 2023 was $ 18.45 per share. Performance-based restricted stock units issued in 2023 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 six months ended June 30, 2023 was $ 23.13 per share. TimkenSteel recognized stock-based compensation expense of $ 2.9 million and $ 5.5 million for the three and six months ended June 30, 2023 , compared to $ 2.2 million and $ 4.3 million for the three and six months ended June 30, 2022 . Future stock-based compensation expense related to the unvested portion of all awards is approximately $ 18.1 million. The future expense is expected to be recognized over the remaining vesting periods through 2026 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2023
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 six months ended June 30, 2023 and 2022 by component were as follows: Foreign Currency Pension and Total Balance as of December 31, 2022 $ ( 6.8 ) $ 21.5 $ 14.7 Other comprehensive income (loss) before reclassifications, before income tax 0.2 — 0.2 Amounts reclassified from accumulated other comprehensive income (loss), before income tax — ( 2.4 ) ( 2.4 ) Amounts deferred to accumulated other comprehensive income (loss), before income tax — 1.2 1.2 Tax effect — ( 0.2 ) ( 0.2 ) Net current period other comprehensive income (loss), net of income taxes 0.2 ( 1.4 ) ( 1.2 ) Balance as of June 30, 2023 $ ( 6.6 ) $ 20.1 $ 13.5 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 ( 3.1 ) — ( 3.1 ) Amounts reclassified from accumulated other comprehensive income (loss), before income tax — ( 2.3 ) ( 2.3 ) Tax effect — 0.4 0.4 Net current period other comprehensive income (loss), net of income taxes ( 3.1 ) ( 1.9 ) ( 5.0 ) Balance as of June 30, 2022 $ ( 8.2 ) $ 23.9 $ 15.7 The amount reclassified from accumulated other comprehensive income (loss) in the six months ended June 30, 2023 and 2022 for the pension and postretirement liability adjustment was included in other (income) expense, net in the unaudited Consolidated Statements of Operations.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 and December 31, 2022 , TimkenSteel had a $ 1.1 million contingency reserve, respectively, related to loss exposures incurred in the ordinary course of business.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2023
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 second quarter of 2023. Additionally, there are no current ASUs issued, but not adopted, that are expected to have an impact on the Company. 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 was paid during the fourth quarter of 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 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)	6 Months Ended
	Jun. 30, 2023
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 six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Industrial $ 168.8 $ 208.2 $ 312.5 $ 383.2 Mobile 136.9 152.9 264.7 297.0 Energy 45.9 46.3 92.1 71.3 Other (1) 5.0 8.3 10.8 16.2 Total Net Sales $ 356.6 $ 415.7 $ 680.1 $ 767.7 (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 six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Bar $ 253.8 $ 295.2 $ 471.9 $ 531.6 Tube 38.5 52.8 84.2 99.3 Manufactured components 59.3 59.4 113.2 120.6 Other (2) 5.0 8.3 10.8 16.2 Total Net Sales $ 356.6 $ 415.7 $ 680.1 $ 767.7 (2) “Other” sales by product type relates to the Company’s scrap sales.

Restructuring Charges (Tables)

Restructuring Charges (Tables)	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve	The following is a summary of the restructuring reserve for the six months ended June 30, 2023 and 2022: Balance at December 31, 2022 $ 0.5 Expenses — Payments ( 0.4 ) Balance at June 30, 2023 $ 0.1 Balance at December 31, 2021 $ 4.7 Expenses 0.8 Payments ( 3.6 ) Balance at June 30, 2022 $ 1.9

Other (Income) Expense, Net (Ta

Other (Income) Expense, Net (Tables)	6 Months Ended
	Jun. 30, 2023
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 six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Pension and postretirement non-service benefit (income) loss $ ( 1.3 ) $ ( 8.1 ) $ ( 2.5 ) $ ( 16.8 ) Loss (gain) from remeasurement of benefit plans 0.5 ( 35.5 ) 2.7 ( 42.0 ) Foreign currency exchange (gain) loss ( 0.1 ) ( 0.1 ) ( 0.1 ) ( 0.1 ) Miscellaneous (income) expense 0.1 ( 0.1 ) 0.1 ( 0.1 ) Insurance recoveries ( 1.5 ) — ( 11.3 ) — Total other (income) expense, net $ ( 2.3 ) $ ( 43.8 ) $ ( 11.1 ) $ ( 59.0 )

Income Tax Provision (Tables)

Income Tax Provision (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Provision (benefit) for incomes taxes $ 11.0 $ 1.5 $ 14.8 $ 2.4 Effective tax rate 27.4 % 2.0 % 25.4 % 2.1 %

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
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 six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net income (loss), basic $ 28.9 $ 74.5 $ 43.4 $ 111.6 Add convertible notes interest 0.2 0.5 0.6 1.2 Net income (loss), diluted $ 29.1 $ 75.0 $ 44.0 $ 112.8 Denominator: Weighted average shares outstanding, basic 43.8 46.6 43.8 46.5 Dilutive effect of stock-based awards 1.8 2.2 1.9 2.2 Dilutive effect of convertible notes 1.7 4.0 2.1 4.6 Weighted average shares outstanding, diluted 47.3 52.8 47.8 53.3 Basic earnings (loss) per share $ 0.66 $ 1.60 $ 0.99 $ 2.40 Diluted earnings (loss) per share $ 0.62 $ 1.42 $ 0.92 $ 2.12

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Components of Inventory	The components of inventories, net of reserves as of June 30, 2023 and December 31, 2022 were as follows: June 30, December 31, Manufacturing supplies $ 45.3 $ 36.9 Raw materials 24.5 23.9 Work in process 157.9 94.7 Finished products 39.1 37.4 Gross inventory 266.8 192.9 Allowance for inventory reserves ( 0.8 ) ( 0.5 ) Total inventories, net $ 266.0 $ 192.4

Financing Arrangements (Tables)

Financing Arrangements (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Instrument [Line Items]
Summary of Current and Non-current Debt	The following table summarizes the current and non-current debt as of June 30, 2023 and December 31, 2022: June 30, December 31, Credit Agreement $ — $ — Convertible Senior Notes due 2025 13.1 20.4 Total debt $ 13.1 $ 20.4 Less current portion of debt 13.1 20.4 Total non-current portion of debt $ — $ —
Schedule of Interest Expense	The following table provides the components of interest expense, net for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Interest expense $ 0.6 $ 0.9 $ 1.3 $ 2.1 Interest income ( 2.3 ) ( 0.3 ) ( 4.5 ) ( 0.3 ) Interest (income) expense, net $ ( 1.7 ) $ 0.6 $ ( 3.2 ) $ 1.8
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 June 30, 2023 and December 31, 2022 were as follows: June 30, December 31, Principal $ 13.3 $ 20.8 Less: Debt issuance costs, net of amortization ( 0.2 ) ( 0.4 ) Convertible Senior Notes due 2025, net $ 13.1 $ 20.4
Convertible Notes
Debt Instrument [Line Items]
Schedule of Interest Expense	The following table sets forth total interest expense recognized related to the Convertible Notes: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Contractual interest expense $ 0.2 $ 0.5 $ 0.5 $ 1.1 Amortization of debt issuance costs — — 0.1 0.1 Total $ 0.2 $ 0.5 $ 0.6 $ 1.2

Retirement and Postretirement_2

Retirement and Postretirement Plans (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 were as follows: Pension United States of America United Kingdom Mexico Bargaining Salaried Supplemental Pension Pension Total Postretirement Service cost $ 2.4 $ 0.2 $ — $ — $ — $ 2.6 $ 0.2 Interest cost 6.5 1.6 0.2 0.5 — 8.8 1.2 Expected return on plan assets ( 6.7 ) ( 1.9 ) — ( 0.6 ) — ( 9.2 ) ( 0.9 ) Amortization of prior service cost 0.3 — — — — 0.3 ( 1.5 ) Net remeasurement losses (gains) — 0.5 — — — 0.5 — Net Periodic Benefit Cost (Income) $ 2.5 $ 0.4 $ 0.2 $ ( 0.1 ) $ — $ 3.0 $ ( 1.0 ) The components of net periodic benefit cost (income) for the three months ended June 30, 2022 were as follows: Pension United States of America United Kingdom Mexico Bargaining Salaried Supplemental Pension Pension Total Postretirement Service cost $ 4.1 $ 0.1 $ — $ — $ — $ 4.2 $ 0.3 Interest cost 7.5 1.6 0.2 0.4 — 9.7 0.9 Expected return on plan assets ( 14.4 ) ( 1.3 ) — ( 0.9 ) — ( 16.6 ) ( 0.9 ) Amortization of prior service cost 0.3 — — — — 0.3 ( 1.5 ) Net remeasurement losses (gains) ( 44.8 ) 9.3 — — — ( 35.5 ) — Net Periodic Benefit Cost (Income) $ ( 47.3 ) $ 9.7 $ 0.2 $ ( 0.5 ) $ — $ ( 37.9 ) $ ( 1.2 ) The components of net periodic benefit cost (income) for the six months ended June 30, 2023 were as follows: Pension United States of America United Kingdom Mexico Bargaining Salaried Supplemental Pension Pension Total Postretirement Service cost $ 4.8 $ 0.4 $ — $ — $ — $ 5.2 $ 0.4 Interest cost 13.0 3.3 0.4 1.0 — 17.7 2.4 Expected return on plan assets ( 13.4 ) ( 3.8 ) — ( 1.2 ) — ( 18.4 ) ( 1.8 ) Amortization of prior service cost 0.6 — — — — 0.6 ( 3.0 ) Net remeasurement losses (gains) — 2.7 — — — 2.7 — Net Periodic Benefit Cost (Income) $ 5.0 $ 2.6 $ 0.4 $ ( 0.2 ) $ — $ 7.8 $ ( 2.0 ) The components of net periodic benefit cost (income) for the six months ended June 30, 2022 were as follows: Pension United States of America United Kingdom Mexico Bargaining Salaried Supplemental Pension Pension Total Postretirement Service cost $ 8.2 $ 0.2 $ — $ — $ — $ 8.4 $ 0.6 Interest cost 15.0 3.0 0.3 0.8 — 19.1 1.7 Expected return on plan assets ( 28.8 ) ( 2.8 ) — ( 1.8 ) — ( 33.4 ) ( 1.8 ) Amortization of prior service cost 0.6 — — — — 0.6 ( 3.0 ) Net remeasurement losses (gains) ( 44.8 ) 5.3 ( 2.5 ) — — ( 42.0 ) — Net Periodic Benefit Cost (Income) $ ( 49.8 ) $ 5.7 $ ( 2.2 ) $ ( 1.0 ) $ — $ ( 47.3 ) $ ( 2.5 )

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2023
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 six months ended June 30, 2023 and 2022 by component were as follows: Foreign Currency Pension and Total Balance as of December 31, 2022 $ ( 6.8 ) $ 21.5 $ 14.7 Other comprehensive income (loss) before reclassifications, before income tax 0.2 — 0.2 Amounts reclassified from accumulated other comprehensive income (loss), before income tax — ( 2.4 ) ( 2.4 ) Amounts deferred to accumulated other comprehensive income (loss), before income tax — 1.2 1.2 Tax effect — ( 0.2 ) ( 0.2 ) Net current period other comprehensive income (loss), net of income taxes 0.2 ( 1.4 ) ( 1.2 ) Balance as of June 30, 2023 $ ( 6.6 ) $ 20.1 $ 13.5 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 ( 3.1 ) — ( 3.1 ) Amounts reclassified from accumulated other comprehensive income (loss), before income tax — ( 2.3 ) ( 2.3 ) Tax effect — 0.4 0.4 Net current period other comprehensive income (loss), net of income taxes ( 3.1 ) ( 1.9 ) ( 5.0 ) Balance as of June 30, 2022 $ ( 8.2 ) $ 23.9 $ 15.7

Recent Accounting Pronounceme_3

Recent Accounting Pronouncements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2020
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Retained deficit			$ 79.8	$ 123.1
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

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Net sales		$ 356.6	$ 415.7	$ 680.1	$ 767.7
Bar
Disaggregation of Revenue [Line Items]
Net sales		253.8	295.2	471.9	531.6
Tube
Disaggregation of Revenue [Line Items]
Net sales		38.5	52.8	84.2	99.3
Manufactured Components
Disaggregation of Revenue [Line Items]
Net sales		59.3	59.4	113.2	120.6
Other
Disaggregation of Revenue [Line Items]
Net sales		5	8.3	10.8	16.2
Industrial
Disaggregation of Revenue [Line Items]
Net sales		168.8	208.2	312.5	383.2
Mobile
Disaggregation of Revenue [Line Items]
Net sales		136.9	152.9	264.7	297
Energy
Disaggregation of Revenue [Line Items]
Net sales		45.9	46.3	92.1	71.3
Other
Disaggregation of Revenue [Line Items]
Net sales	[1]	$ 5	$ 8.3	$ 10.8	$ 16.2
[1] (1) “Other” sales by end-market sector relates to the Company’s scrap sales.

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Contract liabilities totalated	$ 2	$ 1.7

Restructuring Charges - Narrati

Restructuring Charges - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 0	$ 0.4	$ 0	$ 0.8

Restructuring Charges - Summary

Restructuring Charges - Summary of Restructuring Reserve (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring Reserve [Roll Forward]
Beginning balance			$ 0.5	$ 4.7
Expenses	$ 0	$ 0.4	0	0.8
Payments			(0.4)	(3.6)
Ending balance	$ 0.1	$ 1.9	$ 0.1	$ 1.9

Disposition of Non-Core Assets

Disposition of Non-Core Assets (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended		12 Months Ended
	Dec. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Proceeds from Sale of Property, Plant, and Equipment		$ 1.7	$ 0.1
Disposal Group, Held-for-sale, Not Discontinued Operation
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
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]
Gain (loss) on sale/disposal		3.4
Proceeds from Sale of Property, Plant, and Equipment	$ 1.7	$ 1.7		$ 3.4
Disposal Group Not Discontinued Operation Additional Payment Date Description		The final payment resulted in a gain on disposal of assets of $3.4 million. The gain, which has been recognized in the Consolidated Statement of Operations, was partially offset by asset write downs in the second quarter of 2023.

Other (Income) Expense, Net (De

Other (Income) Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other Income and Expenses [Abstract]
Pension and postretirement non-service benefit (income) loss	$ (1.3)	$ (8.1)	$ (2.5)	$ (16.8)
Loss (gain) from remeasurement of benefit plans	0.5	(35.5)	2.7	(42)
Foreign currency exchange loss (gain)	(0.1)	(0.1)	(0.1)	(0.1)
Miscellaneous (income) expense	0.1	(0.1)	0.1	(0.1)
Insurance recoveries	(1.5)	0	(11.3)	0
Total other (income) expense, net	$ (2.3)	$ (43.8)	$ (11.1)	$ (59)

Other (Income) Expense, Net - N

Other (Income) Expense, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other Income and Expenses [Abstract]
Total gain from remeasurement of benefit plans	$ (0.5)		$ 35.5	$ (2.7)	$ 42
Decrease in liability	2.1		205.5		231.1
Investment losses on plan assets	2.6		170		189.1
Insurance recoveries	(1.5)		$ 0	$ (11.3)	$ 0
Gain Loss on Total Recovery	$ 1.5	$ 9.8

Income Tax Provision - Schedule

Income Tax Provision - Schedule of (Benefit) Provision for Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Provision (benefit) for income taxes	$ 11	$ 1.5	$ 14.8	$ 2.4
Effective tax rate	27.40%	2%	25.40%	2.10%

Income Tax Provision - Narrativ

Income Tax Provision - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating Loss Carryforwards [Line Items]
Effective tax rate	27.40%	2%	25.40%	2.10%
Foreign Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Foreign tax payments			$ 0.9	$ 0.1
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Income Taxes Paid			2.7	1.5
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Income Taxes Paid			$ 9.5	$ 1

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Incremental Common Shares Attributable To Share Based Payment Arrangements Shares Assumed Issued	2.8	3.2	2.7	3.1
Shares assumed purchased	1	1
Shares assumed purchased with potential proceeds			0.8	0.9
Convertible Senior Notes due 2025
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of computation of diluted earnings (loss) per share	1	1.9	0.5	1.3
Convertible notes repurchased outstanding principal amount	$ 0	$ 15.2	$ 7.5	$ 25.2
Underwater Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of computation of diluted earnings (loss) per share	0.5	0.8	0.7	1
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	3.3	4	3.4	4.1

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income (loss), basic	$ 28.9	$ 74.5	$ 43.4	$ 111.6
Add convertible notes interest	0.2	0.5	0.6	1.2
Net income (loss), diluted	$ 29.1	$ 75	$ 44	$ 112.8
Denominator:
Weighted average shares outstanding, basic (in shares)	43.8	46.6	43.8	46.5
Dilutive effect of stock-based awards (in shares)	1.8	2.2	1.9	2.2
Dilutive effect of convertible notes (in shares)	1.7	4	2.1	4.6
Weighted average shares outstanding, diluted (in shares)	47.3	52.8	47.8	53.3
Basic earnings (loss) per share	$ 0.66	$ 1.60	$ 0.99	$ 2.40
Diluted earnings (loss) per share	$ 0.62	$ 1.42	$ 0.92	$ 2.12

Inventories - Schedule of Inven

Inventories - Schedule of Inventory (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Manufacturing supplies	$ 45.3	$ 36.9
Raw materials	24.5	23.9
Work in process	157.9	94.7
Finished products	39.1	37.4
Gross inventory	266.8	192.9
Allowance for inventory reserves	(0.8)	(0.5)
Total inventories, net	$ 266	$ 192.4

Financing Arrangements - Summar

Financing Arrangements - Summary of Current and Non-current Debt (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 13.1	$ 20.4
Less current portion of debt	13.1	20.4
Total non-current portion of debt	0	0
Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Total debt	$ 13.1	$ 20.4

Financing Arrangements - Narrat

Financing Arrangements - Narrative (Details) shares in Millions	1 Months Ended	3 Months Ended			6 Months Ended
	Jul. 31, 2023 USD ($) shares	Jun. 30, 2023 USD ($) Days shares	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($) shares	Jun. 30, 2023 USD ($) Days shares	Jun. 30, 2022 USD ($) shares	Dec. 31, 2022 USD ($)	Nov. 02, 2022 USD ($)	Dec. 20, 2021 shares
Debt Instrument [Line Items]
Settled with cash payment					$ 18,700,000	$ 67,600,000
Interest paid					1,100,000	1,900,000
Loss on extinguishment of debt		$ 0		$ (26,000,000)	(11,400,000)	$ (43,000,000)
Common Stock, Shares outstanding | shares									50
Money market investment carrying value		78,200,000			78,200,000
Cash Held In Other Investments		$ 117,200,000			$ 117,200,000
Stock Repurchase Program, Amount								$ 75,000,000
Common Shares
Debt Instrument [Line Items]
Stock Repurchased, Shares | shares	0.1	0.7		0.4	1.2	0.6
Stock Repurchased, Amount	$ 3,000,000	$ 11,400,000		$ 9,300,000	$ 20,800,000	$ 12,700,000
Stock Repurchase Program, Remaining Amount	49,200,000	52,200,000			52,200,000
Average Repurchase price	22.22	17.66		$ 21.20	17.90	$ 20.94
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 49,200,000	52,200,000			52,200,000
Convertible Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount		7,500,000			7,500,000
Third Amended Credit Facility | Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, tentative future commitment increase		308,000,000			308,000,000
Convertible Senior Notes due 2021
Debt Instrument [Line Items]
Debt Instrument, Face Amount		46,000,000			46,000,000
Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Outstanding borrowings		0			0		$ 0
Principal amount		13,300,000			13,300,000		20,800,000
Transaction costs, debt gross		$ 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			$ 18,700,000
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		$ 38,300,000			$ 38,300,000		$ 53,400,000
Loss on extinguishment of debt			11,400,000
Unamortized debt issuance costs			$ 200,000

Financing Arrangements - Schedu

Financing Arrangements - Schedule of Convertible Debt (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 13.1	$ 20.4
Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Principal	13.3	20.8
Less: Debt issuance costs, net of amortization	(0.2)	(0.4)
Total debt	$ 13.1	$ 20.4

Financing Arrangements - Sche_2

Financing Arrangements - Schedule of Interest Expense (Details) - Convertible Notes - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Contractual interest expense	$ 0.2	$ 0.5	$ 0.5	$ 1.1
Amortization of debt issuance costs			0.1	0.1
Total	$ 0.2	$ 0.5	$ 0.6	$ 1.2

Financing Arrangements - Sche_3

Financing Arrangements - Schedule Components of Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interest Expense [Abstract]
Interest Expense	$ 0.6	$ 0.9	$ 1.3	$ 2.1
Interest income	(2.3)	(0.3)	(4.5)	(0.3)
Interest (income) expense, net	$ (1.7)	$ 0.6	$ (3.2)	$ 1.8

Retirement and Postretirement_3

Retirement and Postretirement Plans - Narrative (Details) - USD ($) $ in Millions		1 Months Ended	6 Months Ended	12 Months Ended
	Jan. 01, 2023	Oct. 29, 2021	Jun. 30, 2023	Dec. 31, 2021
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	$ 40
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			2024

Retirement and Postretirement_4

Retirement and Postretirement Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 2.6	$ 4.2	$ 5.2	$ 8.4
Interest cost	8.8	9.7	17.7	19.1
Expected return on plan assets	(9.2)	(16.6)	(18.4)	(33.4)
Amortization of prior service cost	0.3	0.3	0.6	0.6
Net remeasurement losses (gains)	(0.5)	(35.5)	2.7	(42)
Net Periodic Benefit Cost (Income)	3	(37.9)	7.8	(47.3)
Pension | United States of America | Bargaining Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	2.4	4.1	4.8	8.2
Interest cost	6.5	7.5	13	15
Expected return on plan assets	(6.7)	(14.4)	(13.4)	(28.8)
Amortization of prior service cost	0.3	0.3	0.6	0.6
Net remeasurement losses (gains)	0	44.8	0	(44.8)
Net Periodic Benefit Cost (Income)	2.5	(47.3)	5	(49.8)
Pension | United States of America | Salaried Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0.2	0.1	0.4	0.2
Interest cost	1.6	1.6	3.3	3
Expected return on plan assets	(1.9)	(1.3)	(3.8)	(2.8)
Net remeasurement losses (gains)	0.5	9.3	2.7	5.3
Net Periodic Benefit Cost (Income)	0.4	9.7	2.6	5.7
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	0.4	0.3
Net remeasurement losses (gains)			0	(2.5)
Net Periodic Benefit Cost (Income)	0.2	0.2	0.4	(2.2)
Pension | United Kingdom | Pension Scheme
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Interest cost	0.5	0.4	1	0.8
Expected return on plan assets	(0.6)	(0.9)	(1.2)	(1.8)
Net Periodic Benefit Cost (Income)	(0.1)	(0.5)	(0.2)	(1)
Postretirement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0.2	0.3	0.4	0.6
Interest cost	1.2	0.9	2.4	1.7
Expected return on plan assets	(0.9)	(0.9)	(1.8)	(1.8)
Amortization of prior service cost	(1.5)	(1.5)	(3)	(3)
Net Periodic Benefit Cost (Income)	$ (1)	$ (1.2)	$ (2)	$ (2.5)

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 2.9	$ 2.2	$ 5.5	$ 4.3
Future stock-based compensation expense			$ 18.1
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted			378,319	339,453
Fair value of shares granted			$ 18.45
Performance Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted			211,639	178,467
Fair value of shares granted			$ 23.13

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 691.4	$ 686.5	$ 703.2	$ 664.6	$ 686.5	$ 664.6
Other comprehensive income (loss) before reclassifications, before income tax					0.2	(3.1)
Amounts reclassified from accumulated other comprehensive income (loss), before income tax					(2.4)	(2.3)
Amounts deferred to accumulated other comprehensive income (loss),before income tax					1.2
Tax effect	(0.1)		0.3		(0.2)	0.4
Other comprehensive income (loss), net of tax	(0.6)	(0.6)	(3.1)	(1.9)	(1.2)	(5)
Ending balance	711.8	691.4	768.9	703.2	711.8	768.9
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(6.8)		(5.1)	(6.8)	(5.1)
Other comprehensive income (loss) before reclassifications, before income tax					0.2	(3.1)
Amounts reclassified from accumulated other comprehensive income (loss), before income tax					0	0
Amounts deferred to accumulated other comprehensive income (loss),before income tax					0
Tax effect					0	0
Other comprehensive income (loss), net of tax					0.2	(3.1)
Ending balance	(6.6)		(8.2)		(6.6)	(8.2)
Pension and Postretirement Liability Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		21.5		25.8	21.5	25.8
Other comprehensive income (loss) before reclassifications, before income tax					0	0
Amounts reclassified from accumulated other comprehensive income (loss), before income tax					(2.4)	(2.3)
Amounts deferred to accumulated other comprehensive income (loss),before income tax					1.2
Tax effect					(0.2)	0.4
Other comprehensive income (loss), net of tax					(1.4)	(1.9)
Ending balance	20.1		23.9		20.1	23.9
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	14.1	14.7	18.8	20.7	14.7	20.7
Other comprehensive income (loss), net of tax	(0.6)	(0.6)	(3.1)	(1.9)
Ending balance	$ 13.5	$ 14.1	$ 15.7	$ 18.8	$ 13.5	$ 15.7

Contingencies - Narrative (Deta

Contingencies - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Loss Contingency Accrual, Disclosures [Abstract]
Contingency reserves	$ 1.1	$ 1.1