- Aggressive actions taken to improve future profitability and cash generation while strengthening customer-centric focus
- Cash from operations was $46 million in the fourth quarter of 2019 and $70 million for full-year 2019 primarily driven by inventory reductions
- Company changed inventory valuation method from LIFO to FIFO
- In the first quarter of 2020, company divested its scrap processing facility in Akron, Ohio and closed TimkenSteel Material Services facility in Houston, Texas  TimkenSteel (NYSE: TMST), a leader in customized alloy steel products and services, today reported 2019 fourth-quarter net sales of $227 million and a net loss of $85 million. In the same quarter last year, net sales were $406 million with net loss of $29 million. Excluding certain items, the adjusted net loss (1) was $27 million in the fourth quarter of 2019 compared with adjusted net income (1) of $14 million in the fourth quarter of 2018. Adjusted EBITDA (1) for the fourth quarter...

 TimkenSteel Corporation (NYSE: TMST), today announced plans to close its TimkenSteel Material Services facility in Houston, Texas, in the first quarter of 2020. The 100,000-square-foot operation currently employs approximately 100 people who provide precision value-added and finishing services, primarily to customers that service the energy market. "We are focusing on our core strengths of making and heat treating steel and more fully utilizing our supply chain to provide the value-added services required by our customers. This change to how we serve the evolving energy market will improve the company's financial performance," said William Bryan, executive vice president of manufacturing and supply chain. As a result of the plant closure, the company expects to realize approximately $6 million to $8 million of annual savings. About TimkenSteel Corporation TimkenSteel (NYSE: TMST, timkensteel.com) creates tailored steel products and services for demanding applications, helping...

TimkenSteel (NYSE: TMST), a leader in customized alloy steel products and services, today reported 2019 third-quarter net sales of $274.2 million and a net loss of $4.6 million or minus $0.10 per diluted share. In the same quarter last year, net sales were $409.9 million with net income of $1.4 million or $0.03 per diluted share. EBITDA (1) for the third quarter of 2019 was $14.4 million, a decrease of $12.1 million from adjusted EBITDA (1) over the same quarter last year. During the quarter, the company effectively managed its working capital and generated positive free cash flow (1) of $33 million. This enabled the company to pay down $35 million in debt, which represents the lowest borrowing level since 2017. "As expected, we continue to be challenged by our end markets. We are laser-focused on improving customer engagement and outcomes while driving financial and structural improvements through what we can control, including cost reduction, cash generation and enhanced liquidity,"...

Tim Timken Steps Down as Chief Executive Officer; Terry L. Dunlap Appointed as Interim Chief Executive Officer and President TimkenSteel (NYSE: TMST), a leader in customized alloy steel products and services, today announced that Ward J. "Tim" Timken, Jr. has stepped down as Chief Executive Officer and President and as Chairman of the TimkenSteel Board of Directors. Effective immediately, the Board of Directors has appointed Terry L. Dunlap as the Company's interim Chief Executive Officer and President. John P. Reilly, the current Lead Director of the TimkenSteel Board of Directors, will immediately assume the role of Chairman of the Board. "In an effort to revitalize both the near-term performance and long-term potential of TimkenSteel, now is the time for new leadership at the Company. While stepping down as CEO is not an easy decision, it has been a true privilege for me to lead TimkenSteel on its journey as an independent public company," said Tim Timken. "As a member of the...