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Timkensteel CorpAs of or for the Three
Months Ended
March 31,As of or for the Fiscal Year Ended
December 31,Pro
Forma 20142014Pro
Forma 2013201320122011(in millions)(unaudited)Statement of Income Data:Net SalesNet incomeBalance Sheet Data:Total assets (as of period end)Long-term debt (as of period end)CAPITALIZATIONAs of March 31, 2014(dollars in millions)ActualAs AdjustedCash and cash equivalents:$Debt, including current and long-term:Long-term debtTotal debtEquity:Common shares, no par valueAdditional paid-in capitalNet parent investment in TimkenSteelAccumulated other comprehensive lossTotal equityTotal capitalizationSELECTED HISTORICAL CONSOLIDATED FINANCIAL DATAThree Months Ended
March 31,Years Ended December 31,(in millions)20102009Net salesNet income (loss)Unaudited Pro Forma Consolidated Statement of Income(Dollars and shares in millions, except per share data)HistoricalPro Forma
AdjustmentsPro FormaCost of products soldGross ProfitSelling, general and administrative expenses(A)Impairment and restructuring chargesOperating IncomeInterest expense(B)Other expense, netIncome From Operations Before Income TaxesProvision for income taxes(C)Net IncomeUnaudited Pro Forma Earnings Per ShareBasic(D)Diluted(E)Average Number of Shares Used in Calculating Unaudited Pro Forma Earnings Per Share(Dollars in millions, except per share data)Pro Forma
AdjustmentsOther income, netUnaudited Pro Forma Consolidated Balance Sheet(Dollars in millions)ASSETSCurrent AssetsCash and cash equivalents(F)Accounts receivable, netAccounts receivable due from related party(G)Inventories, netDeferred income taxesDeferred charges and prepaid expensesOther current assetsTotal Current AssetsProperty, Plant and Equipment, NetOther AssetsIntangible assetsNon-current pension assets(H)Other non-current assetsTotal Other AssetsTotal AssetsLIABILITIES AND EQUITYCurrent LiabilitiesAccounts payable, tradeAccounts payable due to related partySalaries, wages and benefitsAccrued pension costAccrued postretirement benefits costOther current liabilitiesTotal Current LiabilitiesNon-Current Liabilities(I)Other non-current liabilitiesTotal Non-Current LiabilitiesShareholders EquityCommon stock(J)Capital in excess or par value(K)Net parent investmentTotal Shareholders EquityTotal Liabilities and Shareholders EquityFINANCIAL CONDITION AND RESULTS OF OPERATIONSYears Ended December 31,Passenger Car26%20%18%Light Truck22%17%16%Oil & GasMachinery112%Industrial5%9%Mining3%4%Construction2%RailOther28%7%Total100%Three Months Ended March 31, 2014 compared to Three Months Ended March 31, 2013Three Months Ended March 31,$ Change% ChangeNet sales, excluding surcharges10%Gross profit34%Gross margin18.9%15.8%NM310 bps60%Scrap index per ton13%Shipments (in tons)Average selling price per ton, including surchargesProvision for Income Taxes54%Effective tax rate33.8%34.8%Business SegmentsIndustrial & MobileNet sales, including intersegment sales6%EBITEBIT margin11.6%9.9%170 bpsEnergy & Distribution23%21%95%19.8%12.5%730 bpsCorporateCorporate expenses40%Corporate expenses % to net sales1.9%1.5%40 bpsYear Ended December 31, 2013 Compared to Year Ended December 31, 2012($347.8)(20)%(18)%(34)%16.2%19.6%(340) bps(11)%(42)%(6)%(14)%($113)(7)%($41.0)(52)%29.9%(15)%(12)%(26)%9.7%11.1%(140) bps(10)%($78)(5)%($198.7)(28)%(54)%13.0%20.4%(740) bps($161)(9)%($1.1)1.7%1.4%30 bpsYear Ended December 31, 2012 Compared to Year Ended December 31, 2011($227.8)(4)%18.1%150 bps6 %(17)%($6.0)33.7%(1)%10.0%110 bps7 %($99.5)20.0%1.2%20 bpsNet Sales Excluding SurchargesTimkenSteelThree Months Ended March 31,Less: surcharge revenueLiquidity and Capital ResourcesMarch 31,December 31,Accounts receivable, net, including due from related partiesInventoriesProperty, Plant and EquipmentProperty, plant and equipment, netLong-term AssetsOther assetsTotal Long-term AssetsLiabilities and EquityCurrent liabilitiesLong term debtParent EquityTotal liabilities and parent equityCash FlowsNet cash provided by operating activitiesNet cash (used) by investing activitiesNet cash provided (used) by financing activitiesIncrease (decrease) in cash and cash equivalentsPayments due by Period:Contractual ObligationsLess than
1 Year1-3 Years3-5 YearsMore than
5 YearsInterest paymentsOperating leasesPurchase commitmentsCash CompensationCommitteeChairperson FeeMember FeeAuditCompensationNominating and Corporate GovernanceSenior Executive Management Performance Plan - 2013ThresholdTargetMaximumEBIT/BIC7.8%18.4%24.3%13.5%Working Capital/Sales29.0%25.0%21.0%26.8%Plan Funding80%170%260%128.6%Strategic Performance SharesROIC15.0%16.0%Cumulative EPS50%150%Performance Units6.5%18.5%14.9%EPS119%EXECUTIVE COMPENSATIONName and Principal PositionYearSalaryStock
Awards
(1)Option
Awards
(2)Non-Equity
Incentive Plan
Compensation (3)Change in
Pension Value and
Nonqualified
Deferred
Compensation Earnings (4)All Other
Compensation (5)Ward J. Timken, Jr.Chairman, Chief Executive Officer and PresidentChristopher J. HoldingExecutive Vice President and Chief Financial OfficerDonald L. WalkerExecutive Vice President of Human Resources and Organizational AdvancementFrank A. DiPiero (6)Executive Vice President, General Counsel and SecretaryNameAnnual
Timken Contribution
to SIP Plan
and Core DC
Program (a)Annual
Timken
Contribution
to Post-Tax
Savings Plan
(b)Annual Life
Insurance Premium
(Timken Paid)Executive
Physicals
(Timken
Required)Financial
Planning
ReimbursementHome
Security
(Timken
Required)Personal Use
of Timkens
Country
Club
MembershipsSpousal
Travel
(c)Tax Gross-
Ups for
Life
Insurance,
Financial
Planning,
Home
Security
and
Spousal
Travel
(d)Other
(e)Christopher J. HoldingFrank A. DiPiero (f)2013 Grants of Plan-Based Awards TableGrant DateEstimated Future Payouts Under Non-Equity Incentive Plan AwardsEstimated Future Payouts
Under Equity
Incentive Plan AwardsAll Other
Stock Awards:
Number of Shares of
Stock or Units(4)All Other
Option Awards:
Number of Securities
Underlying OptionsExercise or
Base Price of
Option Awards
($/share)Grant Date
Fair Value
of Stock
and Option
Awards
(5)02/07/2013 Perf RSUs (1)02/07/2013 SEM PP (2)-02/07/2013 NQSOs (3)02/07/2013 M PP (2)02/07/2013 NQSOs (3)02/07/2013 NQSOs (3)02/07/2013 Def Shrs (4)Frank A . DiPiero(6)Outstanding Equity Awards at 2013 Year-End TableOption Awards (1)Stock Awards (2)Grant DateNumber of
Securities
Underlying
Unexercised
OptionsNumber of
Securities
Underlying
Unexercised
OptionsOption
Exercise
Price
($/share)Option
Expiration
DateNumber of
Shares or
Units of
Stock That
Have Not
VestedMarket Value
of Shares
or
Units of Stock
That Have Not VestedEquity Incentive
Plan Awards:
Number of
Unearned
Shares, Units or
Other Rights
That Have Not
VestedEquity Incentive
Plan Awards:
Market or Payout
Value of Unearned
Shares, Units or
Other Rights That
Have Not
VestedExercisableUnexercisableWard J. Timken, Jr.02/06/200602/06/201602/08/201002/05/200702/05/201702/08/201102/04/200802/04/201802/09/201202/08/202002/07/201302/08/202102/09/202202/07/2023Frank A.
DiPiero(3)2013 Option Exercises and Stock Vested TableOption AwardsStock AwardsNumber of Shares
Acquired on ExerciseValue Realized on
Exercise (1)Number of Shares
Acquired on VestingValue Realized on Vesting
(2)Christopher J. HoldingFrank A. DiPiero (3)Supplemental Pension PlanPlan NameNumber of Years of
Timken Credited ServicePresent Value of
Accumulated Benefit (1)Supplemental PlanWard J. Timken, Jr. (2)Qualified PlanChristopher J. Holding (2)2013 Nonqualified Deferred Compensation TableExecutive
Contributions
in 2013 (1)Timken
Contributions
in 2013 (1)Aggregate
Earnings in 2013 (2)Aggregate
Withdrawals /
Distributions in
2013Aggregate
Balance at
December 31,
2013
(3)Frank A. DiPiero (4)Termination ScenariosMr. TimkenVoluntary
ResignationTermination
With CauseRetirement (6)Death &
DisabilityTermination
Without CauseChange in
ControlCash Severance (1)Cash LTIP Award (2)Retirement Benefits (3)Other Benefits (4)Excise Tax Gross-Up (5)Mr. HoldingTermination
Without CauseChange in
ControlEquity (2)Mr. WalkerChange in
ControlMr. DiPiero (7)TimkenSteel Common Shares to be Beneficially
Owned(1)Name of Beneficial OwnerAmount and Nature of
Beneficial Ownership(2)Percent of
ClassTimken family (3)10.5%Relational Investors, LLC (4)9.1%BlackRock, Inc. (5)7.0%Participants in The Timken Company Savings and Investment Pension Plan (6)5.7%Joseph A. Carrabba*Phillip R. CoxDiane C. CreelDonald T. MisheffJohn P. ReillyWard J. Timken, Jr. (7)6.8%Randall A. WotringFrank A. DiPieroAll executive officers and directors as a group (10 persons)INDEX TO CONSOLIDATED FINANCIAL STATEMENTSAudited Consolidated Financial Statements of TimkenSteel Corporation and SubsidiariesReport of Independent Registered Public Accounting FirmF-2Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2013, 2012 and
2011F-3Consolidated Balance Sheets as of December 31, 2013 and 2012F-4Consolidated Statements of Cash Flows for the Years Ended December 31, 2013, 2012 and 2011F-5Consolidated Statements of Parent Equity for the Years Ended December 31, 2013, 2012 and 2011F-6Notes to Audited Consolidated Financial StatementsF-7Schedule II, Valuation and Qualifying AccountsF-23Unaudited Consolidated Financial Statements of TimkenSteel Corporation and SubsidiariesConsolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2014 and 2013F-24Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013F-25Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2014 and 2013F-26Notes to Unaudited Consolidated Financial StatementsF-27Consolidated Statements of Comprehensive IncomeYears Ended December 31,Other comprehensive income (loss), net of taxForeign currency translation adjustmentsComprehensive Income, Net of TaxConsolidated Balance SheetsDecember 31,Accounts receivable, net of allowances2013 - $0.2 million; 2012 - $1.1 millionCommitments and contingenciesTotal Parent EquityTotal Liabilities and EquityConsolidated Statements of Cash FlowsCASH PROVIDED (USED)Operating ActivitiesAdjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortizationImpairment chargesLoss on sale of assetsDeferred income tax provisionStock-based compensation expenseChanges in operating assets and liabilities:Accounts receivableOther accrued expensesOther, netNet Cash Provided by Operating ActivitiesInvesting ActivitiesCapital expendituresAcquisitionsProceeds from disposals of property, plant and equipmentOtherNet Cash Used by Investing ActivitiesFinancing ActivitiesNet transfers from (to) Parent and affiliatesPayment on long-term debtNet Cash Provided (Used) by Financing ActivitiesEffect of exchange rate changes on cashIncrease (Decrease) In Cash and Cash EquivalentsCash and cash equivalents at beginning of yearCash and Cash Equivalents at End of YearConsolidated Statements of Parent EquityNet Parent
InvestmentAccumulated
Other
Comprehensive
LossBalance at January 1, 2011Net transfer to Parent and affiliatesBalance at December 31, 2011Balance at December 31, 2012Net transfer from Parent and affiliatesBalance at December 31, 2013Note 4 - InventoriesInventories, Net:Manufacturing suppliesRaw materialsWork in processFinished productsSubtotalAllowance for surplus and obsolete inventoryTotal Inventories, NetNote 5 - Property, Plant and EquipmentProperty, Plant and Equipment, Net:Land and buildingsMachinery and equipmentConstruction-in-progressLess allowances for depreciationNote 6 - Goodwill and Other Intangible AssetsDecember 31, 2013December 31, 2012Gross
Carrying
AmountAccumulated
AmortizationNet
Carrying
AmountIntangible Assets Subject to Amortization:Customer relationshipsTechnology useNon-compete agreementsIntangible Assets not Subject to
Amortization:Trade nameTotal Intangible AssetsNote 7 - Financing ArrangementsVariable-rate State of Ohio Water Development Revenue Refunding Bonds, maturing on November 1, 2025 (0.06% as of December 31,
2013)Variable-rate State of Ohio Air Quality Development Revenue Refunding Bonds, maturing on November 1, 2025 (0.15% as of
December 31, 2013)Variable-rate State of Ohio Pollution Control Revenue Refunding Bonds, maturing on June 1,
2033 (0.15% as of December 31, 2013)Total long-term debtProduct Warranties:Beginning balance, January 1ExpensePaymentsEnding balance, December 31Note 9 - Stock Compensation PlansWeighted-average fair value per optionRisk-free interest rate1.09%1.15%2.76%Dividend yield2.29%1.94%2.00%Expected stock volatility50.66%50.00%48.10%Expected life - yearsNumber of
SharesWeighted-
average
Exercise PriceWeighted-
average
Remaining
Contractual
TermAggregate
Intrinsic Value
(Millions)Outstanding - beginning of yearGrantedTransfer from other Timken businessesExercisedCancellation, forfeiture, expires etcOutstanding - end of yearOptions expected to vestOptions exercisableNumber of SharesWeighted-average
Grant Date FairVestedCancellation or expiredNet Sales to External Customers:Industrial & MobileEnergy & DistributionSegment EBIT:Total Segment EBITUnallocated corporate expensesAssets Employed at Year-end:Capital Expenditures:Depreciation and Amortization:Net Sales:United StatesForeignLong-lived Assets:Note 12 - Income TaxesNon-United StatesIncome from operations before income taxesCurrent:FederalState and localDeferred:United States and foreign tax expense on incomeIncome tax at the U.S. federal statutory rateAdjustments:State and local income taxes, net of federal tax benefitUtilization of foreign net operating lossesForeign losses without current tax benefitsForeign earnings taxed at different rates including tax holidaysU.S. domestic manufacturing deductionU.S. research tax creditAccruals and settlements related to tax auditsOther items, netEffective income tax rateDeferred tax assets:Other employee benefit accrualsTax loss carryforwardsValuation allowancesDeferred tax assets subtotalDeferred tax liabilities:DepreciationInventoryDeferred tax liabilities subtotalNet deferred tax liabilitiesBeginning balance, January 1Tax positions related to prior years:AdditionsReductionsSettlementsEnding balance, December 31Corporate Costs/AllocationsFinance centerLaw centerCorporate administrationCorporate information systemsOrganization advancementCorporate communicationsStrategic managementTotal AllocationsSchedule II-Valuation and Qualifying AccountsAllowance for uncollectible accounts:Balance at Beginning of PeriodAdditions:Charged to Costs and Expenses (1)Deductions (2)Balance at End of PeriodAllowance for surplus and obsolete inventory:Charged to Costs and Expenses (3)Deductions (4)Valuation allowance on deferred tax assets:Charged to Costs and Expenses (5)Charged to Other Accounts (6)Deductions (7)Consolidated Statements of Comprehensive Income (Unaudited)Other income (expense), netOther comprehensive (loss) income, net of taxConsolidated Balance Sheets (Unaudited)March 31,
2014December 31,
20132014 - $0.3 million; 2013 - $0.2 millionNote 3 - InventoriesInventories, net:Total Inventories, netNote 4 - Property, Plant and EquipmentNote 5 - Intangible AssetsMarch 31, 2014Gross Carrying
AmountNet Carrying
AmountIntangible Assets not Subject to Amortization:Note 6 - Financing ArrangementsVariable-rate State of Ohio Water Development Revenue Refunding Bonds, maturing on November 1, 2025 (0.04% as of March 31, 2014)Variable-rate State of Ohio Air Quality Development Revenue Refunding Bonds, maturing on November 1, 2025 (0.13% as of March 31, 2014)Variable-rate State of Ohio Pollution Control Revenue Refunding Bonds, maturing on June 1, 2033 (0.13% as of March 31, 2014)Note 10 - Income TaxesEffective Tax RateFinance CenterLaw CenterCorporate Administration and Shared ServicesCorporate Information SystemsOrganization AdvancementOTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.ItemAmountSecurities and Exchange Commission registration feeLegal fees and expensesAccounting fees and expensesPrinting expensesMiscellaneous expensesConsolidated Statements of Comprehensive Income for the Years Ended December 31, 2013, 2012 and 2011Consolidated Balance Sheets as of December 31, 2013 and 2012Consolidated Statements of Cash Flows for the Years Ended December 31, 2013, 2012 and 2011Consolidated Statements of Parent Equity for the Years Ended December 31, 2013, 2012 and 2011EXHIBIT INDEXExhibit NumberDescription of ExhibitsForm of Separation and Distribution Agreement by and between The Timken Company and TimkenSteel Corporation (incorporated by reference to Exhibit 2.1 of Amendment No. 2 to the Companys Registration Statement on Form 10
filed on April 25, 2014, File No. 001-36313).Amended and Restated Articles of Incorporation of TimkenSteel Corporation (incorporated by reference to Exhibit 3.1 to the Companys Current Report on Form 8-K filed on June 13, 2014, File No. 001-36313).Regulations of TimkenSteel Corporation (incorporated by reference to Exhibit 3.1 of Amendment No. 3 to the Companys Registration Statement on Form 10 filed on May 15, 2014, File No. 001-36313).Specimen Certificate for TimkenSteel Corporations common shares, without par value (incorporated by reference to Exhibit 4.1 of Amendment No. 3 to the Companys Registration Statement on Form 10 filed on May 15,
2014, File No. 001-36313).Opinion of Jones Day.*Form of Tax Sharing Agreement between The Timken Company and TimkenSteel Corporation (incorporated by reference to Exhibit 10.1 of Amendment No. 2 to the Companys Registration Statement on Form 10 filed on April 25,
2014, File No. 001-36313).Form of Employee Matters Agreement between The Timken Company and TimkenSteel Corporation (incorporated by reference to Exhibit 10.2 of Amendment No. 2 to the Companys Registration Statement on Form 10 filed on
April 25, 2014, File No. 001-36313).Form of Transition Services Agreement between The Timken Company and TimkenSteel Corporation (incorporated by reference to Exhibit 10.3 of Amendment No. 2 to the Companys Registration Statement on Form 10 filed on
April 25, 2014, File No. File No. 001-36313).Form of Trademark License Agreement between The Timken Company and TimkenSteel Corporation (incorporated by reference to Exhibit 10.4 of Amendment No. 4 to the Companys Registration Statement on Form 10 filed on May 30,
2014, File No. File No. 001-36313).Form of Noncompetition Agreement between The Timken Company and TimkenSteel Corporation (incorporated by reference to Exhibit 10.5 of Amendment No. 4 to the Companys Registration Statement on Form 10 filed on May 30, 2014,
File No. File No. 001-36313).TimkenSteel Corporation 2014 Equity and Incentive Compensation Plan (incorporated by reference to Exhibit 10.6 of Amendment No. 3 to the Companys Registration Statement on Form 10 filed on May 15, 2014, File No.
001-36313).Supplemental Pension Plan of TimkenSteel Corporation (Effective June 30, 2014) (incorporated by reference to Exhibit 10.1 to the Companys Current Report on Form 8-K filed on June 13, 2014, File No. 001-36313).Form Amended and Restated Employee Excess Benefits Agreement with TimkenSteel Corporation (incorporated by reference to Exhibit 10.2 to the Companys Current Report on Form 8-K filed on June 13, 2014, File No.
001-36313).Form Severance Agreement with TimkenSteel Corporation (incorporated by reference to Exhibit 10.3 to the Companys Current Report on Form 8-K filed on June 13, 2014, File No. 001-36313).TimkenSteel Corporation 2014 Deferred Compensation Plan (Effective June 30, 2014) (incorporated by reference to Exhibit 10.4 to the Companys Current Report on Form 8-K filed on June 13, 2014, File No. 001-36313).TimkenSteel Corporation Director Deferred Compensation Plan (Effective June 30, 2014).*List of Subsidiaries (incorporated by reference to Exhibit 21.1 of Amendment No. 1 to the Companys Registration Statement on Form 10 filed on March 28, 2014, File No. 001-36313).Consent of Independent Registered Public Accounting Firm.*Consent of Joseph A. Carrabba*Consent of Phillip R. Cox*Consent of Diane C. Creel*Consent of Donald T. Misheff*Consent of John P. Reilly*Consent of Randall A. Wotring*Consent of Director Nominee/s/ Joseph A. Carrabba/s/ Phillip R. Cox/s/ Diane C. Creel/s/ Donald T. Misheff/s/ John P. Reilly/s/ Randall A. WotringPK ! A-S docProps/app.xml
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