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WASHINGTON, D.C. 20549FORM 8-KCURRENT REPORTDate of Report (Date of Earliest Event Reported):February 20, 2020TIMKENSTEEL CORPORATION(Exact name of registrant as specified in its charter)Ohio1-3631346-4024951(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification No.)1835 Dueber Avenue, SW, Canton, OH 44706(Address of Principal Executive Offices) (Zip Code)(330) 471-7000(Registrant's Telephone Number, Including Area Code)Not Applicable(Former name or former address, if changed since last report)Title of each classTrading Symbol(s)Name of each exchange on which registeredCommon Shares, without par valueTMSTNew York Stock ExchangeItem 2.02Results of Operations and Financial Condition.Item 9.01Financial Statements and Exhibits.Exhibit No.Description99.1**Press Release of TimkenSteel Corporation dated February 20, 2020.SIGNATURESTIMKENSTEEL CORPORATIONDate:February 21, 2020By:/s/ Kristopher R. WestbrooksKristopher R. WestbrooksExecutive Vice President and Chief Financial OfficerEXHIBIT INDEXPress Release of TimkenSteel Corporation dated February 20, 2020Please see discussion of non-GAAP financial measures in this news release.TimkenSteel Corporation1835 Dueber Ave. S.W., GNE-14, Canton, OH 44706Investor Contact & Media: Jennifer BeemanP 330.471.7000ir@timkensteel.comTIMKENSTEEL EARNINGS CALL INFORMATIONConference callFriday, February 21, 20209 a.m. ETToll-free dial-in: 833-238-7951International dial-in: 647-689-4199Conference ID: 8199656Conference call replayReplay dial-in available through February 28, 2020800-585-8367 or 416-621-4642Replay passcode: 8199656FORWARD-LOOKING STATEMENTSCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONSThree Months Ended December 31,Year Ended December 31,(Dollars in millions, except per share data) (Unaudited)20192018 Adjusted2018
AdjustedNet salesCost of products soldGross ProfitSelling, general & administrative expenses (SG&A)Restructuring charges—Impairment charges and loss on sale or disposal of assetsOther income (expense), netEarnings (Loss) Before Interest and Taxes (EBIT) (1)Interest expenseIncome (Loss) Before Income TaxesProvision (benefit) for income taxesNet Income (Loss)Net Income (Loss) per Common Share:Basic earnings (loss) per shareDiluted earnings (loss) per share (2)Weighted average shares outstanding - basicWeighted average shares outstanding - diluted(1) EBIT is defined as net income (loss) before interest expense and income taxes. EBIT is an important financial measure used in the management of the business, including decisions concerning the allocation of resources and assessment of performance. Management believes that reporting EBIT is useful to investors as this measure is representative of the Company's performance.(2) Common share equivalents for shares issuable for equity-based awards and common share equivalents for shares issuable upon the conversion of outstanding convertible notes, were excluded from the computation of diluted earnings (loss) per share for the three months and years ended December 31, 2019 and 2018 because the effect of their inclusion would have been anti-dilutive.CONDENSED CONSOLIDATED BALANCE SHEETS(Dollars in millions) (Unaudited)December 31,ASSETSCash and cash equivalentsAccounts receivable, net of allowancesInventories, netDeferred charges and prepaid expensesAssets held for saleOther current assetsTotal Current AssetsProperty, plant and equipment, netOperating lease right-of-use assetsPension assetsIntangible assets, netOther non-current assetsTotal AssetsLIABILITIESAccounts payableSalaries, wages and benefitsAccrued pension and postretirement costsCurrent operating lease liabilitiesOther current liabilitiesTotal Current LiabilitiesConvertible notes, netCredit agreementNon-current operating lease liabilitiesDeferred income taxesOther non-current liabilitiesTotal LiabilitiesSHAREHOLDERS' EQUITYAdditional paid-in capitalRetained deficitTreasury sharesAccumulated other comprehensive income (loss)Total Shareholders' EquityTotal Liabilities and Shareholders' EquityCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS2018AdjustedCASH PROVIDED (USED)Operating ActivitiesNet income (loss)Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:Depreciation and amortizationAmortization of deferred financing fees and debt discountImpairment charges and (gain) loss on sale or disposal of assetsStock-based compensation expensePension and postretirement expense (benefit), netPension and postretirement contributions and paymentsChanges in operating assets and liabilities:Accounts receivable, netOther accrued expensesOther, netNet Cash Provided (Used) by Operating ActivitiesInvesting ActivitiesCapital expendituresProceeds from disposals of property, plant and equipmentNet Cash Provided (Used) by Investing ActivitiesFinancing ActivitiesProceeds from exercise of stock optionsShares surrendered for employee taxes on stock compensationRefunding Bonds repaymentsRepayments on credit agreementsBorrowings on credit agreementsDebt issuance costsNet Cash Provided (Used) by Financing ActivitiesIncrease (Decrease) in Cash and Cash EquivalentsCash and cash equivalents at beginning of periodCash and Cash Equivalents at End of PeriodADJUSTED EBITDA(1) WALKS2018 4Q vs. 2019 4Q2019 3Q vs. 2019 4QFull Year 2018 vs. 2019Beginning Adjusted EBITDA(1)SG&APrice/MixVolumeRaw Material SpreadManufacturingOtherEnding Adjusted EBITDA(1)(1) Please refer to the Reconciliation of Earnings (Loss) Before Interest and Taxes (EBIT), Adjusted EBIT, Earnings (Loss) Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA to GAAP Net Income (Loss).PK ! docProps/app.xml
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