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Consolidated Statements of Operations (Unaudited)Three Months Ended September 30,Nine Months Ended September 30,20202019(Dollars in millions, except per share data)Net salesCost of products soldGross ProfitSelling, general and administrative expensesRestructuring charges—Impairment charges and loss (gain) on sale or asset disposalsInterest expenseOther expense (income), netIncome (Loss) Before Income TaxesProvision (benefit) for income taxesNet Income (Loss)Per Share Data:Basic earnings (loss) per shareDiluted earnings (loss) per shareConsolidated Statement of Comprehensive Income (Loss) (Unaudited)(Dollars in millions)Net income (loss)Other comprehensive income (loss), net of tax:Foreign currency translation adjustmentsPension and postretirement liability adjustmentsOther comprehensive income (loss), net of taxComprehensive Income (Loss), net of taxConsolidated Balance Sheets (Unaudited)September 30,
2020December 31,
2019ASSETSCurrent AssetsCash and cash equivalentsAccounts receivable, net of allowances (2020 - $1.6 million; 2019 - $1.5 million)Inventories, 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 AssetsLIABILITIES AND SHAREHOLDERS’ EQUITYCurrent LiabilitiesAccounts payableSalaries, wages and benefitsAccrued pension and postretirement costsCurrent operating lease liabilitiesConvertible notes, netOther current liabilitiesTotal Current LiabilitiesCredit AgreementNon-current operating lease liabilitiesDeferred income taxesOther non-current liabilitiesTotal LiabilitiesShareholders’ EquityPreferred shares, without par value; authorized 10.0 million shares, none issuedCommon shares, without par value; authorized 200.0 million shares;
issued 2020 and 2019 - 45.7 million sharesAdditional paid-in capitalRetained deficitTreasury shares - 2020 - 0.7 million; 2019 - 0.9 millionAccumulated other comprehensive income (loss)Total Shareholders’ EquityTotal Liabilities and Shareholders’ EquityConsolidated Statements of Shareholders Equity (Unaudited)Common
Shares
OutstandingAdditional
Paid-in
CapitalRetained
DeficitTreasury
SharesAccumulated
Other
Comprehensive
Income (Loss)TotalBalance at December 31, 2019Other comprehensive income (loss)Stock-based compensation expenseIssuance of treasury sharesShares surrendered for taxesBalance at March 31, 2020Balance at June 30, 2020Balance at September 30, 2020Balance at December 31, 2018Stock option activityBalance at March 31, 2019Balance at June 30, 2019Balance at September 30, 2019Consolidated Statements of Cash Flows (Unaudited)CASH PROVIDED (USED)Operating ActivitiesAdjustments 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 loss (gain) on sale or disposal of assetsPension and postretirement expense, 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 compensationRepayments on credit agreementsBorrowings on credit agreementsNet 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 PeriodChange in Accounting PrincipleConsolidated Statement of OperationsThree Months Ended
September 30, 2019Nine Months Ended
September 30, 2019As
ReportedAdjustmentsAs
AdjustedGross profitIncome (loss) before income taxesConsolidated Statement of Comprehensive Income (Loss)Comprehensive income (loss), net of taxConsolidated Statement of Cash FlowsPension and postretirement expense (benefit), netRevenue RecognitionMobileIndustrialEnergyOther(1)Total Net SalesOther sales by end-market sector includes the Companys scrap and oil country tubular goods (OCTG) billet sales.BarTubeValue-addOther(2)Note 6 Other Expense (Income), netPension and postretirement non-service benefit loss (income)Loss (gain) from remeasurement of benefit plansForeign currency exchange loss (gain)Miscellaneous expense (income)Total other expense (income), netNote 7 - Income Tax ProvisionProvision (benefit) for incomes taxesEffective tax rate(2.2)%24.4%(1.2)%24.6%Note 8 - Earnings (Loss) Per ShareNumerator:Denominator:Weighted average shares outstanding, basicDilutive effect of stock-based awardsWeighted average shares outstanding, dilutedNote 9 - InventoriesManufacturing suppliesRaw materialsWork in processFinished productsGross inventoryAllowance for inventory reservesTotal Inventories, netConvertible NotesPrincipalLess: Debt issuance costs, net of amortizationLess: Debt discount, net of amortizationContractual interest expenseAmortization of debt issuance costsAmortization of debt discountNote 11 - Retirement and Postretirement PlansThree Months Ended
September 30, 2020Three Months Ended
September 30, 2019PensionPostretirementService costInterest costExpected return on plan assetsAmortization of prior service costNet remeasurement (gains) lossesNet Periodic Benefit Cost (Income)Nine Months Ended
September 30, 2020Nine Months Ended
September 30, 2019Note 13 - Accumulated Other Comprehensive Income (Loss)Foreign Currency
Translation
AdjustmentsPension and
Postretirement
Liability AdjustmentsBalance as of December 31, 2019Other comprehensive income before reclassifications, before income taxAmounts reclassified from accumulated other comprehensive income
(loss), before income taxTax effectNet current period other comprehensive income, net of income taxesBalance as of September 30, 2020Amounts reclassified from accumulated other comprehensive income
(loss), before income taxAmounts deferred to accumulated other comprehensive income (loss),
before income taxBalance as of September 30, 2019Other Expense (Income), netThree Months Ended September 30,$ Change(Gain) loss from remeasurement benefit planForeign currency exchange (gain) lossNine Months Ended September 30,Loss from remeasurement of benefit plansMiscellaneous income (expense)Provision for Income TaxesNMNON-GAAP FINANCIAL MEASURES(dollars in millions, tons in thousands)Three Months Ended September 30, 2020OtherTonsNet SalesLess: SurchargesBase SalesNet Sales / Ton$—Surcharges / TonBase Sales / TonThree Months Ended September 30, 2019Nine Months Ended September 30, 2020Nine Months Ended September 30, 2019Additional Liquidity ConsiderationsSeptember 30,
2020December 31,
2019Credit Agreement:Maximum availabilitySuppressed availability (1)AvailabilityAmount borrowedLetter of credit obligationsAvailability not borrowedTotal liquidityCash FlowsNet cash provided (used) by operating activitiesNet cash provided (used) by investing activitiesNet cash provided (used) by financing activitiesTimkensteel CorpPerformance LevelRelative Total Shareholder ReturnPRSUs EarnedBelow ThresholdRanked below 25th percentile0%ThresholdRanked at 25th percentile50%TargetRanked at 50th percentile100%MaximumRanked at or above 80th percentile150%Annex ACompany NameTicker SymbolAK SteelAllegheny Technologies IncorporatedAmpco-Pittsburgh CorporationCarpenter Technology CorporationCommercial Metals CompanyFriedman Industries, IncorporatedHaynes International, Inc.Nucor CorporationOlympic Steel, Inc.Reliance Steel & Aluminum CompanyRyerson Holding CorporationSchnitzer Steel IndustriesSteel Dynamics, Inc.Synalloy CorporationUnited States Steel CorporationUniversal Stainless & Alloy Products, Inc.Worthington Industries, Inc.Date:October 29, 2020/s/ Terry L. DunlapTerry L. DunlapInterim Chief Executive Officer and President
(Principal Executive Officer)October 29, 2020/s/ Kristopher R. WestbrooksKristopher R. WestbrooksExecutive Vice President and Chief Financial Officer
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