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Issuer Purchases of Common Shares:(Dollars in millions, except per share data)Total number of shares purchased (1)Average price paid per share (3)Total number of shares purchased as part of publicly announced plans or programs (1)Maximum dollar value of shares that may yet be purchased under the plans or programs (2)Beginning shares availableOctober, 2022November, 2022December, 2022Quarter ended December 31, 2022Securities Authorized for Issuance Under Equity Compensation Plans:(a)(b)(c)Plan categoryNumber of
securities to be
issued upon exercise of
outstanding options,
warrants and rights (1)Weighted-average
exercise price
of outstanding options,
warrants and rights (2)Number of securities
remaining available for
future issuance under
equity compensation plans reflected in column (a) (3)Equity compensation plans approved by security holders (4)Equity compensation plans not approved by security holders (5)—TotalPerformance Graph:DateTimkenSteel
CorporationS&P MidCap
400S&P 500
SteelS&P 1500
SteelDecember 31, 2017December 31, 2018December 31, 2019December 31, 2020December 31, 2021December 31, 2022Other (Income) Expense, netYear Ended December 31,20222021$ ChangePension and postretirement non-service benefit (income) lossLoss (gain) from remeasurement of benefit plansForeign currency exchange loss (gain)Insurance recoveriesSales and use tax refundMiscellaneous (income) expenseTotal other (income) expense, net2020Employee retention creditProvision for Income TaxesProvision (benefit) for income taxesEffective tax rate32.9%3.2%NM (1)(2.0)%Net Sales Adjusted to Exclude Surcharges(dollars in millions, tons in thousands)MobileIndustrialEnergyOtherTonsNet SalesLess: SurchargesBase SalesNet Sales / Ton$—Surcharges / TonBase Sales / TonAdditional Liquidity ConsiderationsDecember 31,Cash and cash equivalentsCredit Agreement:Maximum availabilitySuppressed availability (1)AvailabilityCredit facility amount 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 activitiesIncrease (Decrease) in Cash and Cash EquivalentsIndex to Consolidated Financial StatementsPageReports of Independent Registered Public Accounting FirmConsolidated Statements of Operations for the Years Ended December 31, 2021, 2020 and 2019Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 31, 2021, 2020 and 201 9Consolidated Balance Sheets as of December 31, 2021 and 2020Consolidated Statements of Shareholders’ EquityConsolidated Statements of Cash FlowsNotes to Consolidated Financial Statementsents of OperationsNet salesCost of products soldGross ProfitSelling, general and administrative expensesRestructuring chargesLoss on sale of consolidated subsidiaryLoss (gain) on sale or disposal of assets, netImpairment chargesInterest (income) expense, netLoss on extinguishment of debtOther (income) expense, netIncome (Loss) Before Income TaxesNet Income (Loss)Per Share Data:Basic earnings (loss) per shareDiluted earnings (loss) per shareConsolidated Statements of(Dollars in millions)Net income (loss)Other comprehensive income (loss), net of tax of $ 0.4 million in 2022, none in 2021, and $ 0.1 million in 2020:Foreign currency translation adjustmentsPension and postretirement liability adjustmentsOther comprehensive income (loss), net of taxComprehensive Income (Loss), net of taxalance SheetsASSETSCurrent AssetsAccounts receivable, net of allowances (2022 - $ 1.0 million; 2021 - $ 1.9 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 liabilitiesCurrent convertible 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 2022 - 47.1 million shares; issued 2021 - 46.3 million sharesAdditional paid-in capitalRetained deficitTreasury shares - 2022 - 3.0 million; 2021 - NoneAccumulated other comprehensive income (loss)Total Shareholders’ EquityTotal Liabilities and Shareholders’ EquityConsolidated StatementsCommon
Shares
OutstandingAdditional
Paid-in
CapitalRetained
DeficitTreasury
SharesAccumulated
Other
Comprehensive
Income (Loss)Balance at December 31, 2019Other comprehensive income (loss)Stock-based compensation expenseIssuance of treasury sharesShares surrendered for taxesEquity component of convertible notes, netBalance at December 31, 2020Adoption of new accounting standardStock option activityConvertible notes settlementBalance at December 31, 2021Purchase of treasury sharesBalance at December 31, 2022ents of Cash FlowsCASH 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 discountPension and postretirement (benefit) expense, netChanges in operating assets and liabilities:Accounts receivable, netOther accrued expensesPension and postretirement contributions and paymentsOther, netNet Cash Provided (Used) by Operating ActivitiesInvesting ActivitiesCapital expendituresProceeds from sale of consolidated subsidiary, netProceeds 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 convertible notesRepayments on credit agreementsDebt issuance costsNet Cash Provided (Used) by Financing ActivitiesIncrease (Decrease) in Cash, Cash Equivalents, and Restricted CashCash, Cash Equivalents, and Restricted Cash at Beginning of PeriodCash, Cash Equivalents, and Restricted Cash at End of PeriodThe following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows:Restricted cash reported in other current assetsTotal cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash FlowsGeographic InformationNet Sales:United StatesForeignLong-lived Assets, net:Revenue RecognitionOther (1)Total Net SalesBarTubeManufactured componentsOther (2)Income Tax ProvisionYears Ended December 31,Non-United StatesIncome (loss) from operations before income taxesCurrent:FederalState and localTotal current tax expense (benefit)Deferred:Total deferred tax expense (benefit)Provision (benefit) for incomes taxesU.S. federal income tax provision (benefit) at statutory rateAdjustments:State and local income taxes, net of federal tax benefitPermanent differencesForeign earnings taxed at different ratesValuation allowanceU.S. research tax creditGlobal intangible low-taxed incomeOther items, net( 2.0)%Deferred tax liabilities:DepreciationInventoryLeases - right-of-use assetDeferred tax liabilitiesDeferred tax assets:Tax loss carryforwardsPension and postretirement benefitsOther employee benefit accrualsLease liabilityState decouplingAccrued restructuringCapital loss carryforwardIntangible assetsAllowance for doubtful accountsAccrued LegalCapitalized R&DDeferred tax assets subtotalValuation allowancesDeferred tax assetsNet deferred tax assets (liabilities)Convertible NotesNumerator:Net income (loss), basicAdd convertible notes interestNet income (loss), dilutedDenominator:Weighted average shares outstanding, basicDilutive effect of equity-based awardsDilutive effect of convertible notesWeighted average shares outstanding, dilutedInventoriesManufacturing suppliesRaw materialsWork in processFinished productsGross inventoryAllowance for inventory reservesTotal inventories, netProperty, Plant and EquipmentLandBuildings and improvementsMachinery and equipmentConstruction in progressSubtotalLess allowances for depreciation2019Accrued property, plant and equipment purchasesIntangible AssetsGross
Carrying
AmountAccumulated
AmortizationNet
Carrying
AmountCustomer relationshipsTechnology useCapitalized softwareTotal intangible assetsYearAmortization
ExpenseLeasesOperating lease costShort-term lease costTotal lease costCash paid for amounts included in the measurement of operating lease liabilitiesRight-of-use assets obtained in exchange for operating lease obligationsAfter 2026Total future minimum lease paymentsLess amount of lease payment representing interestTotal present value of lease paymentsFinancing ArrangementsConvertible Senior Notes due 2021Convertible Senior Notes due 2025Total debtLess current portion of debtTotal non-current portion of debtMaturity Date:June 1, 2021 unless repurchased or converted earlierInterest Rate:6.0 % cash interest per yearInterest Payments Dates:June 1 and December 1 of each year, beginning on December 1, 2016Initial Conversion Price:$ 12.58 per common share of the CompanyInitial Conversion Rate:79.5165 common shares per $ 1,000 principal amount of NotesConvertible Notes ExchangeNet carrying amount of extinguished Convertible Senior Notes due 2021 as of December 15, 2020PrincipalLess: Debt issuance costs, net of amortizationLess: Debt discount, net of amortizationFair value of extinguished Convertible Senior Notes due 2021 as of December 15, 2020Principal of extinguished Convertible Senior Notes due 2021Reduction of additional paid-in capital in 2020December 1, 2025 unless repurchased or converted earlierJune 1 and December 1 of each year, beginning on December 1, 2021$ 7.82 per common share of the Company127.8119 common shares per $ 1,000 principal amount of NotesConvertible Senior Notes due 2025, netInterest expenseInterest incomeContractual interest expenseAmortization of debt issuance costsAmortization of debt discountPostretirement PlansPensionUnited States of AmericaUnited KingdomMexicoChange in benefit obligation:Bargaining
PlanSalaried
PlanSupplemental
PlanPension
SchemePension
PlanTotal
PensionPostretirement
PlansBenefit obligation at the beginning of yearService costInterest costActuarial (gains) lossesBenefits paidSettlementsForeign currency translation adjustmentBenefit obligation at the end of yearInterest costPlan amendmentChange in plan assets:Fair value of plan assets at the beginning of yearActual return on plan assetsCompany contributions / paymentsFair value of plan assets at end of yearFunded status at end of yearNon-current assetsCurrent liabilitiesNon-current liabilitiesPostretirementAssumptions:Discount rate5.61%2.96%5.70%3.00%Future compensation assumptionn/a2.68%2.65%2.29%Expected long-term return on plan assets5.96%5.76%4.75%4.50%Components of net periodic benefit cost (income):Expected return on plan assetsAmortization of prior service costNet remeasurement losses (gains)Net Periodic Benefit Cost (Income)Expected return on plan assetsAmortization of prior service costCurtailmentNet remeasurement losses (gains)Target Allocations:Weighted
Average
PensionEquity securities35.0%16.7%24.3%20.0%Debt securities44.0%100.0%66.6%60.4%77.5%Other investments21.0%15.3%2.5%Level 1Level 2Level 3Assets:U.S government and agency securitiesCorporate bondsReal estatePrivate debtTotal Assets in the fair value hierarchyAssets measured at net asset value (1)Mutual fund - fixed incomeAssets measured at net asset value (1)Benefit Payments:2028-2032Stock OptionsNumber of
SharesWeighted
Average
Exercise
PriceWeighted
Average
Remaining
Contractual
Term (Years)Aggregate
Intrinsic Value
(millions)Outstanding as of December 31, 2021GrantedExercisedCanceled, forfeited or expiredOutstanding as of December 31, 2022Options expected to vestOptions exercisableTime-Based Restricted Stock UnitsWeighted
Average
Grant Date
Fair ValueVestedPerformance-Based Restricted Stock UnitsAccumulated Other Comprehensive Income (Loss)Foreign Currency
Translation
AdjustmentsPension and
Postretirement
Liability
AdjustmentsBalance as of December 31, 2021Other comprehensive income before reclassifications, before income taxAmounts reclassified from accumulated other comprehensive income
(loss), before income taxAmounts deferred to accumulated other comprehensive income
(loss), before income taxTax effectNet current period other comprehensive income (loss), net of income taxesBalance as of December 31, 2022Balance as of December 31, 2020PExhibit NumberExhibit Description2.1Separation and Distribution Agreement, dated as of June 30, 2014, by and between TimkenSteel Corporation and The Timken Company.Amended and Restated Articles of Incorporation of TimkenSteel Corporation (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on June 13, 2014, File No. 001-36313).Code of Regulations of TimkenSteel Corporation (incorporated by reference to Exhibit 3.2 of Amendment No. 3 to the Company’s Registration Statement on Form 10 filed on May 15, 2014, File No. 001-36313).Indenture, dated May 31, 2016, by and between the Company and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on May 31, 2016, File No. 001-36313).First Supplemental Indenture, dated May 31, 2016, by and between the Company and U.S. Bank National Association, as Trustee (including Form of Note) (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on May 31, 2016, File No. 001-36313).Description of Common Stock (incorporated by reference to Exhibit 4.3 to the Company’s Annual Report on Form 10-K filed on February 25, 2020, File No. 001-36313).Second Supplemental Indenture, dated December 15, 2020, by and between the Company and U.S. Bank National Association, as Trustee (including Form of New Convertible Note) (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on December 15, 2020, File No. 001-36313).10.1Tax Sharing Agreement, dated as of June 30, 2014, by and between TimkenSteel Corporation and The Timken Company.10.2Employee Matters Agreement, dated as of June 30, 2014, by and between TimkenSteel Corporation and The Timken Company.Form of Amended and Restated Employee Excess Benefits Agreement with TimkenSteel Corporation (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on June 13, 2014, File No. 001-36313).10.4Trademark License Agreement, dated as of June 30, 2014, by and between TimkenSteel Corporation and The Timken Company.TimkenSteel Corporation Amended and Restated 2014 Equity and Incentive Compensation Plan (incorporated by reference to Exhibit 4.3 to the Company’s Registration Statement on Form S-8 filed on October 28, 2016, Registration No. 333-214297).TimkenSteel Corporation Amended and Restated Annual Performance Award Plan, effective January 1, 2023 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed February 9, 2023, File No. 001-36313).Supplemental Pension Plan of TimkenSteel Corporation (Effective June 30, 2014) (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on June 13, 2014, File No. 001-36313).Form of Severance Agreement with TimkenSteel Corporation (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed on June 13, 2014, File No. 001-36313).10.9Form of Director Indemnification Agreement.10.10Form of Officer Indemnification Agreement.10.11Form of Director and Officer Indemnification Agreement.Amended and Restated TimkenSteel Corporation 2014 Deferred Compensation Plan (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on May 11, 2015, File No. 001-36313).Amended and Restated TimkenSteel Corporation Director Deferred Compensation Plan (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed on May 11, 2015, File No. 001-36313).Form of Nonqualified Stock Option Agreement (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on April 27, 2017, File No. 001-36313).Form of Nonqualified Stock Option Agreement (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on May 2, 2019, File No. 001-36313).Form of Time-Based Ratable Restricted Stock Unit Agreement (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q filed on May 2, 2019, File No. 001-36313).Form of Deferred Shares Agreement (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on August 4, 2016, File No. 001-36313).Form of Performance-Based Restricted Stock Unit Agreement (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on May 7, 2020, File No. 001-36313).Form of Director Restricted Share Unit Agreement (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on August 6, 2020, File No. 001-36313).Form of Performance-Based Restricted Share Unit Agreement (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on October 29, 2020, File No. 001-36313).Restricted Share Unit Inducement Award Agreement dated as of January 5, 2021 by and between TimkenSteel Corporation and Michael S. Williams.Performance-Based Restricted Share Unit Inducement Award Agreement dated as of January 5, 2021 by and between TimkenSteel Corporation and Michael S. Williams.Severance Agreement dated as of January 1, 2021 between TimkenSteel Corporation and Michael S. Williams.Form of Severance Agreement between TimkenSteel and Certain Executive Officers.TimkenSteel Corporation 2020 Equity and Incentive Compensation Plan (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on May 7, 2020, File No. 001-36313).TimkenSteel Corporation Amended and Restated 2020 Equity and Incentive Compensation Plan (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on May 6, 2021, File No. 001-36313).Form of Performance-Based Restricted Share Unit Agreement (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on May 6, 2021, File No. 001-36313).Form of Time-Based Restricted Share Unit Agreement (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed on May 6, 2021, File No. 001-36313).Fourth Amended and Restated Credit Agreement, dated as of September 30, 2022, by and among TimkenSteel Corporation, the other loan parties and lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 to the Company's Current report on Form 8-K filed on October 5, 2022, File No.001-36313) .Form of Performance-Based Restricted Share Unit Agreement (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on May 4, 2022, File No. 001-36313).21.1*A list of subsidiaries of the Registrant.23.1*Consent of Independent Registered Public Accounting Firm.24.1*Power of Attorney.31.1*Certification of the Chief Executive Officer pursuant to Rule 13a-14 of the Exchange Act, as adopted, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.31.2*Certification of the Chief Financial Officer pursuant to Rule 13a-14 of the Exchange Act, as adopted, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.32.1**Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.101.INS*Inline XBRL Instance Document.101.SCH*Inline XBRL Taxonomy Extension Schema Document.101.PRE*Inline XBRL Taxonomy Extension Presentation Linkbase Document.101.CAL*Inline XBRL Taxonomy Extension Calculation Linkbase Document.101.LAB*Inline XBRL Taxonomy Extension Label Linkbase Document.101.DEF*Inline XBRL Taxonomy Extension Definition Linkbase Document.Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).Incorporated by reference to the exhibit filed under the corresponding Exhibit Number of the Company’s Current Report on Form 8-K filed on July 3, 2014, File No. 001-36313.Incorporated by reference to the exhibit filed under the corresponding Exhibit Number of Amendment No. 3 to the Company’s Registration Statement on Form 10 filed on May 15, 2014, File No. 001-36313.*Filed herewith.**Furnished herewith.Schedule 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 inventory reserves: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)SignatureTitle/s/ Michael S. WilliamsPresident and Chief Executive Officer (Principal Executive Officer)February 24, 2023Michael S. Williams/s/ Kristopher R. WestbrooksExecutive Vice President and Chief Financial Officer (Principal Financial Officer)Kristopher R. Westbrooks/s/ Nicholas A. YacobozziChief Accounting Officer (Principal Accounting Officer)Nicholas A. YacobozziDirectorMary Ellen BakerNicholas J. ChirekosDiane C. CreelRandall H. EdwardsKenneth V. GarciaEllis A. JonesDonald T. MisheffRonald A. RiceLeila L. VespoliRandall A. Wotring*Signed by the undersigned as attorney-in-fact and agent for the directors indicated.Subsidiaries of the RegistrantNameState or sovereign power under laws of which organizedPercentage of voting securities owned
directly or indirectly
by the CompanyEDC, Inc.OhioTimkenSteel Material Services, LLCDelawareTSB Metal Recycling LLCInternationalTimkenSteel UK LimitedEnglandTimkenSteel de Mexico S. de R.L. de C.V.KNOW ALL MEN BY THESE PRESENTS,/s/ Mary Ellen Baker/s/ Nicholas J. ChirekosMary E. Baker/s/ Diane C. Creel/s/ Randall H. Edwards/s/ Kenneth V. Garcia/s/ Ellis A. JonesKen V. Garcia/s/ Donald T. Misheff/s/ Ronald A. Rice/s/ Leila L. Vespoli/s/ Randall A. WotringCERTIFICATIONDate:Michael S. Williams President and Chief Executive Officer (Principal Executive Officer)Kristopher R. Westbrooks Executive Vice President and Chief Financial Officer (Principal Financial Officer)Michael S. Williams President and Chief Executive Officer (Principal Executive Officer)PK ! 1 docProps/app.xml
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