TimkenSteel Announces Preliminary Third-Quarter 2022 Financial Results and Earnings Webcast Details

CANTON, Ohio, Oct. 12, 2022 /PRNewswire/ -- TimkenSteel Corp. (NYSE: TMST), a leader in high-quality specialty steel, manufactured components, and supply chain solutions, today announced preliminary third-quarter 2022 financial results.

"The end of July incident at our melt shop, which resulted in approximately one month of melt shop downtime and a subsequent slower than expected ramp up, significantly impacted our profitability for the third quarter. As a result, we expect third quarter adjusted EBITDA⁽¹⁾ to be in the range of approximately $9 million to $12 million. The company anticipates a significant recovery on its business interruption insurance related to the incident.  The insurance recovery process is ongoing and nothing has been recorded at this time," said Mike Williams, president and chief executive officer. 

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