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TimkenSteel Corp. (NYSE: TMST) announced a $25 per ton increase in base pricing for all special bar quality (SBQ) products, effective January 4, 2021. This adjustment applies to orders not covered by existing pricing agreements, while all surcharge mechanisms will remain in effect. The company, based in Canton, Ohio, is a leading manufacturer of customized alloy steel products primarily serving automotive, energy, and industrial markets. In 2019, TimkenSteel reported sales of $1.2 billion and employs approximately 2,055 people.
TimkenSteel (NYSE: TMST) reported Q3 2020 net sales of $205.9 million, a 25% decline year-over-year but a 34% increase sequentially. The company had a net loss of $13.9 million, an improvement from a loss of $17.0 million in Q3 2019. Adjusted EBITDA was $2.6 million compared to a loss of $1.4 million last year. Operating cash flow was strong at $41.1 million, marking the sixth consecutive quarter of positive cash flow. Cash balance was $74.8 million, with total liquidity at $280 million. CEO Terry Dunlap will continue in his interim role until a successor is found.
TimkenSteel Corp. (NYSE: TMST) will announce its 2020 third-quarter financial results on October 29, following market closure. A conference call for discussion with investors is scheduled for October 30 at 10 a.m. ET. The company, a leader in high-performance carbon and alloy steel manufacturing, reported $1.2 billion in sales for 2019 and employs around 2,150 people. TimkenSteel specializes in products for automotive and industrial applications, primarily utilizing recycled materials.
TimkenSteel (TMST) reported a net loss of $15.3 million for Q2 2020, down from a net loss of $11.9 million in Q2 2019, with net sales plunging 54% to $154 million due to COVID-19-related demand declines. Adjusted EBITDA fell to $5.7 million, reflecting significant cost reduction actions. Despite a challenging environment, the company generated positive operating cash flow of $16.1 million and maintained a high cash balance of $75.5 million. Future outlook remains uncertain due to the pandemic, prompting a cautious stance on capital expenditures.
TimkenSteel Corp. (NYSE: TMST) is set to release its 2020 second-quarter financial results on August 6, after market close. Investors can access the results online at the company’s website. A conference call will be held on August 7 at 9 a.m. ET to discuss performance insights with investors and analysts. The company generated $1.2 billion in sales in 2019 and specializes in manufacturing high-performance carbon and alloy steel products. With a legacy of over 100 years in the industry, TimkenSteel continues to play a vital role in various sectors.