Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2019	Jul. 15, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Registrant Name	TimkenSteel Corporation
Entity Central Index Key	0001598428
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		44,816,212

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Net sales	$ 336.7	$ 413.5	$ 707.7	$ 794.3
Cost of products sold	311.3	381.4	653.2	741.1
Gross Profit	25.4	32.1	54.5	53.2
Selling, general and administrative expenses	20.2	24.9	43.5	49.6
Restructuring charges	3.6	0.0	3.6	0.0
Impairment charges and loss on asset disposals	1.8	0.9	1.8	0.9
Interest expense	4.2	3.9	8.4	8.5
Other income (expense), net	0.2	6.2	2.9	12.6
Income (Loss) Before Income Taxes	(4.2)	8.6	0.1	6.8
Provision for income taxes	0.2	0.2	0.3	0.3
Net Income (Loss)	$ (4.4)	$ 8.4	$ (0.2)	$ 6.5
Per Share Data:
Basic earnings (loss) per share (in dollars per share)	$ (0.10)	$ 0.19	$ 0.00	$ 0.15
Diluted earnings (loss) per share (in dollars per share)	$ (0.10)	$ 0.19	$ 0.00	$ 0.14

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (4.4)	$ 8.4	$ (0.2)	$ 6.5
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(0.6)	(1.2)	(0.2)	(0.4)
Pension and postretirement liability adjustments	69.4	0.2	69.5	0.3
Other comprehensive income (loss), net of tax	68.8	(1.0)	69.3	(0.1)
Comprehensive Income (Loss), net of tax	$ 64.4	$ 7.4	$ 69.1	$ 6.4

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Current Assets
Cash and cash equivalents	$ 20.9	$ 21.6
Accounts receivable, net of allowances (2019 - $1.4 million; 2018 - $1.7 million)	146.4	163.4
Inventories, net	304.8	296.8
Deferred charges and prepaid expenses	2.6	3.5
Other current assets	7.6	6.1
Total Current Assets	482.3	491.4
Property, Plant and Equipment, Net	649.7	674.4
Operating lease right-of-use assets	14.5
Pension assets	13.0	10.5
Intangible assets, net	17.4	17.8
Other non-current assets	2.7	3.5
Total Assets	1,179.6	1,197.6
Current Liabilities
Accounts payable	110.3	160.6
Salaries, wages and benefits	15.5	36.8
Accrued pension and postretirement costs	3.0	3.0
Current operating lease liabilities	5.7	0.0
Other current liabilities	20.5	20.4
Total Current Liabilities	155.0	220.8
Non-Current Liabilities
Convertible notes, net	76.3	74.1
Credit Agreement	145.0	115.0
Non-current operating lease liabilities	8.8
Accrued pension and postretirement costs	176.0	240.0
Deferred income taxes	0.6	0.8
Other non-current liabilities	10.6	11.7
Total Liabilities	572.3	662.4
Shareholders’ Equity
Preferred shares, without par value; authorized 10.0 million shares, none issued	0.0	0.0
Common shares, without par value; authorized 200.0 million shares; issued 2019 and 2018 - 45.7 million shares	0.0	0.0
Additional paid-in capital	841.4	846.3
Retained deficit	(269.4)	(269.2)
Treasury shares - 2019 - 0.9 million; 2018 - 1.1 million	(25.1)	(33.0)
Accumulated other comprehensive loss	60.4	(8.9)
Total Shareholders’ Equity	607.3	535.2
Total Liabilities and Shareholders’ Equity	$ 1,179.6	$ 1,197.6

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowances for accounts receivable	$ 1.4	$ 1.7
Preferred shares, authorized (in shares)	10,000,000.0	10,000,000.0
Preferred shares, issued (in shares)	0	0
Common shares, authorized (in shares)	200,000,000.0	200,000,000.0
Common shares, issued (in shares)	45,700,000	45,700,000
Treasury shares (in shares)	900,000	1,100,000

Consolidated Statements of Shareholder's Equity (Unaudited) - USD ($) $ in Millions	Total	Common Shares Outstanding	Additional Paid-in Capital	Retained Deficit	Treasury Shares	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2017		44,445,747
Beginning balance at Dec. 31, 2017	$ 560.7		$ 843.7	$ (238.0)	$ (37.4)	$ (7.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(1.9)			(1.9)
Other comprehensive income (loss)	0.9					0.9
Stock-based compensation expense	2.2		2.2
Stock option activity	0.1		0.1
Issuance of treasury shares (in shares)		121,012
Issuance of treasury shares	0.0		(3.4)	(0.1)	3.5
Shares surrendered for taxes (in shares		(37,533)
Shares surrendered for taxes	(0.7)				(0.7)
Ending balance (in shares) at Mar. 31, 2018		44,529,226
Ending balance at Mar. 31, 2018	562.0		842.6	(239.3)	(34.6)	(6.7)
Beginning balance (in shares) at Dec. 31, 2017		44,445,747
Beginning balance at Dec. 31, 2017	560.7		843.7	(238.0)	(37.4)	(7.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	6.5
Other comprehensive income (loss)	(0.1)
Ending balance (in shares) at Jun. 30, 2018		44,584,668
Ending balance at Jun. 30, 2018	571.0		842.7	(231.0)	(33.0)	(7.7)
Beginning balance (in shares) at Mar. 31, 2018		44,529,226
Beginning balance at Mar. 31, 2018	562.0		842.6	(239.3)	(34.6)	(6.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	8.4			8.4
Other comprehensive income (loss)	(1.0)					(1.0)
Stock-based compensation expense	1.5		1.5
Stock option activity	0.1		0.1
Issuance of treasury shares (in shares)		55,442
Issuance of treasury shares	0.0		(1.5)	(0.1)	1.6
Ending balance (in shares) at Jun. 30, 2018		44,584,668
Ending balance at Jun. 30, 2018	571.0		842.7	(231.0)	(33.0)	(7.7)
Beginning balance (in shares) at Dec. 31, 2018		44,584,668
Beginning balance at Dec. 31, 2018	535.2		846.3	(269.2)	(33.0)	(8.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	4.2			4.2
Other comprehensive income (loss)	0.5					0.5
Stock-based compensation expense	2.2		2.2
Stock option activity	0.2		0.2
Issuance of treasury shares (in shares)		261,130
Issuance of treasury shares	0.0		(7.5)		7.5
Shares surrendered for taxes (in shares		(79,889)
Shares surrendered for taxes	(1.0)				(1.0)
Ending balance (in shares) at Mar. 31, 2019		44,765,909
Ending balance at Mar. 31, 2019	541.3		841.2	(265.0)	(26.5)	(8.4)
Beginning balance (in shares) at Dec. 31, 2018		44,584,668
Beginning balance at Dec. 31, 2018	535.2		846.3	(269.2)	(33.0)	(8.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(0.2)
Other comprehensive income (loss)	69.3
Ending balance (in shares) at Jun. 30, 2019		44,816,094
Ending balance at Jun. 30, 2019	607.3		841.4	(269.4)	(25.1)	60.4
Beginning balance (in shares) at Mar. 31, 2019		44,765,909
Beginning balance at Mar. 31, 2019	541.3		841.2	(265.0)	(26.5)	(8.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(4.4)			(4.4)
Other comprehensive income (loss)	68.8					68.8
Stock-based compensation expense	1.6		1.6
Issuance of treasury shares (in shares)		50,185
Issuance of treasury shares	0.0		(1.4)		1.4
Ending balance (in shares) at Jun. 30, 2019		44,816,094
Ending balance at Jun. 30, 2019	$ 607.3		$ 841.4	$ (269.4)	$ (25.1)	$ 60.4

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating Activities
Net income (loss)	$ (0.2)	$ 6.5
Adjustments to reconcile net income (loss) to net cash used by operating activities:
Depreciation and amortization	35.7	36.9
Amortization of deferred financing fees and debt discount	2.5	3.0
Impairment charges and loss on sale or disposal of assets	1.8	0.9
Deferred income taxes	(0.2)	(0.3)
Stock-based compensation expense	3.8	3.7
Pension and postretirement expense (benefit), net	6.4	(2.9)
Pension and postretirement contributions and payments	(3.5)	(12.9)
Changes in operating assets and liabilities:
Accounts receivable, net	17.0	(23.8)
Inventories, net	(8.0)	(70.5)
Accounts payable	(50.3)	42.5
Other accrued expenses	(22.3)	(12.9)
Deferred charges and prepaid expenses	0.9	1.6
Other, net	(1.2)	(1.9)
Net Cash Used by Operating Activities	(17.6)	(30.1)
Investing Activities
Capital expenditures	(12.3)	(9.0)
Proceeds from disposals of property, plant and equipment	0.0	1.0
Net Cash Used by Investing Activities	(12.3)	(8.0)
Financing Activities
Proceeds from exercise of stock options	0.2	0.2
Shares surrendered for employee taxes on stock compensation	(1.0)	(0.7)
Refunding Bonds repayments	0.0	(30.2)
Repayments on credit agreements	(10.0)	(70.0)
Borrowings on credit agreements	40.0	155.0
Debt issuance costs	0.0	(1.7)
Net Cash Provided by Financing Activities	29.2	52.6
Decrease (Increase) in Cash and Cash Equivalents	(0.7)	14.5
Cash and cash equivalents at beginning of period	21.6	24.5
Cash and Cash Equivalents at End of Period	$ 20.9	$ 39.0

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Consolidated Financial Statements have been prepared by TimkenSteel Corporation (the Company or TimkenSteel) in accordance with generally accepted accounting principles in the United States (U.S. GAAP) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) and disclosures considered necessary for a fair presentation have been included. For further information, refer to TimkenSteel’s audited Consolidated Financial Statements and Notes included in its Annual Report on Form 10-K for the year ended December 31, 2018.

Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Recent Accounting Pronouncements

Adoption of New Accounting Standards

The Company adopted the following Accounting Standard Updates (ASU) in the first quarter of 2019, all of which were effective as of January 1, 2019. The adoption of these standards had no impact on the unaudited Consolidated Financial Statements or the related Notes to the unaudited Consolidated Financial Statements.



Standards Adopted	Description
ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting	The standard provides an expanded scope of Topic 718, to include share-based payment transactions for acquiring goods and services from nonemployees.
ASU 2018-02, Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income	The standard permits entities to reclassify tax effects stranded in accumulated other comprehensive income as a result of tax reform to retained earnings.
ASU 2017-11, Distinguishing Liabilities from Equity; Derivatives and Hedging	The standard eliminates the requirement to consider “down round” features when determining whether certain equity-linked financial instruments or embedded features are indexed to an entity’s own stock.

On January 1, 2019, the Company adopted ASU 2016-02, “Leases (Topics 842),” which requires lessees to recognize lease liabilities and right-of-use assets on the balance sheet for not only finance (previously capital) leases but also operating leases. The standard also requires additional quantitative and qualitative disclosures. The Company adopted the standard using the modified retrospective transition approach without adjusting comparative periods.

The Company elected certain of the practical expedients permitted under the transition guidance within the new standard as follows:


•	A package of practical expedients to not reassess:


◦	Whether a contract is or contains a lease


◦	Lease classification


◦	Initial direct costs


•	A practical expedient to not reassess certain land easements

The Company has implemented internal controls and lease accounting software to enable the quantification of the expected impact on the unaudited Consolidated Balance Sheets and to facilitate the calculations of the related accounting entries and disclosures. Adoption of the lease standard resulted in recognition of right-to-use assets and lease liabilities of $16.0 million as of January 1, 2019. Adoption of the lease standard had no impact on the Company’s debt-covenant compliance under its current agreements. Also, the standard did not materially affect the Company’s results of operations or its cash flows. Refer to “Note 11 - Leases” for additional information.

Accounting Standards Issued But Not Yet Adopted

The Company has considered the recent ASUs issued by the Financial Accounting Standards Board summarized below:



Standard Pending Adoption	Description	Effective Date	Anticipated Impact
ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40)	The standard aligns the requirements for capitalizing implementation costs in cloud computing software arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software.	January 1, 2020	The Company plans on adopting this ASU using the prospective method. The Company does not expect the ASU to have a material impact on its results of operations or financial condition.
ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20)	The standard eliminates, modifies and adds disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans.	January 1, 2021	The Company is currently evaluating the impact of the adoption of this ASU on its results of operations and financial condition.
ASU 2018-13, Fair Value Measurement (Topic 820)	The standard eliminates, modifies and adds disclosure requirements for fair value measurements.	January 1, 2020	The Company does not expect the ASU to have a material impact on its results of operations or financial condition.
ASU 2016-13, Measurement of Credit Losses on Financial Instruments	The standard changes how entities will measure credit losses for most financial assets, including trade and other receivables and replaces the current incurred loss approach with an expected loss model.	January 1, 2020	The Company does not expect the ASU to have a material impact on its results of operations or financial condition.

Revenue Recognition

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenue Recognition

TimkenSteel recognizes revenue from contracts at a point in time when it has satisfied its performance obligation and the customer obtains control of the goods, at the amount that reflects the consideration the Company expects to receive for those goods. The Company receives and acknowledges purchase orders from its customers which define the quantity, pricing, payment and other applicable terms and conditions. In some cases, the Company receives a blanket purchase order from its customer, which includes pricing, payment and other terms and conditions. Quantities are defined at the time the customer issues periodic releases against the blanket purchase order. Certain contracts contain variable consideration, which primarily consists of rebates that are accounted for in net sales and accrued based on the estimated probability of the requirements being met. Amounts billed to customers related to shipping and handling costs are included in net sales and related costs are included in costs of products sold in the unaudited Consolidated Financial Statements.

The following table provides the major sources of revenue by end-market sector for the three and six months ended June 30, 2019 and 2018:



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Mobile		$135.3		$141.6		$279.5		$284.1
Industrial	124.3		166.9		271.3		314.6
Energy	54.1		68.8		114.9		117.9
Other⁽¹⁾	23.0		36.2		42.0		77.7
Total Net Sales		$336.7		$413.5		$707.7		$794.3

⁽¹⁾“Other” for sales by end-market sector includes the Company’s scrap and OCTG billet sales.

The following table provides the major sources of revenue by product type for the three and six months ended June 30, 2019 and 2018:



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Bar		$225.4		$262.4		$465.3		$496.8
Tube	40.8		70.6		90.4		134.3
Value-add	63.1		69.2		136.8		141.9
Other⁽²⁾	7.4		11.3		15.2		21.3
Total Net Sales		$336.7		$413.5		$707.7		$794.3

⁽²⁾“Other” for sales by product type includes the Company’s scrap sales.

Restructuring Charges

6 Months Ended

Jun. 30, 2019

Restructuring and Related Activities [Abstract]

Restructuring Charges

During the second quarter of 2019, TimkenSteel made organizational changes to enhance profitable and sustainable growth. These company-wide actions included the restructuring of its commercial and technology organizations to drive innovation and focus on the key growth areas identified by the Company such as value-added components, energy products and government business. Given these and other restructuring efforts, the Company implemented approximately 55 salaried position eliminations. As a result of the headcount reduction, TimkenSteel recognized restructuring charges of $3.6 million consisting of severance and employee-related benefits. TimkenSteel recorded reserves for such restructuring charges as other current liabilities on the unaudited Consolidated Balance Sheets. The reserve balance at June 30, 2019 is expected to be substantially used in the next twelve months.

The following is a summary of the restructuring reserve for the six months ended June 30, 2019:



Balance at December 31, 2018		$—
Expenses	3.6
Payments	(0.2		)
Balance at June 30, 2019		$3.4

Other Income (Expense), Net

6 Months Ended

Jun. 30, 2019

Other Income and Expenses [Abstract]

Other Income (Expense), Net

Other Income (Expense), net

The following table provides the components of other income (expense), net for the three and six months ended June 30, 2019 and 2018:



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Pension and postretirement non-service benefit income		$4.5			$6.2			$7.3			$12.5
Loss from remeasurement of benefit plans	(4.4		)	—			(4.4		)	—
Foreign currency exchange gain (loss)	0.2			(0.1		)	0.1			—
Miscellaneous income (expense)	(0.1		)	0.1			(0.1		)	0.1
Total other income (expense), net		$0.2			$6.2			$2.9			$12.6

Non-service benefit income is derived from the Company’s pension and other postretirement plans. The Company’s expected return on assets has exceeded the interest cost component, resulting in income for the three and six months ended June 30, 2019 and 2018. In the second quarter of 2019, the Company amended its postretirement benefit plan. This amendment reduced the postretirement liability and therefore required the Company to perform a full remeasurement of its postretirement obligations and plan assets as of April 30, 2019. The reduction in the Accumulated Postretirement Benefit Obligation (APBO) is recognized in Other Comprehensive Income and subsequently amortized as an offset to postretirement benefit cost. For more details on the remeasurement refer to Note 13 - “Retirement and Postretirement Plans.” Foreign currency exchange gain (loss) is due to exchange-rate fluctuations on the Company’s various foreign-currency denominated transactions.

Income Tax Provision

6 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Income Tax Provision

TimkenSteel’s provision for income taxes in interim periods is computed by applying the appropriate estimated annual effective tax rates to income or loss before income taxes for the period. In addition, non-recurring or discrete items, including interest on prior-year tax liabilities, are recorded during the periods in which they occur.



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Provision for incomes taxes		$0.2			$0.2			$0.3			$0.3
Effective tax rate	(6.8		)%	1.9		%	228.8		%	4.1		%

In light of TimkenSteel’s recent operating performance in the U.S. and current industry conditions, the Company assessed its U.S. deferred tax assets and concluded, based upon all available evidence, that it was more likely than not that it would not realize the assets. As a result, the Company will maintain a full valuation allowance against its deferred tax assets in the U.S. and applicable foreign countries until sufficient positive evidence exists to conclude that a valuation allowance is not necessary. Going forward, the need to maintain valuation allowances against deferred tax assets in the U.S. and other affected countries will cause variability in the Company’s effective tax rate. The majority of TimkenSteel’s taxes are derived from foreign operations.

Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Note 7 - Earnings (Loss) Per Share

Basic earnings (loss) per share is computed based upon the weighted average number of common shares outstanding. Diluted earnings (loss) per share is computed based upon the weighted average number of common shares outstanding plus the dilutive effect of common share equivalents calculated using the treasury stock method or if-converted method. For the Convertible Notes, the Company utilizes the if-converted method to calculate diluted earnings (loss) per share. Under the if-converted method, the Company adjusts net earnings to add back interest expense (including amortization of debt discount) recognized on the Convertible Notes and includes the number of shares potentially issuable related to the Convertible Notes in the weighted average shares outstanding. Treasury stock is excluded from the denominator in calculating both basic and diluted earnings (loss) per share.

Common share equivalents for shares issuable for equity-based awards were excluded from the computation of diluted earnings (loss) per share for the three and six months ended June 30, 2019 because the effect of their inclusion would have been anti-dilutive. 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 and six months ended June 30, 2019 and 2018 because the effect of their inclusion would have been anti-dilutive.

The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted earnings (loss) per share for the three and six months ended June 30, 2019 and 2018:



	Three Months Ended June 30,					Six Months Ended June 30,
	2019			2018		2019			2018
Numerator:
Net income (loss)		($4.4	)		$8.4		($0.2	)		$6.5

Denominator:
Weighted average shares outstanding, basic	44.8			44.6		44.7			44.5
Dilutive effect of stock-based awards	—			0.6		—			0.7
Weighted average shares outstanding, diluted	44.8			45.2		44.7			45.2

Basic earnings (loss) per share		($0.10	)		$0.19		$—			$0.15
Diluted earnings (loss) per share		($0.10	)		$0.19		$—			$0.14

Inventories

6 Months Ended

Jun. 30, 2019

Inventory Disclosure [Abstract]

Inventories

The components of inventories, net of reserves as of June 30, 2019 and December 31, 2018 were as follows:



	June 30, 2019			December 31, 2018
Manufacturing supplies		$56.0			$46.9
Raw materials	40.5			35.2
Work in process	154.9			155.7
Finished products	125.8			142.8
Gross inventory	377.2			380.6
Allowance for surplus and obsolete inventory	(5.2		)	(5.1		)
LIFO reserve	(67.2		)	(78.7		)
Total Inventories, net		$304.8			$296.8

Inventories are valued at the lower of cost or market, with approximately 74% valued by the last in, first out (LIFO) method, and the remaining inventories, including manufacturing supplies inventory as well as international (outside the United States) inventories, valued by the first-in, first-out, average cost or specific identification methods.

An actual valuation of the inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must be based on management’s estimates of expected year-end inventory levels and costs. Because these calculations are subject to many factors beyond management’s control, annual results may differ from interim results as they are subject to the final year-end LIFO inventory valuation.

TimkenSteel projects its LIFO reserve will decrease for the year ending December 31, 2019 due to lower anticipated raw material costs, manufacturing costs and quantities.

Property, Plant and Equipment

6 Months Ended

Jun. 30, 2019

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

The components of property, plant and equipment, net as of June 30, 2019 and December 31, 2018 were as follows:



	June 30, 2019			December 31, 2018
Land		$14.1			$14.1
Buildings and improvements	426.4			424.4
Machinery and equipment	1,413.2			1,404.2
Construction in progress	21.7			28.5
Subtotal	1,875.4			1,871.2
Less allowances for depreciation	(1,225.7		)	(1,196.8		)
Property, Plant and Equipment, net		$649.7			$674.4

Total depreciation expense was $16.5 million and $17.0 million for the three months ended June 30, 2019 and 2018, respectively. Total depreciation expense was $32.9 million and $34.0 million for the six months ended June 30, 2019 and 2018, respectively. During the three and six months ended June 30, 2019, TimkenSteel recorded a loss on disposal of assets of $1.7 million, primarily related to the abandonment of certain equipment. During the three and six months ended June 30, 2018, TimkenSteel recorded approximately $0.5 million of impairment charges and loss on sale or disposals related to the discontinued use of certain assets.

Intangible Assets

6 Months Ended

Jun. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

The components of intangible assets, net as of June 30, 2019 and December 31, 2018 were as follows:



	June 30, 2019						December 31, 2018
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships		$6.3		$4.7		$1.6		$6.3		$4.6		$1.7
Technology use	9.0		6.8		2.2		9.0		6.5		2.5
Capitalized software	62.2		48.6		13.6		61.6		48.0		13.6
Total Intangible Assets		$77.5		$60.1		$17.4		$76.9		$59.1		$17.8

Leases

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Leases

The Company has operating leases for office space, warehouses, land, machinery and equipment, vehicles and certain information technology equipment. These leases have remaining lease terms of less than one year to six years, some of which may include options to extend the leases for one or more years. Certain leases also include options to purchase the leased property. As of June 30, 2019, the Company has no financing leases. The weighted average remaining lease term for our operating leases as of June 30, 2019 was 2.9 years.

Leases with an initial term of 12 months or less (short-term leases) are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. For lease agreements entered into after the adoption of ASC 842, the Company combines lease and non-lease components. The Company’s lease agreements do not contain material residual value guarantees or material restrictive covenants.

The Company recorded lease cost for the three and six months ended June 30, 2019 as follows:

When available, the rate implicit in the lease is used to discount lease payments to present value; however, the Company’s leases generally do not provide a readily determinable implicit rate. Therefore, the incremental borrowing rate to discount the lease payments is estimated using market-based information available at lease commencement. The weighted average discount rate used to measure our operating lease liabilities as of June 30, 2019 was 4.7%.

Supplemental cash flow information related to leases was as follows:



	Six Months Ended June 30, 2019
Cash paid for amounts included in the measurement of operating lease liabilities		$3.6
Right-of-use assets obtained in exchange for operating lease obligations		$1.7

Future minimum lease payments under non-cancellable leases as of June 30, 2019 were as follows:



2019 (excluding the six months ended June 30, 2019)		$3.2
2020	5.8
2021	3.9
2022	1.6
2023	0.9
After 2023	0.1
Total future minimum lease payments	15.5
Less amount of lease payment representing interest	(1.0		)
Total present value of lease payments		$14.5

Future minimum lease payments under non-cancellable leases as of December 31, 2018 were as follows:



2019		$6.3
2020	5.2
2021	3.3
2022	1.0
2023	0.6
After 2023	—
Total future minimum lease payments		$16.4

As of June 30, 2019, we have additional operating leases that have not yet commenced for which the present value of lease payments over the respective lease terms totals approximately $3.0 million. Accordingly, these leases are not recorded on the unaudited Consolidated Balance Sheet at June 30, 2019. These operating leases will commence between 2019 and 2022 with lease terms of three to four years.

Financing Arrangements

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Financing Arrangements

For a detailed discussion of the Company's long-term debt and credit arrangements, refer to “Note 6 - Financing Arrangements” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018.

Convertible Notes

The components of the Convertible Notes as of June 30, 2019 and December 31, 2018 were as follows:



	June 30, 2019			December 31, 2018
Principal		$86.3			$86.3
Less: Debt issuance costs, net of amortization	(1.0		)	(1.2		)
Less: Debt discount, net of amortization	(9.0		)	(11.0		)
Convertible notes, net		$76.3			$74.1

The initial value of the principal amount recorded as a liability at the date of issuance was $66.9 million, using an effective interest rate of 12.0%. The remaining $19.4 million of principal amount was allocated to the conversion feature and recorded as a component of shareholders’ equity at the date of issuance. This amount represents a discount to the debt to be amortized through interest expense using the effective interest method through the maturity of the Convertible Notes.

Transaction costs were allocated to the liability and equity components based on their relative values. Transaction costs attributable to the liability component of $2.4 million are amortized to interest expense over the term of the Convertible Notes, and transaction costs attributable to the equity component of $0.7 million are included in shareholders’ equity.

The following table sets forth total interest expense recognized related to the Convertible Notes:



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Contractual interest expense		$1.3		$1.3		$2.6		$2.6
Amortization of debt issuance costs	0.1		0.1		0.2		0.2
Amortization of debt discount	1.0		0.8		2.0		1.7
Total		$2.4		$2.2		$4.8		$4.5

Credit Agreement

On January 26, 2018, the Company, as borrower, and certain domestic subsidiaries, as subsidiary guarantors, entered into the Second Amended and Restated Credit Agreement (Credit Agreement), with JPMorgan Chase Bank, N.A., as administrative agent, Bank of America, N.A., as syndication agent, and the other lenders party thereto, which amended and restated the Company’s Credit Agreement. The interest rate under the Credit Agreement was 4.6% as of June 30, 2019. The amount available under the Credit Agreement as of June 30, 2019 was $152.4 million. As of June 30, 2019, the Company was in compliance with all covenants.

Refunding Bonds

In connection with amending the Credit Agreement, on January 23, 2018, the Company redeemed in full $12.2 million of Ohio Water Development Revenue Refunding Bonds (originally due on November 1, 2025), $9.5 million of Ohio Air Quality Development Revenue Refunding Bonds (originally due on November 1, 2025) and $8.5 million of Ohio Pollution Control Revenue Refunding Bonds (originally due on June 1, 2033).

Fair Value Measurement

The fair value of the Convertible Notes was approximately $86.5 million as of June 30, 2019. The fair value of the Convertible Notes, which falls within Level 1 of the fair value hierarchy as defined by Accounting Standards Codification (ASC) 820, Fair Value Measurements, is based on the last price traded in June 2019.

TimkenSteel’s Credit Agreement is variable-rate debt. As such, the carrying value is a reasonable estimate of fair value as interest rates on these borrowings approximate current market rates. This valuation falls within Level 2 of the fair value hierarchy and is based on quoted prices for similar assets and liabilities in active markets that are observable either directly or indirectly.

Interest Paid

The total cash interest paid for the six months ended June 30, 2019 and 2018 was $6.1 million and $5.2 million, respectively.

Retirement and Postretirement Benefits

6 Months Ended

Jun. 30, 2019

Defined Benefit Plan [Abstract]

Retirement and Postretirement Plans

The components of net periodic benefit cost (income) for the three and six months ended June 30, 2019 and 2018 were as follows:



	Three Months Ended June 30, 2019						Three Months Ended June 30, 2018
	Pension			Postretirement			Pension			Postretirement
Service cost		$4.4			$0.3			$4.3			$0.5
Interest cost	12.3			1.5			11.4			1.9
Expected return on plan assets	(16.4		)	(1.0		)	(18.5		)	(1.2		)
Amortization of prior service cost	0.1			(1.0		)	0.1			—
Net remeasurement losses (gains)	—			4.4			—			—
Net Periodic Benefit Cost (Income)		$0.4			$4.2			($2.7	)		$1.2



	Six Months Ended June 30, 2019						Six Months Ended June 30, 2018
	Pension			Postretirement			Pension			Postretirement
Service cost		$8.7			$0.6			$8.6			$0.9
Interest cost	24.5			3.5			22.8			3.8
Expected return on plan assets	(32.6		)	(1.9		)	(36.9		)	(2.4		)
Amortization of prior service cost	0.2			(1.0		)	0.2			0.1
Net remeasurement losses (gains)	—			4.4			—			—
Net Periodic Benefit Cost (Income)		$0.8			$5.6			($5.3	)		$2.4

In the second quarter of 2019, the Company amended its postretirement benefit plan relating to moving Medicare-eligible union retirees to an individual plan on a Medicare healthcare exchange. This amendment reduced the postretirement liability by $70.2 million. This amendment required the Company to perform a full remeasurement of its postretirement obligations and plan assets as of April 30, 2019. The $70.2 million reduction in the APBO is recognized in Other Comprehensive Income (Loss) and subsequently amortized as an offset to postretirement benefit cost over a period of 12 years (average remaining service period). In addition to the reduction of the APBO, the Company recognized a net remeasurement loss of $4.4 million.

Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2019

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) for the six months ended June 30, 2019 and 2018 by component were as follows:



	Foreign Currency Translation Adjustments			Pension and Postretirement Liability Adjustments			Total
Balance as of December 31, 2018		($7.3	)		($1.6	)		($8.9	)
Other comprehensive income before reclassifications, before income tax	(0.2		)	—			(0.2		)
Amounts reclassified from accumulated other comprehensive income (loss), before income tax	—			(0.7		)	(0.7		)
Amounts deferred to accumulated other comprehensive income (loss), before income tax	—			70.2			70.2
Income tax	—			—			—
Net current period other comprehensive income, net of income taxes	(0.2		)	69.5			69.3
Balance as of June 30, 2019		($7.5	)		$67.9			$60.4

	Foreign Currency Translation Adjustments			Pension and Postretirement Liability Adjustments			Total
Balance at December 31, 2017		($5.9	)		($1.7	)		($7.6	)
Other comprehensive income before reclassifications, before income tax	(0.4		)	—			(0.4		)
Amounts reclassified from accumulated other comprehensive loss, before income tax	—			0.3			0.3
Income tax	—			—			—
Net current period other comprehensive income, net of income taxes	(0.4		)	0.3			(0.1		)
Balance as of June 30, 2018		($6.3	)		($1.4	)		($7.7	)

The amount reclassified from accumulated other comprehensive income (loss) for the pension and postretirement liability adjustment was included in other income (expense), net in the unaudited Consolidated Statements of Operations. The amount deferred to accumulated other comprehensive income in the six months ended June 30, 2019, was a result of a plan amendment to the Company’s postretirement benefit plan. These accumulated other comprehensive income (loss) components are components of net periodic benefit cost. See “Note 13 - Retirement and Postretirement Plans” for additional information.

Contingencies	6 Months Ended
Contingencies	Jun. 30, 2019
Loss Contingency Accrual, Disclosures [Abstract]
Contingencies	Contingencies TimkenSteel has a number of loss exposures incurred in the ordinary course of business, such as environmental claims, product warranty claims, and litigation. Establishing loss reserves for these matters requires management’s estimate and judgment regarding risk exposure and ultimate liability or realization. These loss reserves are reviewed periodically and adjustments are made to reflect the most recent facts and circumstances. Accruals related to environmental claims represent management’s best estimate of the fees and costs associated with these claims. Although it is not possible to predict with certainty the outcome of such claims, management believes that their ultimate dispositions should not have a material adverse effect on our financial position, cash flows or results of operations. As of June 30, 2019 and December 31, 2018, TimkenSteel had a $1.5 million contingency reserve for both periods, related to loss exposures incurred in the ordinary course of business.

Recent Accounting Pronouncements (Policies)

6 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Adoption of New Accounting Standards

The Company adopted the following Accounting Standard Updates (ASU) in the first quarter of 2019, all of which were effective as of January 1, 2019. The adoption of these standards had no impact on the unaudited Consolidated Financial Statements or the related Notes to the unaudited Consolidated Financial Statements.



Standards Adopted	Description
ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting	The standard provides an expanded scope of Topic 718, to include share-based payment transactions for acquiring goods and services from nonemployees.
ASU 2018-02, Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income	The standard permits entities to reclassify tax effects stranded in accumulated other comprehensive income as a result of tax reform to retained earnings.
ASU 2017-11, Distinguishing Liabilities from Equity; Derivatives and Hedging	The standard eliminates the requirement to consider “down round” features when determining whether certain equity-linked financial instruments or embedded features are indexed to an entity’s own stock.

On January 1, 2019, the Company adopted ASU 2016-02, “Leases (Topics 842),” which requires lessees to recognize lease liabilities and right-of-use assets on the balance sheet for not only finance (previously capital) leases but also operating leases. The standard also requires additional quantitative and qualitative disclosures. The Company adopted the standard using the modified retrospective transition approach without adjusting comparative periods.

The Company elected certain of the practical expedients permitted under the transition guidance within the new standard as follows:


•	A package of practical expedients to not reassess:


◦	Whether a contract is or contains a lease


◦	Lease classification


◦	Initial direct costs


•	A practical expedient to not reassess certain land easements

The Company has implemented internal controls and lease accounting software to enable the quantification of the expected impact on the unaudited Consolidated Balance Sheets and to facilitate the calculations of the related accounting entries and disclosures. Adoption of the lease standard resulted in recognition of right-to-use assets and lease liabilities of $16.0 million as of January 1, 2019. Adoption of the lease standard had no impact on the Company’s debt-covenant compliance under its current agreements. Also, the standard did not materially affect the Company’s results of operations or its cash flows. Refer to “Note 11 - Leases” for additional information.

Accounting Standards Issued But Not Yet Adopted

The Company has considered the recent ASUs issued by the Financial Accounting Standards Board summarized below:



Standard Pending Adoption	Description	Effective Date	Anticipated Impact
ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40)	The standard aligns the requirements for capitalizing implementation costs in cloud computing software arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software.	January 1, 2020	The Company plans on adopting this ASU using the prospective method. The Company does not expect the ASU to have a material impact on its results of operations or financial condition.
ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20)	The standard eliminates, modifies and adds disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans.	January 1, 2021	The Company is currently evaluating the impact of the adoption of this ASU on its results of operations and financial condition.
ASU 2018-13, Fair Value Measurement (Topic 820)	The standard eliminates, modifies and adds disclosure requirements for fair value measurements.	January 1, 2020	The Company does not expect the ASU to have a material impact on its results of operations or financial condition.
ASU 2016-13, Measurement of Credit Losses on Financial Instruments	The standard changes how entities will measure credit losses for most financial assets, including trade and other receivables and replaces the current incurred loss approach with an expected loss model.	January 1, 2020	The Company does not expect the ASU to have a material impact on its results of operations or financial condition.

Recent Accounting Pronouncements (Tables)

6 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Schedule of Accounting Changes

The Company has considered the recent ASUs issued by the Financial Accounting Standards Board summarized below:



Standard Pending Adoption	Description	Effective Date	Anticipated Impact
ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40)	The standard aligns the requirements for capitalizing implementation costs in cloud computing software arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software.	January 1, 2020	The Company plans on adopting this ASU using the prospective method. The Company does not expect the ASU to have a material impact on its results of operations or financial condition.
ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20)	The standard eliminates, modifies and adds disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans.	January 1, 2021	The Company is currently evaluating the impact of the adoption of this ASU on its results of operations and financial condition.
ASU 2018-13, Fair Value Measurement (Topic 820)	The standard eliminates, modifies and adds disclosure requirements for fair value measurements.	January 1, 2020	The Company does not expect the ASU to have a material impact on its results of operations or financial condition.
ASU 2016-13, Measurement of Credit Losses on Financial Instruments	The standard changes how entities will measure credit losses for most financial assets, including trade and other receivables and replaces the current incurred loss approach with an expected loss model.	January 1, 2020	The Company does not expect the ASU to have a material impact on its results of operations or financial condition.

The Company adopted the following Accounting Standard Updates (ASU) in the first quarter of 2019, all of which were effective as of January 1, 2019. The adoption of these standards had no impact on the unaudited Consolidated Financial Statements or the related Notes to the unaudited Consolidated Financial Statements.



Standards Adopted	Description
ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting	The standard provides an expanded scope of Topic 718, to include share-based payment transactions for acquiring goods and services from nonemployees.
ASU 2018-02, Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income	The standard permits entities to reclassify tax effects stranded in accumulated other comprehensive income as a result of tax reform to retained earnings.
ASU 2017-11, Distinguishing Liabilities from Equity; Derivatives and Hedging	The standard eliminates the requirement to consider “down round” features when determining whether certain equity-linked financial instruments or embedded features are indexed to an entity’s own stock.

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table provides the major sources of revenue by end-market sector for the three and six months ended June 30, 2019 and 2018:



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Mobile		$135.3		$141.6		$279.5		$284.1
Industrial	124.3		166.9		271.3		314.6
Energy	54.1		68.8		114.9		117.9
Other⁽¹⁾	23.0		36.2		42.0		77.7
Total Net Sales		$336.7		$413.5		$707.7		$794.3

⁽¹⁾“Other” for sales by end-market sector includes the Company’s scrap and OCTG billet sales.

The following table provides the major sources of revenue by product type for the three and six months ended June 30, 2019 and 2018:



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Bar		$225.4		$262.4		$465.3		$496.8
Tube	40.8		70.6		90.4		134.3
Value-add	63.1		69.2		136.8		141.9
Other⁽²⁾	7.4		11.3		15.2		21.3
Total Net Sales		$336.7		$413.5		$707.7		$794.3

⁽²⁾“Other” for sales by product type includes the Company’s scrap sales.

Restructuring Charges (Tables)

6 Months Ended

Jun. 30, 2019

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve

The following is a summary of the restructuring reserve for the six months ended June 30, 2019:



Balance at December 31, 2018		$—
Expenses	3.6
Payments	(0.2		)
Balance at June 30, 2019		$3.4

Other Income (Expense), Net (Tables)

6 Months Ended

Jun. 30, 2019

Other Income and Expenses [Abstract]

Schedule of Other Income (Expense), net

The following table provides the components of other income (expense), net for the three and six months ended June 30, 2019 and 2018:



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Pension and postretirement non-service benefit income		$4.5			$6.2			$7.3			$12.5
Loss from remeasurement of benefit plans	(4.4		)	—			(4.4		)	—
Foreign currency exchange gain (loss)	0.2			(0.1		)	0.1			—
Miscellaneous income (expense)	(0.1		)	0.1			(0.1		)	0.1
Total other income (expense), net		$0.2			$6.2			$2.9			$12.6

Income Tax Provision (Tables)

6 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Schedule of (Benefit) Provision for Income Taxes



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Provision for incomes taxes		$0.2			$0.2			$0.3			$0.3
Effective tax rate	(6.8		)%	1.9		%	228.8		%	4.1		%

Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted earnings (loss) per share for the three and six months ended June 30, 2019 and 2018:



	Three Months Ended June 30,					Six Months Ended June 30,
	2019			2018		2019			2018
Numerator:
Net income (loss)		($4.4	)		$8.4		($0.2	)		$6.5

Denominator:
Weighted average shares outstanding, basic	44.8			44.6		44.7			44.5
Dilutive effect of stock-based awards	—			0.6		—			0.7
Weighted average shares outstanding, diluted	44.8			45.2		44.7			45.2

Basic earnings (loss) per share		($0.10	)		$0.19		$—			$0.15
Diluted earnings (loss) per share		($0.10	)		$0.19		$—			$0.14

Inventories (Tables)

6 Months Ended

Jun. 30, 2019

Inventory Disclosure [Abstract]

Schedule of Components of Inventory

The components of inventories, net of reserves as of June 30, 2019 and December 31, 2018 were as follows:



	June 30, 2019			December 31, 2018
Manufacturing supplies		$56.0			$46.9
Raw materials	40.5			35.2
Work in process	154.9			155.7
Finished products	125.8			142.8
Gross inventory	377.2			380.6
Allowance for surplus and obsolete inventory	(5.2		)	(5.1		)
LIFO reserve	(67.2		)	(78.7		)
Total Inventories, net		$304.8			$296.8

Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 30, 2019

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

The components of property, plant and equipment, net as of June 30, 2019 and December 31, 2018 were as follows:



	June 30, 2019			December 31, 2018
Land		$14.1			$14.1
Buildings and improvements	426.4			424.4
Machinery and equipment	1,413.2			1,404.2
Construction in progress	21.7			28.5
Subtotal	1,875.4			1,871.2
Less allowances for depreciation	(1,225.7		)	(1,196.8		)
Property, Plant and Equipment, net		$649.7			$674.4

Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The components of intangible assets, net as of June 30, 2019 and December 31, 2018 were as follows:



	June 30, 2019						December 31, 2018
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships		$6.3		$4.7		$1.6		$6.3		$4.6		$1.7
Technology use	9.0		6.8		2.2		9.0		6.5		2.5
Capitalized software	62.2		48.6		13.6		61.6		48.0		13.6
Total Intangible Assets		$77.5		$60.1		$17.4		$76.9		$59.1		$17.8

Leases (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Lease, Cost

Supplemental cash flow information related to leases was as follows:



	Six Months Ended June 30, 2019
Cash paid for amounts included in the measurement of operating lease liabilities		$3.6
Right-of-use assets obtained in exchange for operating lease obligations		$1.7

The Company recorded lease cost for the three and six months ended June 30, 2019 as follows:

Future Lease Maturity

Future minimum lease payments under non-cancellable leases as of June 30, 2019 were as follows:



2019 (excluding the six months ended June 30, 2019)		$3.2
2020	5.8
2021	3.9
2022	1.6
2023	0.9
After 2023	0.1
Total future minimum lease payments	15.5
Less amount of lease payment representing interest	(1.0		)
Total present value of lease payments		$14.5

Future Lease Maturity

Future minimum lease payments under non-cancellable leases as of December 31, 2018 were as follows:



2019		$6.3
2020	5.2
2021	3.3
2022	1.0
2023	0.6
After 2023	—
Total future minimum lease payments		$16.4

Financing Arrangements (Tables)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Schedule of Components of Convertible Notes

The components of the Convertible Notes as of June 30, 2019 and December 31, 2018 were as follows:



	June 30, 2019			December 31, 2018
Principal		$86.3			$86.3
Less: Debt issuance costs, net of amortization	(1.0		)	(1.2		)
Less: Debt discount, net of amortization	(9.0		)	(11.0		)
Convertible notes, net		$76.3			$74.1

Schedule of Long-term Debt Instruments

The following table sets forth total interest expense recognized related to the Convertible Notes:



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Contractual interest expense		$1.3		$1.3		$2.6		$2.6
Amortization of debt issuance costs	0.1		0.1		0.2		0.2
Amortization of debt discount	1.0		0.8		2.0		1.7
Total		$2.4		$2.2		$4.8		$4.5

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
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+ Details

Retirement and Postretirement Benefits (Tables)

6 Months Ended

Jun. 30, 2019

Defined Benefit Plan [Abstract]

Schedule of Periodic Benefit Cost

The components of net periodic benefit cost (income) for the three and six months ended June 30, 2019 and 2018 were as follows:



	Three Months Ended June 30, 2019						Three Months Ended June 30, 2018
	Pension			Postretirement			Pension			Postretirement
Service cost		$4.4			$0.3			$4.3			$0.5
Interest cost	12.3			1.5			11.4			1.9
Expected return on plan assets	(16.4		)	(1.0		)	(18.5		)	(1.2		)
Amortization of prior service cost	0.1			(1.0		)	0.1			—
Net remeasurement losses (gains)	—			4.4			—			—
Net Periodic Benefit Cost (Income)		$0.4			$4.2			($2.7	)		$1.2



	Six Months Ended June 30, 2019						Six Months Ended June 30, 2018
	Pension			Postretirement			Pension			Postretirement
Service cost		$8.7			$0.6			$8.6			$0.9
Interest cost	24.5			3.5			22.8			3.8
Expected return on plan assets	(32.6		)	(1.9		)	(36.9		)	(2.4		)
Amortization of prior service cost	0.2			(1.0		)	0.2			0.1
Net remeasurement losses (gains)	—			4.4			—			—
Net Periodic Benefit Cost (Income)		$0.8			$5.6			($5.3	)		$2.4

Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2019

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) for the six months ended June 30, 2019 and 2018 by component were as follows:



	Foreign Currency Translation Adjustments			Pension and Postretirement Liability Adjustments			Total
Balance as of December 31, 2018		($7.3	)		($1.6	)		($8.9	)
Other comprehensive income before reclassifications, before income tax	(0.2		)	—			(0.2		)
Amounts reclassified from accumulated other comprehensive income (loss), before income tax	—			(0.7		)	(0.7		)
Amounts deferred to accumulated other comprehensive income (loss), before income tax	—			70.2			70.2
Income tax	—			—			—
Net current period other comprehensive income, net of income taxes	(0.2		)	69.5			69.3
Balance as of June 30, 2019		($7.5	)		$67.9			$60.4

	Foreign Currency Translation Adjustments			Pension and Postretirement Liability Adjustments			Total
Balance at December 31, 2017		($5.9	)		($1.7	)		($7.6	)
Other comprehensive income before reclassifications, before income tax	(0.4		)	—			(0.4		)
Amounts reclassified from accumulated other comprehensive loss, before income tax	—			0.3			0.3
Income tax	—			—			—
Net current period other comprehensive income, net of income taxes	(0.4		)	0.3			(0.1		)
Balance as of June 30, 2018		($6.3	)		($1.4	)		($7.7	)

Recent Accounting Pronouncements - Adoption of New Accounting Standards (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease liabilities	$ 14.5
Right-to-use assets	$ 14.5
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease liabilities		$ 16.0
Right-to-use assets		$ 16.0

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Revenue Recognition (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Net sales	$ 336.7	$ 413.5	$ 707.7	$ 794.3
Bar
Disaggregation of Revenue [Line Items]
Net sales	225.4	262.4	465.3	496.8
Tube
Disaggregation of Revenue [Line Items]
Net sales	40.8	70.6	90.4	134.3
Value-add
Disaggregation of Revenue [Line Items]
Net sales	63.1	69.2	136.8	141.9
Other
Disaggregation of Revenue [Line Items]
Net sales	7.4	11.3	15.2	21.3
Mobile
Disaggregation of Revenue [Line Items]
Net sales	135.3	141.6	279.5	284.1
Industrial
Disaggregation of Revenue [Line Items]
Net sales	124.3	166.9	271.3	314.6
Energy
Disaggregation of Revenue [Line Items]
Net sales	54.1	68.8	114.9	117.9
Other
Disaggregation of Revenue [Line Items]
Net sales	$ 23.0	$ 36.2	$ 42.0	$ 77.7

Restructuring Charges - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
Restructuring Charges - Narrative (Details) $ in Millions	Jun. 30, 2019 USD ($) Positions	Jun. 30, 2018 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)
Restructuring and Related Activities [Abstract]
Number of positions eliminated \| Positions	55
Restructuring charges \| $	$ 3.6	$ 0.0	$ 3.6	$ 0.0

Restructuring Charges - Summary of Restructuring Reserve (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Restructuring Reserve [Roll Forward]
Beginning balance			$ 0.0
Expenses	$ 3.6	$ 0.0	3.6	$ 0.0
Payments			(0.2)
Ending balance	$ 3.4		$ 3.4

Other Income (Expense), Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Other Income and Expenses [Abstract]
Pension and postretirement non-service benefit income	$ 4.5	$ 6.2	$ 7.3	$ 12.5
Loss from remeasurement of benefit plans	(4.4)	0.0	(4.4)	0.0
Foreign currency exchange gain (loss)	0.2	(0.1)	0.1	0.0
Miscellaneous income (expense)	(0.1)	0.1	(0.1)	0.1
Total other income (expense), net	$ 0.2	$ 6.2	$ 2.9	$ 12.6

Income Tax Provision - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Provision for incomes taxes	$ 0.2	$ 0.2	$ 0.3	$ 0.3
Effective tax rate	(6.80%)	1.90%	228.80%	4.10%

Earnings (Loss) Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator:
Net income (loss)	$ (4.4)	$ 4.2	$ 8.4	$ (1.9)	$ (0.2)	$ 6.5
Denominator:
Weighted average shares outstanding, basic (in shares)	44.8		44.6		44.7	44.5
Dilutive effect of stock-based awards (in shares)	0.0		0.6		0.0	0.7
Weighted average shares outstanding, diluted (in shares)	44.8		45.2		44.7	45.2
Basic earnings (loss) per share (in dollars per share)	$ (0.10)		$ 0.19		$ 0.00	$ 0.15
Diluted earnings (loss) per share (in dollars per share)	$ (0.10)		$ 0.19		$ 0.00	$ 0.14

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Inventories - Schedule of Inventory (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Manufacturing supplies	$ 56.0	$ 46.9
Raw materials	40.5	35.2
Work in process	154.9	155.7
Finished products	125.8	142.8
Gross inventory	377.2	380.6
Allowance for surplus and obsolete inventory	(5.2)	(5.1)
LIFO reserve	(67.2)	(78.7)
Total Inventories, net	$ 304.8	$ 296.8

Inventories - Narrative (Details)	Jun. 30, 2019
Inventory Disclosure [Abstract]
Percentage of LIFO inventory	74.00%

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Land	$ 14.1	$ 14.1
Buildings and improvements	426.4	424.4
Machinery and equipment	1,413.2	1,404.2
Construction in progress	21.7	28.5
Subtotal	1,875.4	1,871.2
Less allowances for depreciation	(1,225.7)	(1,196.8)
Property, Plant and Equipment, net	$ 649.7	$ 674.4

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
Depreciation	$ 16.5	$ 17.0	$ 32.9	$ 34.0
Impairment charges and loss on sale	$ 1.7	$ 0.5	$ 1.7	$ 0.5

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 77.5	$ 76.9
Accumulated Amortization	60.1	59.1
Net Carrying Amount	17.4	17.8
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	6.3	6.3
Accumulated Amortization	4.7	4.6
Net Carrying Amount	1.6	1.7
Technology use
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	9.0	9.0
Accumulated Amortization	6.8	6.5
Net Carrying Amount	2.2	2.5
Capitalized software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	62.2	61.6
Accumulated Amortization	48.6	48.0
Net Carrying Amount	$ 13.6	$ 13.6

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Finite-Lived Intangible Assets [Line Items]
Amortization expense for intangible assets	$ 1.4	$ 1.4	$ 2.8	$ 2.9
Loss on disposal of intangibles	$ 0.1		$ 0.1
Capitalized software
Finite-Lived Intangible Assets [Line Items]
Impairment charges		$ 0.4		$ 0.4

Leases - Narrative (Details) $ in Millions	6 Months Ended
Leases - Narrative (Details) $ in Millions	Jun. 30, 2019 USD ($)
Lessee, Lease, Description [Line Items]
Extension term	1 year
Weighted average discount rate used to measure operating lease liabilities	4.70%
Leases not yet commenced	$ 3.0
Weighted average remaining lease term for operating leases	2 years 10 months 24 days
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Leases not yet commenced, term	3 years
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	6 years
Leases not yet commenced, term	4 years

Leases - Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Operating lease cost	$ 1.8	$ 3.6
Short-term lease cost	0.5	1.0
Total lease cost	$ 2.3	$ 4.6

Leases - Supplemental Cash Flow Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019 USD ($)
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 3.6
Right-of-use assets obtained in exchange for operating lease obligations	$ 1.7

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Leases [Abstract]
2019 (excluding the six months ended June 30, 2019)	$ 3.2
2019		$ 6.3
2020	5.8
2020		5.2
2021	3.9
2021		3.3
2022	1.6
2022		1.0
2023	0.9
2023		0.6
After 2023	0.1
After 2023		0.0
Total future minimum lease payments	15.5
Total future minimum lease payments		$ 16.4
Less amount of lease payment representing interest	(1.0)
Total present value of lease payments	$ 14.5

Financing Arrangements - Schedule of Convertible Debt (Details) - Convertible Notes - Convertible Senior Notes - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018	May 31, 2016
Debt Instrument [Line Items]
Principal	$ 86.3	$ 86.3
Less: Debt issuance costs, net of amortization	(1.0)	(1.2)	$ (2.4)
Less: Debt discount, net of amortization	(9.0)	(11.0)
Net carrying amount	$ 76.3	$ 74.1	$ 66.9

Financing Arrangements - Narrative (Details) - USD ($) $ in Millions		6 Months Ended
	Jan. 23, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	May 31, 2016
Debt Instrument [Line Items]
Revenue refunding bonds repayments		$ 0.0	$ 30.2
Interest paid		6.1	$ 5.2
Convertible Senior Notes \| Convertible Notes
Debt Instrument [Line Items]
Initial value of principal		76.3		$ 74.1	$ 66.9
Effective interest rate					12.00%
Principal amount allocated to conversion feature					$ 19.4
Transaction costs, debt		1.0		$ 1.2	2.4
Transaction costs, equity component of convertible debt					$ 0.7
Fair value of convertible notes		$ 86.5
Variable-rate State of Ohio Water Development Revenue Refunding Bonds, maturing on November 1, 2025 \| Revenue Refunding Bonds
Debt Instrument [Line Items]
Revenue refunding bonds repayments	$ 12.2
Variable-rate State of Ohio Air Quality Development Revenue Refunding Bonds, maturing on November 1, 2025 \| Revenue Refunding Bonds
Debt Instrument [Line Items]
Revenue refunding bonds repayments	9.5
Variable-rate State of Ohio Pollution Control Revenue Refunding Bonds, maturing on June 1, 2033 \| Revenue Refunding Bonds
Debt Instrument [Line Items]
Revenue refunding bonds repayments	$ 8.5
Credit Agreement \| Second Amended Credit Facility
Debt Instrument [Line Items]
Effective interest rate		4.60%
Amount available under amended credit agreement		$ 152.4

Financing Arrangements - Schedule of Interest Expense (Details) - Convertible Notes - Convertible Senior Notes - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Debt Instrument [Line Items]
Contractual interest expense	$ 1.3	$ 1.3	$ 2.6	$ 2.6
Amortization of debt issuance costs	0.1	0.1	0.2	0.2
Amortization of debt discount	1.0	0.8	2.0	1.7
Total	$ 2.4	$ 2.2	$ 4.8	$ 4.5

Retirement and Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 4.4	$ 4.3	$ 8.7	$ 8.6
Interest cost	12.3	11.4	24.5	22.8
Expected return on plan assets	(16.4)	(18.5)	(32.6)	(36.9)
Amortization of prior service cost	0.1	0.1	0.2	0.2
Net remeasurement losses (gains)	0.0	0.0	0.0	0.0
Net Periodic Benefit Cost (Income)	0.4	(2.7)	0.8	(5.3)
Postretirement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0.3	0.5	0.6	0.9
Interest cost	1.5	1.9	3.5	3.8
Expected return on plan assets	(1.0)	(1.2)	(1.9)	(2.4)
Amortization of prior service cost	(1.0)	0.0	(1.0)	0.1
Net remeasurement losses (gains)	4.4	0.0	4.4	0.0
Net Periodic Benefit Cost (Income)	4.2	$ 1.2	$ 5.6	$ 2.4
Decrease in postretirement liability from plan amendment	$ 70.2
Average remaining service period	12 years

Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income before reclassifications, before income tax	$ (0.2)	$ (0.4)
Amounts reclassified from accumulated other comprehensive loss, before income tax	(0.7)	0.3
Amounts deferred to accumulated other comprehensive income (loss), before income tax	70.2
Income tax	0.0	0.0
Net current period other comprehensive income, net of income taxes	69.3	(0.1)
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(7.3)	(5.9)
Other comprehensive income before reclassifications, before income tax	(0.2)	(0.4)
Amounts reclassified from accumulated other comprehensive loss, before income tax	0.0	0.0
Amounts deferred to accumulated other comprehensive income (loss), before income tax	0.0
Income tax	0.0	0.0
Net current period other comprehensive income, net of income taxes	(0.2)	(0.4)
Ending Balance	(7.5)	(6.3)
Pension and Postretirement Liability Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(1.6)	(1.7)
Other comprehensive income before reclassifications, before income tax	0.0	0.0
Amounts reclassified from accumulated other comprehensive loss, before income tax	(0.7)	0.3
Amounts deferred to accumulated other comprehensive income (loss), before income tax	70.2
Income tax	0.0	0.0
Net current period other comprehensive income, net of income taxes	69.5	0.3
Ending Balance	67.9	(1.4)
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(8.9)	(7.6)
Ending Balance	$ 60.4	$ (7.7)

Contingencies - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Loss Contingency Accrual, Disclosures [Abstract]
Contingency reserves	$ 1.5	$ 1.5

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 700,000
Additional Paid-in Capital [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	700,000
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
Treasury Stock [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 0

Three Months Ended June 30, 2019

Six Months Ended
June 30, 2019

Operating lease cost

Short-term lease cost

Total lease cost