Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2018	Oct. 15, 2018
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3
Entity Registrant Name	TimkenSteel Corporation
Entity Central Index Key	0001598428
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		44,584,668

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Statement [Abstract]
Net sales	$ 409.9	$ 339.1	$ 1,204.2	$ 987.8
Cost of products sold	385.3	320.6	1,126.4	928.5
Gross Profit	24.6	18.5	77.8	59.3
Selling, general and administrative expenses	24.0	22.5	73.6	67.7
Impairment charges and loss on sale or disposal of assets	0.0	0.0	0.9
Operating Income (Loss)	0.6	(4.0)	3.3	(8.4)
Interest expense	4.4	3.7	12.9	11.0
Other income, net	6.1	1.9	18.7	10.7
Income (Loss) Before Income Taxes	2.3	(5.8)	9.1	(8.7)
Provision for income taxes	0.9	0.1	1.2	1.2
Net Income (Loss)	$ 1.4	$ (5.9)	$ 7.9	$ (9.9)
Per Share Data:
Basic earnings (loss) per share (in dollars per share)	$ 0.03	$ (0.13)	$ 0.18	$ (0.22)
Diluted earnings (loss) per share (in dollars per share)	$ 0.03	$ (0.13)	$ 0.17	$ (0.22)

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 1.4	$ (5.9)	$ 7.9	$ (9.9)
Other comprehensive income, net of tax:
Foreign currency translation adjustments	(0.5)	0.3	(0.9)	1.1
Pension and postretirement liability adjustments	0.2	0.1	0.5	0.4
Other comprehensive income (loss), net of tax	(0.3)	0.4	(0.4)	1.5
Comprehensive Income (Loss), net of tax	$ 1.1	$ (5.5)	$ 7.5	$ (8.4)

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Current Assets
Cash and cash equivalents	$ 27.0	$ 24.5
Accounts receivable, net of allowances (2018 - $1.7 million; 2017 - $1.4 million)	172.1	149.8
Inventories, net	285.3	224.0
Deferred charges and prepaid expenses	4.7	3.9
Other current assets	8.3	8.0
Total Current Assets	497.4	410.2
Property, Plant and Equipment, Net	670.2	706.7
Other Assets
Pension assets	18.0	14.6
Intangible assets, net	16.8	19.9
Other non-current assets	4.9	5.2
Total Other Assets	39.7	39.7
Total Assets	1,207.3	1,156.6
Current Liabilities
Accounts payable	138.8	135.3
Salaries, wages and benefits	32.2	32.4
Accrued pension and postretirement costs	2.9	11.5
Other current liabilities	22.7	27.6
Total Current Liabilities	196.6	206.8
Non-Current Liabilities
Convertible notes, net	73.0	70.1
Other long-term debt	145.0	95.2
Accrued pension and postretirement costs	205.9	210.8
Deferred income taxes	0.6	0.3
Other non-current liabilities	11.9	12.7
Total Non-Current Liabilities	436.4	389.1
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 2018 and 2017- 45.7 million shares	0.0	0.0
Additional paid-in capital	844.9	843.7
Retained deficit	(229.6)	(238.0)
Treasury shares - 2018 - 1.1 million; 2017 - 1.3 million	(33.0)	(37.4)
Accumulated other comprehensive loss	(8.0)	(7.6)
Total Shareholders’ Equity	574.3	560.7
Total Liabilities and Shareholders’ Equity	$ 1,207.3	$ 1,156.6

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Allowances for accounts receivable	$ 1.7	$ 1.4
Company preferred stock, no par value, authorized (in shares)	10,000,000	10,000,000
Preferred shares, issued (in shares)	0	0
Common shares, authorized (in shares)	200,000,000	200,000,000
Common shares, issued (in shares)	45,700,000	45,700,000
Treasury shares (in shares)	1,100,000	1,300,000

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Operating Activities
Net income (loss)	$ 7.9	$ (9.9)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	55.0	56.4
Amortization of deferred financing fees and debt discount	4.3	3.1
Impairment charges and loss on sale or disposal of assets	0.9	0.4
Deferred income taxes	0.3	0.7
Stock-based compensation expense	5.9	4.9
Pension and postretirement expense (benefit), net	(4.3)	4.6
Pension and postretirement contributions and payments	(12.4)	(2.5)
Changes in operating assets and liabilities:
Accounts receivable, net	(22.3)	(69.0)
Inventories, net	(61.3)	(55.3)
Accounts payable	3.5	46.8
Other accrued expenses	(5.9)	10.7
Deferred charges and prepaid expenses	(0.8)	(1.4)
Other, net	0.8	(1.2)
Net Cash Used by Operating Activities	(28.4)	(11.7)
Investing Activities
Capital expenditures	(17.7)	(11.9)
Proceeds from disposals of property, plant and equipment	1.0	0.0
Net Cash Used by Investing Activities	(16.7)	(11.9)
Financing Activities
Proceeds from exercise of stock options	0.2	0.2
Shares surrendered for employee taxes on stock compensation	(0.7)	(1.4)
Revenue Refunding Bonds repayments	(30.2)	0.0
Net Cash Provided by Financing Activities	47.6	23.8
Increase In Cash and Cash Equivalents	2.5	0.2
Cash and cash equivalents at beginning of period	24.5	25.6
Cash and Cash Equivalents at End of Period	27.0	25.8
Credit Agreement
Financing Activities
Credit Agreement repayments	(65.0)	(5.0)
Amended Credit Agreement
Financing Activities
Credit Agreement repayments	(10.0)	0.0
Amended Credit Agreement borrowings	155.0	30.0
Debt issuance costs related to Amended Credit Agreement	$ (1.7)	$ 0.0

Company and Basis of Presentation	9 Months Ended
Company and Basis of Presentation	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company and Basis of Presentation	Company and Basis of Presentation The accompanying Unaudited Consolidated Financial Statements have been prepared 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, 2017. TimkenSteel Corporation (the Company or TimkenSteel) manufactures alloy steel, as well as carbon and micro-alloy steel, with an annual melt capacity of approximately 2 million tons and shipment capacity of 1.5 million tons. TimkenSteel’s portfolio includes special bar quality (SBQ) bars, seamless mechanical tubing (tubes), value-add solutions such as precision steel components, and billets. In addition, TimkenSteel manages machining, thermal treatment, and raw material recycling programs that are used as a feeder system for the Company’s melt operations. The Company’s products and services are used in a diverse range of demanding applications in the following market sectors: oil and gas; oil country tubular goods (OCTG); automotive; industrial equipment; mining; construction; rail; aerospace and defense; heavy truck; agriculture; and power generation. The SBQ bars, tubes, and billets production processes take place at the Company’s Canton, Ohio manufacturing location. This location accounts for all of the SBQ bars, seamless mechanical tubes and billets the Company produces and includes three manufacturing facilities: the Faircrest, Harrison, and Gambrinus facilities. TimkenSteel’s value-add solutions production processes take place at three downstream manufacturing facilities: TimkenSteel Material Services (Houston, TX), Tryon Peak (Columbus, NC), and St. Clair (Eaton, OH). Many of the production processes are integrated, and the manufacturing facilities produce products that are sold in all of the Company’s market sectors. As a result, investments in the Company’s facilities and resource allocation decisions affecting the Company’s operations are designed to benefit the overall business of the Company, not any specific aspect of the business.

Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2018

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 2018, all of which were effective as of date January 1, 2018. The adoption of these standards did not have a material impact on the Unaudited Consolidated Financial Statements or the related Notes to the Unaudited Consolidated Financial Statements.



Standards Adopted	Description
ASU 2014-09, Revenue from Contracts with Customers	The standard defines that a company will recognize revenue when it transfers control of goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This standard also requires additional disclosures about the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers.
ASU 2017-01, Clarifying the Definition of a Business	The standard clarifies the definition of a business when evaluating whether transactions should be accounted for as acquisitions, or disposals of assets or businesses.
ASU 2017-09, Stock Compensation, Scope of Modification Accounting	The standard provides guidance intended to reduce diversity in practice when accounting for a modification to the terms and conditions of a share-based payment award.

On January 1, 2018, TimkenSteel adopted the new revenue standard using the modified retrospective approach as applied to customer contracts that were not completed as of January 1, 2018. As a result, financial information for reporting periods beginning on or after January 1, 2018, are presented in accordance with the new revenue standard. Comparative financial information for reporting periods beginning prior to January 1, 2018, has not been adjusted and continues to be reported in accordance with the Company's revenue recognition policies prior to the adoption of the new revenue standard. The cumulative effect was an adjustment to the opening balance of retained earnings. Under the new revenue standard, the Company will continue to recognize revenue at a point in time when it transfers promised goods or services to customers. Refer to Note 10 - Revenue Recognition for further discussion.

The following table outlines the cumulative effect of adopting the new revenue standard as of January 1, 2018.



Consolidated Balance Sheet caption	As of December 31, 2017			ASU 2014-09 Adjustment			As of January 1, 2018
Inventories, net		$224.0			($3.3	)		$220.7
Other current liabilities		$27.6			($4.0	)		$23.6
Retained deficit		($238.0	)		$0.7			($237.3	)

The ASU 2014-09 adoption adjustment is due to transactions in which the Company bills a customer for product but retains physical possession of the product until it is transferred to the customer at a point in time in the future. Prior to the adoption of the new revenue standard, TimkenSteel would recognize revenue when the product was physically transferred to the customer. Under the new revenue standard, the Company has satisfied its performance obligation and the customer obtains control when the goods are ready to be transferred to the customer and revenue is recorded at that time.

For the three and nine months ended September 30, 2018, the adoption of the new revenue standard did not have a material impact on the Unaudited Consolidated Financial Statements.

Accounting Standards Issued But Not Yet Adopted

The Company has considered the recent ASUs issued by the FASB 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 is currently evaluating the impact of the adoption of this ASU on its results of operations and 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 is currently evaluating the impact of the adoption of this ASU on its results of operations and financial condition.
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.	January 1, 2019	The Company is currently evaluating the impact of the adoption of this ASU on its results of operations and financial condition.
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.	January 1, 2019	The Company is currently evaluating the impact of the adoption of this ASU on its results of operations and financial condition.
ASU 2018-01, Leases - Land Easement Practical Expedient for Transition to Topic 842	The standard provides an optional transition practical expedient for land easements that allows an entity to continue applying its current accounting policy for certain land easements that exist or expire before the standard’s effective date.	January 1, 2019	The Company plans to elect this transition practical expedient in connection with the adoption of ASU 2016-02, Leases on January 1, 2019.
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.	January 1, 2019	The Company is currently evaluating the impact of the adoption of this ASU on its results of operations and 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 is currently evaluating the impact of the adoption of this ASU on its results of operations and financial condition.



Standard Pending Adoption	Description	Effective Date	Anticipated Impact
ASU 2016-02, Leases	The standard requires lessees to recognize lease liabilities and right-of-use assets on the balance sheet for operating leases, and requires additional quantitative and qualitative disclosures and must be adopted using a modified retrospective approach.	January 1, 2019	The Company is finalizing its review of lease contracts, related systems and internal controls as it continues to evaluate the impact of the adoption of this ASU on its results of operations and financial condition. The Company plans to adopt this ASU 2014-09 as of January 1, 2019, using the transition approach as of the beginning of the period of adoption, without recasting prior periods.

Inventories

9 Months Ended

Sep. 30, 2018

Inventory Disclosure [Abstract]

Inventories

The components of inventories, net of reserves, as of September 30, 2018 and December 31, 2017 were as follows:



	September 30, 2018			December 31, 2017
Manufacturing supplies		$45.7			$36.3
Raw materials	50.0			31.9
Work in process	159.4			137.8
Finished products	104.3			82.9
Gross inventory	359.4			288.9
Allowance for surplus and obsolete inventory	(5.8		)	(7.8		)
LIFO reserve	(68.3		)	(57.1		)
Total Inventories, net		$285.3			$224.0

Inventories are valued at the lower of cost or market, with approximately 65% 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 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 that its LIFO reserve will increase for the year ending December 31, 2018 compared to the year ending December 31, 2017, due primarily to higher scrap prices and inflation.

Property, Plant and Equipment

9 Months Ended

Sep. 30, 2018

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

The components of property, plant and equipment, net of accumulated depreciation, as of September 30, 2018 and December 31, 2017, were as follows:



	September 30, 2018			December 31, 2017
Land		$13.4			$13.4
Buildings and improvements	423.1			420.6
Machinery and equipment	1,398.3			1,387.4
Construction in progress	18.8			30.4
Subtotal	1,853.6			1,851.8
Less allowances for depreciation	(1,183.4		)	(1,145.1		)
Property, Plant and Equipment, net		$670.2			$706.7

Total depreciation expense was $50.8 million and $51.3 million for the nine months ended September 30, 2018 and 2017, respectively. TimkenSteel recorded capitalized interest related to construction projects of $0.1 million and $0.5 million for the nine months ended September 30, 2018 and 2017, respectively. During the second quarter of 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

9 Months Ended

Sep. 30, 2018

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets

The components of intangible assets, net of accumulated amortization, as of September 30, 2018 and December 31, 2017 were as follows:



	September 30, 2018						December 31, 2017
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Intangible Assets Subject to Amortization:
Customer relationships		$6.3		$4.6		$1.7		$6.3		$4.1		$2.2
Technology use	9.0		6.2		2.8		9.0		5.9		3.1
Capitalized software	59.3		47.0		12.3		59.1		44.5		14.6
Total Intangible Assets		$74.6		$57.8		$16.8		$74.4		$54.5		$19.9

Intangible assets subject to amortization are amortized on a straight-line method over their legal or estimated useful lives. Amortization expense for intangible assets for the nine months ended September 30, 2018 and 2017 was $4.2 million and $5.1 million, respectively. During the second quarter of 2018, TimkenSteel recorded approximately $0.4 million of impairment charges due to the discontinued use of certain capitalized software. There were no impairment charges recorded during the nine months ended September 30, 2017.

Financing Arrangements

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Financing Arrangements

Convertible Notes

In May 2016, the Company issued $75.0 million aggregate principal amount of Convertible Senior Notes, and an additional $11.3 million principal amount to cover over-allotments (Convertible Notes). The Indenture for the Convertible Notes dated May 31, 2016, which was filed with the Securities and Exchange Commission as an exhibit to a Form 8-K filed on May 31, 2016, contains a complete description of the terms of the Convertible Notes. The key terms are as follows:

Maturity Date: June 1, 2021 unless repurchased or converted earlier

Interest Rate: 6.0% cash interest per year

Interest Payments Dates: June 1 and December 1 of each year, beginning on December 1, 2016

Initial Conversion Price: Approximately $12.58 per common share of the Company

Initial Conversion Rate: 79.5165 common shares per $1,000 principal amount of Notes

The net proceeds to the Company from the offering were $83.2 million, after deducting the initial underwriters’ discount and fees and the offering expenses payable by the Company. The Company used the net proceeds to repay a portion of the amounts outstanding under the Credit Agreement.

The components of the Convertible Notes as of September 30, 2018 and December 31, 2017 were as follows:



	September 30, 2018			December 31, 2017
	September 30, 2018			December 31, 2017
Principal		$86.3			$86.3
Less: Debt issuance costs, net of amortization	(1.3		)	(1.6		)
Less: Debt discount, net of amortization	(12.0		)	(14.6		)
Convertible notes, net		$73.0			$70.1

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 for the three and nine months ended September 30, 2018 and 2017:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
Contractual interest expense		$1.3		$1.3		$3.9		$3.9
Amortization of debt issuance costs	0.1		0.1		0.3		0.3
Amortization of debt discount	0.9		0.9		2.6		2.5
Total		$2.3		$2.3		$6.8		$6.7

The fair value of the Convertible Notes was approximately $142.6 million as of September 30, 2018. The fair value of the Convertible Notes, which falls within Level 1 of the fair value hierarchy, is based on the last price traded in September 2018.

Holders may convert all or any portion of their Convertible Notes, in multiples of $1,000 principal amount, at their option at any time prior to the close of business on the business day immediately preceding March 1, 2021 only under certain circumstances described in the Convertible Notes Indenture, based on the reported sale price of the Company’s common shares for specified trading days as a percentage of the conversion price of the Convertible Notes, and upon the occurrence of specified corporate events. On or after March 1, 2021 until the business day preceding the maturity date, holders may convert all or any portion of their Convertible Notes, in multiples of $1,000 principal amount, at their option.

Upon conversion, the Company will pay or deliver, as the case may be, cash, common shares or a combination of cash and common shares, at its election. If the Company satisfies its conversion obligation solely in cash or through payment and delivery, as the case may be, of a combination of cash and common shares, the amount of cash and number of common shares, if any, due upon conversion will be based on a daily conversion value calculated on a proportionate basis for each trading day in a 40-trading day period.

If the Company undergoes a fundamental change, subject to certain conditions, holders may require the Company to repurchase for cash all or part of their Convertible Notes at a repurchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest to the repurchase date.

Upon certain events of default occurring and continuing (including failure to pay principal or interest on the Convertible Notes when due and payable), the Trustee or the holders of at least 25% in principal amount may declare 100% of the principal and accrued and unpaid interest, if any, on all the Convertible Notes to be due and payable. In case of certain events of bankruptcy, insolvency or reorganization, involving the Company or a significant subsidiary, 100% of the principal and accrued and unpaid interest on the Convertible Notes will become due and payable immediately.

Other Long-Term Debt

The components of other long-term debt as of September 30, 2018 and December 31, 2017 were as follows:



	September 30, 2018		December 31, 2017
	September 30, 2018		December 31, 2017
Variable-rate State of Ohio Water Development Revenue Refunding Bonds, maturing on November 1, 2025 (1.58% as of December 31, 2017)		$—		$12.2
Variable-rate State of Ohio Air Quality Development Revenue Refunding Bonds, maturing on November 1, 2025 (1.60% as of December 31, 2017)	—		9.5
Variable-rate State of Ohio Pollution Control Revenue Refunding Bonds, maturing on June 1, 2033 (1.60% as of December 31, 2017)	—		8.5
Credit Agreement, due 2019 (LIBOR plus applicable spread)	—		65.0
Amended Credit Agreement, due 2023 (LIBOR plus applicable spread)	145.0		—
Total Other Long-Term Debt		$145.0		$95.2

Credit Agreement

On February 26, 2016, the Company, as a borrower, and certain domestic subsidiaries, as subsidiary guarantors, entered into the Amended and Restated Credit Agreement (the Credit Agreement), with JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders party thereto. The Credit Agreement provided for a $265 million asset based revolving credit facility.

Amended 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 (Amended 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 Amended Credit Agreement provides for a $300.0 million asset-based revolving credit facility, including a $15.0 million sublimit for the issuance of commercial and standby letters of credit and a $30.0 million sublimit for swingline loans. Pursuant to the terms of the Amended Credit Agreement, the Company is entitled, on up to two occasions and subject to the satisfaction of certain conditions, to request increases in the commitments under the Amended Credit Agreement in the aggregate principal amount of up to $50.0 million, to the extent that existing or new lenders agree to provide such additional commitments.

The availability of borrowings under the Amended Credit Agreement is subject to a borrowing base calculation based upon a valuation of the eligible accounts receivable, inventory and machinery and equipment of the Company and the subsidiary guarantors, each multiplied by an applicable advance rate. The availability of borrowings may be further modified by reserves established from time to time by the administrative agent in its permitted discretion.

The interest rate per annum applicable to loans under the Amended Credit Agreement will be, at the Company’s option, equal to either (i) the alternate base rate plus the applicable margin or (ii) the relevant adjusted LIBO rate for an interest period of one, two, three or six months (as selected by the Company) plus the applicable margin. The base rate will be a fluctuating rate per annum equal to the greatest of (i) the prime rate of the administrative agent, (ii) the effective Federal Reserve Bank of New York rate plus 0.50% and (iii) the adjusted LIBO rate for a one-month interest period on the applicable date, plus 1.00%. The adjusted LIBO rate will be equal to the applicable London interbank offered rate for the selected interest period, as adjusted for statutory reserve requirements for eurocurrency liabilities. The applicable margin will be determined by a pricing grid based on the Company’s average quarterly availability. In addition, the Company will pay a commitment fee on the average daily unused amount of the credit facility in a percentage determined by the Company’s average daily availability for the most recently completed calendar month. The interest rate under the Amended Credit Agreement was 4.1% as of September 30, 2018. The amount available under the Amended Credit Agreement as of September 30, 2018 was $152.4 million.

The proceeds of the Amended Credit Agreement will be used to finance working capital, capital expenditures, certain permitted acquisitions and other general corporate purposes. In addition, $30.2 million of the proceeds were used to redeem the revenue refunding bonds (discussed below). All of the indebtedness under the Amended Credit Agreement is guaranteed by the Company’s material domestic subsidiaries, as well as any other domestic subsidiary the Company elects to make a party to the Amended Credit Agreement, and is secured by substantially all of the personal property of the Company and the subsidiary guarantors.

The Amended Credit Agreement matures on January 26, 2023. Prior to the maturity date, amounts outstanding are required to be repaid (without reduction of the commitments thereunder) upon the occurrence of mandatory prepayment events including proceeds of certain asset sales, equity or debt issuances or casualty events.

The Amended Credit Agreement contains certain customary covenants, including covenants that limit the ability of the Company and its subsidiaries to, among other things, (i) incur or suffer to exist certain liens, (ii) make investments, (iii) incur or guaranty additional indebtedness, (iv) enter into consolidations, mergers, acquisitions, sale-leaseback transactions and sales of assets, (v) make distributions and other restricted payments, (vi) change the nature of its business, (vii) engage in transactions with affiliates and (viii) enter into restrictive agreements, including agreements that restrict the ability to incur liens or make distributions.

In addition, the Amended Credit Agreement requires the Company to (i) unless certain conditions are met, maintain certain minimum liquidity as specified in the Amended Credit Agreement during the period commencing on March 1, 2021 and ending on June 1, 2021 and (ii) maintain a minimum specified fixed charge coverage ratio on a springing basis if minimum availability requirements as specified in the Amended Credit Agreement are not maintained.

The Amended Credit Agreement contains certain customary events of default. If any event of default occurs and is continuing, the Lenders would be entitled to take various actions, including the acceleration of amounts due under the Amended Credit Agreement, and exercise other rights and remedies.

Revenue Refunding Bonds

In connection with entering into the Amended 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).

Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2018

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

Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss for the nine months ended September 30, 2018 and 2017 by component are as follows:



	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	(0.9		)	—			(0.9		)
Amounts reclassified from accumulated other comprehensive loss, before income tax	—			0.5			0.5
Income tax	—			—			—
Net current period other comprehensive (loss) income, net of income taxes	(0.9		)	0.5			(0.4		)
Balance at September 30, 2018		($6.8	)		($1.2	)		($8.0	)

	Foreign Currency Translation Adjustments			Pension and Postretirement Liability Adjustments			Total
Balance at December 31, 2016		($7.0	)		($2.4	)		($9.4	)
Other comprehensive income before reclassifications, before income tax	1.1			—			1.1
Amounts reclassified from accumulated other comprehensive loss, before income tax	—			1.1			1.1
Income tax	—			(0.7		)	(0.7		)
Net current period other comprehensive income, net of income taxes	1.1			0.4			1.5
Balance at September 30, 2017		($5.9	)		($2.0	)		($7.9	)

The amount reclassified from accumulated other comprehensive loss for the pension and postretirement liability adjustment was included in other income, net in the Unaudited Consolidated Statements of Operations. These accumulated other comprehensive loss components are components of net periodic benefit cost. See Note 9 - Retirement and Postretirement Plans for additional information.

Changes in Shareholders' Equity

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Changes in Shareholders' Equity

Changes in the components of shareholders’ equity for the nine months ended September 30, 2018 were as follows:



	Total			Additional Paid-in Capital			Retained Deficit			Treasury Shares			Accumulated Other Comprehensive Loss
Balance at December 31, 2017		$560.7			$843.7			($238.0	)		($37.4	)		($7.6	)
Net income	7.9			—			7.9			—			—
Pension and postretirement adjustment, net of tax	0.5			—			—			—			0.5
Foreign currency adjustment	(0.9		)	—			—			—			(0.9		)
Adoption of new accounting standard (Note 2)	0.7			—			0.7			—			—
Stock-based compensation expense	5.9			5.9			—			—			—
Stock option activity	0.2			0.2			—			—			—
Issuance of treasury shares	—			(4.9		)	(0.2		)	5.1			—
Shares surrendered for taxes	(0.7		)	—			—			(0.7		)	—
Balance at September 30, 2018		$574.3			$844.9			($229.6	)		($33.0	)		($8.0	)

Retirement and Postretirement Benefits

9 Months Ended

Sep. 30, 2018

Defined Benefit Plan [Abstract]

Retirement and Postretirement Plans

The components of net periodic benefit cost (income) for the three and nine months ended September 30, 2018 and 2017 were as follows:



	Three Months Ended September 30, 2018						Three Months Ended September 30, 2017
	Three Months Ended September 30, 2018						Three Months Ended September 30, 2017
	Pension			Postretirement			Pension			Postretirement
Service cost		$4.3			$0.4			$4.6			$0.4
Interest cost	11.4			1.9			12.3			2.1
Expected return on plan assets	(18.4		)	(1.2		)	(17.7		)	(1.3		)
Amortization of prior service cost	0.1			0.1			0.1			0.2
Net remeasurement loss	—			—			2.3			—
Net Periodic Benefit Cost (Income)		($2.6	)		$1.2			$1.6			$1.4



	Nine Months Ended September 30, 2018						Nine Months Ended September 30, 2017
	Nine Months Ended September 30, 2018						Nine Months Ended September 30, 2017
	Pension			Postretirement			Pension			Postretirement
Service cost		$12.9			$1.3			$13.8			$1.2
Interest cost	34.2			5.7			36.8			6.3
Expected return on plan assets	(55.3		)	(3.6		)	(52.9		)	(4.0		)
Amortization of prior service cost	0.3			0.2			0.3			0.8
Net remeasurement loss	—			—			2.3			—
Net Periodic Benefit Cost (Income)		($7.9	)		$3.6			$0.3			$4.3

The TimkenSteel Corporation Retirement Plan (Salaried Plan) has a provision that permits employees to elect to receive their pension benefits in a lump sum. As of September 30, 2017, the cumulative cost of the 2017 settlements exceeded the sum of the service cost and interest cost components of net periodic pension cost for the Salaried Plan. Accordingly, in the third quarter of 2017, the Company completed a full remeasurement of its pension obligations and plan assets associated with the Salaried Plan as of September 30, 2017, which resulted in a non-cash pre-tax loss from remeasurement of $2.3 million, included in other income, net on the Unaudited Consolidated Statements of Operations. As of September 30, 2018, the cumulative cost of the 2018 settlements did not exceed the sum of the service cost and interest cost components of net periodic pension cost for the Salaried Plan. As a result, a full remeasurement of the pension obligations and plan assets was not required as of September 30, 2018.

Revenue Recognition

9 Months Ended

Sep. 30, 2018

Revenue from Contract with Customer [Abstract]

Revenue Recognition

As discussed in Note 2 - Recent Accounting Pronouncements, on January 1, 2018 TimkenSteel adopted the new revenue recognition standard. Under this new standard, 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, with quantities defined at the time the customer issues periodic releases from 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 nine months ended September 30, 2018 and 2017:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
Mobile		$136.4		$127.5		$420.5		$399.7
Industrial	169.7		126.3		484.3		357.1
Energy	70.1		37.7		188.0		99.0
Other	33.7		47.6		111.4		132.0
Total Net Sales		$409.9		$339.1		$1,204.2		$987.8

The following table provides the major sources of revenue by product type for the three and nine months ended September 30, 2018 and 2017:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
Bar		$262.2		$215.7		$759.0		$633.6
Tube	66.7		47.4		201.0		124.4
Value-add	70.6		65.3		212.5		201.6
Other	10.4		10.7		31.7		28.2
Total Net Sales		$409.9		$339.1		$1,204.2		$987.8

Earnings Per Share

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

Earnings Per Share

Basic income (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 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 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 nine months ended September 30, 2017 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 nine months ended September 30, 2018 and 2017 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 nine months ended September 30, 2018 and 2017 (shares are in millions):



	Three Months Ended September 30,					Nine Months Ended September 30,
	2018		2017			2018		2017
Numerator:
Net income (loss) for basic and diluted earnings per share		$1.4		($5.9	)		$7.9		($9.9	)

Denominator:
Weighted average shares outstanding, basic	44.6		44.4			44.5		44.4
Dilutive effect of stock-based awards	0.6		—			0.7		—
Weighted average shares outstanding, diluted	45.2		44.4			45.2		44.4

Basic earnings (loss) per share		$0.03		($0.13	)		$0.18		($0.22	)
Diluted earnings (loss) per share		$0.03		($0.13	)		$0.17		($0.22	)

Income Tax Provision

9 Months Ended

Sep. 30, 2018

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 September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Provision for incomes taxes		$0.9			$0.1			$1.2			$1.2
Effective tax rate	41.0		%	(1.5		)%	13.4		%	(14.0		)%

Operating losses generated in the U.S. resulted in a decrease in the carrying value of the Company’s U.S. deferred tax liability to the point of a net U.S. deferred tax asset at December 31, 2016. At that time, the Company assessed, based upon operating performance in the U.S. and industry conditions that it was more likely than not it would not realize a portion of its U.S. deferred tax assets. The Company recorded a valuation allowance in 2016 and 2017 and remained in a valuation allowance position as of September 30, 2018. 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 Company will maintain a valuation allowance against its deferred tax assets in the U.S. and applicable foreign countries until sufficient positive evidence exists to eliminate them.

Tax Cuts and Jobs Act Bill

On December 22, 2017, the Tax Cut and Jobs Act (the Act) was signed into law, which resulted in significant changes to U.S. tax and related laws. Some of the provisions of the Act affecting corporations include, but are not limited to, reducing the federal corporate income tax rate from 35% to 21%, limiting the interest expense deduction, expensing of cost of acquired qualified property and eliminating the domestic production activities deduction. The Company is currently evaluating the impact of the Act; however, the Company does not anticipate that the Act will have a material impact on the Company’s financial condition and results of operations. At this time, the Company does not anticipate a significant reduction in the Company’s effective income tax rate or net deferred federal income tax assets as a result of the income tax rate reduction, as the Company expects to be in a valuation allowance in 2018.

Other provisions of the Act include a new minimum tax on certain foreign earnings, the Global Intangibles Low-taxed Income, a new tax on certain payments to foreign related parties, the Base Erosion Anti-avoidance Tax, a new incentive for Foreign-derived Intangibles Income, changes to the limitation on the deductibility of certain executive compensation, and new limitations on the deductibility of interest expense. Generally, these other provisions take effect for the Company in the year ending December 31, 2018. On December 22, 2017, the SEC issued Staff Accounting Bulletin No. 118 (SAB 118). This guidance allows registrants a “measurement period,” not to exceed one year from the date of enactment, to complete their accounting for the tax effects of the Act. SAB 118 further directs that, during the measurement period, registrants that are able to make reasonable estimates of the tax effects of the Act should include those amounts in their financial statements as “provisional” amounts. Registrants should reflect adjustments over subsequent periods as they are able to refine their estimates and complete their accounting for the tax effects of the Act. The tax effects related to the Act described in the paragraph above represent the Company’s reasonable estimates within the meaning of SAB 118. Also, it is expected that the U.S. Treasury will issue regulations and other guidance on the application of certain provisions of the Act. In subsequent periods, but within the measurement period, the Company will analyze that guidance and other necessary information.

Contingencies

9 Months Ended

Sep. 30, 2018

Loss Contingency Accrual, Disclosures [Abstract]

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. As of September 30, 2018 and December 31, 2017, TimkenSteel had a $0.7 million and a $0.9 million contingency reserve, respectively, related to loss exposures incurred in the ordinary course of business.

Environmental Matters

From time to time, TimkenSteel may be a party to lawsuits, claims or other proceedings related to environmental matters and/or may receive notices of potential violations of environmental laws and regulations from the U.S. Environmental Protection Agency (EPA) and similar state or local authorities. TimkenSteel recorded reserves for such environmental matters as other current and non-current liabilities on the Unaudited Consolidated Balance Sheets. Accruals related to such environmental matters represent management’s best estimate of the fees and costs associated with these matters. Although it is not possible to predict with certainty the outcome of such matters, management believes that their ultimate dispositions should not have a material adverse effect on TimkenSteel’s financial position, cash flows, or results of operations. As of September 30, 2018 and December 31, 2017, TimkenSteel had a $0.9 million and $0.5 million reserve for such environmental matters as other current and non-current liabilities on the Unaudited Consolidated Balance Sheets, respectively.

The following is a rollforward of the accrual related to environmental matters for the nine months ended September 30, 2018 and 2017:



	Nine Months Ended September 30,
	2018		2017
Beginning balance, January 1		$0.5		$0.6
Expenses	0.4		0.1
Payments	—		(0.2		)
Ending balance, September 30		$0.9		$0.5

Recent Accounting Pronouncements (Policies)

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Adoption of New Accounting Standards

The Company adopted the following Accounting Standard Updates (ASU) in the first quarter of 2018, all of which were effective as of date January 1, 2018. The adoption of these standards did not have a material impact on the Unaudited Consolidated Financial Statements or the related Notes to the Unaudited Consolidated Financial Statements.



Standards Adopted	Description
ASU 2014-09, Revenue from Contracts with Customers	The standard defines that a company will recognize revenue when it transfers control of goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This standard also requires additional disclosures about the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers.
ASU 2017-01, Clarifying the Definition of a Business	The standard clarifies the definition of a business when evaluating whether transactions should be accounted for as acquisitions, or disposals of assets or businesses.
ASU 2017-09, Stock Compensation, Scope of Modification Accounting	The standard provides guidance intended to reduce diversity in practice when accounting for a modification to the terms and conditions of a share-based payment award.

On January 1, 2018, TimkenSteel adopted the new revenue standard using the modified retrospective approach as applied to customer contracts that were not completed as of January 1, 2018. As a result, financial information for reporting periods beginning on or after January 1, 2018, are presented in accordance with the new revenue standard. Comparative financial information for reporting periods beginning prior to January 1, 2018, has not been adjusted and continues to be reported in accordance with the Company's revenue recognition policies prior to the adoption of the new revenue standard. The cumulative effect was an adjustment to the opening balance of retained earnings. Under the new revenue standard, the Company will continue to recognize revenue at a point in time when it transfers promised goods or services to customers. Refer to Note 10 - Revenue Recognition for further discussion.

The following table outlines the cumulative effect of adopting the new revenue standard as of January 1, 2018.



Consolidated Balance Sheet caption	As of December 31, 2017			ASU 2014-09 Adjustment			As of January 1, 2018
Inventories, net		$224.0			($3.3	)		$220.7
Other current liabilities		$27.6			($4.0	)		$23.6
Retained deficit		($238.0	)		$0.7			($237.3	)

The ASU 2014-09 adoption adjustment is due to transactions in which the Company bills a customer for product but retains physical possession of the product until it is transferred to the customer at a point in time in the future. Prior to the adoption of the new revenue standard, TimkenSteel would recognize revenue when the product was physically transferred to the customer. Under the new revenue standard, the Company has satisfied its performance obligation and the customer obtains control when the goods are ready to be transferred to the customer and revenue is recorded at that time.

For the three and nine months ended September 30, 2018, the adoption of the new revenue standard did not have a material impact on the Unaudited Consolidated Financial Statements.

Accounting Standards Issued But Not Yet Adopted

The Company has considered the recent ASUs issued by the FASB 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 is currently evaluating the impact of the adoption of this ASU on its results of operations and 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 is currently evaluating the impact of the adoption of this ASU on its results of operations and financial condition.
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.	January 1, 2019	The Company is currently evaluating the impact of the adoption of this ASU on its results of operations and financial condition.
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.	January 1, 2019	The Company is currently evaluating the impact of the adoption of this ASU on its results of operations and financial condition.
ASU 2018-01, Leases - Land Easement Practical Expedient for Transition to Topic 842	The standard provides an optional transition practical expedient for land easements that allows an entity to continue applying its current accounting policy for certain land easements that exist or expire before the standard’s effective date.	January 1, 2019	The Company plans to elect this transition practical expedient in connection with the adoption of ASU 2016-02, Leases on January 1, 2019.
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.	January 1, 2019	The Company is currently evaluating the impact of the adoption of this ASU on its results of operations and 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 is currently evaluating the impact of the adoption of this ASU on its results of operations and financial condition.



Standard Pending Adoption	Description	Effective Date	Anticipated Impact
ASU 2016-02, Leases	The standard requires lessees to recognize lease liabilities and right-of-use assets on the balance sheet for operating leases, and requires additional quantitative and qualitative disclosures and must be adopted using a modified retrospective approach.	January 1, 2019	The Company is finalizing its review of lease contracts, related systems and internal controls as it continues to evaluate the impact of the adoption of this ASU on its results of operations and financial condition. The Company plans to adopt this ASU 2014-09 as of January 1, 2019, using the transition approach as of the beginning of the period of adoption, without recasting prior periods.

Recent Accounting Pronouncements (Tables)

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Schedule of Accounting Changes

The Company adopted the following Accounting Standard Updates (ASU) in the first quarter of 2018, all of which were effective as of date January 1, 2018. The adoption of these standards did not have a material impact on the Unaudited Consolidated Financial Statements or the related Notes to the Unaudited Consolidated Financial Statements.



Standards Adopted	Description
ASU 2014-09, Revenue from Contracts with Customers	The standard defines that a company will recognize revenue when it transfers control of goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This standard also requires additional disclosures about the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers.
ASU 2017-01, Clarifying the Definition of a Business	The standard clarifies the definition of a business when evaluating whether transactions should be accounted for as acquisitions, or disposals of assets or businesses.
ASU 2017-09, Stock Compensation, Scope of Modification Accounting	The standard provides guidance intended to reduce diversity in practice when accounting for a modification to the terms and conditions of a share-based payment award.

The following table outlines the cumulative effect of adopting the new revenue standard as of January 1, 2018.



Consolidated Balance Sheet caption	As of December 31, 2017			ASU 2014-09 Adjustment			As of January 1, 2018
Inventories, net		$224.0			($3.3	)		$220.7
Other current liabilities		$27.6			($4.0	)		$23.6
Retained deficit		($238.0	)		$0.7			($237.3	)

The Company has considered the recent ASUs issued by the FASB 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 is currently evaluating the impact of the adoption of this ASU on its results of operations and 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 is currently evaluating the impact of the adoption of this ASU on its results of operations and financial condition.
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.	January 1, 2019	The Company is currently evaluating the impact of the adoption of this ASU on its results of operations and financial condition.
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.	January 1, 2019	The Company is currently evaluating the impact of the adoption of this ASU on its results of operations and financial condition.
ASU 2018-01, Leases - Land Easement Practical Expedient for Transition to Topic 842	The standard provides an optional transition practical expedient for land easements that allows an entity to continue applying its current accounting policy for certain land easements that exist or expire before the standard’s effective date.	January 1, 2019	The Company plans to elect this transition practical expedient in connection with the adoption of ASU 2016-02, Leases on January 1, 2019.
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.	January 1, 2019	The Company is currently evaluating the impact of the adoption of this ASU on its results of operations and 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 is currently evaluating the impact of the adoption of this ASU on its results of operations and financial condition.



Standard Pending Adoption	Description	Effective Date	Anticipated Impact
ASU 2016-02, Leases	The standard requires lessees to recognize lease liabilities and right-of-use assets on the balance sheet for operating leases, and requires additional quantitative and qualitative disclosures and must be adopted using a modified retrospective approach.	January 1, 2019	The Company is finalizing its review of lease contracts, related systems and internal controls as it continues to evaluate the impact of the adoption of this ASU on its results of operations and financial condition. The Company plans to adopt this ASU 2014-09 as of January 1, 2019, using the transition approach as of the beginning of the period of adoption, without recasting prior periods.

Inventories (Tables)

9 Months Ended

Sep. 30, 2018

Inventory Disclosure [Abstract]

Schedule of Components of Inventory

The components of inventories, net of reserves, as of September 30, 2018 and December 31, 2017 were as follows:



	September 30, 2018			December 31, 2017
Manufacturing supplies		$45.7			$36.3
Raw materials	50.0			31.9
Work in process	159.4			137.8
Finished products	104.3			82.9
Gross inventory	359.4			288.9
Allowance for surplus and obsolete inventory	(5.8		)	(7.8		)
LIFO reserve	(68.3		)	(57.1		)
Total Inventories, net		$285.3			$224.0

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2018

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

The components of property, plant and equipment, net of accumulated depreciation, as of September 30, 2018 and December 31, 2017, were as follows:



	September 30, 2018			December 31, 2017
Land		$13.4			$13.4
Buildings and improvements	423.1			420.6
Machinery and equipment	1,398.3			1,387.4
Construction in progress	18.8			30.4
Subtotal	1,853.6			1,851.8
Less allowances for depreciation	(1,183.4		)	(1,145.1		)
Property, Plant and Equipment, net		$670.2			$706.7

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2018

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Schedule of Finite-Lived Intangible Assets

The components of intangible assets, net of accumulated amortization, as of September 30, 2018 and December 31, 2017 were as follows:



	September 30, 2018						December 31, 2017
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Intangible Assets Subject to Amortization:
Customer relationships		$6.3		$4.6		$1.7		$6.3		$4.1		$2.2
Technology use	9.0		6.2		2.8		9.0		5.9		3.1
Capitalized software	59.3		47.0		12.3		59.1		44.5		14.6
Total Intangible Assets		$74.6		$57.8		$16.8		$74.4		$54.5		$19.9

Financing Arrangements (Tables)

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Schedule of Components of Convertible Notes

The components of the Convertible Notes as of September 30, 2018 and December 31, 2017 were as follows:



	September 30, 2018			December 31, 2017
	September 30, 2018			December 31, 2017
Principal		$86.3			$86.3
Less: Debt issuance costs, net of amortization	(1.3		)	(1.6		)
Less: Debt discount, net of amortization	(12.0		)	(14.6		)
Convertible notes, net		$73.0			$70.1

Schedule of Long-term Debt Instruments

The following table sets forth total interest expense recognized related to the Convertible Notes for the three and nine months ended September 30, 2018 and 2017:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
Contractual interest expense		$1.3		$1.3		$3.9		$3.9
Amortization of debt issuance costs	0.1		0.1		0.3		0.3
Amortization of debt discount	0.9		0.9		2.6		2.5
Total		$2.3		$2.3		$6.8		$6.7

The components of other long-term debt as of September 30, 2018 and December 31, 2017 were as follows:



	September 30, 2018		December 31, 2017
	September 30, 2018		December 31, 2017
Variable-rate State of Ohio Water Development Revenue Refunding Bonds, maturing on November 1, 2025 (1.58% as of December 31, 2017)		$—		$12.2
Variable-rate State of Ohio Air Quality Development Revenue Refunding Bonds, maturing on November 1, 2025 (1.60% as of December 31, 2017)	—		9.5
Variable-rate State of Ohio Pollution Control Revenue Refunding Bonds, maturing on June 1, 2033 (1.60% as of December 31, 2017)	—		8.5
Credit Agreement, due 2019 (LIBOR plus applicable spread)	—		65.0
Amended Credit Agreement, due 2023 (LIBOR plus applicable spread)	145.0		—
Total Other Long-Term Debt		$145.0		$95.2

- 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://www.xbrl.org/2003/role/presentationRef
-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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21521-112644

+ Details

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2018

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

Schedule of Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive loss for the nine months ended September 30, 2018 and 2017 by component are as follows:



	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	(0.9		)	—			(0.9		)
Amounts reclassified from accumulated other comprehensive loss, before income tax	—			0.5			0.5
Income tax	—			—			—
Net current period other comprehensive (loss) income, net of income taxes	(0.9		)	0.5			(0.4		)
Balance at September 30, 2018		($6.8	)		($1.2	)		($8.0	)

	Foreign Currency Translation Adjustments			Pension and Postretirement Liability Adjustments			Total
Balance at December 31, 2016		($7.0	)		($2.4	)		($9.4	)
Other comprehensive income before reclassifications, before income tax	1.1			—			1.1
Amounts reclassified from accumulated other comprehensive loss, before income tax	—			1.1			1.1
Income tax	—			(0.7		)	(0.7		)
Net current period other comprehensive income, net of income taxes	1.1			0.4			1.5
Balance at September 30, 2017		($5.9	)		($2.0	)		($7.9	)

Changes in Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Schedule of Shareholders' Equity

Changes in the components of shareholders’ equity for the nine months ended September 30, 2018 were as follows:



	Total			Additional Paid-in Capital			Retained Deficit			Treasury Shares			Accumulated Other Comprehensive Loss
Balance at December 31, 2017		$560.7			$843.7			($238.0	)		($37.4	)		($7.6	)
Net income	7.9			—			7.9			—			—
Pension and postretirement adjustment, net of tax	0.5			—			—			—			0.5
Foreign currency adjustment	(0.9		)	—			—			—			(0.9		)
Adoption of new accounting standard (Note 2)	0.7			—			0.7			—			—
Stock-based compensation expense	5.9			5.9			—			—			—
Stock option activity	0.2			0.2			—			—			—
Issuance of treasury shares	—			(4.9		)	(0.2		)	5.1			—
Shares surrendered for taxes	(0.7		)	—			—			(0.7		)	—
Balance at September 30, 2018		$574.3			$844.9			($229.6	)		($33.0	)		($8.0	)

Retirement and Postretirement Benefits (Tables)

9 Months Ended

Sep. 30, 2018

Defined Benefit Plan [Abstract]

Schedule of Periodic Benefit Cost

The components of net periodic benefit cost (income) for the three and nine months ended September 30, 2018 and 2017 were as follows:



	Three Months Ended September 30, 2018						Three Months Ended September 30, 2017
	Three Months Ended September 30, 2018						Three Months Ended September 30, 2017
	Pension			Postretirement			Pension			Postretirement
Service cost		$4.3			$0.4			$4.6			$0.4
Interest cost	11.4			1.9			12.3			2.1
Expected return on plan assets	(18.4		)	(1.2		)	(17.7		)	(1.3		)
Amortization of prior service cost	0.1			0.1			0.1			0.2
Net remeasurement loss	—			—			2.3			—
Net Periodic Benefit Cost (Income)		($2.6	)		$1.2			$1.6			$1.4



	Nine Months Ended September 30, 2018						Nine Months Ended September 30, 2017
	Nine Months Ended September 30, 2018						Nine Months Ended September 30, 2017
	Pension			Postretirement			Pension			Postretirement
Service cost		$12.9			$1.3			$13.8			$1.2
Interest cost	34.2			5.7			36.8			6.3
Expected return on plan assets	(55.3		)	(3.6		)	(52.9		)	(4.0		)
Amortization of prior service cost	0.3			0.2			0.3			0.8
Net remeasurement loss	—			—			2.3			—
Net Periodic Benefit Cost (Income)		($7.9	)		$3.6			$0.3			$4.3

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2018

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 nine months ended September 30, 2018 and 2017:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
Mobile		$136.4		$127.5		$420.5		$399.7
Industrial	169.7		126.3		484.3		357.1
Energy	70.1		37.7		188.0		99.0
Other	33.7		47.6		111.4		132.0
Total Net Sales		$409.9		$339.1		$1,204.2		$987.8

The following table provides the major sources of revenue by product type for the three and nine months ended September 30, 2018 and 2017:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
Bar		$262.2		$215.7		$759.0		$633.6
Tube	66.7		47.4		201.0		124.4
Value-add	70.6		65.3		212.5		201.6
Other	10.4		10.7		31.7		28.2
Total Net Sales		$409.9		$339.1		$1,204.2		$987.8

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2018

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 nine months ended September 30, 2018 and 2017 (shares are in millions):



	Three Months Ended September 30,					Nine Months Ended September 30,
	2018		2017			2018		2017
Numerator:
Net income (loss) for basic and diluted earnings per share		$1.4		($5.9	)		$7.9		($9.9	)

Denominator:
Weighted average shares outstanding, basic	44.6		44.4			44.5		44.4
Dilutive effect of stock-based awards	0.6		—			0.7		—
Weighted average shares outstanding, diluted	45.2		44.4			45.2		44.4

Basic earnings (loss) per share		$0.03		($0.13	)		$0.18		($0.22	)
Diluted earnings (loss) per share		$0.03		($0.13	)		$0.17		($0.22	)

Income Tax Provision (Tables)

9 Months Ended

Sep. 30, 2018

Income Tax Disclosure [Abstract]

Schedule of (Benefit) Provision for Income Taxes



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Provision for incomes taxes		$0.9			$0.1			$1.2			$1.2
Effective tax rate	41.0		%	(1.5		)%	13.4		%	(14.0		)%

Contingencies (Tables)

9 Months Ended

Sep. 30, 2018

Loss Contingency Accrual, Disclosures [Abstract]

Schedule of Loss Contingencies by Contingency

The following is a rollforward of the accrual related to environmental matters for the nine months ended September 30, 2018 and 2017:



	Nine Months Ended September 30,
	2018		2017
Beginning balance, January 1		$0.5		$0.6
Expenses	0.4		0.1
Payments	—		(0.2		)
Ending balance, September 30		$0.9		$0.5

- Definition

Tabular disclosure of the loss contingencies that were reported in the period or disclosed as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=82911808&loc=d3e14472-108349

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=82913245&loc=d3e12021-110248

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=82911808&loc=d3e14453-108349

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=82913245&loc=d3e12053-110248

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=82911808&loc=d3e14394-108349

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=82911808&loc=d3e14435-108349

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=82911808&loc=d3e14326-108349

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=82911808&loc=d3e14557-108349

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=82911808&loc=d3e14615-108349

+ Details

Company and Basis of Presentation - Narrative (Details) T in Millions	9 Months Ended
	Sep. 30, 2018 manufacturing_facility T
Products and Services [Line Items]
Annual melt capacity (in tons) \| T	2.0
Shipment capacity (in tons) \| T	1.5
SBQ Bars, Seamless Mechanical Tubes and Billets
Products and Services [Line Items]
Number of manufacturing facilities \| manufacturing_facility	3
Value-Add Solutions
Products and Services [Line Items]
Number of manufacturing facilities \| manufacturing_facility	3

Recent Accounting Pronouncements - Adoption of New Accounting Standards (Details) - USD ($) $ in Millions	Sep. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Inventories, net	$ 285.3	$ 220.7	$ 224.0
Other current liabilities	22.7	23.6	27.6
Retained deficit	$ (229.6)	(237.3)	(238.0)
Calculated under Revenue Guidance in Effect before Topic 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Inventories, net			224.0
Other current liabilities			27.6
Retained deficit			$ (238.0)
Difference between Revenue Guidance in Effect before and after Topic 606 \| Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Inventories, net		(3.3)
Other current liabilities		(4.0)
Retained deficit		$ 0.7

Inventories - Schedule of Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Manufacturing supplies	$ 45.7		$ 36.3
Raw materials	50.0		31.9
Work in process	159.4		137.8
Finished products	104.3		82.9
Gross inventory	359.4		288.9
Allowance for surplus and obsolete inventory	(5.8)		(7.8)
LIFO reserve	(68.3)		(57.1)
Total Inventories, net	$ 285.3	$ 220.7	$ 224.0

Inventories - Narrative (Details)	Sep. 30, 2018
Inventory Disclosure [Abstract]
Percentage of LIFO inventory	65.00%

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Land	$ 13.4	$ 13.4
Buildings and improvements	423.1	420.6
Machinery and equipment	1,398.3	1,387.4
Construction in progress	18.8	30.4
Subtotal	1,853.6	1,851.8
Less allowances for depreciation	(1,183.4)	(1,145.1)
Property, Plant and Equipment, net	$ 670.2	$ 706.7

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Jun. 30, 2018	Sep. 30, 2018	Sep. 30, 2017
Property, Plant and Equipment [Abstract]
Depreciation		$ 50.8	$ 51.3
Interest costs capitalized		$ 0.1	$ 0.5
Impairment charges and loss on sale	$ 0.5

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 74.6	$ 74.4
Accumulated Amortization	57.8	54.5
Net Carrying Amount	16.8	19.9
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	6.3	6.3
Accumulated Amortization	4.6	4.1
Net Carrying Amount	1.7	2.2
Technology use
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	9.0	9.0
Accumulated Amortization	6.2	5.9
Net Carrying Amount	2.8	3.1
Capitalized software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	59.3	59.1
Accumulated Amortization	47.0	44.5
Net Carrying Amount	$ 12.3	$ 14.6

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Amortization expense for intangible assets	$ 4.2	$ 5.1
Capitalized software
Finite-Lived Intangible Assets [Line Items]
Impairment charges	$ 0.4

Financing Arrangements - Narrative (Details)		1 Months Ended	9 Months Ended
Financing Arrangements - Narrative (Details)	Jan. 26, 2018 USD ($) borrowing_request	May 31, 2016 USD ($) $ / shares	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)	Jan. 23, 2018 USD ($)	Dec. 31, 2017 USD ($)	Feb. 26, 2016 USD ($)
Debt Instrument [Line Items]
Revenue refunding bonds repayments			$ 30,200,000	$ 0
Other long-term debt			145,000,000			$ 95,200,000
Credit Agreement, due 2019 (LIBOR plus applicable spread) \| Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity for amended credit agreement							$ 265,000,000
Amended Credit Agreement \| Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity for amended credit agreement	$ 300,000,000
Number of additional borrowing requests permitted \| borrowing_request	2
Maximum additional borrowing capacity that may be requested	$ 50,000,000
Amount available under amended credit agreement			$ 152,400,000
Amended Credit Agreement \| Credit Agreement \| Federal Reserve Bank of New York
Debt Instrument [Line Items]
Variable rate margin	0.50%
Amended Credit Agreement \| Credit Agreement \| LIBOR
Debt Instrument [Line Items]
Effective interest rate			4.10%
Variable rate margin	1.00%
Amended Credit Agreement \| Letters of Credit
Debt Instrument [Line Items]
Capacity available for letters of credit and swingline loans	$ 15,000,000
Amended Credit Agreement \| Swingline Loans
Debt Instrument [Line Items]
Capacity available for letters of credit and swingline loans	30,000,000
Convertible Senior Notes \| Convertible Senior Notes due 2021 (6.00% fixed rate) Issuance One
Debt Instrument [Line Items]
Principal amount		$ 75,000,000
Convertible Senior Notes \| Convertible Senior Notes due 2021 (6.00% fixed rate) Issuance Two
Debt Instrument [Line Items]
Principal amount		$ 11,300,000
Convertible Senior Notes \| Convertible Senior Notes, due 2021 (6.00% fixed rate)
Debt Instrument [Line Items]
Interest rate		6.00%
Conversion price (in dollars per share) \| $ / shares		$ 12.58
Conversion ratio		0.0795165
Net proceeds		$ 83,200,000
Initial value of principal		$ 66,900,000	$ 73,000,000			70,100,000
Effective interest rate		12.00%
Principal amount allocated to conversion feature		$ 19,400,000
Transaction costs, debt		2,400,000	1,300,000			1,600,000
Transaction costs, equity component of convertible debt		700,000
Fair value of convertible notes			$ 142,600,000
Multiples of principal which may be converted		$ 1,000
Conversion price observation period		40 days
Percentage of principal that can be called in the event of debt default		100.00%
Percentage of holders of notes required to be notified of debt default		25.00%
Revenue Refunding Bonds
Debt Instrument [Line Items]
Revenue refunding bonds repayments	$ 30,200,000
Revenue Refunding Bonds \| Variable-rate State of Ohio Water Development Revenue Refunding Bonds, maturing on November 1, 2025 (1.58% as of December 31, 2017)
Debt Instrument [Line Items]
Interest rate			1.58%
Other long-term debt			$ 0		$ 12,200,000	12,200,000
Revenue Refunding Bonds \| Variable-rate State of Ohio Air Quality Development Revenue Refunding Bonds, maturing on November 1, 2025 (1.60% as of December 31, 2017)
Debt Instrument [Line Items]
Interest rate			1.60%
Other long-term debt			$ 0		9,500,000	9,500,000
Revenue Refunding Bonds \| Variable-rate State of Ohio Pollution Control Revenue Refunding Bonds, maturing on June 1, 2033 (1.60% as of December 31, 2017)
Debt Instrument [Line Items]
Interest rate			1.60%
Other long-term debt			$ 0		$ 8,500,000	$ 8,500,000

Financing Arrangements - Schedule of Convertible Debt (Details) - Convertible Senior Notes - Convertible Senior Notes, due 2021 (6.00% fixed rate) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017	May 31, 2016
Debt Instrument [Line Items]
Principal	$ 86.3	$ 86.3
Less: Debt issuance costs, net of amortization	(1.3)	(1.6)	$ (2.4)
Less: Debt discount, net of amortization	(12.0)	(14.6)
Net carrying amount	$ 73.0	$ 70.1	$ 66.9

Financing Arrangements - Schedule of Interest Expense (Details) - Convertible Senior Notes - Convertible Senior Notes, due 2021 (6.00% fixed rate) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Debt Instrument [Line Items]
Contractual interest expense	$ 1.3	$ 1.3	$ 3.9	$ 3.9
Amortization of debt issuance costs	0.1	0.1	0.3	0.3
Amortization of debt discount	0.9	0.9	2.6	2.5
Total	$ 2.3	$ 2.3	$ 6.8	$ 6.7

Financing Arrangements - Schedule of Other Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2018	Jan. 23, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Other long-term debt	$ 145.0		$ 95.2
Revenue Refunding Bonds \| Variable-rate State of Ohio Water Development Revenue Refunding Bonds, maturing on November 1, 2025 (1.58% as of December 31, 2017)
Debt Instrument [Line Items]
Other long-term debt	$ 0.0	$ 12.2	12.2
Interest rate	1.58%
Revenue Refunding Bonds \| Variable-rate State of Ohio Air Quality Development Revenue Refunding Bonds, maturing on November 1, 2025 (1.60% as of December 31, 2017)
Debt Instrument [Line Items]
Other long-term debt	$ 0.0	9.5	9.5
Interest rate	1.60%
Revenue Refunding Bonds \| Variable-rate State of Ohio Pollution Control Revenue Refunding Bonds, maturing on June 1, 2033 (1.60% as of December 31, 2017)
Debt Instrument [Line Items]
Other long-term debt	$ 0.0	$ 8.5	8.5
Interest rate	1.60%
Credit Agreement \| Credit Agreement, due 2019 (LIBOR plus applicable spread) \| Credit Agreement
Debt Instrument [Line Items]
Other long-term debt	$ 0.0		65.0
Credit Agreement \| Amended Credit Agreement, due 2023 (LIBOR plus applicable spread) \| Credit Agreement
Debt Instrument [Line Items]
Other long-term debt	$ 145.0		$ 0.0

Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income before reclassifications, before income tax	$ (0.9)	$ 1.1
Amounts reclassified from accumulated other comprehensive loss, before income tax	0.5	1.1
Income tax	0.0	(0.7)
Net current period other comprehensive income, net of income taxes	(0.4)	1.5
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(5.9)	(7.0)
Other comprehensive income before reclassifications, before income tax	(0.9)	1.1
Amounts reclassified from accumulated other comprehensive loss, before income tax	0.0	0.0
Income tax	0.0	0.0
Net current period other comprehensive income, net of income taxes	(0.9)	1.1
Ending Balance	(6.8)	(5.9)
Pension and Postretirement Liability Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(1.7)	(2.4)
Other comprehensive income before reclassifications, before income tax	0.0	0.0
Amounts reclassified from accumulated other comprehensive loss, before income tax	0.5	1.1
Income tax	0.0	(0.7)
Net current period other comprehensive income, net of income taxes	0.5	0.4
Ending Balance	(1.2)	(2.0)
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(7.6)	(9.4)
Ending Balance	$ (8.0)	$ (7.9)

Changes in Shareholders' Equity (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			$ 560.7
Net income (loss)	$ 1.4	$ (5.9)	7.9	$ (9.9)
Pension and postretirement adjustment, net of tax	0.2	$ 0.1	0.5	$ 0.4
Foreign currency adjustment			(0.9)
Adoption of new accounting standard (Note 2)					$ 0.7
Stock-based compensation expense			5.9
Stock option activity			0.2
Issuance of treasury shares			0.0
Shares surrendered for taxes			(0.7)
Ending balance	574.3		574.3
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			843.7
Stock-based compensation expense			5.9
Stock option activity			0.2
Issuance of treasury shares			(4.9)
Ending balance	844.9		844.9
Retained Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			(238.0)
Net income (loss)			7.9
Adoption of new accounting standard (Note 2)					$ 0.7
Issuance of treasury shares			(0.2)
Ending balance	(229.6)		(229.6)
Treasury Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			(37.4)
Issuance of treasury shares			5.1
Shares surrendered for taxes			(0.7)
Ending balance	(33.0)		(33.0)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			(7.6)
Pension and postretirement adjustment, net of tax			0.5
Foreign currency adjustment			(0.9)
Ending balance	$ (8.0)		$ (8.0)

Retirement and Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 4.3	$ 4.6	$ 12.9	$ 13.8
Interest cost	11.4	12.3	34.2	36.8
Expected return on plan assets	(18.4)	(17.7)	(55.3)	(52.9)
Amortization of prior service cost	0.1	0.1	0.3	0.3
Net remeasurement loss	0.0	2.3	0.0	2.3
Net Periodic Benefit Cost (Income)	(2.6)	1.6	(7.9)	0.3
Postretirement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0.4	0.4	1.3	1.2
Interest cost	1.9	2.1	5.7	6.3
Expected return on plan assets	(1.2)	(1.3)	(3.6)	(4.0)
Amortization of prior service cost	0.1	0.2	0.2	0.8
Net remeasurement loss	0.0	0.0	0.0	0.0
Net Periodic Benefit Cost (Income)	$ 1.2	$ 1.4	$ 3.6	$ 4.3

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Revenue Recognition (Details) - USD ($) $ in Millions	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Disaggregation of Revenue [Line Items]
Net sales	$ 409.9	$ 339.1	$ 1,204.2	$ 987.8
Bar
Disaggregation of Revenue [Line Items]
Net sales	262.2	215.7	759.0	633.6
Tube
Disaggregation of Revenue [Line Items]
Net sales	66.7	47.4	201.0	124.4
Value-add
Disaggregation of Revenue [Line Items]
Net sales	70.6	65.3	212.5	201.6
Other
Disaggregation of Revenue [Line Items]
Net sales	10.4	10.7	31.7	28.2
Mobile
Disaggregation of Revenue [Line Items]
Net sales	136.4	127.5	420.5	399.7
Industrial
Disaggregation of Revenue [Line Items]
Net sales	169.7	126.3	484.3	357.1
Energy
Disaggregation of Revenue [Line Items]
Net sales	70.1	37.7	188.0	99.0
Other
Disaggregation of Revenue [Line Items]
Net sales	$ 33.7	$ 47.6	$ 111.4	$ 132.0

Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Numerator:
Net income (loss) for basic and diluted earnings per share	$ 1.4	$ (5.9)	$ 7.9	$ (9.9)
Denominator:
Weighted average shares outstanding, basic (in shares)	44.6	44.4	44.5	44.4
Dilutive effect of stock-based awards (in shares)	0.6	0.0	0.7	0.0
Weighted average shares outstanding, diluted (in shares)	45.2	44.4	45.2	44.4
Basic loss per share (in dollars per share)	$ 0.03	$ (0.13)	$ 0.18	$ (0.22)
Diluted loss per share (in dollars per share)	$ 0.03	$ (0.13)	$ 0.17	$ (0.22)

Income Tax Provision (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Tax Provision (Details) - USD ($) $ in Millions	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 0.9	$ 0.1	$ 1.2	$ 1.2
Effective tax rate	41.00%	(1.50%)	13.40%	(14.00%)

Contingencies - Schedule of Contingencies (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Loss Contingency Accrual, Disclosures [Abstract]
Contingency reserves	$ 0.7		$ 0.9
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning balance, January 1	0.5	$ 0.6
Expenses	0.4	0.1
Payments	0.0	(0.2)
Ending balance, September 30	$ 0.9	$ 0.5