Canton Ohio headquartered specialty steel maker TimkenSteel announced that “The end of July incident at our melt shop, which resulted in approximately one month of melt shop downtime and a subsequent slower than expected ramp up, significantly impacted our profitability for the third quarter. As a result, we expect third quarter adjusted EBITDA to be in the range of approximately USD 9-12 million. The company anticipates a significant recovery on its business interruption insurance related to the incident. The insurance recovery process is ongoing and nothing has been recorded at this time.”TimkenSteel President & Chief Executive Officer Mike Williams said “We are encouraged that demand remains strong across our end markets with a customer order backlog in excess of 300,000 ship tons, the majority of our production capacity allocated to customers in 2023, and positive momentum in base pricing. As we continue to conservatively ramp up melt production in the fourth quarter, we remain focused on safety and the execution of our strategic imperatives to drive sustainable through-cycle profitability. I am confident that we remain well-positioned for the long term, and I thank our customers for their patience and continued trust in TimkenSteel.”TimkenSteel manufactures high-performance carbon and alloy steel products from recycled scrap metal in Canton in Ohio serving demanding applications in mobile, energy and a variety of industrial end markets. The company is a premier US producer of alloy steel bars (up to 16 inches in diameter), seamless mechanical tubing and manufactured components. In the business of making high-quality steel for more than 100 years,
Canton Ohio headquartered specialty steel maker TimkenSteel announced that “The end of July incident at our melt shop, which resulted in approximately one month of melt shop downtime and a subsequent slower than expected ramp up, significantly impacted our profitability for the third quarter. As a result, we expect third quarter adjusted EBITDA to be in the range of approximately USD 9-12 million. The company anticipates a significant recovery on its business interruption insurance related to the incident. The insurance recovery process is ongoing and nothing has been recorded at this time.”TimkenSteel President & Chief Executive Officer Mike Williams said “We are encouraged that demand remains strong across our end markets with a customer order backlog in excess of 300,000 ship tons, the majority of our production capacity allocated to customers in 2023, and positive momentum in base pricing. As we continue to conservatively ramp up melt production in the fourth quarter, we remain focused on safety and the execution of our strategic imperatives to drive sustainable through-cycle profitability. I am confident that we remain well-positioned for the long term, and I thank our customers for their patience and continued trust in TimkenSteel.”TimkenSteel manufactures high-performance carbon and alloy steel products from recycled scrap metal in Canton in Ohio serving demanding applications in mobile, energy and a variety of industrial end markets. The company is a premier US producer of alloy steel bars (up to 16 inches in diameter), seamless mechanical tubing and manufactured components. In the business of making high-quality steel for more than 100 years,
