TimkenSteel agrees to purchase group annuity from Prudential to settle $250M pension obligations

Metallus Inc.

Agreement to transfer ~$250M of ~$800M U.S. pension obligations to Prudential via group annuity contract.
Covers approximately 1,900 retirees and beneficiaries; payments begin October 1, 2022.
Funded using existing pension plan assets; no cash contribution from TimkenSteel.
Expects non-cash pension settlement gain of ~$2 million in Q3 2022.
Transaction reduces total U.S. pension obligation by ~25% and de-risks balance sheet.

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