TimkenSteel expects Q3 adjusted EBITDA of $9M-$12M after melt shop incident

Metallus Inc.

2022-Q3 EPS reported $1.91 revenue$1,084,500,000

Melt shop incident in July caused ~1 month downtime; Q3 melt utilization 40% vs 84% Q2.
Preliminary Q3 net sales $316.8M, down 24% sequentially; shipments 158,500 tons, down 24%.
Adjusted EBITDA expected $9M-$12M; $8M repair costs and $8M maintenance costs recognized.
Customer backlog >300k ship tons; majority of 2023 capacity allocated; base pricing positive.
Business interruption insurance recovery anticipated but not yet recorded.

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