TimkenSteel-2014-Annual-Report-FINAL-03112015_v001_d4t4ig

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OUR STRATEGY TO GENERATE CUSTOMER AND SHAREHOLDER VALUE OUR UNIQUE BUSINESS MODEL We will expand our leadership position in profitable niche market spaces in the specialized steel industry, serving customers that value high-performance products in critical and demanding applications. We drive operational excellence through flexible, efficient and quality processes. Our reputation is built on our ability to innovate, creating tailored special bar quality (SBQ) solutions and providing integrated supply chain services, which results in a solid foundation for future growth. PROBLEM-SOLVING CULTURE DELIVERS TAILORED SOLUTIONS DEMANDING APPLICATIONS REQUIRE OUR UNIQUE PRODUCT AND PROCESS CAPABILITIES END MARKET AND CUSTOMER FOCUS PRODUCES PROFITABLE GROWTH CONTINUOUS INNOVATION CREATES ONGOING OPPORTUNITY
We have further enhanced our capabilities in the last five years with $500 million in capital investments that broaden our offering and further improve operational performance. Just this year, we commissioned the largest of these investments, the jumbo bloom vertical caster, which produces the largest rectangular bloom cross-sections in the world, with industry-leading internal cleanness. We are working closely with customers to qualify the new operation for their products, with good results. The vertical caster, together with the in-line forge press we brought online in 2013, provides a powerful and unique combination that reinforces our leadership position in meeting the most technically demanding specifications. In 2014, we also moved forward with construction of an additional $40 million advanced quench-and-temper facility to feed growing sales of some of our most sophisticated product lines. The facility will improve the strength of up to 50,000 process-tons annually of 4-inch to 13-inch bars and tubes destined for harsh environments across many industries. That facility will come online in 2016. Our strategy is driven by an experienced group of leaders. Our career steel professionals bring depth of experience and continuity. They know the steel industry like few others. In this historic year, veteran business executives joined them in functional areas to round out the TimkenSteel leadership team. We augmented our internal expertise with a board of directors who brings valuable points of view. Our lead director John Reilly, retired chairman and chief executive officer of Figgie International, joins me and seven others to form a dynamic and well-blended team. To each and every TimkenSteel employee, thank you for your relentless focus on delivering value in 2014 amid significant change. To every shareholder, thank you for your support and confidence in our new company. With all we’ve accomplished, I believe our best years lie ahead. I look forward to 2015 and beyond with enthusiasm about our potential to grow and profit together. Our winning combination of steelmaking experts working closely with customers and producing steel with some of the most advanced assets in the industry provides real and differentiated value. We relish the opportunity to collaborate with customers because the outcome is often truly unique. Ward J. “Tim” Timken, Jr. CHAIRMAN, CHIEF EXECUTIVE OFFICER & PRESIDENT 20 14 TIMKENSTEEL ANNUAL REPORT 05 06
Page 2 and 3: TimkenSteel is built on values that
Page 4 and 5: Dear fellow shareholders, In this i
Page 8 and 9: people who thrive on challenges
Page 10 and 11: Talk to any engineer at TimkenSteel
Page 12 and 13: innovation that creates opportunity
Page 14 and 15: We’re a leader in profitable nich
Page 16 and 17: leadership Ward J. “Tim” Timken
Page 18 and 19: oard of directors Ward J. “Tim”
Page 21 and 22: UNITED STATES SECURITIES AND EXCHAN
Page 23 and 24: PART I. ITEM 1. BUSINESS OVERVIEW T
Page 25 and 26: STRENGTHS AND STRATEGY We believe o
Page 27 and 28: us greater flexibility to substitut
Page 29 and 30: ITEM 1A. RISK FACTORS The following
Page 31 and 32: A decline in consumer and business
Page 33 and 34: We may be subject to risks relating
Page 35 and 36: We may issue preferred shares with
Page 37 and 38: With respect to taxes and other lia
Page 39 and 40: ITEM 2. PROPERTIES We are headquart
Page 41 and 42: PERFORMANCE GRAPH: The following gr
Page 43 and 44: ITEM 7. MANAGEMENT’S DISCUSSION A
Page 45 and 46: Key indicators for our market inclu
Page 47 and 48: Unallocated Years Ended December 31
Page 49 and 50: Unallocated Years Ended December 31
Page 51 and 52: Current liabilities increased to $2
Page 53 and 54: CONTRACTUAL OBLIGATIONS The followi
Page 55 and 56: jurisdiction when it is more likely
Page 57 and 58:
ITEM 7A. QUANTITATIVE AND QUALITATI
Page 59 and 60:
REPORT OF INDEPENDENT REGISTERED PU
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CONSOLIDATED STATEMENTS OF COMPREHE
Page 63 and 64:
CONSOLIDATED STATEMENTS OF CHANGES
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NOTES TO CONSOLIDATED FINANCIAL STA
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If an asset or asset group is consi
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Pension and Other Postretirement Be
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NOTE 4 - PROPERTY, PLANT AND EQUIPM
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Revenue Refunding Bonds On June 1,
Page 75 and 76:
and accumulated other comprehensive
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The components of net periodic bene
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Defined Contribution Plan Prior to
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The following summarizes TimkenStee
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Net Sales: Years Ended December 31,
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The provision for income taxes cons
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As of December 31, 2014, Timken is
Page 89 and 90:
Employee Matters Agreement - Timken
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ITEM 9. CHANGES IN AND DISAGREEMENT
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ITEM 14. PRINCIPAL ACCOUNTING FEES
Page 95 and 96:
Exhibit Number Exhibit Description
Page 97 and 98:
SIGNATURES Pursuant to the requirem
Page 99 and 100:
EXHIBIT 31.2 CERTIFICATION I, Chris
Page 101 and 102:
CORPORATE OFFICES TimkenSteel Corpo
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