TimkenSteel Corporation Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 03, 2023 at 04:28 pm EDT
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TimkenSteel Corporation reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 356.6 million compared to USD 415.7 million a year ago. Net income was USD 28.9 million compared to USD 74.5 million a year ago. Basic earnings per share from continuing operations was USD 0.66 compared to USD 1.6 a year ago. Diluted earnings per share from continuing operations was USD 0.62 compared to USD 1.42 a year ago.
For the six months, sales was USD 680.1 million compared to USD 767.7 million a year ago. Net income was USD 43.3 million compared to USD 111.6 million a year ago. Basic earnings per share from continuing operations was USD 0.99 compared to USD 2.4 a year ago. Diluted earnings per share from continuing operations was USD 0.92 compared to USD 2.12 a year ago.
Metallus Inc., formerly TimkenSteel Corporation, manufactures alloy steel, as well as carbon and micro-alloy steel using electric arc furnace (EAF) technology. The Company's portfolio includes special bar quality (SBQ) bars, seamless mechanical tubing (tubes), manufactured components, such as precision steel components, and billets. The Company manages raw material recycling programs, which are used internally as a feeder system for its melt operations and allow it to sell scrap not used in its operations to third parties. The Company's products and solutions are used in a range of demanding applications in various market sectors, including automotive; oil and gas; industrial equipment; mining; construction; rail; defense; heavy truck; agriculture, and power generation. Its production of manufactured components takes place at two downstream manufacturing facilities: Tryon Peak (Columbus, North Carolina) and St. Clair (Eaton, Ohio).
METALLUS INC. 
