Metallus Inc. · NYSE:MTUS
Metallus — TimkenSteel — Investor Day (June 2014)
89 slides from Metallus's investor day presentation, Jun 19, 2014
Slide 1: Introducing TimkenSteel Investor Day
Introducing Investor presentation Investor Day June 19, 2014
Slide 2: Forward-looking statements and non-GAAP financial information
Forward-looking statements and non-GAAP financial information The information provided today will include forward-looking statements relating to our goals and estimates for future years, including statements about expected sales, operating earnings per share, cash flow, segment margins, our worldwid
Slide 3: Agenda
Agenda Presenter Topic Tina Beskid Introduction Director—Investor Relations Tim Timken TimkenSteel overview Chairman, CEO and President Tom Moline Executive Vice President – Process differentiation Manufacturing Shawn Seanor Energy & Distribution Executive Vice President – Segment review Energy & Di
Slide 4: Transaction overview
Transaction overview Overview Ticker • TMST Exchange • NYSE Distribution ratio • 1 share of TimkenSteel for every 2 shares of Timken Expected number of shares • 45.4 mm June 19 • Anticipated “when issued” trading date June 23 • Record date June 30 • Distribution date July 1 • First day of “regular-w
Slide 5: A new steel company like no other
A new steel company …like no other Ward J. “Tim” Timken, Jr. Chairman, CEO and President
Slide 6: TimkenSteel strategy creates value
TimkenSteel strategy creates value Our Mission: • We help customers push the bounds of what’s possible by creating steel products and services to overcome their toughest challenges Our strategy to generate customer and shareholder value: • Our goal is to expand our leadership position in profitable
Slide 7: Focused in niche market sectors where we have competitive strength
Focused in niche market sectors where we have competitive strength USA finished steel products Our core product lines Other Asia 15% Special Bar Seamless China 47% Quality Other Long Mechanical EU-28 9% 5% Products² Tubing 26% 1% NAFTA 9% Our home market Flat-Rolled 69% Others¹ 9% Japan 4% Other Eur
Slide 8: Global presence to support a multi-national customer base
Global presence to support a multi-national customer base Canton, Ohio • 87% of sales in the U.S.1 • 7 manufacturing plants • 4 warehouses Headquarters Manufacturing facilities Warehousing facilities Steel sales locations Agents Distributors • Operations in 6 countries • Approximately 3,000 employee
Slide 9: History of delivering value through focus on customer needs
History of delivering value through focus on customer needs History and milestones Supply chain focus: Business development: • Launch of TimkenSteel process to • World’s largest manage extensive supplier network 100% external manufacturer of EAF Foundation: sales bearing steel and seamless • Advance
Slide 10: A market leader in products and services
A market leader in products and services—at volumes and cost levels we believe cannot be replicated customer specifications
Slide 11: A market leader in products and services
A market leader in products and services—at volumes and cost levels we believe cannot be competitively replicated
Slide 12: A leading manufacturer of engineered steel products and value-added services
A leading manufacturer of engineered steel products and value-added services 59% Alloy steel bars (SBQ) 20% Seamless mechanical tubing 21% Value-added solutions Machining, honing & drilling Supply chain Components
Slide 13: Our unique business model delivers value
Our unique business model delivers value capabilities
Slide 14: Innovative team of experts driving custom and tailored solutions
Innovative team of experts driving custom and tailored solutions • Institutional expertise developed over 100 years • Deep technical knowledge of processes and applications ~46% of supervisors running mill operations are degreed ~40% of salaried workforce have an engineering degree Superior executio
Slide 15: Capabilities: miles under the ocean's surface
capabilities miles under the ocean’s surface, through corrosive environments
Slide 16: Capabilities: feet in the air facing extreme torque
capabilities 250 feet in the air facing extreme torque in one of the most demanding applications – a bearing
Slide 17: Emphasis on high-end value-added products
Emphasis on high-end value-added products capabilities TimkenSteel Applications Bearings Fuel injectors HIGH Gun barrels (SBQ) Crankshafts Tri-Cone bits Percussion bits Energy CRA Production CV joints Gears Value Quality Non TimkenSteel Applications Performance Fasteners Hand tools Leaf springs Shop
Slide 18: Research and development is part of our daily work with customers
Research and development is part of our daily work out in the field with our customers
Slide 19: Continuous innovation system creates ongoing opportunity for growth
Continuous innovation system creates ongoing opportunity for growth Understand Experienced Unique set of Trust yields customer need engineers assets additional opportunities Unique ability to engineer a solution and then consistently deliver it
Slide 20: Strategy focused on selected high-end products and high-growth markets
Strategy focused on selected high-end products and high-growth markets BASE BUSINESS: Ability to consistently engineer solutions for challenging applications in niche markets
Slide 21: Leadership team with experience and vision
Leadership team with experience and vision Veteran business executives, career steel pros Tim Timken Chairman, CEO and President Bill Bryan Frank DiPiero Ray Fryan Supply Chain & IT General Counsel Technology Secretary & Quality Jim Gresh Chris Holding Bob Keeler Strategy & Chief Financial Industria
Slide 22: Strong Board leadership
Strong Board leadership Diane C. Creel Chair of Compensation Committee Retired Chairman, CEO and President Ecovation Donald T. Misheff Chair of Audit Committee Tim Timken Retired Managing Partner – NE Ohio Ernst & Young Chairman, CEO and President Joseph A. Carrabba Retired Chairman, President and C
Slide 23: TimkenSteel priorities to create shareholder value
TimkenSteel priorities to create shareholder value PROFIT CASH FLOW GROWTH COMMUNICATIONS VALUE CREATION & INDEPENDENCE
Slide 24: Process differentiation
Process differentiation Tom Moline Executive Vice President—Manufacturing
Slide 25: Superior manufacturing and process capabilities drive performance
Superior manufacturing and process capabilities drive performance High- Broad Size Comprehensive Delivery and Superior Performance Range Value-Added Technical Service = Performance Materials Capabilities Processes Performance Consistent, cost-effective engineered product solutions for the superior p
Slide 26: Unique combination of processes, engineering and systems
Unique combination of processes, experienced engineering and systems drive operational excellence Value-added products Institutional application and Unique process process knowledge capabilities Seamless tubes Components Sophisticated raw material systems Bars Machining & drilling
Slide 27: High-quality, reliable steel our customers value
High-quality, reliable steel our customers value Effect of steel cleanness on fatigue performance Cleanness and consistency 0.5 Cleaner 0.4 index 0.3 life Cleanness Product 0.2 0.1 Dirtier 0 Low quality Medium quality High quality TimkenSteel Less Consistency More Competitor material DTH Hammer Pist
Slide 28: Broad size range strengthens our competitive position
Broad size range strengthens our competitive position Market sector size 3.5mm tons 1.8mm tons 0.8mm tons 0.4mm tons TimkenSteel Nucor—Memphis Steel Dynamics—Pittsboro Republic Steel Gerdau MacSteel 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Bar Diameter (Inches) 6:1 Reduction – Machining Source: Timk
Slide 29: A leading producer of seamless mechanical tubing
A leading producer of seamless mechanical tubing 19.4mm annual tons—welded and seamless Differentiation Line pipe 23% • Largest domestic capacity • Broadest size range OCTG 1.875” to 13.0” Seamless 36% mechanical 3% • Consistency in our application • Higher value – added niche volume and alloy Welde
Slide 30: Operating model that delivers to a complex order book
Operating model that delivers to a complex order book Bubble Size = Annual sales Large range Size Medium Small Carbon Alloy Chemistry 30 Source: TimkenSteel
Slide 31: Maximizing our assets and process paths
Maximizing our assets and process paths to service diverse industries Faircrest Steel Harrison Steel Gambrinus Steel Plant Plant Plant Scrap Melt Melt Pierce Billet cutting 1.1mm tons per year 0.75mm tons per year 0.50mm tons per year Refining Refining Soaking pits Bloom re-heat Thermal treat Tube f
Slide 32: History of capital investments to enhance capability
History of capital investments to enhance capability Annual ship tons Small Bar IFL & Forge Ship Tons Expansion Press HSP Continuous 1,300 1,200 Mill 1,100 1,000 HSP Continuous Caster Faircrest Steel 600 Plant 500 400 300 200 100 1981 19831985 1987 198919911993199519971999 2001 2003 2005 20072009201
Slide 33: Investing for growth and competitive strength
Investing for growth and competitive strength Jumbo Caster • ~$200mm investment to be commissioned 3Q 2014 • 125k tons added capacity • 10% yield improvement • Flexible capacity in all markets • Superior cleanness for strand cast products • Broader capability to support higher value SBQ and seamless
Slide 34: Operational costs focused on excellence
Operational costs focused on excellence Conversion costs Competitive cost structure Taxes, ins. & • Lower cost Electric Arc Furnaces (EAF) mills depreciation 7% • Sophisticated raw material model Other Hourly labor & benefits Scrap return supply chain established with 10% 30% many customers • Raw ma
Slide 35: Flexible labor contract
Flexible labor contract Wage & benefit cost ($/hour) Base wages Incentive wages Benefits $50.05 $44.25 $43.17 $41.85 $41.35 $10.93 $38.10 $10.25 $35.61 $13.67 $14.51 $14.35 $10.07 $10.31 $19.55 $6.50 $7.00 $6.34 $18.55 $3.30 $6.00 $23.00 $22.00 $21.03 $21.00 $21.00 $19.57 $15.45 TimkenSteel Gerdau F
Slide 36: Margin expansion achieved through continuous improvement
Margin expansion achieved through continuous improvement Safety performance Labor productivity Steel group Labor hours per shipped ton 3.31 18.0 3.5 3.15 Faircrest Steel Plant 16.0 3.0 14.0 rate 2.42 2.5 12.0 1.90 HSP Continuous Caster 10.0 2.0 1.60 HSP Continuous Mill accident 8.0 Small Bar Expansi
Slide 37: Operational excellence is core to future growth
Operational excellence is core to future growth Overview • Problem-solving culture People & • ~46% shop floor supervisors have a degree culture • Continuous & process improvement driven • Strategic asset road mapping Asset portfolio • Robust asset maintenance programs management • Extend current ass
Slide 38: Manufacturing – key takeaways
Manufacturing – key takeaways • Engineering and manufacturing expertise with broad application knowledge • Superior chemistry control and industry leading steel cleanness • Customer—recognized leader in quality • Unique process capabilities: Broad size range for SBQ bars and seamless mechanical tubi
Slide 39: Energy & Distribution
Energy & Distribution Shawn Seanor Executive Vice President – Energy & Distribution
Slide 40: Framework that drives our strategy for value creation
Framework that drives our strategy for value creation Customer focused Uniquely Providing integrated tailored supply chain solutions solutions Brand Operational reputation excellence With a focus on industry leading customers, we provide engineered material solutions and services at the desired perf
Slide 41: Energy & Distribution segment
Energy & Distribution segment Overview 2013 sales mix1 • High-performance on- and off-shore drilling and completion applications • Only known steel company combining Energy high-performance alloy steel manufacturing, 45% unique heat treatment and custom Distribution 55% boring/finishing capabilities
Slide 42: Unique and integrated supply chain solution
Unique and integrated supply chain solution focusing on high value-added products Material • Clean steel • Alloy engineering • Material sizes & configurations Machining long lengths Heat treat • Full line Quench and temper • Precision straightening Tight control • Drilling of solids Consistent prope
Slide 43: Providing enhanced capabilities that customers value
Providing enhanced capabilities that customers value Advanced Heat Treat Value Add Advanced Heat Treat Small Quantity Advanced Heat Treat Single Thermal Treat Large Quantity level Value Add value Single Single Thermal Treat Thermal Treat Small Large Quantity Hot Roll Quantity Customer Small Quantity
Slide 44: Distributors are valued for delivering customer solutions
Distributors are valued for delivering customer solutions Distribution channel1 Differentiation • Key buying factors Transactional Niche 5% Product scope, wide size range 5% Thermal processing alternatives International 6% via Order quantity flexibility TimkenSteel TimkenSteel brand and reputation M
Slide 45: Attractive niche in the Energy segment
Attractive niche in the Energy segment positions us to capture growth opportunities Global drilling & production equipment $350 billion U.S. drilling & production equipment $200 billion Drilling, completion and production components $9 billion • Long product SBQ /SMT share: 24% • Value-added share:
Slide 46: Well-positioned to benefit from positive trends in oil and gas
Well-positioned to benefit from positive trends in oil and gas U.S. footage drilled by type (mm) U.S. rig count by type Oil wells Gas wells Dry holes Directional Horizontal Vertical 386 406 1,919 369 30 1,879 1,874 1,762 1,871 340 28 326 27 1,536 306 30 552 405 23 113 569 435 284 105 29 101 954 241
Slide 47: Demanding applications require our unique capabilities
Demanding applications require our unique product and process capabilities Vertical and horizontal drilling applications Completion and deepwater drilling applications
Slide 48: Customer value: Enabling high performance
Customer value: Enabling high performance Case study ? • Demanding requirements Customer • High pressure – High temperature need • Highly loaded + • Grade development Solution Process capabilities • Supply chain exclusivity = • Enabling deep GOM completions Value created • Sustainable advantage for
Slide 49: Customer value: Supply chain efficiency
Customer value: Supply chain efficiency Other steel producer value proposition TimkenSteel value-added solutions Machine TimkenSteel OEM Steel OEM Producer Heat Treated Distributor Distributor Green steel Heat-treated machined products Heat-treated bar/tube Machined tube
Slide 50: Growth strategy – Energy & Distribution
Growth strategy – Energy & Distribution Overview • Continue to advance product and service offerings Product Grade development innovation Product configuration • Advance integrated supply chain model Leverage investments • Expand sales of large bar into wellhead segment and distribution channel • Fo
Slide 51: Energy & Distribution – key takeaways
Energy & Distribution – key takeaways • Work closely with selected distribution channel partners to best reach targeted share participation levels leveraging one another’s strengths • Serve global Energy OEM and service companies for their most critical applications operating in harsh environments •
Slide 52: Industrial & Mobile
Industrial & Mobile Bob Keeler Executive Vice President – Industrial & Mobile
Slide 53: Framework that drives our strategy for value creation
Framework that drives our strategy for value creation Uniquely integrated supply chain solutions Customer Providing focused & tailored launch solutions reliability Brand Operational reputation excellence With a focus on industry leading customers, we provide engineered material solutions and value-a
Slide 54: Industrial & Mobile segment
Industrial & Mobile segment Overview 2013 sales mix • Mobile: Steel most often used in critical automotive Metals applications where high performance is required recycling 3% • Industrial: Steel used for a variety of industrial Industrial applications where performance is critical 33% Manufacturing
Slide 55: Customized product offerings for every industry
Customized product offerings for every industry Bubble size = sales volume by customer (tons) size 75 order Average 25 Low High Annual tons Source: TimkenSteel Industrial Mobile
Slide 56: Unique and integrated supply chain solution
Unique and integrated supply chain solution focusing on high value-added products Material • Clean Steel • Broad size range • Quality • Material consistency • Grade /process development Value-added manufacturing • Cutting • Turning • Boring • Drilling • Forming • Heat treating Supply chain managemen
Slide 57: Attractive position in the Mobile segment
Attractive position in the Mobile segment focused on strategic applications Powertrain $200–250 billion Components $7–10 billion TimkenSteel niche SBQ share: 10% – 14% Components share: 2% – 3% SBQ segment $3.5 billion Source: TimkenSteel as of 12/31/2013
Slide 58: TimkenSteel applications in autos
TimkenSteel applications in autos Engine ~35% • Crankshafts • Connecting rods • Fuel components Driveline ~25% Transmission ~40% • Bearing hubs • Shafts Ring gear • Hubs Drive pinion • CVT pulley Axle tubing • Sun, ring, pinion gears Side gears • Drive gears Steering knuckle • CV Joint housing & cag
Slide 59: Strong outlook for North American automotive industry
Strong outlook for North American automotive industry North America light vehicle production (mm) 17.8 18.0 17.7 17.2 16.8 16.2 15.4 13.1 12.6 11.9 8.6 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14E ‘15E ‘16E ‘17E ‘18E Source: IHS
Slide 60: Attractive position in the Industrial segment
Attractive position in the Industrial segment serving leading industrial manufacturers Bubble size = sales volume by customer (tons) 100 Assemblies size 75 $150 – $200 billion order 50 Average 25 Components 0 Low High Annual tons $5 – $11 billion Industrial Mobile TimkenSteel niche SBQ share: 24% –
Slide 61: Diverse Industrial end-market sector mix
Diverse Industrial end-market sector mix End-market sector mix1 Applications Other 6% Construction 7% Rail 8% Machinery2 44% Military/defense 9% Mining 9% Industrial 17% Based on full year 2013 Steel segment sales Machinery includes historic intercompany sales to Timken
Slide 62: Industrial end-market sector applications
Industrial end-market sector applications Applications • Bearings components • Connecting components • Driveline/axle components • Engine components • Ground engaging tooling • Hydraulic components • Missile components & projectiles • Track components • Planetary gear components • Steering component
Slide 63: U.S. industry continues to recover
U.S. industry continues to recover U.S. industrial segments U.S. manufacturing PMI index, seasonally adjusted % YOY Change Segment 2014E 2015E Industrial machinery segment 5.4 5.7 RR—equipment segment 7.7 3.1 Mining machinery segment 5.7 4.9 50 Construction machinery segment 3.3 4.6 Agricultural mac
Slide 64: Case study: Creating customer value
Case study: Creating customer value Precision ring gear blank Case study ? • Tight dimensional tolerances, demanding planetary gear application Customer • New material grades and heat treat process need • Distortion sensitive • Machining investment / expertise • OEM outsourcing precision machining +
Slide 65: Case study: Innovation at work
Case study: Innovation at work Large bar sound center Case study ? • Open die forged bar to produce product • Cost efficient process Customer need • High-quality surface conditions and turning operation to meet internal dimensional tolerances + • TimkenSteel’s forged-rolled process achieved soundnes
Slide 66: Growth strategy – Industrial & Mobile
Growth strategy – Industrial & Mobile Overview • Continue to advance product and service offerings Product • Expand supply chain design and management capabilities innovation • Leverage enhanced sound center and forge rolled capabilities Leverage Expand value-added gears and machined forgings invest
Slide 67: Industrial & Mobile – key takeaways
Industrial & Mobile – key takeaways • Our customers recognize us for continued leadership in quality, consistency, and technical support • We are a trusted, long-term, reliable supplier • Our broad experience over many years has fostered a deep material, application, and process know-how that is a p
Slide 68: Financial performance review and guidance
Financial performance review and guidance Chris Holding Executive Vice President and Chief Financial Officer
Slide 69: Framework that drives our strategy for value creation
Framework that drives our strategy for value creation Focused capital allocation Strong historical Cash flow performance generation Business Strategy model Earnings growth through revenue and margin expansion
Slide 70: History of strong financial performance
History of strong financial performance Shipments (mm tons) Average selling price ($ / ton)1 1.2 1.3 $1,586 $1,615 1.0 1.1 $1,522 $1,502 0.9 $1,325 $1,202 0.6 2008 2009 2010 2011 2012 2013 2008 2009 2010 2011 2012 2013 Net sales ($mm)2 Adjusted EBITDA ($mm)3 $278 $276 $262 $1,957 $1,852 $1,729 $159
Slide 71: Improved cost structure positions TimkenSteel through the cycle
Improved cost structure positions TimkenSteel well through the cycle Adjusted EBITDA Capacity utilization $350 100% $300 $278 $276 85% $262 $250 mm 75% 75% $ 72% DA $200 EBIT 65% $159 $150 $145 58% Capacity Adjusted 50% $100 utilization (%) 35% $50 25% $0 ($50) ($39) ($100) 0% 2008 2009 2010 2011 20
Slide 72: Industry leading margins
Industry leading margins 4-year average EBITDA margins 12.9% 13.0% 9.1% 8.3% Steel Gerdau Dynamics Nucor 2010 10.6% 16.3% 9.4% 6.5% 2011 14.1% 13.0% 10.0% 10.1% 2012 15.2% 11.0% 8.6% 8.6% 2013 11.5% 11.9% 8.4% 8.1% yr avg. 12.9% 13.0% 9.1% 8.3% Source: Company filings, FactSet Note: TimkenSteel figu
Slide 73: Strong capital structure with good liquidity position
Strong capital structure with good liquidity position to drive growth Pro forma 6/30/14 capital structure % of Debt / ($mm) Amount capitalization Adj. EBITDA1 liquidity position Strong Cash and cash equivalents $50 – – Debt $300mm revolver 100 10.4% 0.6x Existing revenue bonds 30 3.1% 0.2x Positione
Slide 74: Focused capital allocation priorities
Focused capital allocation priorities Overview Leverage • Targeting investment grade financial/credit metrics of 1.5x—2.0x Debt/EBITDA • Maintain leverage with cash generation used to grow and support the business • Fund maintenance and operational excellence programs from operating cash flows Organ
Slide 75: Investments that reinforce capabilities and grow market position
Investments that reinforce capabilities and grow market position Capital expenditure ($mm) Growth Maintenance & continuous improvement Growth Maintenance & continuous improvement Separation related $180 $171 $165-$175 $45 $50 $120-$130 $45-$55 $100-$110 $96 $99 $45-$55 $45-$55 $43 $62 $135 $43 $121
Slide 76: Adjusted operating cash flow generation through the cycle
Adjusted operating cash flow generation through the cycle Working capital management Adjusted operating cash flow1,2 Adjusted operating cash flow Adjusted EBITDA Working capital Shipments (monthly) $700 140 $350 $300 $600 120 $278 $276 $262 $250 $500 100 mm) $200 $ ( $400 80 $159 Shipments mm) $150
Slide 77: Outlook and guidance framework
Outlook and guidance framework Outlook & guidance • 2014 expected revenue growth of 20%—25% over full year 2013 Revenue • Revenue growth driven by strong expected demand in energy & industrial sectors growth • 2H 2014 shipments comparable to 1H 2014 Capex • Full year 2014 expected capex of $165mm—$1
Slide 78: TimkenSteel: A compelling investment
TimkenSteel: A compelling investment • A leading manufacturer of high-quality, high-performance engineered steel products and value-added services • Industry leading customer service delivering customized engineering and innovative design solutions for the most demanding applications • Niche positio
Slide 79: Appendix
TIMKENSTEEL & Appendix
Slide 80: TimkenSteel team biographies
TimkenSteel team biographies Ward J. “Tim” Timken, Jr. Chairman, CEO and President Ward J. “Tim” Timken, Jr., is Chairman, CEO and President of TimkenSteel Corporation, leading its transition to a strong and independent company. Tim most recently served as Chairman of The Timken Company, leading a s
Slide 81: TimkenSteel team biographies
TimkenSteel team biographies Thomas D. Moline Executive Vice President of Manufacturing Thomas D. Moline is Executive Vice President of TimkenSteel, overseeing all steelmaking operations of the new company, ensuring a focus on safety, quality and efficiency. Tom has held those responsibilities since
Slide 82: TimkenSteel team biographies
TimkenSteel team biographies Shawn J. Seanor Executive Vice President of Energy and Distribution Shawn J. Seanor, Executive Vice President at TimkenSteel, leads the company’s Energy and Distribution segment. He directs the sales, marketing, distribution and customer engineering for the segment, incl
Slide 83: TimkenSteel team biographies
TimkenSteel team biographies Robert N. Keeler Executive Vice President of Industrial and Mobile Robert N. Keeler, Executive Vice President at TimkenSteel, leads the company’s Industrial and Mobile segment. He directs the sales, marketing and customer engineering for the segment. He also manages the
Slide 84: TimkenSteel team biographies
TimkenSteel team biographies Christopher J. Holding Executive Vice President and Chief Financial Officer Christopher J. Holding, Executive Vice President and Chief Financial Officer for TimkenSteel, is responsible for the company’s financial planning, management and reporting. He leads a team respon
Slide 85: TimkenSteel team biographies
TimkenSteel team biographies Tina M. Beskid Director – Investor Relations & Forecast Planning & Analysis Tina M. Beskid is Director – Investor Relations & Forecast Planning & Analysis for TimkenSteel, overseeing investor and forecasting activities. Tina joined the Steel business in 2010 as the Opera
Slide 86: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation Based on The Timken Company 10-K filings (US$ mm) 2008 2009 2010 2011 2012 2013 Net sales $1,852.0 $714.9 $1,359.5 $1,956.5 $1,728.7 $1,380.9 Reported EBIT $264.0 ($63.4) $146.3 $267.4 $251.8 $140.2 Less: audit / other adjustments 0.0 0.0 (8.7) 0.4 (0.8) 2.3 Adjusted E
Slide 87: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation Based on TimkenSteel Form 10 filings (US$ mm) 2010 2011 2012 2013 Net sales $1,359.5 $1,956.5 $1,728.7 $1,380.9 Segment EBIT Industrial & Mobile $73.1 $114.2 $112.8 $84.0 Energy & Distribution 71.5 162.6 146.1 67.0 Total segment EBIT $144.6 $276.8 $258.9 $151.0 Carve-i
Slide 88: Adjusted operating cash flow reconciliation
Adjusted operating cash flow reconciliation Based on TimkenSteel Form 10 filings (US$ mm) 2010 2011 2012 2013 Operating cash flow ($23.6) $135.6 $296.6 $175.1 Incremental standalone costs (21.2) (19.0) (18.9) (19.0) Incremental D&A 10.2 10.2 10.5 10.8 Adjusted operating cash flow ($34.6) $126.8 $288
Slide 89: TimkenSteel
TIMKENSTEEL Y