Investor presentation

Jefferies 10th Annual Global Industrials Conference

August 12, 2014

New York City

Introducing

2

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 worldwide markets, our anticipated effective income tax rate, and others. These statements should be used with caution and are subject to various risks and uncertainties, many of which are outside the company’s control. The following factors could cause actual results to differ, perhaps materially, from those anticipated in the forward-looking statements: unanticipated changes in the markets for the company’s business segments; unanticipated downturns in business relationships with customers or their purchases from us; competitive pressures on sales and pricing; increases in the cost of material and other production costs, or unexpected costs that cannot be recouped in product pricing; the introduction of competing technologies; unexpected technical or marketing difficulties; unexpected claims, charges, litigation or dispute resolutions; new laws and governmental regulations; interest rate changes; changes in currency exchange rates; stock market fluctuations; unanticipated deterioration of economic and financial conditions in the United States and around the world; the amount and timing of any dividends and share repurchases; and the risks identified in the company’s registration statement on Form 10 filed with the SEC. We do not assume any obligation to update these forward-looking statements. The unaudited pro forma consolidated financial data in this presentation is subject to assumptions and adjustments described in the company’s registration statement on Form 10. TimkenSteel Corporation’s (“TimkenSteel”) management believes these assumptions and adjustments are reasonable under the circumstances and given the information available at this time. However, these adjustments are subject to change as The Timken Company and TimkenSteel finalize the terms of the spinoff, including the separation and distribution agreement and related transaction agreements. The unaudited pro forma consolidated financial data does not purport to represent what TimkenSteel’s financial position and results of operations actually would have been had the spinoff occurred on the dates indicated, or to project TimkenSteel’s financial performance for any future period following the spinoff. This presentation includes certain non-GAAP financial measures as defined by SEC rules. A reconciliation of those measures to the most directly comparable GAAP equivalent is contained in the appendix. Please see discussion of non-GAAP financial measures in the appendix.

Today’s presenters

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Shawn Seanor Executive Vice President –Energy & Distribution

Chris Holding Executive Vice President & Chief Financial Officer

Tina Beskid Director, Investor Relations & Forecast, Planning & Analysis

Agenda

Business overview

Financial overview

Spotlight: Energy & Distribution Segment

Questions and answers

4

Business overview

• 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 position in attractive Energy, Industrial and Automotive end market

sectors

• Leading industry margins driven by value-added products and competitive

operating cost structure

• Strong capital structure with good liquidity position to drive growth

6

TimkenSteel: Key investment highlights

TimkenSteel: At a glance

• $1,381 million in 2013 sales

• $159 million in 2013 Adjusted EBITDA1

• 2013 shipments: 919k tons

• Annual melt capacity of ~2 million tons

• Headquartered in Canton, Ohio

• ~3,000 employees

7

Key facts

2013 sales split by business segment 2013 sales split by end market2

2013 sales split by product

Alloy steel bars (SBQ)

59% Seamless mechanical tubing

20%

Value added solutions (precision machining,

supply chain management, cutting and drilling)

21%

Industrial & mobile

63%

Energy & distribution

37%

Passenger car 26%

Light truck 22%

Oil & gas 20%

Machinery4 12%

Industrial 5%

Mining 3%

Other3 12%

Source: TimkenSteel 1 See Appendix for Adjusted EBITDA reconciliation 2 Distribution sales were 20% of 2013 sales 3 Other: ≤ 2% each of construction, rail, military/defense, heavy and medium truck, agriculture, metals recycling, power generation, marine and aerospace 4 Machinery includes historic intercompany sales to Timken

A leading manufacturer of engineered steel products and value-added services

8

Alloy steel bars (SBQ) Seamless mechanical tubing

Value-added solutions

59% 20%

21%

Machining, honing & drilling Supply chain Components

9

Broad size range strengthens our competitive position

6:1 Reduction – Machining

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Gerdau MacSteel

Republic Steel

Steel Dynamics -Pittsboro

Nucor - Memphis

TimkenSteel

Bar Diameter (Inches)

Source: TimkenSteel internal estimates as of 12/31/2013

3.5mm tons Market sector size 1.8mm tons 0.8mm tons 0.4mm tons

10

A leading producer of seamless mechanical tubing

Source: TimkenSteel

Differentiation

• Largest domestic capacity

• Broadest size range

1.875” to 13.0”

• Consistency in our application

• Higher value – added niche volume and alloy

grade categories

• Leading producer of quench and tempered

capability

OCTG 36%

Line pipe 23%

Seamless mechanical

3%

Welded mechanical

12%

Structural 14%

Standard 10% Pressure

1%

Stainless 1%

19.4mm annual tons - welded and seamless

Source: 2013 Preston Pipe and Tube Report

11

Bearings Fuel Injectors Gun Barrels Crankshafts Tri-Cone Bits

Percussion Bits Energy CRA Production CV Joints

Gears

Fasteners Hand Tools

Leaf Springs Shopping Carts

Table Legs Reinforcing Bar

LOW (Not SBQ)

Qu

alit

y P

erf

orm

ance

V

alu

e

HIGH (SBQ)

TimkenSteel Applications

Non TimkenSteel Applications

capabilities

Emphasis on high-end value-add products

Flat-Rolled 69%

Other Long Products²

26%

Special Bar Quality

5%

Seamless Mechanical

Tubing 1%

Focused in niche market sectors where we have competitive strength

12

World: 1,633 mm tons USA: 107 mm tons Source: World Steel Association; American Iron and Steel Institute ¹ Others: Middle East 3.2%, Central & South America 3.3%, Africa 2.0%, Australia & New Zealand 0.4% 2 Other Long Products: Light Shapes, Reinforcing Bars, Merchant Bars, Wire, Pipe & Tubing

Our core product lines

Our home market

Global finished steel products USA finished steel products

China 47%

Other Asia 15%

EU-28 9%

NAFTA 9%

Others¹ 9%

Japan 4% CIS 4% Other Europe

3%

Highly competitive cost structure

13

• Lower cost Electric Arc Furnaces (EAF) mills

• Sophisticated raw material model

Scrap return supply chain established with

many customers

• Raw material, alloy and natural gas price

volatility largely passed on to customers through

surcharge mechanisms

• Team driven by continuous improvement in

processes and technology

• Breakeven operating structure at ~50%

• $45mm - $55mm spent annually on

maintenance and continuous improvement

capital expenditures

0

2

4

6

8

10

12

14

16

18

1981 1985 1989 1993 1997 2001 2005 2009 2013

Lab

or

hrs

/to

n

Labor Productivity Competitive cost structure

Source: TimkenSteel internal estimates as of 12/31/2013

14

Investing for growth and competitive strength

Jumbo Caster

• ~$200m investment to be commissioned 3Q 2014

• 125k tons added capacity

• 10% yield improvement

• Flexible capacity in all markets

• Superior cleanness for stand cast products

• Broader capability to support higher value SBQ and seamless mechanical tube markets

In-Line Forge Press

• $35m investment commissioned April 2013

• 2% yield improvement

• 40k ton increase in rolling capacity

• Achieves required soundness up to 16” bar

• Entrance to new markets

Intermediate Finishing Line (IFL)

• $50m investment commissioned April 2013

• 65% cycle time reduction

• 40% labor productivity

• Advanced Inspection Technology improves quality assurance

• Enhanced safety and environmental controls

Ladle refining station

• $25m investment commissioned April 2013

• Expands capacity for tight chemistry

• Operating efficiency

• Steelmaking capacity for 40k additional finish tons

• Market opportunities

15

Strategy focused on selected high-end products and high-growth markets

BASE BUSINESS: Ability to

consistently engineer solutions

for challenging applications in niche markets

Financial overview

12.9% 13.0%

9.1% 8.3%

Industry leading margins

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4-year average EBITDA margins

Source: Company filings, FactSet Note: TimkenSteel figures represent Adjusted EBITDA margins based on Steel segment EBITDA, adjusted for previously unallocated corporate expenses and incremental standalone costs; see Appendix for reconciliation

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%

4 yr avg. 12.9% 13.0% 9.1% 8.3%

Gerdau Steel

Dynamics Nucor

Improved cost structure positions TimkenSteel well through the cycle

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1 See Appendix for Adjusted EBITDA reconciliation

$278

($39)

$145

$276

$262

$159

75%

35%

72%

85%

65%

58%

0%

25%

50%

75%

100%

($100)

($50)

$0

$50

$100

$150

$200

$250

$300

$350

2008 2009 2010 2011 2012 2013

Cap

acity utilizatio

n (%

) A

dju

sted

EB

IT D

A $

mm

Adjusted EBITDA Capacity utilization1

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Focused capital allocation priorities

• Target dividend payout ratio of 20% - 30%

• Initial quarterly dividend of $0.14 per share payable on September 4, 2014

• Capital allocated to external investments based on best risk-adjusted return1

• Share repurchases to offset dilution due to stock compensation

• Evaluate additional share repurchases

• Initially target strategic acquisitions with greater than 20% IRR

• 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

Organic investments

Dividends

External investments

Leverage

• Fund maintenance and operational excellence programs from operating cash flows

• Growth investments that enhance margin improvements (i.e., Caster / Forge Press)

• Targeted growth investment hurdle rate of approximately 20% IRR

Overview

1Subject to Board approval

Investments that reinforce capabilities and grow market position

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$52

$6 $9

$36

$121 $135

$43

$22 $34

$62

$50 $45

$96

$28

$43

$99

$171 $180

$165-$175

$120-$130

$100-$110

2008 2009 2010 2011 2012 2013 2014E 2015E 2016E

$45-$55

$45-$55

$45-$55

Capital expenditure ($mm)

Source: TimkenSteel 2015E and 2016E as of May 31, 2014

Growth Maintenance & continuous improvement Separation related Growth Maintenance & continuous improvement

2014 Outlook

Outlook & Guidance

Source: TimkenSteel as of July 31, 2014

Revenue growth

Capex • Full year 2014 expected capex of $165-$175 million

• 2H 2014 expected capex of $100-105 million

Standalone costs

• Expect 2H incremental standalone costs between $20-25 million; consistent with 1H

Net income

• Expect 2H 2014 improvement in manufacturing to partially offset annual shut-down

maintenance & caster ramp-up costs for net impact of $2-4 million

• LIFO expense $14-18 million in 2H 2014 compared to 1H 2014 LIFO expense of $2 million

• 2014 expected revenue growth of 20-25% over full-year 2013

• 2H 2014 shipments comparable to slightly higher 1H 2014

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Energy & Distribution

Shawn Seanor

Executive Vice President – Energy & Distribution

Energy & Distribution segment overview

23

2013A figures

Shipments

Sales

EBIT

EBIT margin

331k tons

$516mm

$67mm

13.0%

Key highlights

End markets

Sales mix

Customers

• High-performance on- and off- shore drilling and

completion applications

• Combine high-performance alloy steel manufacturing,

unique heat treat and custom boring /finishing capabilities

• Authorized service centers are valued for delivering

differentiated solutions to end users

• Oil & gas

• Distribution service centers

Distribution 55%

Energy 45%

Overview

• Work closely with selected distribution channel partners

to best reach targeted share participation levels

• Serve global Energy OEM and service companies for their

most critical applications operating in harsh

environments

• Proven history and extension of capabilities

Energy offerings are valued and trusted by industry

leaders

• Grow globally our unique and integrated supply chain

solution set which combines:

High performance materials

Unmatched thermal treatment

Proprietary machining processes

Responsive delivery capabilities

Key takeaways

Ellwood Texas Forge

National Oilwell Varco-Grant Prideco

Marmon Keystone

AM Castle Metals

Energy Alloys

Reliance Steel & Aluminum

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Framework that drives our strategy for value creation

With a focus on industry leading customers, we provide engineered material solutions and services at the desired performance level, in the timeframe needed

Customer focused

Brand reputation

Operational excellence

Uniquely integrated

supply chain solutions

Providing tailored

solutions

25

Unique and integrated supply chain solution focusing on high value-added products

• Clean steel

• Alloy engineering

• Material sizes & configurations

• Full line

• Precision straightening

• Drilling of solids

• Tube finishing

• Machine design

• Quench and temper

• Tight control

• Consistent properties

• Packages high performance material, unmatched thermal treatment, proprietary machining and responsive delivery capabilities

Material

Machining long lengths

Supply chain management

Heat treat

Providing enhanced capabilities that customers value

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Hot Roll Large

Quantity

Hot Roll Small Quantity

Single Thermal Treat

Large Quantity

Single Thermal Treat

Value Add

Single Thermal Treat

Small Quantity

Advanced Heat Treat Large Quantity

Advanced Heat Treat Small Quantity

Advanced Heat Treat Value Add

Material and service level

Cu

sto

me

r va

lue

leve

l

Source: TimkenSteel

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Attractive niche in the Energy segment positions us to capture growth opportunities

$200 billion

Drilling, completion and production

components

SBQ and seamless market sector

$1.2 billion

$9 billion

Source: TimkenSteel as of 12/31/2013

$350 billion

Global drilling & production equipment

U.S. drilling & production equipment

• Long product SBQ /SMT share: 24% • Value-added share: 16%

TimkenSteel niche

(25)%

0%

25%

50%

75%

Well-positioned to benefit from positive trends in oil and gas

28

U.S. footage drilled by type (mm) U.S. rig count by type

77 94 95 119 79

119 183

241 254 263 138 161 182

190

118 118

120

101 105 113

26

29 29

30

20 24

23

27 28

30

241 284

306

340

217 260

326

369 386 406

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Oil wells Gas wells Dry holes

372 201 222 230 216 224 211

553

453 815

1,074 1,151 1,102 1,255

954

433

499

569 552 435

405

1,879

1,087

1,536

1,874 1,919 1,762

1,871

2008 2009 2010 2011 2012 2013 2014

Directional Horizontal Vertical

Source: Spears and Associates

• Horizontal drilling growth continues – 66% of total

• Focus on oil – 70% of U.S. footage drilled

• U.S. rig count forecast: +6% in 2014

• Footage drilled forecast: +8% in 2014

• Forecast for 2015 footage drilled: +3%

U.S. rig count 1/12 rate of change

J M M J S N J M M J S N J M M J S N J M M J S N J M M J S N

2010 2011 2012 2013 2014

Source: BHI, Spears

Source: Spears and Associates Drilling and Production Outlook from March 2014

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Demanding applications require our unique product and process capabilities

Vertical and horizontal drilling applications Completion and deepwater drilling applications

30

Growth strategy – Energy & Distribution

Leverage investments

Market growth

Adjacency expansion

Product innovation

Overview

• Advance integrated supply chain model

• Expand sales of large bar into wellhead segment and distribution channel

• Focus on completion and wellhead sub-segments; address needed processing additions

• Enhance distribution relationship through controlled lead times and targeted participation

• Expand geographically

• Evaluate opportunities that expand core product and service offerings for oil-tools

• Explore opportunities for sales in other oil and gas segments

• Continue to advance product and service offerings

Grade development

Product configuration

31

• Improved technical capability

• Expanding presence in high value

completion products

• Grow market share

• Increased drilling depths & footage -

deeper, larger bore well designs

• Strong market outlook

• Increase in steel intensive horizontal

and offshore drilling & completion

• $40m investment to be

commissioned in 2016

• 50k tons quench temper capacity

• Process 4’-13’ bars & tubes

Market Demand

Investment

Benefits

Continuous Heat Treat Investment

Investing for growth and competitive strength

Question & Answer

Session

Appendix

Adjusted EBITDA reconciliation

34

Based on The Timken Company 10-K filings (US$ mm)

Source: TimkenSteel

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 EBIT $264.0 ($63.4) $137.6 $267.8 $251.0 $142.5

D&A $48.5 $45.9 $46.1 $45.8 $49.7 $53.8

Incremental D&A 10.0 9.0 7.0 7.0 7.0 7.0

Total D&A $58.5 $54.9 $53.1 $52.8 $56.7 $60.8

EBITDA $322.5 ($8.5) $190.7 $320.6 $307.7 $203.3

Total standalone costs (44.0) (30.8) (46.0) (44.2) (45.5) (44.0)

Adjusted EBITDA $278.5 ($39.3) $144.7 $276.4 $262.2 $159.3

% of sales 15.0% (5.5%) 10.6% 14.1% 15.2% 11.5%

Adjusted EBITDA reconciliation

35

Based on TimkenSteel Form 10 filings (US$ mm)

Source: TimkenSteel Form 10 filing as of 05/15/2014

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-in corporate costs (20.4) (23.9) (24.3) (23.2)

Form 10 reported EBIT $124.2 $252.9 $234.6 $127.8

Incremental standalone costs (32.6) (29.3) (29.1) (29.3)

Adjusted EBIT $91.6 $223.6 $205.5 $98.5

D&A $42.9 $42.6 $46.2 $50.0

Incremental D&A 10.2 10.2 10.5 10.8

Total D&A $53.1 $52.8 $56.7 $60.8

Adjusted EBITDA $144.7 $276.4 $262.2 $159.3

% of sales 10.6% 14.1% 15.2% 11.5%

Adjusted operating cash flow reconciliation

36

Based on TimkenSteel Form 10 filings (US$ mm)

Source: TimkenSteel Form 10 Note: Incremental standalone costs tax-effected at a 35% tax rate

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 $288.2 $166.9

Adjusted EBIT(1) and Adjusted EBITDA(1) Reconciliation

(1) Please see discussion of Non-GAAP Financial Measures at end of slides

Adjusted EBITDA Reconciliation:

(Dollars in millions, except share data) (Unaudited)

Summary Income Statement - Quarterly 2014 2013

Q2 Q1 First Half Year Q4 Q3 Second Half Q2 Q1 First Half

Net Sales

$ 442.2 $ 389.5 $ 831.7 $ 1,380.9 $ 330.0 $ 350.5 $ 680.5 $ 354.1 $ 346.3 $ 700.4

Segment EBIT

Industrial & Mobile 20.8 27.0 47.8 84.0 19.6 17.6 37.2 25.3 21.5 46.8

Energy & Distribution 31.2 31.2 62.4 67.0 15.7 16.0 31.7 19.3 16.0 35.3

Total Segment EBIT 52.0 58.2 110.2 151.0 35.3 33.6 68.9 44.6 37.5 82.1

Unallocated Corporate Costs (6.9 ) (7.4 ) (14.3 ) (23.2 ) (5.2 ) (6.8 ) (12.0 ) (5.9 ) (5.3 ) (11.2 )

Consolidated EBIT 45.1 50.8 95.9 127.8 30.1 26.8 56.9 38.7 32.2 70.9

Incremental standalone costs (5.7 ) (5.7 ) (11.4 ) (29.3 ) (7.3 ) (7.3 ) (14.6 ) (7.3 ) (7.4 ) (14.7 )

Adjusted EBIT 39.4 45.1 84.5 98.5 22.8 19.5 42.3 31.4 24.8 56.2

Interest expense (0.7 ) — (0.7 ) (0.2 ) — (0.2 ) (0.2 ) — — —

Adjusted Income Before Income Taxes 38.7 45.1 83.8 98.3 22.8 19.3 42.1 31.4 24.8 56.2

Adjusted provision for income taxes 13.5 15.8 29.3 34.5 8.0 6.8 14.8 11.0 8.7 19.7

Adjusted Net Income $ 25.2 $ 29.3 $ 54.5 $ 63.8 $ 14.8 $ 12.5 $ 27.3 $ 20.4 $ 16.1 $ 36.5

Average shares outstanding, diluted 46.2 46.2 46.2 46.2 46.2 46.2 46.2 46.2 46.2 46.2

Adjusted diluted earnings per share $ 0.55 $ 0.63 $ 1.18 $ 1.38 $ 0.32 $ 0.27 $ 0.59 $ 0.44 $ 0.35 $ 0.79

D&A 14.0 13.6 27.6 50.0 13.3 12.3 25.6 12.3 12.1 24.4

Incremental D&A 2.7 2.7 5.4 10.8 2.7 2.7 5.4 2.7 2.7 5.4

Total D&A 16.7 16.3 33.0 60.8 16.0 15.0 31.0 15.0 14.8 29.8

Adjusted EBITDA 56.1 61.4 117.5 159.3 38.8 34.5 73.3 46.4 39.6 86.0

% of sales 12.7 % 15.8 % 14.1 % 11.5 % 11.8 % 9.8 % 10.8 % 13.1 % 11.4 % 12.3 %

37

Industrial & Mobile segment overview

38

2013A figures

Shipments

Sales

EBIT

EBIT margin

588k tons

$865mm

$84mm

9.7%

Key highlights

End markets

Sales mix

Customers

• Mobile: Steel most often used in critical automotive

applications where high performance is required

• Industrial: Steel used for a variety of industrial applications

where performance is critical

• Manufacturing flexibility allows production of

many grades in small quantities

• Metal Recycling: Full service scrap metal management

company recycling ferrous and non-ferrous metals

• Customers recognize us for continued leadership in:

Quality

Consistency

Technical support

• Trusted, long term, reliable supplier

• Deep material, application, and process know-how that

is a proven source of value creation

• Efficiently and effectively provide both low and high

volume niche market sector needs

• Robust strategic portfolio management process with

growth emphasis on Industrial based applications and

value-add needs

• Automotive

• Construction

• Agriculture

• Machinery

• Military

• Mining

• Power generation

• Rail

Mobile 64%

Industrial 33%

Metals recycling 3%

Overview Key takeaways

HHI Chrysler

Ford GM

Honda Nexteer

Nissan Toyota

Ellwood National Crankshaft Timken CAT General Dynamics Brenco AJAX

(1)Non-GAAP Financial Measures TimkenSteel reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP”) and corresponding metrics as non-GAAP financial measures. EBIT is defined as operating income plus other income (expense), net. EBIT is an important financial measure used in the management of the business, including decisions concerning the allocation of resources and assessment of performance. Management believes that reporting EBIT is useful to investors as this measure is representative of the company's performance and cash generation. It also is a better reflection of the underlying growth from the ongoing activities of the business and provides improved comparability of results. The consolidated financial statements have been prepared on a stand-alone basis and are derived from the consolidated financial statements and accounting records of TimkenSteel Corporation’s former parent company, The Timken Company. TimkenSteel’s consolidated financial statements include certain expenses of its former parent which were allocated to it for certain functions, including general corporate expenses related to finance, legal, information technology, human resources, compliance, shared services, insurance, employee benefits and incentives and stock-based compensation. TimkenSteel considers the expense allocation methodology and results to be reasonable for all periods presented. However, these allocations may not be indicative of the actual expenses it would have incurred as an independent public company or of the costs it will incur in the future. Adjusted EBIT and adjusted net income are defined as EBIT and net income reduced for stand-alone costs reflected at a normal run-rate, respectively. Management believes that reporting adjusted EBIT and adjusted net income is useful to investors as these measures are representative of the company's performance and cash generation. It also is a better reflection of the underlying growth from the ongoing activities of the business and provides an indication of the company’s performance as an independent public company. See the attached schedules for supplemental financial data and corresponding reconciliations of the non-GAAP financial measures referred to above to the most comparable GAAP financial measures for the three and six months ended June 30, 2014 and 2013. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, TimkenSteel's results prepared in accordance with GAAP. In addition, the non-GAAP measures TimkenSteel uses may differ from non-GAAP measures used by other companies, and other companies may not define the non-GAAP measures TimkenSteel uses in the same way.

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