Document and Entity Information Document

6 Months Ended

Jun. 30, 2014

Jul. 31, 2014

Document Information [Line Items]

Document Type

10-Q

Amendment Flag

false

Document Period End Date

Jun. 30, 2014

Document Fiscal Year Focus

2014

Document Fiscal Period Focus

Q2

Entity Registrant Name

TimkenSteel Corporation

Entity Central Index Key

0001598428

Current Fiscal Year End Date

--12-31

Entity Filer Category

Non-accelerated Filer

Entity Common Stock, Shares Outstanding

45,385,291

Consolidated Statements of Income (USD $)

In Millions, except Per Share data, unless otherwise specified

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Net sales

$ 442.2

$ 354.1

$ 831.7

$ 700.4

Cost of products sold

369.5

291.5

685.5

583.1

Gross Profit

72.7

62.6

146.2

117.3

Selling, general and administrative expenses

26.1

23.7

50.4

46.1

Operating Income

46.6

38.9

95.8

71.2

Interest expense

(0.7)

0

(0.7)

0

Other expense, net

(1.5)

(0.2)

0.1

(0.3)

Income From Operations Before Income Taxes

44.4

38.7

95.2

70.9

Provision for income taxes

15.8

13.4

32.9

24.6

Net Income

$ 28.6

$ 25.3

$ 62.3

$ 46.3

Basic earnings per share

$ 0.63

$ 0.55

$ 1.36

$ 1.01

Diluted earnings per share

$ 0.62

$ 0.55

$ 1.35

$ 1.00

Consolidated Statements of Comprehensive Income Statement (USD $)

In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Net Income

$ 28.6

$ 25.3

$ 62.3

$ 46.3

Foreign currency translation adjustments

0.6

(0.3)

0.4

0.2

Pension and postretirement liability adjustment

2.9

0

2.9

0

Other comprehensive income (loss), net of tax

3.5

(0.3)

3.3

0.2

Comprehensive Income, net of tax

$ 32.1

$ 25.0

$ 65.6

$ 46.5

Consolidated Balance Sheets (USD $)

In Millions, unless otherwise specified

Jun. 30, 2014

Dec. 31, 2013

Cash and cash equivalents

$ 43.7

$ 0

Accounts receivable, net of allowances

178.4

122.7

Accounts receivable due from related party

0

26.7

Inventories, net

238.8

227.0

Deferred income taxes

13.6

1.7

Deferred charges and prepaid expenses

0.4

0.8

Other current assets

3.4

4.2

Total Current Assets

478.3

383.1

Property, Plant and Equipment, Net

750.4

682.6

Pension assets

77.1

0

Other intangible assets

10.7

11.2

Other non-current assets

2.6

1.9

Total Other Assets

90.4

13.1

Total Assets

1,319.1

1,078.8

Accounts payable, trade

132.6

86.4

Accounts payable due to related party

0

17.7

Salaries, wages and benefits

34.5

37.6

Accrued pension and postretirement

18.1

0

Other current liabilities

16.2

13.2

Total Current Liabilities

201.4

154.9

Long-term debt

130.2

30.2

Accrued pension and postretirement

95.5

0

Deferred income taxes

84.2

86.1

Other non-current liabilities

10.6

6.8

Total Non-Current Liabilities

320.5

123.1

Commitments and contingencies

0

Preferred shares, no par value; authorized 10.0 million shares, none issued

0

Common stock, no par value, authorized [ ] million shares; issued 2014 - $[ ] million shares; 2013 - $[ ] million shares

0

Additional paid-in capital

1,031.4

0

Net parent investment

0

801.2

Accumulated other comprehensive loss

(234.2)

(0.4)

Total Equity

797.2

800.8

Total Liabilities and Equity

$ 1,319.1

$ 1,078.8

Consolidated Balance Sheets Parenthetical (USD $)

In Millions, except Share data, unless otherwise specified

Jun. 30, 2014

Dec. 31, 2013

Allowances for accounts receivable

$ 0.3

$ 0.2

Company preferred stock, no par vale, authorized

10,000,000

0

Company common stock, no par vale, authorized

200,000,000

0

Common Stock, Shares, Issued

45,400,000

0

Consolidated Statement of Cash Flows (USD $)

In Millions, unless otherwise specified

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Statement of Cash Flows [Abstract]

Net Income

$ 62.3

$ 46.3

Depreciation and amortization

27.6

24.4

Loss on sale of assets

1.3

0.5

Deferred income tax provision

(15.5)

0

Stock-based compensation expense

2.0

1.8

Pension and other postretirement expense

3.7

0

Pension and other postretirement contributions and payments

(14.8)

0

Accounts receivable

(29.0)

(35.5)

Inventories

(11.8)

44.9

Accounts payable, trade

28.5

7.5

Other accrued expenses

(1.6)

0.5

Other, net

2.8

1.2

Net Cash Provided (Used) by Operating Activities

55.5

91.6

Capital expenditures

(65.6)

(80.1)

Proceeds from disposals of property, plant and equipment

0

0.1

Net Cash Used by Investing Activities

(65.6)

(80.0)

Payment on long-term debt

(30.2)

0

Proceeds from issuance of [Senior Notes]

130.2

0

Cash Dividends Paid to Parent Company

(50.0)

0

Net transfers (to)/from Parent and affiliates

(3.8)

11.6

Net Cash Used by Financing Activities

53.8

(11.6)

Effect of exchange rate changes on cash

0

Increase (Decrease) In Cash and Cash Equivalents

43.7

0

Cash and cash equivalents at beginning of year

0

Cash and cash equivalents at beginning of year

$ 43.7

$ 0

Basis of Presentation

Basis of Presentation and Significant Accounting Policies [Text Block]

Note 1 - Basis of Presentation

On June 30, 2014, TimkenSteel Corporation (TimkenSteel) became an independent company as a result of the distribution by The Timken Company (Timken) of 100 percent of the outstanding common shares of TimkenSteel to Timken shareholders (the spinoff). Each Timken shareholder of record as of the close of business on June 23, 2014 (the Record Date) received one TimkenSteel common share for every two Timken common shares held as of the Record Date. The spinoff was completed on June 30, 2014 and was structured to be tax-free to both Timken and TimkenSteel shareholders. Settlement of the transfer of assets and liabilities between Timken and TimkenSteel is expected to be finalized in the second half of 2014.

On July 1, 2014, TimkenSteel common shares began regular trading on the New York Stock Exchange under the ticker symbol “TMST”. Pursuant to the separation and distribution agreement with Timken, on June 30, 2014, TimkenSteel made a special cash dividend to Timken of $50.0 million.

TimkenSteel manufactures alloy steel, as well as carbon and micro-alloy steel, with an annual melt capacity of approximately 2 million tons. TimkenSteel’s portfolio includes special bar quality (SBQ) bars, seamless mechanical tubing and precision steel components. In addition, TimkenSteel supplies machining and thermal treatment services and manages raw material recycling programs, which is done as a feeder system for TimkenSteel’s operations.

Prior to the spinoff on June 30, 2014, TimkenSteel operated as a reportable segment within Timken. The accompanying Unaudited Consolidated Financial Statements have been prepared from Timken’s historical accounting records and are presented on a stand-alone basis as if the operations had been conducted independently from Timken. Accordingly, Timken and its subsidiaries net investment in these operations (Parent Equity) is shown in lieu of stockholder’s equity in the Unaudited Consolidated Financial Statements. The Unaudited Consolidated Financial Statements include the historical results of operations, assets and liabilities of the legal entities that are considered to comprise TimkenSteel. The historical results of operations, financial position, and cash flows of TimkenSteel presented in the Unaudited Consolidated Financial Statements may not be indicative of what they would have been had TimkenSteel actually been a separate stand-alone entity during such periods, nor are they necessarily indicative of TimkenSteel’s future results of operations, financial position and cash flows.

The accompanying Unaudited Consolidated Financial Statements for TimkenSteel have been prepared for the six months ended June 30, 2014 and do not include all of the information and notes required by the accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) and disclosures considered necessary for a fair presentation have been included. For further information, refer to TimkenSteel’s Audited Consolidated Financial Statements for the year ended December 31, 2013 and related included in its registration statement on Form 10, which the SEC declared effective on June 10, 2014.

Recent Accounting Pronouncements

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

Note 2 - Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, “Revenue from Contracts with Customers (Topic 606)”, which provides guidance for revenue recognition. This ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets. This ASU will supersede the revenue recognition requirements in Topic 605, “Revenue Recognition”, and most industry-specific guidance. This ASU also supersedes some cost guidance included in Subtopic 605-35, “Revenue Recognition-Construction-Type and Production-Type Contracts.” The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under today’s guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The standard will be effective for TimkenSteel in the first quarter of fiscal year 2017. Early adoption is not permitted. TimkenSteel is currently evaluating the impact of the adoption of this accounting standard update on its results of operations and financial condition.

In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360).” ASU 2014-08 amends the requirements for reporting discontinued operations and requires additional disclosures about discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations or that have a major effect on TimkenSteel’s operations and financial results should be presented as discontinued operations. ASU 2014-08 also requires expanded disclosures about discontinued operations, including information about the assets, liabilities, income, and expenses of discontinued operations. This new accounting guidance is effective for annual periods beginning after December 15, 2014. The adoption of ASU 2014-08 did not affect TimkenSteel’s Unaudited Consolidated Financial Statements because TimkenSteel did not have any discontinued operations.

In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” ASU 2013-11 clarifies guidance and eliminates diversity in practice on the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. The new accounting rules were effective for annual and interim reporting periods beginning after December 15, 2013. Effective January 1, 2014, TimkenSteel adopted ASU 2013-11. The new accounting rules had no material impact on the results of operations and financial condition of TimkenSteel.

Inventories

Inventory Disclosure [Text Block]

Note 3 - Inventories

The components of inventories, net as of June 30, 2014 and December 31, 2013 were as follows:



	June 30, 2014			December 31, 2013
Inventories, net:
Manufacturing supplies		$34.1			$32.8
Raw materials	45.8			42.9
Work in process	89.0			81.6
Finished products	72.6			71.6
Subtotal	241.5			228.9
Allowance for surplus and obsolete inventory	(2.7		)	(1.9		)
Total Inventories, net		$238.8			$227.0

Inventories are valued at the lower of cost or market, with approximately 65% valued by the last-in, first-out (LIFO) method and the remaining 35% valued by the first-in, first-out (FIFO) method. The majority of TimkenSteel’s domestic inventories are valued by the LIFO method. All of TimkenSteel’s manufacturing supplies inventory as well as its international (outside the United States) inventories are valued by the FIFO method.

An actual valuation of the inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must be based on management’s estimates of expected year-end inventory levels and costs. Because these calculations are subject to many factors beyond management’s control, annual results may differ from interim results as they are subject to the final year-end LIFO inventory valuation.

The LIFO reserve, excluding the impact of full-cost inventory adjustments, at June 30, 2014 and December 31, 2013 was $82.6 million and $75.5 million, respectively. TimkenSteel expects to recognize additional LIFO expense of approximately $7 million in the second half of 2014. The expected increase in the LIFO reserve for the year ended December 31, 2014 reflects higher anticipated costs, particularly scrap steel costs. A 1.0% increase in costs would increase the current LIFO expense estimate for the year ended December 31, 2014 by approximately $2 million. A 1.0% increase in inventory quantities would have no effect on the current LIFO expense estimate for 2014.

Property, Plant and Equipment

Property, Plant and Equipment Disclosure [Text Block]

Note 4 - Property, Plant and Equipment

The components of property, plant and equipment, net as of June 30, 2014 and December 31, 2013 were as follows:



	June 30, 2014			December 31, 2013
Property, Plant and Equipment, net:
Land and buildings		$288.9			$250.3
Machinery and equipment	1,201.1			1,159.7
Construction-in-progress	256.4			220.0
Subtotal	1,746.4			1,630.0
Less allowances for depreciation	(996.0		)	(947.4		)
Property, Plant and Equipment, net		$750.4			$682.6

Total depreciation expense was $27.1 million and $23.9 million for the six months ended June 30, 2014 and 2013, respectively. At June 30, 2014 and December 31, 2013, property, plant and equipment, net included $18.8 million and $17.8 million, respectively, of capitalized software. Depreciation expense for capitalized software was approximately $1.4 million and $1.2 million for the six months ended June 30, 2014 and 2013, respectively. In conjunction with the spinoff, property plant and equipment, including its related allowance for deprecation, was transferred from Timken to TimkenSteel in the second quarter of 2014.

TimkenSteel capitalized interest allocated from Timken related to construction projects of $5.7 million and $4.4 million for the six months ended June 30, 2014 and 2013, respectively.

Intangible Assets

Intangible Assets Disclosure [Text Block]

Note 5 - Intangible Assets

The components of intangible assets as of June 30, 2014 and December 31, 2013 were as follows:



	June 30, 2014						December 31, 2013
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Intangible Assets Subject to Amortization:
Customer relationships		$6.8		$2.2		$4.6		$6.8		$2.0		$4.8
Technology use	9.0		3.8		5.2		9.0		3.5		5.5
Non-compete agreements	1.0		1.0		—		1.0		1.0		—
	16.8		7.0		9.8		16.8		6.5		10.3
Intangible Assets not Subject to Amortization:
Tradename	0.9		—		0.9		0.9		—		0.9
	0.9		—		0.9		0.9		—		0.9
Total Intangible Assets		$17.7		$7.0		$10.7		$17.7		$6.5		$11.2

Intangible assets subject to amortization are amortized on a straight-line method over their legal or estimated useful lives, with useful lives ranging from five to 20 years. Amortization expense for intangible assets for the six months ended June 30, 2014 and 2013 was $0.5 million for each period.

Financing Arrangements

Note 6 - Financing Arrangements

The components of long-term debt as of June 30, 2014 and December 31, 2013 were as follows:



	June 30, 2014		December 31, 2013
Variable-rate State of Ohio Water Development Revenue Refunding Bonds, maturing on November 1, 2025 (0.08% as of June 30, 2014)		$12.2		$12.2
Variable-rate State of Ohio Air Quality Development Revenue Refunding Bonds, maturing on November 1, 2025 (0.08% as of June 30, 2014)	9.5		9.5
Variable-rate State of Ohio Pollution Control Revenue Refunding Bonds, maturing on June 1, 2033 (0.08% as of June 30, 2014)	8.5		8.5
Revolving credit facility, due 2019 (LIBOR plus applicable spread)	100.0		—
Total Long-Term Debt		$130.2		$30.2

Credit Facility

On June 30, 2014, TimkenSteel entered into a credit facility with JPMorgan Chase Bank, N.A., as administrative agent, PNC Bank, National Association, as Syndication Agent, Bank of America, N.A. and HSBC Bank USA, National Association as Co-Documentation Agents and the other lenders and arrangers party thereto. The credit facility has a term of five years through June 30, 2019 and provides for a committed revolving credit line of up to $300.0 million. The credit facility includes an expansion option allowing TimkenSteel to request additional commitments of up to $150.0 million, in term loans or revolving credit commitments, subject to certain conditions and approvals as set forth in the credit agreement. The credit agreement provides a $50.0 million sublimit for multicurrency loans, a $50.0 million sublimit for letters of credit and a $30.0 million sublimit for swing line loans.

The credit facility may be used for working capital and asset renewal and acquisition and is secured by a first priority lien on substantially all of the assets of TimkenSteel and its subsidiaries.

TimkenSteel is required to maintain a certain capitalization ratio and interest coverage ratio as well as minimum liquidity balances as set forth in the credit agreement. As of June 30, 2014, TimkenSteel was in compliance with these ratios and liquidity requirements, as well as the additional covenants contained in the credit agreement. The credit agreement also provides the lenders with the ability to reduce the credit line amount, even if TimkenSteel is in compliance with all conditions of the credit agreement, upon a material adverse change to the business, properties, assets, financial condition or results of operations of TimkenSteel. The credit agreement contains a number of restrictions that limit TimkenSteel’s ability, among other things, and subject to certain limited exceptions, to incur additional indebtedness, pledge its assets as security, guaranty obligations of third parties, make investments, undergo a merger or consolidation, dispose of assets, or materially change its line of business. In addition, the credit agreement includes a cross-default provision whereby an event of default under other debt obligations, as defined in the credit agreement, will be considered an event of default under the credit agreement.

Borrowings under the credit facility bear interest based on the daily balance outstanding at LIBOR (with no rate floor), plus an applicable margin (varying from 1.25% to 2.25%) or, in certain cases, an alternate base rate (based on a certain lending institution’s Prime Rate or as otherwise specified in the credit agreement, with no rate floor), plus an applicable margin (varying from 0.25% to 1.25%). The credit facility also carries a commitment fee equal to the unused borrowings multiplied by an applicable margin (varying from 0.20% to 0.40%). The applicable margins are calculated quarterly and vary based on TimkenSteel’s consolidated capitalization ratio as set forth in the credit agreement. On June 30, 2014, TimkenSteel borrowed $100.0 million under the revolving credit facility to pay a $50.0 million dividend to Timken, with the remaining amounts available to fund TimkenSteel’s operations. The interest rate under the revolving credit facility was 1.75% as of June 30, 2014. The amount available under the credit facility as of June 30, 2014 was $200.0 million.

Revenue Refunding Bonds

On June 1, 2014, Timken purchased in lieu of redemption the State of Ohio Water Development Revenue Refunding Bonds (Water Bonds), State of Ohio Air Quality Development Revenue Refunding Bonds (Air Quality Bonds) and State of Ohio Pollution Control Revenue Refunding Bonds (Pollution Control Bonds) (collectively, the Bonds). Pursuant to an Assignment and Assumption Agreement dated June 24, 2014 (the Assignment) between Timken and TimkenSteel, Timken assigned all of its right, title and interest in and to the loan agreement and the note, and these obligations were assumed by TimkenSteel. Additionally, replacement letters of credit were issued for the Water Bonds and the Pollution Control Bonds. The Bonds were remarketed on June 24, 2014 (the Remarketing Date) in connection with the conversion of the interest rate mode for the Bonds to the weekly rate and the delivery of the replacement letters of credit, as applicable. TimkenSteel is responsible for payment of the interest and principal associated with the Bonds subsequent to the Remarketing Date. As a result of the purchase and remarketing of the Bonds, TimkenSteel recorded a loss on debt extinguishment of $0.7 million during the second quarter of 2014 related to the write-off of original deferred financing costs, which are reflected as interest expense in the Unaudited Consolidated Statements of Income.

All of TimkenSteel’s long-term debt is variable-rate debt, and, as a result, the carrying value of this debt is a reasonable estimate of fair value as interest rates on these borrowings approximate current market rates, which is considered a Level 2 input.

Accumulated Other Comprehensive Loss

Comprehensive Income (Loss) Note [Text Block]

Note 7 - Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss for the six months ended June 30, 2014 by component are as follows:



	Foreign Currency Translation Adjustments			Pension and Postretirement Liability Adjustments			Total
Balance at December 31, 2013		($0.4	)		$—			($0.4	)
Net transfer from Timken	(3.2		)	(233.9		)	(237.1		)
Other comprehensive income before reclassifications, before income tax	0.4			—			0.4
Amounts reclassified from accumulated other comprehensive income, before income tax	—			4.6			4.6
Income tax benefit	—			(1.7		)	(1.7		)
Net current period other comprehensive income, net of income tax	0.4			2.9			3.3
Balance at June 30, 2014		($3.2	)		($231.0	)		($234.2	)

Accumulated other comprehensive loss of $0.4 million and $0.6 million as of June 30, 2013 and December 31, 2012, respectively, consists of accumulated foreign currency translation adjustments. For the six months ended June 30, 2013, there were no reclassifications out of accumulated other comprehensive loss.

The reclassification of the pension and postretirement liability adjustment was included in costs of products sold and selling, general and administrative expenses in the Unaudited Consolidated Statements of Income.

Changes in Equity

Stockholders' Equity Note Disclosure [Text Block]

Note 8 - Changes in Equity

Changes in the components of equity for the six months ended June 30, 2014 were as follows:



	Total			Additional Paid-in Capital		Net Parent Investment			Accumulated Other Comprehensive Loss
Balance as of December 31, 2013		$800.8			$—		$801.2			($0.4	)
Net income	62.3			—		62.3			—
Foreign currency translation adjustments	0.4			—		—			0.4
Pension and postretirement adjustment	2.9			—		—			2.9
Stock-based compensation expense	2.0			—		2.0			—
Net transfer (to)/from Parent and affiliates	(71.2		)	—		165.9			(237.1		)
Reclassification of net parent investment to additional paid-in capital	—			1,031.4		(1,031.4		)	—
Balance as of June 30, 2014		$797.2			$1,031.4		$—			($234.2	)

The following table is a reconciliation of the amounts presented above as “Net transfer (to)/from Parent and affiliates” and the amounts presented as “Net transfers from/(to) Parent and affiliates” on the Unaudited Consolidated Statement of Cash Flows.



	Six Months Ended
	June 30, 2014
Net transfer (to)/from Parent and affiliates - Equity		($71.2	)
Dividend paid to Parent	50.0
Net transfer of assets and liabilities from Parent	25.0
Net transfers from/(to) Parent and affiliates - Cash Flow		$3.8

Retirement and Postretirement Benefits

Pension and Other Postretirement Benefits Disclosure [Text Block]

Note 9 - Retirement and Postretirement Benefit Plans

Defined Benefit Pensions

Prior to the spinoff, eligible TimkenSteel employees, including certain employees in foreign countries, participated in the following Timken-sponsored plans: The Timken Company Pension Plan; The Timken-Latrobe-MPB-Torrington Retirement Plan; and the Timken UK Pension Scheme. During the second quarter of 2014, the assets and liabilities of these pension plans related to TimkenSteel employees and retirees were transferred to pension plans sponsored by TimkenSteel. Plan assets of $1,185.3 million, benefit plan obligations of $1,134.8 million and accumulated other comprehensive losses of $361.2 million ($228.9 million, net of tax) were recorded by TimkenSteel related to these plans. The amounts recorded related to the transfer to TimkenSteel plans were remeasured as of the date of transfer, which included updated valuation assumptions, as appropriate, and are expected to be adjusted in the third quarter of 2014 based on final actuarial analyses.

Pension benefits earned are generally based on years of service and compensation during active employment. TimkenSteel’s funding policy is consistent with the funding requirements of applicable laws and regulations. Asset allocations are established in a manner consistent with projected plan liabilities, benefit payments and expected rates of return for the various asset classes. The expected rate of return for the investment portfolio is based on expected rates of return for various asset classes, as well as historical asset class and fund performance.

Postretirement Benefits

Prior to the spinoff, eligible retirees of TimkenSteel and their dependents were provided health care and life insurance benefits from the following Timken-sponsored plans: The Timken Company Bargaining Unit Welfare Benefit Plan for Retirees and The Timken Company Welfare Plan for Retirees. During the second quarter of 2014, the assets and liabilities of these postretirement plans related to TimkenSteel employees and retirees were transferred to postretirement plans sponsored by TimkenSteel. Plan assets of $130.1 million, benefit plan obligations of $232.2 million and accumulated other comprehensive losses of $7.9 million ($5.0 million, net of tax) were recorded by TimkenSteel related to these plans. The amounts recorded related to the transfer to TimkenSteel plans were remeasured as of the date of transfer, which included updated valuation assumptions, as appropriate, and are expected to be adjusted in the third quarter of 2014 based on final actuarial analyses.

The following tables set forth the change in benefit obligation, change in plan assets, funded status and amounts recognized on the Unaudited Consolidated Balance Sheets for the defined benefit pension plans for the six months ended June 30, 2014:



Change in benefit obligation:	Pension			Postretirement
Benefit obligation as of December 31, 2013		$—			$—
Service cost	2.6			0.3
Interest cost	7.8			1.6
Actuarial (gains) losses	—			—
Employee contributions	—			—
Benefits paid	(11.7		)	(3.5		)
Liabilities assumed from separation	1,134.8			232.2
International plan exchange rate change	—			—
Benefit obligation as of June 30, 2014		$1,133.5			$230.6



Change in plan assets:	Pension			Postretirement
Fair value of plan assets as of December 31, 2013		$—			$—
Actual return on plan assets	11.6			1.1
Employee contributions	—			—
Company contributions / payments	—			14.7
Benefits paid	(11.7		)	(3.5		)
Assets received from separation	1,185.3			130.1
International plan exchange rate change	—			—
Fair value of plan assets as of June 30, 2014	1,185.2			142.4
Funded status as of June 30, 2014		$51.7			($88.2	)

Accumulated Benefit Obligation		$1,103.2			$230.6

Amounts recognized on the balance sheet at June 30, 2014, for TimkenSteel’s pension and postretirement benefit plans include:



	Pension			Postretirement
Non-current assets		$77.1			$—
Current liabilities	(0.4		)	(17.7		)
Non-current liabilities	(25.0		)	(70.5		)
		$51.7			($88.2	)

Included in accumulated other comprehensive loss at June 30, 2014, were the following before-tax amounts that had not been recognized in net periodic benefit cost:



	Pension		Postretirement
Unrecognized net actuarial loss (gain)		$353.7		$3.9
Unrecognized prior service cost (credit)	3.0		3.9
		$356.7		$7.8

The change in plan assets and benefit obligations before tax recognized in accumulated other comprehensive loss for the six months ended June 30, 2014:



	Pension			Postretirement
Net actuarial (gain) loss		$—			$—
Recognized net actuarial loss	(0.1		)	(0.1		)
Recognized prior service cost	(4.4		)	—
Net transfer from Timken	361.2			7.9
		$356.7			$7.8

Amounts expected to be amortized from accumulated other comprehensive loss and included in total net periodic benefit cost during the six months ended December 31, 2014, are as follows:



	Pension		Postretirement
Net actuarial loss (gain)		$0.4		$—
Prior service cost (credit)	13.9		0.4
		$14.3		$0.4

The weighted-average assumptions used in determining benefit obligations at each plan’s measurement date were as follows:



Assumptions:	Pension		Postretirement
Discount rate	4.65	%	4.33	%
Future compensation assumption	3.11	%	n/a
Expected long-term return on plan assets	7.25	%	5.00	%

The discount rate assumption is based on current rates of high-quality long-term corporate bonds over the same period that benefit payments will be required to be made. The expected rate of return on plan assets assumption is based on the weighted-average expected return on the various asset classes in the plans’ portfolio. The asset class return is developed using historical asset return performance as well as current market conditions such as inflation, interest rates and equity market performance. For measurement purposes, the Company assumed a weighted-average annual rate of increase in the per capita cost (health care cost trend rate) of 7.25% for 2014, declining gradually to 5.00% in 2023 and thereafter for medical and prescription drug benefits, and 9.25% for 2014, declining gradually to 5.00% in 2023 and thereafter for HMO benefits.

The components of net periodic benefit cost for the three and six months ended June 30, 2014 and 2013 were as follows:



	Three Months Ended June 30, 2014						Three Months Ended June 30, 2013
Components of net periodic benefit cost:	Pension			Postretirement			Pension		Postretirement
Service cost		$2.6			$0.3			$—		$—
Interest cost	7.8			1.6			—		—
Expected return on plan assets	(12.1		)	(1.1		)	—		—
Amortization of prior service cost	0.1			0.1			—		—
Amortization of net actuarial loss	4.4			—			—		—
Allocated benefit cost from Timken	0.8			0.5			6.6		1.5
Net Periodic Benefit Cost		$3.6			$1.4			$6.6		$1.5



	Six Months Ended June 30, 2014						Six Months Ended June 30, 2013
Components of net periodic benefit cost:	Pension			Postretirement			Pension		Postretirement
Service cost		$2.6			$0.3			$—		$—
Interest cost	7.8			1.6			—		—
Expected return on plan assets	(12.1		)	(1.1		)	—		—
Amortization of prior service cost	0.1			0.1			—		—
Amortization of net actuarial loss	4.4			—			—		—
Allocated benefit cost from Timken	5.2			2.2			11.9		3.2
Net Periodic Benefit Cost		$8.0			$3.1			$11.9		$3.2

As disclosed above, prior to the spinoff, employees of TimkenSteel participated in various retirement and postretirement benefits sponsored by Timken. Because Timken provided these benefits to eligible employees and retirees of TimkenSteel, the costs to participating employees of TimkenSteel in these plans were reflected in the Unaudited Consolidated Financial Statements, while the related assets and liabilities were retained by Timken. Expense allocations for these benefits were determined based on a review of personnel by business unit and based on allocations of corporate and other shared functional personnel. All cost allocations related to the various retirement benefit plans have been deemed paid by TimkenSteel to Timken in the period in which the cost was recorded in the Unaudited Consolidated Statements of Income as a component of cost of products sold and selling, general and administrative expenses. Allocated benefit cost from Timken were funded through intercompany transactions, which were reflected within the Net Parent Investment on the Unaudited Consolidated Balance Sheets.

TimkenSteel recognizes its overall responsibility to ensure that the assets of its various defined benefit pension plans are managed effectively and prudently and in compliance with its policy guidelines and all applicable laws. Preservation of capital is important; however, TimkenSteel also recognizes that appropriate levels of risk are necessary to allow its investment managers to achieve satisfactory long-term results consistent with the objectives and the fiduciary character of the pension funds. Asset allocations are established in a manner consistent with projected plan liabilities, benefit payments and expected rates of return for various asset classes. The expected rate of return for the investment portfolios is based on expected rates of return for various asset classes, as well as historical asset class and fund performance. The target allocations for plan assets are 27 percent equity securities, 51 percent debt securities and 22 percent in all other types of investments.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The FASB provides accounting rules that classify the inputs used to measure fair value into the following hierarchy:


Level 1 -	Unadjusted quoted prices in active markets for identical assets or liabilities.


Level 2 -	Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability.


Level 3 -	Unobservable inputs for the asset or liability.

The following table presents the fair value hierarchy for those investments of TimkenSteel’s pension assets measured at fair value on a recurring basis as of June 30, 2014:



	Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents		$55.2		$—		$55.2		$—
Government and agency securities	276.1		266.0		10.1		—
Corporate bonds - investment grade	123.2		—		123.2		—
Equity securities - U.S. companies	78.3		77.3		1.0		—
Equity securities - international companies	81.7		81.7		—		—
Common collective funds - domestic equities	53.0		—		53.0		—
Common collective funds - international equities	94.0		—		94.0		—
Common collective funds - fixed income	224.9		—		224.9		—
Common collective funds - other	20.8		—		20.8		—
Real estate partnerships	52.6		—		52.6		—
Real estate - mutual funds	33.3		33.3				—
Other	92.1		—		92.1		—
Total Assets		$1,185.2		$458.3		$726.9		$—

The following table presents the fair value hierarchy for those investments of TimkenSteel’s postretirement assets measured at fair value on a recurring basis as of June 30, 2014:



	Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents		$9.9		$—		$9.9		$—
Common collective funds - domestic equities	44.8		—		44.8		—
Common collective funds - international equities	28.7		—		28.7		—
Common collective funds - fixed income	59.0		—		59.0		—
Total Assets		$142.4		$—		$142.4		$—

Future benefit payments are expected to be as follows:



			Postretirement
Benefit Payments:	Pension		Gross		Medicare Part D Subsidy Receipts
2014		$43.0		$11.0		$0.4
2015	75.3		21.2		0.9
2016	76.7		20.8		0.9
2017	75.7		20.1		1.0
2018	84.5		19.4		1.1
2019-2023	387.0		84.5		6.3

Earnings Per Share

Earnings Per Share [Text Block]

Note 10 - Earnings Per Share

On June 30, 2014, 45.4 million TimkenSteel common shares were distributed to Timken shareholders in conjunction with the spinoff. For comparative purposes, and to provide a more meaningful calculation for weighted average shares, this amount was assumed to be outstanding as of the beginning of each period presented in the calculation of basic weighted average shares. In addition, for the dilutive weighted average share calculations, the dilutive securities outstanding at June 30, 2014 were assumed to be also outstanding at each of the periods presented. Excluded from the diluted share calculation are 0.2 million shares related to stock options as their effect would have been anti-dilutive.

The following table sets forth the reconciliation of the numerator and the denominator of basic earnings per share and diluted earnings per share for the three and six months ended June 30, 2014 and 2013:



	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Numerator:
Net income for basic and diluted earnings per share		$28.6		$25.3		$62.3		$46.3

Denominator:
Weighted average shares outstanding, basic	45,729,624		45,729,624		45,729,624		45,729,624
Dilutive effect of stock-based awards	519,883		519,883		519,883		519,883
Weighted average shares outstanding, diluted	46,249,507		46,249,507		46,249,507		46,249,507

Basic earnings per share		$0.63		$0.55		$1.36		$1.01
Diluted earnings per share		$0.62		$0.55		$1.35		$1.00

Stock Based Compensation

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note 11 - Stock-Based Compensation

Description of the Plan

Prior to the spinoff, employees of TimkenSteel were eligible to participate in The Timken Company Long-Term Incentive Plan (Timken LTIP Plan) and The Timken Company 2011 Long-Term Incentive Plan (Timken 2011 Plan) and received options to purchase Timken common shares. Effective June 30, 2014, TimkenSteel employees are eligible to participate in the TimkenSteel Corporation 2014 Equity and Incentive Compensation Plan (TimkenSteel 2014 Plan).

The TimkenSteel 2014 Plan authorizes the Compensation Committee of the TimkenSteel Board of Directors to grant non-qualified or incentive stock options, stock appreciation rights, stock awards (including restricted stock and restricted stock unit awards), cash awards, and performance awards to TimkenSteel employees and non-employee directors. No more than 6.75 million TimkenSteel common shares may be delivered under the TimkenSteel 2014 Plan and no more than approximately 2.7 million common shares can be issued in settlement of restricted stock units awards from the 6.75 million common shares initially authorized. The TimkenSteel 2014 Plan authorizes the grant of up to 3.0 million “replacement awards” to current holders of Timken equity awards under Timken’s equity compensation plans.

In connection with the spinoff, stock compensation awards granted under the Timken LTIP Plan and the Timken 2011 Plan were adjusted or substituted as follows:


•	Vested and unvested stock options were adjusted and substituted so that the grantee holds options to purchase both Timken and TimkenSteel common shares.


•	The adjustment to the Timken and TimkenSteel stock options, when combined, were intended to generally preserve the intrinsic value of each original option grant and the ratio of the exercise price to the fair market value of Timken common shares on June 30, 2014.


•	Unvested restricted stock awards were replaced with adjusted, substitute awards for restricted shares or units, as applicable, of Timken and TimkenSteel common shares. The new awards of restricted stock were intended to generally preserve the intrinsic value of the original award determined as of June 30, 2014.


•	Vesting periods of awards were unaffected by the adjustment and substitution.

Awards granted in connection with the adjustment and substitution of awards originally issued under the Timken LTIP Plan and the Timken 2011 Plan are a part of the TimkenSteel 2014 Plan and reduce the maximum number of TimkenSteel common shares available for delivery under the TimkenSteel 2014 Plan. TimkenSteel will record compensation expense for both TimkenSteel and Timken common shares for awards held by TimkenSteel employees only.

Outstanding Awards

Awards outstanding under the TimkenSteel 2014 Plan as a result of the adjustment and substitution of the Timken LTIP Plan and the Timken 2011 Plan awards were as follows:



	Stock Options			Restricted Shares
	Number of Shares	Weighted Average Exercise Price		Number of Shares	Weighted Average Grant Date Fair Value
Outstanding as of June 30, 2014*	1,859,312		$26.31	342,080		$31.94

* Stock options and restricted shares presented in this table represent TimkenSteel awards only, including those held by Timken employees.

The adjustment and substitution of the stock compensation awards occurred in conjunction with the distribution of TimkenSteel common shares to Timken shareholders in the June 30, 2014 after-market distribution. As a result, no grant, exercise, or cancellation activity occurred on TimkenSteel stock compensation awards during the six months ended June 30, 2014. Outstanding restricted shares include restricted shares, deferred shares, strategic performance shares and strategic shares that will settle in common shares. Strategic performance shares are performance-based restricted stock units that vest based on achievement of specified performance objectives and cliff-vest after three years. Strategic shares are timed-based restricted stock units and generally vest in 25% increments annually beginning on the first anniversary of the date of grant.

As of June 30, 2014, unrecognized compensation cost related to stock option awards was $8.0 million, which is expected to be recognized over a weighted average period of 2.0 years. Unrecognized compensation cost related to restricted stock awards was $7.2 million, which is expected to be recognized over a weighted average period of 2.6 years. The calculations of unamortized expense and weighted-average periods include awards based on both TimkenSteel and Timken stock awards held by TimkenSteel employees.

Certain strategic performance shares and performance-based restricted stock are settled in cash and were adjusted and substituted as described above. TimkenSteel accrued $4.0 million as of June 30, 2014, which was included in Salaries, wages and benefits, and Other non-current liabilities on the Unaudited Consolidated Balance Sheets. Compensation expense related to cash-settled awards was $2.0 million for the six months ended June 30, 2014, which includes $0.2 million of incremental compensation expense resulting from the adjustment and substitution on the distribution date.

TimkenSteel recognized stock-based compensation expense of $2.4 million related to stock option awards and restricted shares for the six months ended June 30, 2014, which includes the recognition of $0.3 million of incremental compensation expense in the second quarter of 2014 resulting from the adjustment and substitution of stock-based awards.

Segment Information

Segment Reporting Disclosure [Text Block]

Note 12 - Segment Information

TimkenSteel operates and reports financial results for two segments: Industrial & Mobile and Energy & Distribution. These segments represent the level at which the chief operating decision maker (CODM) reviews the financial performance of TimkenSteel and makes operating decisions. Segment earnings before interest and taxes (EBIT) is the measure of profit and loss that the CODM uses to evaluate the financial performance of TimkenSteel and is the basis for resource allocation, performance reviews and compensation. For these reasons, TimkenSteel believes that Segment EBIT represents the most relevant measure of segment profit and loss. The CODM may exclude certain charges or gains, such as corporate charges and other special charges, from EBIT to arrive at a Segment EBIT that is a more meaningful measure of profit and loss upon which to base operating decisions. TimkenSteel defines Segment EBIT margin as Segment EBIT as a percentage of net sales.

Industrial & Mobile

The Industrial & Mobile segment is a leading provider of high-quality air-melted alloy steel bars, tubes, precision components and value-added services. For the industrial market sector, TimkenSteel sells to original equipment manufacturers including agriculture, construction, machinery, military, mining, power generation and rail. For the mobile market sector, TimkenSteel sells to automotive customers including light-vehicle, medium-truck and heavy-truck applications. Products in this segment are in applications, including engine, transmission and driveline components, large hydraulic system components, military ordnance, mining and construction drilling applications and other types of equipment.

Energy & Distribution

The Energy & Distribution segment is a leading provider of high-quality air-melted alloy steel bars, seamless tubes and value-added services such as thermal treatment and machining. The Energy & Distribution segment offers unique steel chemistries in various product configurations to improve customers’ performance in demanding drilling, completion and production activities. Application of TimkenSteel’s engineered material solutions can be found in both offshore and land-based drilling rig activities. Vertical and horizontal drilling and completion applications include high strength drill string components and specialized completion tools that enable hydraulic fracturing for shale gas and oil. Distribution channel activity also is conducted through this segment. Distribution channel activity constitutes direct sales of steel bars and seamless mechanical tubes to distributors. TimkenSteel authorized service centers enable TimkenSteel to collaborate with various independent service centers to deliver differentiated solutions for end users.



	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Net Sales to External Customers:
Industrial & Mobile		$254.7			$224.0			$486.5			$441.8
Energy & Distribution	187.5			130.1			345.2			258.6
		$442.2			$354.1			$831.7			$700.4
Segment EBIT:
Industrial & Mobile		$20.8			$25.3			$47.8			$46.8
Energy & Distribution	31.2			19.3			62.4			35.3
Total Segment EBIT		$52.0			$44.6			$110.2			$82.1
Unallocated corporate expenses	(6.9		)	(5.9		)	(14.3		)	(11.2		)
Interest expense	(0.7		)	—			(0.7		)	—
Income Before Income Taxes		$44.4			$38.7			$95.2			$70.9

Energy & Distribution intersegment sales to the Industrial & Mobile segment were $0.6 million and $0.3 million for the three months ended June 30, 2014 and 2013, respectively, and $0.8 million and $0.9 million for the six months ended June 30, 2014 and 2013, respectively.

The total assets by segment as of June 30, 2014 and December 31, 2013 were as follows:



	June 30, 2014		December 31, 2013
Industrial & Mobile		$649.0		$540.0
Energy & Distribution	670.1		538.8
		$1,319.1		$1,078.8

Income Taxes

Income Tax Disclosure [Text Block]

Note 13 - Income Taxes

TimkenSteel’s provision for income taxes in interim periods is computed by applying the appropriate estimated annual effective tax rates to income or loss before income taxes for the period. In addition, non-recurring or discrete items, including interest on prior-year tax liabilities, are recorded during the period(s) in which they occur.



	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Provision for Income Taxes		$15.8			$13.4			$32.9			$24.6
Effective Tax Rate	35.6		%	34.6		%	34.6		%	34.7		%

The effective tax rate for the three months ended June 30, 2014 was higher than the U.S. federal statutory rate of 35% primarily due losses at foreign subsidiaries where no tax benefit could be recorded, U.S. state and local taxes and certain discrete tax expenses. This factor was partially offset by the U.S. manufacturing deduction and the effect of other permanent differences.

The effective tax rate for the three months ended June 30, 2013 was lower than the U.S. federal statutory rate of 35% primarily due to the U.S. manufacturing deduction and the U.S. research tax credit. These factors were partially offset by U.S. state and local taxes and certain discrete tax expenses.

The effective tax rate for the first six months of 2014 was lower than the U.S. federal statutory rate of 35% primarily due to the U.S. manufacturing deduction. This factor was partially offset by losses at foreign subsidiaries where no tax benefit could be recorded, U.S. state and local taxes and certain discrete tax expenses.

The effective tax rate for the first six months of 2013 was lower than the U.S. federal statutory rate of 35% primarily due to the U.S. manufacturing deduction and the U.S. research tax credit. These factors were partially offset by losses at foreign subsidiaries where no tax benefit could be recorded, U.S. state and local taxes and certain discrete tax expenses.

Relationship with Parent and Related Entities

Related Party Transactions Disclosure [Text Block]

Note 14 - Relationship with Parent and Related Entities

Historically, TimkenSteel has been managed and operated in the normal course of business with other affiliates of Timken. Transactions between Timken and TimkenSteel, with the exception of sales and purchase transactions and reimbursements for payments made to third-party service providers by Timken on TimkenSteel’s behalf, are reflected in equity in the Unaudited Consolidated Balance Sheets as Net Parent Investment and in the Unaudited Consolidated Statements of Cash Flows as a financing activity in Net transfers (to)/from Parent and affiliates.

Corporate Costs/Allocations

For the periods prior to April 1, 2014, the Unaudited Consolidated Financial Statements include corporate costs incurred by Timken for services that were provided to or on behalf of TimkenSteel, including but not limited to legal, treasury, corporate administration, technology and human resource services. These costs consist of allocated cost pools and direct costs. Corporate costs have been directly charged to, or allocated to, TimkenSteel using methods management believes are consistent and reasonable. TimkenSteel direct costs are incurred directly by TimkenSteel based on negotiated usage rates and dedicated employee assignments. These corporate charges and allocations have been deemed paid by TimkenSteel to Timken in the period in which the cost was recorded in the Unaudited Consolidated Statements of Income. Net charges from Timken for these services, reflected in selling, general and administrative expenses, were $7.4 million and $11.2 million for the six months ended June 30, 2014 and 2013, respectively. Effective April 1, 2014, TimkenSteel performed these functions using internal resources or services provided by third parties, certain of which were provided by Timken and directly charged to TimkenSteel for services provided. Timken will continue to provide such services during a transition period pursuant to a transition services agreement described below.

Transactions with Other Timken Businesses

Throughout the periods covered by the Unaudited Consolidated Financial Statements, TimkenSteel sold finished goods to Timken and its businesses. During the second quarter of 2014 and 2013, revenues from sales of products to Timken totaled $23.4 million, or 5.3% of net sales, and $18.8 million, or 5.3% of net sales, respectively. During the first six months of 2014 and 2013, revenues from related party sales of products totaled $46.0 million, or 5.5% of net sales, and $38.4 million, or 5.5% of net sales, respectively. Prior to the spinoff, TimkenSteel recorded related-party receivables from other Timken businesses as Accounts receivable due from related party in its Unaudited Consolidated Balance Sheets. Upon separation, outstanding amounts were reclassified to trade receivables.

TimkenSteel purchased material from a related party for approximately $0.4 million and $1.3 million during the second quarter of 2014 and 2013, respectively. TimkenSteel purchased material from a related party for approximately $1.0 million and $2.7 million during the first six months of 2014 and 2013, respectively. In addition, certain of TimkenSteel’s third-party service providers are paid by Timken on behalf of TimkenSteel. TimkenSteel subsequently reimburses Timken in cash for such payments. Prior to the spinoff, TimkenSteel recorded related-party payables to other Timken businesses as Accounts payable due to related party in its Unaudited Consolidated Balance Sheets. Upon separation, outstanding amounts were reclassified to trade payables.

Material Agreements Between TimkenSteel and Timken

On June 30, 2014, TimkenSteel entered into a separation and distribution agreement and several other agreements with Timken to effect the spinoff and to provide a framework for the relationship with Timken. These agreements govern the relationship between TimkenSteel and Timken subsequent to the completion of the spinoff and provide for the allocation between TimkenSteel and Timken of assets, liabilities and obligations attributable to periods prior to the spinoff. Because these agreements were entered into in the context of a related party transaction, the terms may not be comparable to terms that would be obtained in a transaction between unaffiliated parties.

Separation and Distribution Agreement — The separation and distribution agreement contains the key provisions relating to the spinoff, including provisions relating to the principal intercompany transactions required to effect the spinoff, the conditions to the spinoff and provisions governing the relationships between TimkenSteel and Timken after the spinoff.

Tax Sharing Agreement — The tax sharing agreement, which generally governs TimkenSteel’s and Timken’s respective rights, responsibilities and obligations after the distribution with respect to taxes for any tax period ending on or before the distribution date, as well as tax periods beginning before and ending after the distribution date. Generally, TimkenSteel is liable for all pre-distribution U.S. federal income taxes, foreign income taxes and non-income taxes attributable to TimkenSteel’s business, and all other taxes attributable to TimkenSteel, paid after the distribution. In addition, the tax sharing agreement addresses the allocation of liability for taxes that are incurred as a result of restructuring activities undertaken to effectuate the distribution. The tax sharing agreement also provides that TimkenSteel is liable for taxes incurred by Timken that arise as a result of TimkenSteel’s taking or failing to take, as the case may be, certain actions that result in the distribution failing to meet the requirements of a tax-free distribution under Section 355 of the Internal Revenue Code of 1986, as amended.

Employee Matters Agreement — TimkenSteel entered into an employee matters agreement with Timken, which generally provides that each of TimkenSteel and Timken has responsibility for its own employees and compensation plans, subject to certain exceptions as described in the agreement. In general, prior to the spinoff, TimkenSteel employees participated in various retirement, health and welfare, and other employee benefit and compensation plans maintained by Timken. Following the spinoff (or earlier, in the case of the tax-qualified defined benefit plans and retiree medical plans), pursuant to the employee matters agreement, TimkenSteel employees and former employees generally participate in similar plans and arrangements established and maintained by TimkenSteel. The employee matters agreement provides for the bifurcation of equity awards as described above. Among other things, the employee matters agreement also provides for TimkenSteel’s assumption of certain employment-related contracts that its employees originally entered into with Timken, the allocation of certain employee liabilities and the cooperation between TimkenSteel and Timken in the sharing of employee information.

Transition Services Agreement — The transition services agreement governs the process under which TimkenSteel and Timken provides and/or makes available various administrative services and assets to each other, during what is expected to be a period of 24 months or less beginning on the distribution date. Services to be provided by Timken to TimkenSteel include certain services related to engineering, finance, facilities, information technology and employee benefits. Services to be provided by TimkenSteel to Timken include certain services related to engineering, operations, finance, facilities and information technology.

Inventories (Tables)

Schedule of Inventory, Current [Table Text Block]

The components of inventories, net as of June 30, 2014 and December 31, 2013 were as follows:



	June 30, 2014			December 31, 2013
Inventories, net:
Manufacturing supplies		$34.1			$32.8
Raw materials	45.8			42.9
Work in process	89.0			81.6
Finished products	72.6			71.6
Subtotal	241.5			228.9
Allowance for surplus and obsolete inventory	(2.7		)	(1.9		)
Total Inventories, net		$238.8			$227.0

Property, Plant and Equipment (Tables)

Property, Plant and Equipment [Table Text Block]

The components of property, plant and equipment, net as of June 30, 2014 and December 31, 2013 were as follows:



	June 30, 2014			December 31, 2013
Property, Plant and Equipment, net:
Land and buildings		$288.9			$250.3
Machinery and equipment	1,201.1			1,159.7
Construction-in-progress	256.4			220.0
Subtotal	1,746.4			1,630.0
Less allowances for depreciation	(996.0		)	(947.4		)
Property, Plant and Equipment, net		$750.4			$682.6

Intangible Assets (Tables)

Schedule of Finite and Indefinite Lived Intangible Assets by Major Class [Table Text Block]

The components of intangible assets as of June 30, 2014 and December 31, 2013 were as follows:



	June 30, 2014						December 31, 2013
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Intangible Assets Subject to Amortization:
Customer relationships		$6.8		$2.2		$4.6		$6.8		$2.0		$4.8
Technology use	9.0		3.8		5.2		9.0		3.5		5.5
Non-compete agreements	1.0		1.0		—		1.0		1.0		—
	16.8		7.0		9.8		16.8		6.5		10.3
Intangible Assets not Subject to Amortization:
Tradename	0.9		—		0.9		0.9		—		0.9
	0.9		—		0.9		0.9		—		0.9
Total Intangible Assets		$17.7		$7.0		$10.7		$17.7		$6.5		$11.2

Financing Arrangements (Tables)

Long-term debt

The components of long-term debt as of June 30, 2014 and December 31, 2013 were as follows:



	June 30, 2014		December 31, 2013
Variable-rate State of Ohio Water Development Revenue Refunding Bonds, maturing on November 1, 2025 (0.08% as of June 30, 2014)		$12.2		$12.2
Variable-rate State of Ohio Air Quality Development Revenue Refunding Bonds, maturing on November 1, 2025 (0.08% as of June 30, 2014)	9.5		9.5
Variable-rate State of Ohio Pollution Control Revenue Refunding Bonds, maturing on June 1, 2033 (0.08% as of June 30, 2014)	8.5		8.5
Revolving credit facility, due 2019 (LIBOR plus applicable spread)	100.0		—
Total Long-Term Debt		$130.2		$30.2

Accumulated Other Comprehensive Loss (Tables)

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

Changes in accumulated other comprehensive loss for the six months ended June 30, 2014 by component are as follows:



	Foreign Currency Translation Adjustments			Pension and Postretirement Liability Adjustments			Total
Balance at December 31, 2013		($0.4	)		$—			($0.4	)
Net transfer from Timken	(3.2		)	(233.9		)	(237.1		)
Other comprehensive income before reclassifications, before income tax	0.4			—			0.4
Amounts reclassified from accumulated other comprehensive income, before income tax	—			4.6			4.6
Income tax benefit	—			(1.7		)	(1.7		)
Net current period other comprehensive income, net of income tax	0.4			2.9			3.3
Balance at June 30, 2014		($3.2	)		($231.0	)		($234.2	)

Changes in Equity (Tables)

Schedule of Stockholders Equity [Table Text Block]

Note 8 - Changes in Equity

Changes in the components of equity for the six months ended June 30, 2014 were as follows:



	Total			Additional Paid-in Capital		Net Parent Investment			Accumulated Other Comprehensive Loss
Balance as of December 31, 2013		$800.8			$—		$801.2			($0.4	)
Net income	62.3			—		62.3			—
Foreign currency translation adjustments	0.4			—		—			0.4
Pension and postretirement adjustment	2.9			—		—			2.9
Stock-based compensation expense	2.0			—		2.0			—
Net transfer (to)/from Parent and affiliates	(71.2		)	—		165.9			(237.1		)
Reclassification of net parent investment to additional paid-in capital	—			1,031.4		(1,031.4		)	—
Balance as of June 30, 2014		$797.2			$1,031.4		$—			($234.2	)

The following table is a reconciliation of the amounts presented above as “Net transfer (to)/from Parent and affiliates” and the amounts presented as “Net transfers from/(to) Parent and affiliates” on the Unaudited Consolidated Statement of Cash Flows.



	Six Months Ended
	June 30, 2014
Net transfer (to)/from Parent and affiliates - Equity		($71.2	)
Dividend paid to Parent	50.0
Net transfer of assets and liabilities from Parent	25.0
Net transfers from/(to) Parent and affiliates - Cash Flow		$3.8

Retirement and Postretirement Benefits (Tables)

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block]

The following tables set forth the change in benefit obligation, change in plan assets, funded status and amounts recognized on the Unaudited Consolidated Balance Sheets for the defined benefit pension plans for the six months ended June 30, 2014:



Change in benefit obligation:	Pension			Postretirement
Benefit obligation as of December 31, 2013		$—			$—
Service cost	2.6			0.3
Interest cost	7.8			1.6
Actuarial (gains) losses	—			—
Employee contributions	—			—
Benefits paid	(11.7		)	(3.5		)
Liabilities assumed from separation	1,134.8			232.2
International plan exchange rate change	—			—
Benefit obligation as of June 30, 2014		$1,133.5			$230.6



Change in plan assets:	Pension			Postretirement
Fair value of plan assets as of December 31, 2013		$—			$—
Actual return on plan assets	11.6			1.1
Employee contributions	—			—
Company contributions / payments	—			14.7
Benefits paid	(11.7		)	(3.5		)
Assets received from separation	1,185.3			130.1
International plan exchange rate change	—			—
Fair value of plan assets as of June 30, 2014	1,185.2			142.4
Funded status as of June 30, 2014		$51.7			($88.2	)

Accumulated Benefit Obligation		$1,103.2			$230.6

Schedule of Amounts Recognized in Balance Sheet [Table Text Block]

Amounts recognized on the balance sheet at June 30, 2014, for TimkenSteel’s pension and postretirement benefit plans include:



	Pension			Postretirement
Non-current assets		$77.1			$—
Current liabilities	(0.4		)	(17.7		)
Non-current liabilities	(25.0		)	(70.5		)
		$51.7			($88.2	)

Included in accumulated other comprehensive loss at June 30, 2014, were the following before-tax amounts that had not been recognized in net periodic benefit cost:



	Pension		Postretirement
Unrecognized net actuarial loss (gain)		$353.7		$3.9
Unrecognized prior service cost (credit)	3.0		3.9
		$356.7		$7.8

Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

The change in plan assets and benefit obligations before tax recognized in accumulated other comprehensive loss for the six months ended June 30, 2014:



	Pension			Postretirement
Net actuarial (gain) loss		$—			$—
Recognized net actuarial loss	(0.1		)	(0.1		)
Recognized prior service cost	(4.4		)	—
Net transfer from Timken	361.2			7.9
		$356.7			$7.8

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block]

Amounts expected to be amortized from accumulated other comprehensive loss and included in total net periodic benefit cost during the six months ended December 31, 2014, are as follows:



	Pension		Postretirement
Net actuarial loss (gain)		$0.4		$—
Prior service cost (credit)	13.9		0.4
		$14.3		$0.4

Schedule of Assumptions Used [Table Text Block]

The weighted-average assumptions used in determining benefit obligations at each plan’s measurement date were as follows:



Assumptions:	Pension		Postretirement
Discount rate	4.65	%	4.33	%
Future compensation assumption	3.11	%	n/a
Expected long-term return on plan assets	7.25	%	5.00	%

Schedule of Net Benefit Costs [Table Text Block]

The components of net periodic benefit cost for the three and six months ended June 30, 2014 and 2013 were as follows:



	Three Months Ended June 30, 2014						Three Months Ended June 30, 2013
Components of net periodic benefit cost:	Pension			Postretirement			Pension		Postretirement
Service cost		$2.6			$0.3			$—		$—
Interest cost	7.8			1.6			—		—
Expected return on plan assets	(12.1		)	(1.1		)	—		—
Amortization of prior service cost	0.1			0.1			—		—
Amortization of net actuarial loss	4.4			—			—		—
Allocated benefit cost from Timken	0.8			0.5			6.6		1.5
Net Periodic Benefit Cost		$3.6			$1.4			$6.6		$1.5



	Six Months Ended June 30, 2014						Six Months Ended June 30, 2013
Components of net periodic benefit cost:	Pension			Postretirement			Pension		Postretirement
Service cost		$2.6			$0.3			$—		$—
Interest cost	7.8			1.6			—		—
Expected return on plan assets	(12.1		)	(1.1		)	—		—
Amortization of prior service cost	0.1			0.1			—		—
Amortization of net actuarial loss	4.4			—			—		—
Allocated benefit cost from Timken	5.2			2.2			11.9		3.2
Net Periodic Benefit Cost		$8.0			$3.1			$11.9		$3.2

Schedule of Expected Benefit Payments [Table Text Block]

Future benefit payments are expected to be as follows:



			Postretirement
Benefit Payments:	Pension		Gross		Medicare Part D Subsidy Receipts
2014		$43.0		$11.0		$0.4
2015	75.3		21.2		0.9
2016	76.7		20.8		0.9
2017	75.7		20.1		1.0
2018	84.5		19.4		1.1
2019-2023	387.0		84.5		6.3

Schedule of Allocation of Plan Assets [Table Text Block]

The following table presents the fair value hierarchy for those investments of TimkenSteel’s pension assets measured at fair value on a recurring basis as of June 30, 2014:



	Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents		$55.2		$—		$55.2		$—
Government and agency securities	276.1		266.0		10.1		—
Corporate bonds - investment grade	123.2		—		123.2		—
Equity securities - U.S. companies	78.3		77.3		1.0		—
Equity securities - international companies	81.7		81.7		—		—
Common collective funds - domestic equities	53.0		—		53.0		—
Common collective funds - international equities	94.0		—		94.0		—
Common collective funds - fixed income	224.9		—		224.9		—
Common collective funds - other	20.8		—		20.8		—
Real estate partnerships	52.6		—		52.6		—
Real estate - mutual funds	33.3		33.3				—
Other	92.1		—		92.1		—
Total Assets		$1,185.2		$458.3		$726.9		$—

Schedule of Allocation of Plan Assets [Table Text Block]

The following table presents the fair value hierarchy for those investments of TimkenSteel’s postretirement assets measured at fair value on a recurring basis as of June 30, 2014:



	Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents		$9.9		$—		$9.9		$—
Common collective funds - domestic equities	44.8		—		44.8		—
Common collective funds - international equities	28.7		—		28.7		—
Common collective funds - fixed income	59.0		—		59.0		—
Total Assets		$142.4		$—		$142.4		$—

Earnings Per Share (Tables)

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]



	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Numerator:
Net income for basic and diluted earnings per share		$28.6		$25.3		$62.3		$46.3

Denominator:
Weighted average shares outstanding, basic	45,729,624		45,729,624		45,729,624		45,729,624
Dilutive effect of stock-based awards	519,883		519,883		519,883		519,883
Weighted average shares outstanding, diluted	46,249,507		46,249,507		46,249,507		46,249,507

Basic earnings per share		$0.63		$0.55		$1.36		$1.01
Diluted earnings per share		$0.62		$0.55		$1.35		$1.00

Stock Based Compensation (Tables)

Schedule of Share-based Compensation, Activity [Table Text Block]

Awards outstanding under the TimkenSteel 2014 Plan as a result of the adjustment and substitution of the Timken LTIP Plan and the Timken 2011 Plan awards were as follows:



	Stock Options			Restricted Shares
	Number of Shares	Weighted Average Exercise Price		Number of Shares	Weighted Average Grant Date Fair Value
Outstanding as of June 30, 2014*	1,859,312		$26.31	342,080		$31.94

Segment Information (Tables)

Schedule of Segment Reporting Information, by Segment [Table Text Block]



	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Net Sales to External Customers:
Industrial & Mobile		$254.7			$224.0			$486.5			$441.8
Energy & Distribution	187.5			130.1			345.2			258.6
		$442.2			$354.1			$831.7			$700.4
Segment EBIT:
Industrial & Mobile		$20.8			$25.3			$47.8			$46.8
Energy & Distribution	31.2			19.3			62.4			35.3
Total Segment EBIT		$52.0			$44.6			$110.2			$82.1
Unallocated corporate expenses	(6.9		)	(5.9		)	(14.3		)	(11.2		)
Interest expense	(0.7		)	—			(0.7		)	—
Income Before Income Taxes		$44.4			$38.7			$95.2			$70.9

Reconciliation of Assets from Segment to Consolidated [Table Text Block]



	June 30, 2014		December 31, 2013
Industrial & Mobile		$649.0		$540.0
Energy & Distribution	670.1		538.8
		$1,319.1		$1,078.8

Income Taxes (Tables)

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]



	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Provision for Income Taxes		$15.8			$13.4			$32.9			$24.6
Effective Tax Rate	35.6		%	34.6		%	34.6		%	34.7		%

Basis of Presentation (Details) (USD $)

In Millions, unless otherwise specified

0 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Basis of Presentation [Abstract]

Cash Dividends Paid to Parent Company

$ 50.0

$ (50.0)

$ 0

Inventories (Details 1) (USD $)

In Millions, unless otherwise specified

Jun. 30, 2014

Dec. 31, 2013

Inventory [Line Items]

Manufacturing supplies

$ 34.1

$ 32.8

Raw materials

45.8

42.9

Work in process

89.0

81.6

Finished products

72.6

71.6

Subtotal

241.5

228.9

Allowance for surplus and obsolete inventory

(2.7)

(1.9)

Total Inventories, net

$ 238.8

$ 227.0

Inventories (Details 2) (USD $)

In Millions, unless otherwise specified

6 Months Ended

Jun. 30, 2014

Dec. 31, 2013

Inventory [Line Items]

Percentage of LIFO Inventory

65.00%

Percentage of FIFO Inventory

35.00%

Inventory, LIFO Reserve

$ 82.6

$ 75.5

Approximate Amount Expected to be Recognized in LIFO Expense by End of Year

7.0

Increase Costs Impacting LIFO Expense Estimate

1.00%

Increase in Current LIFO Expense Estimate Due to One Percent Increase in Costs

2.1

Increase in Current LIFO Expense Estimate due to One Percent Increase in Inventory

$ 0

Property, Plant and Equipment (Details 1) (USD $)

In Millions, unless otherwise specified

Jun. 30, 2014

Dec. 31, 2013

Property, Plant and Equipment [Line Items]

Land and buildings

$ 288.9

$ 250.3

Machinery and equipment

1,201.1

1,159.7

Construction-in-progress

256.4

220.0

Subtotal

1,746.4

1,630.0

Less allowances for depreciation

(996.0)

(947.4)

Property, Plant and Equipment, net

$ 750.4

$ 682.6

Property, Plant and Equipment (Details 2) (USD $)

In Millions, unless otherwise specified

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Property, Plant and Equipment [Line Items]

Depreciation

$ 27.1

$ 23.9

Capitalized Computer Software, Net

18.8

17.8

Interest Costs Capitalized

5.7

4.4

Computer Software [Member]

Property, Plant and Equipment [Line Items]

Depreciation

$ 1.4

$ 1.2

Intangible Assets (Details) (USD $)

In Millions, unless otherwise specified

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Finite-Lived Intangible Assets [Line Items]

Finite-Lived Intangible Assets, Gross

$ 16.8

Finite-Lived Intangible Assets, Accumulated Amortization

7.0

6.5

Finite-Lived Intangible Assets, Net

9.8

10.3

Indefinite-Lived Intangible Assets (Excluding Goodwill)

0.9

Intangible Assets, Gross

17.7

Intangible Assets, Net

10.7

11.2

Amortization of Intangible Assets

0.5

Customer Relationships [Member]

Finite-Lived Intangible Assets [Line Items]

Finite-Lived Intangible Assets, Gross

6.8

Finite-Lived Intangible Assets, Accumulated Amortization

2.2

2.0

Finite-Lived Intangible Assets, Net

4.6

4.8

Technology Use [Member]

Finite-Lived Intangible Assets [Line Items]

Finite-Lived Intangible Assets, Gross

9.0

Finite-Lived Intangible Assets, Accumulated Amortization

3.8

3.5

Finite-Lived Intangible Assets, Net

5.2

5.5

Noncompete Agreements [Member]

Finite-Lived Intangible Assets [Line Items]

Finite-Lived Intangible Assets, Gross

1.0

Finite-Lived Intangible Assets, Accumulated Amortization

1.0

Finite-Lived Intangible Assets, Net

0

Trade Names [Member]

Finite-Lived Intangible Assets [Line Items]

Indefinite-Lived Trade Names

$ 0.9

Minimum [Member]

Finite-Lived Intangible Assets [Line Items]

Intangible Asset Useful Life Minimum

5 years

Maximum [Member]

Finite-Lived Intangible Assets [Line Items]

Intangible Asset Useful Life Minimum

20 years

Financing Arrangements (Details) (USD $)

In Millions, unless otherwise specified

Jun. 30, 2014

Dec. 31, 2013

Debt Instrument [Line Items]

Long-term debt

$ 130.2

$ 30.2

Revolving Credit Facility [Member]

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

1.75%

Long-term debt

100.0

0

State of Ohio Water Development Revenue Refunding Bonds [Member]

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

0.80%

Long-term debt

12.2

State of Ohio Air Quality Development Revenue Refunding Bonds [Member]

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

0.80%

Long-term debt

9.5

State of Ohio Pollution Control Revenue Refunding Bonds [Member]

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

0.80%

Long-term debt

$ 8.5

Financing Arrangements (Details 2) (USD $)

In Millions, unless otherwise specified

0 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Debt Instrument [Line Items]

Line of Credit Facility, Remaining Borrowing Capacity

$ 200.0

Gains (Losses) on Extinguishment of Debt

0.7

Line of Credit Facility, Increase (Decrease), Other, Net

100.0

Cash Dividends Paid to Parent Company

50.0

(50.0)

0

Line of Credit Facility, Expiration Date

Jun. 30, 2019

Line of Credit Facility, Maximum Borrowing Capacity

300.0

Line of Credit Facility, Expansion Option to Request Additional Commitments

150.0

Minimum [Member]

Debt Instrument [Line Items]

Line of Credit Facility, Commitment Fee Percentage

0.20%

Maximum [Member]

Debt Instrument [Line Items]

Line of Credit Facility, Commitment Fee Percentage

0.40%

Base Rate [Member] |
Minimum [Member]

Debt Instrument [Line Items]

Line of Credit Facility, Commitment Fee Percentage

1.25%

Base Rate [Member] |
Maximum [Member]

Debt Instrument [Line Items]

Debt Instrument, Basis Spread on Variable Rate

2.25%

Prime Rate [Member] |
Minimum [Member]

Debt Instrument [Line Items]

Debt Instrument, Basis Spread on Variable Rate

0.25%

Prime Rate [Member] |
Maximum [Member]

Debt Instrument [Line Items]

Debt Instrument, Basis Spread on Variable Rate

1.25%

Multicurrency Loans [Member]

Debt Instrument [Line Items]

Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases

50.0

Letter of Credit [Member]

Debt Instrument [Line Items]

Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases

50.0

Swingline Loan [Member]

Debt Instrument [Line Items]

Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases

$ 30.0

Accumulated Other Comprehensive Loss (Details) (USD $)

In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Accumulated Translation Adjustment [Member]

Jun. 30, 2013

Accumulated Translation Adjustment [Member]

Dec. 31, 2012

Accumulated Translation Adjustment [Member]

Jun. 30, 2014

Accumulated Defined Benefit Plans Adjustment [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Accumulated Other Comprehensive Income (Loss), Net of Tax

$ (0.4)

$ 0.4

$ 0.6

$ 0

Net transfer from Timken

(237.1)

(3.2)

(233.9)

Other comprehensive income before reclassifications, before income tax

0.4

0

Amounts reclassified from accumulated other comprehensive income, before income tax

4.6

0

4.6

Income tax benefit

(1.7)

0

(1.7)

Net current period other comprehensive income, net of income tax

3.5

(0.3)

3.3

0.2

0.4

2.9

Accumulated Other Comprehensive Income (Loss), Net of Tax

$ (234.2)

$ (3.2)

$ 0.4

$ 0.6

$ (231.0)

Changes in Equity (Details 1) (USD $)

In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Changes in Equity [Abstract]

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest

$ 800.8

Accumulated Other Comprehensive Income (Loss) [Line Items]

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest

800.8

Net Income

28.6

25.3

62.3

46.3

Foreign currency translation adjustments

0.4

Pension and postretirement liability adjustment

2.9

0

2.9

0

Stock-based compensation expense

2.0

Net transfer (to)/from Parent and affiliates

(71.2)

Reclassification of net parent investment to additional paid-in capital

0

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest

797.2

Net Parent Investment [Member]

Changes in Equity [Abstract]

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest

801.2

Accumulated Other Comprehensive Income (Loss) [Line Items]

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest

801.2

Foreign currency translation adjustments

0

Pension and postretirement liability adjustment

0

Stock-based compensation expense

2.0

Net transfer (to)/from Parent and affiliates

165.9

Reclassification of net parent investment to additional paid-in capital

(1,031.4)

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest

0

Accumulated Other Comprehensive Income (Loss) [Member]

Changes in Equity [Abstract]

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest

(0.4)

Accumulated Other Comprehensive Income (Loss) [Line Items]

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest

(0.4)

Net Income

0

Foreign currency translation adjustments

0.4

Pension and postretirement liability adjustment

2.9

Stock-based compensation expense

0

Net transfer (to)/from Parent and affiliates

(237.1)

Reclassification of net parent investment to additional paid-in capital

0

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest

(234.2)

Additional Paid-in Capital [Member]

Changes in Equity [Abstract]

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest

0

Accumulated Other Comprehensive Income (Loss) [Line Items]

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest

0

Net Income

0

Foreign currency translation adjustments

0

Pension and postretirement liability adjustment

0

Stock-based compensation expense

0

Net transfer (to)/from Parent and affiliates

0

Reclassification of net parent investment to additional paid-in capital

1,031.4

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest

$ 1,031.4

Changes in Equity (Details 2) (USD $)

In Millions, unless otherwise specified

0 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Reconciliation of Net Transfer to/from Parent [Line Items]

Net transfer (to)/from Parent and affiliates

$ (71.2)

Cash Dividends Paid to Parent Company

(50.0)

50.0

0

Business Combination, Consideration Transferred, Other

25.0

Net transfers (to)/from Parent and affiliates

$ (3.8)

$ 11.6

Retirement and Postretirement Benefits (Details) (USD $)

In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Other Postretirement Benefit Plan [Member]

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

Benefit obligation as of June 30, 2014

$ 0

Service cost

0.3

0

0.3

0

Interest cost

1.6

0

1.6

0

Actuarial (gains) losses

0

Employee contributions

0

Benefits paid

(3.5)

Liabilities assumed from separation

232.2

International plan exchange rate change

0

Benefit obligation as of June 30, 2014

230.6

Defined Benefit Plans, Accumulated Other Comprehensive Income (Loss) Assumed from Separation, before Tax

7.9

Defined Benefit Plans, Accumulated Other Comprehensive Income (Loss) Assumed from Separation, Net of Tax

5.0

Pension Plan [Member]

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

Benefit obligation as of June 30, 2014

0

Service cost

2.6

0

2.6

0

Interest cost

7.8

0

7.8

0

Actuarial (gains) losses

0

Employee contributions

0

Benefits paid

(11.7)

Liabilities assumed from separation

1,134.8

International plan exchange rate change

0

Benefit obligation as of June 30, 2014

1,133.5

Defined Benefit Plans, Accumulated Other Comprehensive Income (Loss) Assumed from Separation, before Tax

361.2

Defined Benefit Plans, Accumulated Other Comprehensive Income (Loss) Assumed from Separation, Net of Tax

$ 228.9

Retirement and Postretirement Benefits (Details 1) (USD $)

6 Months Ended

Jun. 30, 2014

Pension Plan [Member]

Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]

Fair value of plan assets as of December 31, 2013

$ 0

Actual return on plan assets

11,600,000

Employee contributions

0

Company contributions / payments

0

Benefits paid

(11,700,000)

Assets received from separation

1,185,300,000

International plan exchange rate change

0

Fair value of plan assets as of December 31, 2013

1,185,200,000

Funded status as of June 30, 2014

51,700,000

Accumulated Benefit Obligation

1,103,200,000

Other Postretirement Benefit Plan [Member]

Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]

Fair value of plan assets as of December 31, 2013

0

Actual return on plan assets

1,100,000

Employee contributions

0

Company contributions / payments

14,700,000

Benefits paid

(3,500,000)

Assets received from separation

130,100,000

International plan exchange rate change

0

Fair value of plan assets as of December 31, 2013

142,400,000

Funded status as of June 30, 2014

(88,200,000)

Accumulated Benefit Obligation

$ 230,600,000

Retirement and Postretirement Benefits (Details 2) (USD $)

In Millions, unless otherwise specified

6 Months Ended

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Pension Plan [Member]

Jun. 30, 2014

Other Postretirement Benefit Plan [Member]

Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract]

Non-current assets

$ 77.1

$ 0

$ 77.1

$ 0

Current liabilities

(18.1)

0

(0.4)

(17.7)

Non-current liabilities

(95.5)

0

(25.0)

(70.5)

Defined Benefit Plan, Amounts Recognized in Balance Sheet

51.7

(88.2)

Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract]

Unrecognized net actuarial loss (gain)

353.7

3.9

Unrecognized prior service cost (credit)

3.0

3.9

Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax

356.7

7.8

Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]

Net actuarial (gain) loss

0

Recognized net actuarial loss

(0.1)

Recognized prior service cost

(4.4)

0

Defined Benefit Plans, Accumulated Other Comprehensive Income (Loss) Assumed from Separation, before Tax

361.2

7.9

Defined Benefit Plan, Amounts Recognized In Other Comprehensive Income (Loss), before Tax

356.7

7.8

Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract]

Net actuarial loss (gain)

0.4

0

Prior service cost (credit)

13.9

0.4

Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year

$ 14.3

$ 0.4

Retirement and Postretirement Benefits (Details 3)

6 Months Ended

Jun. 30, 2014

Pension Plan [Member]

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Discount rate

4.65%

Future compensation assumption

3.11%

Expected long-term return on plan assets

7.25%

Other Postretirement Benefit Plan [Member]

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Discount rate

4.33%

Expected long-term return on plan assets

5.00%

Defined Benefit Plan, Ultimate Health Care Cost Trend Rate

5.00%

Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate

2023

Defined Benefit Plan, Medical and Prescription Drug Benefits [Member] |
Other Postretirement Benefit Plan [Member]

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year

7.25%

Defined Benefit Plans, HMO Benefits [Member] |
Other Postretirement Benefit Plan [Member]

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year

9.25%

Defined Benefit Plan, Ultimate Health Care Cost Trend Rate

5.00%

Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate

2023

Equity Securities [Member]

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Defined Benefit Plan, Target Plan Asset Allocations

27.00%

Debt Securities [Member]

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Defined Benefit Plan, Target Plan Asset Allocations

51.00%

Other Investments [Member]

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Defined Benefit Plan, Target Plan Asset Allocations

22.00%

Retirement and Postretirement Benefits (Details 4) (USD $)

In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Pension Plan [Member]

Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]

Service cost

$ 2.6

$ 0

$ 2.6

$ 0

Interest cost

7.8

0

7.8

0

Expected return on plan assets

(12.1)

0

(12.1)

0

Amortization of prior service cost

0.1

0

0.1

0

Amortization of net actuarial loss

4.4

0

4.4

0

Allocated benefit cost from Timken

0.8

6.6

5.2

11.9

Net periodic benefit cost

3.6

6.6

8.0

11.9

Other Postretirement Benefit Plan [Member]

Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]

Service cost

0.3

0

0.3

0

Interest cost

1.6

0

1.6

0

Expected return on plan assets

(1.1)

0

(1.1)

0

Amortization of prior service cost

0.1

0

0.1

0

Amortization of net actuarial loss

0

Allocated benefit cost from Timken

0.5

1.5

2.2

3.2

Net periodic benefit cost

$ 1.4

$ 1.5

$ 3.1

$ 3.2

Retirement and Postretirement Benefits (Details 5) (Pension Plan [Member], USD $)

Jun. 30, 2014

Dec. 31, 2013

Defined Benefit Plan Disclosure [Line Items]