TimkenSteel Corp (NYSE:TMST) Q4 2022 Earnings Conference Call February 24, 2023 9:00 AM ET

Company Participants

Jennifer Beeman - Director of Communications and Investor Relations

Mike Williams - President and Chief Executive Officer

Kristopher Westbrooks - Executive Vice President and Chief Financial Officer

Kevin Raketich - Executive Vice President and Chief Commercial Officer

Conference Call Participants

Dave Storms - Stonegate

Phil Gibbs - KeyBanc Capital Markets

John Franzreb - Sidoti & Company

Operator

Good morning. My name is Chris, and I will be your conference operator today. At this time, I would like to welcome everyone to the TimkenSteel Corporation Fourth Quarter and Full-Year 2022 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]

I will now hand it over to Jennifer Beeman, Director of Communications and Investor Relations. You may begin.

Jennifer Beeman

Thanks, and good morning, and welcome to TimkenSteel's fourth quarter and full-year 2022 conference call. I'm Jennifer Beeman, Director of Communications and Investor Relations for TimkenSteel. Joining me today is Mike Williams, President and Chief Executive Officer; Kris Westbrooks, Executive Vice President and Chief Financial Officer; and Kevin Raketich, Executive Vice President and Chief Commercial Officer.

You all should have received a copy of our press release which was issued last night. During today's conference call, we may make forward-looking statements as defined by the SEC. Our actual results may differ materially from those projected or implied due to a variety of factors, which we describe in greater detail in yesterday's release. Please refer to our SEC filings, including our most recent Form 10-K and Form 10-Q and the list of factors included in our earnings release, all of which are available on the TimkenSteel Web site.

Where non-GAAP financial information is referenced, additional details and reconciliations to its GAAP equivalent are also included in the earnings release.

With that, I'd like to turn the call over to Mike. Mike?

Mike Williams

Thank you, Jennifer. And I appreciate everyone joining us this morning. 2022 was certainly a tale of two halves. Through the first six months of the year, we achieved record adjusted EBITDA and strong operating cash flow. Our success was attributed to our commercial strategies which focused on high-value end markets, including defense, renewable, and electric vehicles, as well as portfolio enhancements and an improved pricing environment. Fortunately, strong end markets prevailed throughout the year. But in the second-half of 2022 we experienced a number of operational issues which resulted in substantial unplanned downtime and significantly impacted our financial results.