TimkenSteel reported first-quarter 2020 net sales of $259.7 million and a net loss of $19.9 million. The company generated strong operating cash flow of $63.8 million and achieved its first-quarter 2020 shipment, net income (loss) and EBITDA guidance.
Net sales decreased by approximately 30 percent compared to the prior-year first quarter.
Ship tons declined 18 percent from the prior-year first quarter.
Surcharge revenue decreased 49 percent from the prior-year period.
Operating cash flow was $63.8 million for the first quarter of 2020.
Given the evolving impact of COVID-19 on the overall economy, the company will not provide quarterly guidance at this time. The company remains committed to delivering approximately $70 million of run rate savings from its previous cost reduction actions.
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