Over the past several years, TimkenSteel has made numerous organizational changes to enhance profitable and sustainable growth. These company-wide actions included the restructuring of its business support functions, the reduction of management layers throughout the organization and other domestic and international actions to further improve the Company’s overall cost structure.

Restructuring charges totaled $0.4 million and $0.8 million for the three and six months ended June 30, 2022, respectively. These charges related to severance and employee-related benefits as a result of continued organizational changes.

Restructuring charges totaled $1.0 million and $1.6 million for the three and six months ended June 30, 2021, respectively. During the first half of 2021, approximately $1.3 million of restructuring charges related to severance and employee-related benefits as a result of organizational changes. The remaining $0.3 million of charges were incurred during the first quarter of 2021 and related to the transition of customers to other TimkenSteel manufacturing equipment due to the discontinuation of specific small-diameter seamless mechanical tube manufacturing and the indefinite idling of our Harrison melt and casting activities. Refer to “Note 5 – Disposition of Non-Core Assets” for additional information.

TimkenSteel recorded reserves for such restructuring charges as other current liabilities on the Consolidated Balance Sheets. The reserve balance at June 30, 2022 is expected to be substantially used in the next twelve months.

The following is a summary of the restructuring reserve for the six months ended June 30, 2022 and 2021:


Balance at December 31, 2021	$	4.7
Expenses		0.8
Payments		(3.6	)
Balance at June 30, 2022	$	1.9


Balance at December 31, 2020	$	1.5
Expenses		1.6
Payments		(2.7	)
Balance at June 30, 2021	$	0.4