What Is Driving TimkenSteel Shares Up 12%?

Shares of TimkenSteel Corp. (TMST) are gaining over 12% on Tuesday morning. The other day, TimkenSteel announced that its Board has authorized a share repurchase program of up to $50 million of its common shares. Additionally, the Board also approved the capital expenditure budget for 2022 in the amount of $40 million.

TMST is currently trading at $15.61, up $1.72 or 12.38%, on the Nasdaq. The stock has traded between $4.53 and $17.73 in the 52 weeks period.

"These actions reflect the Board's and senior leadership's confidence in our ability to generate sustainable through-cycle profitability while maintaining a strong balance sheet and cash flow," said Mike Williams, president and chief executive officer. "Given our significant transformation over the past two years, we now have the financial flexibility to return capital to shareholders while also investing in the business to drive profitable growth. As such, we increased our 2022 capital expenditure budget to $40 million with over half dedicated to high return internal investment projects."

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