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Investor Relations Presentation
November 2012
1
Safe Harbor Provision
This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act
of 1933, (the “Exchange Act”), as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, with respect to our financial condition, results of operations and business and our expectations or
beliefs concerning future events. Such forward-looking statements include the discussions of our business
strategies, estimates of future global steel production, trends toward outsourcing and other market metrics and
our expectations concerning future operations, margins, profitability, liquidity and capital resources, among
others. Although we believe that such forward-looking statements are reasonable, there can be no assurance
that any forward-looking statements will prove to be correct. Such forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause our actual results, performance or
achievements to be materially different from any future results, performance or achievements expressed or
implied by such forward-looking statements.
Certain areas of this presentation depict Revenue After Raw Materials Costs, EBITDA and Discretionary Cash
Flow, which are non-GAAP financial measures. Revenue After Raw Materials Costs, EBITDA and Discretionary
Cash Flow are not and should not be considered alternatives to revenues or net income or any other financial
measure under U.S. GAAP. We reconcile these measurements to GAAP in our quarterly and annual reports on
forms 10-Q and 10-K, filed with the S.E.C. pursuant to the Exchange Act. Our calculation of Revenue After
Raw Materials Costs, EBITDA and Discretionary Cash Flow may differ from methods used by other companies.
When we use the term “North America” in this presentation, we are referring to the United States and Canada;
when we use the term “international,” we are referring to countries other than the United States and Canada;
when we use the term “Latin America”, we are referring to Mexico, Central America, South America and the
Caribbean, including Trinidad & Tobago.
1
2
Management Team
� Joe Curtin: Chairman, President and CEO
� Ray Kalouche: Chief Operating Officer, and President and COO
of the Mill Services Group
� David Aronson: COO, Raw Materials and Optimization Group
� Tom Lippard: Executive Vice President & General Counsel
� Dan Rosati: Executive Vice President & CFO
� Kelly Boyer: VP, Investor Relations & Treasurer
2
3
Company Overview
Current Operating Environment
Global Growth Strategy
Financial Overview
Outlook
3
Agenda
4
Company Overview
4
5
A Leading Provider of Mission Critical Services Throughout the Steel Production Process
TMS enables steel producers to generate substantial operational efficiencies and cost savings
Raw Materials Procurement and Logistics
Proprietary, Software-Based Raw Materials
Cost Optimization
Scrap Management
and Preparation
Semi-Finished and Finished
Material Handling
Metal Recovery and Slag Handling,
Processing and Sales
Surface Conditioning
Pre-Steel Making Post-Steel MakingSteel Making
Raw Material and Optimization Group (RMOG)
Mill Services Group (MSG)
5
6
Outsourcing to TMS Allows Steel Producers to Focus on Their Core Business – Making Steel
Iron Ore
Coke
Limestone
Blast FurnaceProduces molten pig iron
from iron ore
Scrap Steel
Electric Arc FurnaceProduces molten steel
Pig Iron
Basic Oxygen FurnaceProduces molten steel
TMS is embedded in all phases of our customers’’’’ operations –providing mission critical services throughout the steel-making process
80-85%
As
Ne
ed
ed
fo
r q
ua
lity
Rolling/FinishingFacilities
Slag
70-75%
80-85%15-20%
SurfaceConditioning
Liquid Steel ===����to Casting85-87%
Aggregate
On-SiteTransport
Finished Goods
Loading Dock/Rail/Truck
On-SiteTransport
On-SiteTransport
Liquid Steel ===����to Casting
Semi-Finished Material
Raw Materials Sourcing & Logistics
6
7
� Contracts typically have minimums/tiered pricing
� Approximately 80% of cash operating costs
variable
� Capital not spent until contract is signed
� Long-term contracts with price indexing provides
good visibility
Leading Global Provider of Outsourced Services to Steel Mills
Raw Materials Procurement and Logistics
Proprietary, Software-Based Raw Materials Cost
Optimization
Scrap Management and Preparation
Semi-Finished and Finished Material Handling
Metal Recovery and Slag Handling, Processing
and Sales
Surface Conditioning
Mill Services Group
� 36 offices supporting global operations� 80 customer sites in 10 countries
UniqueBusiness
ModelReduces
CyclicalityAnd Risk
Operations
Services / North
America Market Share
#1
#1
#1
#1
#2
#1
TTM at 09/30/12
Revenue After Raw Materials Costs: $596MM
Adjusted EBITDA: $142MM
Raw Material and Optimization Group
� Minimal inventory and commodity price risk
� No capital required for growth
7
88
Broadest Portfolio of Services in the Industry
Coverage
Scrap
Management
and
Preparation
Semi-Finished
and Finished
Material Handling
Metal Recovery
and Slag Handling
Processing and
Sales
Surface
Conditioning
Raw Materials
Procurement and
Logistics
Proprietary,
Software-Based
Raw Materials
Cost Optimization
Global ���� ���� ���� ���� ���� ����Harsco
Corporation (Metals & Minerals
Segment)
Global ���� ���� ���� ����
Phoenix Services Global ���� ���� ����
Edward C. Levy (Steel Mill Services
Segment)
Global ���� ���� ���� ����
Stein U.S Regional ���� ���� ����David J. Joseph
(owned by Nucor)Global ���� ���� ����
Schnitzer Steel Global ����
Sims Metal
ManagementGlobal ����
Omnisource
(owned by SDI)U.S Regional ����
TSR Recycling Europe/Asia ���� ����
9
2005 2006 2007 2008 2009 2010 20111st
Qtr'122nd Qtr
'123rd Qtr
'12
EAF Mills (SMA) 4.01 4.32 4.33 3.97 3.19 4.15 4.91 2.98 3.08 3.2
Integrated Mills (AISI) 5.42 3.63 2.64 2.33 1.97 2.45 1.87
Slag (NSA) 6.47 6.46 4.7 4.47 2.72 3.25 2.56
TCIMS 4.17 4.7 3.06 2.6 0.93 1.44 1.51 1.48 1.57 1.67
0
1
2
3
4
5
6
7
Our industry leading safety record, which is our #1 priority, and strong operational expertise set us apart from other
companies in our industry.This, in turn, helps us maintain our high contract renewal rate - which is 96% since 2005.
*Rates are calculated using the OSHA formula which is multiplying the number of recordable injuries by 200,000 and dividing by the total number of hours worked.
IncidentRates
Industry Leading Safety Performance
10
Long-Standing Relationships with World’’’’s Leading Steel Producers
CustomerNumber of TMS Sites
Years of Service (1)
AK Steel 4 24
ArcelorMittal 12 72
CMC 3 18
Evraz 2 23
Gerdau 10 35
Nucor 9 33
SSAB 1 23
Tata Steel 3 51
Ternium 2 5
United States Steel 9 69
Average length of service >34
(1) Includes service to predecessor entities.
� Customer base includes 12 of top 15 largest global steel producers by volume
� Average length of top 10 customer relationships –over 34 years
� Offer broadest portfolio of services
� Deep operational integration
� Contracts written on a site-level and service-level basis, mitigating potential customer concentration
� Mission-critical, cost-effective service offerings
Contracts are written on a site-by-site basis which reduces the risk associated with customer concentration
10
11
Point Lisas
Monclova
Monterrey
Puebla
Saltillo
Ho Chi Minh City
Singapore
Jakarta
Kaohsiung Taichung
Beijing
Dubai Abu Dhabi
Vanderbijlpark S.A Saldanha, S.A.
Kosice
GentImmingham
Florange
Le Creusot
Teeside
Sheffield
DunkerqueCommentry
Marseilles
Genk
ScunthorpeMN
SaskatchewanIPSCO
(Regina)
UTNucor Steel
(Plymouth)
IANorth Star Steel
(Wilton)
ARMacSteel
(Ft. Smith) GAGerdau
AmeriSteel
WICharter Steel
(Saukville)
L'Orignal
NYNucor Steel
(Auburn)
WVISGWeirton Steel
(Weirton)
IL
MN
OR
MS
DE
Saskatchewan
Regina
UT
AR
GA
WI
Ontario
NY
TN
TX
NE
IN
SC
VA
MI
PA
OH NJ
AZ
KY
FL
AL
CT
Belo Horizonte
Strong North American Base with Significant Global Scale and Growing Geographic Diversification
Revenue by Geography
International Revenue after Raw Material Costs has increased from 6% in 2007 to 26% YTD 9/30/12
2007 9/30/12
YTD
North America 94% 74%
International 6% 26%Raw Material Procurement Offices
Mill Services Locations
Seoul
WA
11
Kuala Lumpur
12
Current Operating Environment
12
13
Steel Production and Outsourcing Expanding Globally
Notes: Figures represent CAGR over stated period. Regional GDP and Industrial Production represents a weighted average of selected countries in region.
Source: CRU International as of August 2012 and Economist Intelligence Unit as of November 2012.
Middle East ’’’’12-’’’’16
Steel Production: 6.4%
GDP: 3.7%
Industrial Production: 4.2%
China ’’’’12-’’’’16
Steel Production: 4.9%
GDP: 8.2%
Industrial Production: 11.1%
South Africa’’’’12-’’’’16
Steel Production: 5.2%
GDP: 3.8%
Industrial Production: 4.6%
Eastern Europe / Russia’12-’16
Steel Production: 3.0%
GDP: 3.3%
Industrial Production: 4.6%
Turkey ’12-’16
Steel Production: 4.1%
GDP: 4.9%
Industrial Production: 5.2%
Brazil ’12-’16
Steel Production: 5.2%
GDP: 4.0%
Industrial Production: 4.2%
Latin America ’12-’16
Steel Production: 5.5%
GDP: 3.9%
Industrial Production: 3.8%
Mexico ’12-’16
Steel Production: 3.6%
GDP: 3.7%
Industrial Production: 4.8%
India ’’’’12-’’’’16
Steel Production: 7.4%
GDP: 7.3%
Industrial Production: 7.4%
United States / Canada’12-’16
Steel Production: 2.9%
GDP: 2.3%
Industrial Production: 3.0%
Steel production is a global growth industry and outsourcing services is growing in every region
13
14
680 696 667
508621 654 669 687 706 726
569649 662
724
795859
894926
955982
0
500
1,000
1,500
2,000
2006 2007 2008 2009 2010 2011 2012F 2013F 2014F 2015F
14
Robust Steel Production Growth Expected
Global Steel Production
Continued Growth Expected Through 2015
(in millions of metric tons)
Rest of WorldBRIC
1,249 1,231
1,345 1,3301,416
1,5131,563
1,6131,660
1,708
Source: AME, June 2012
130 131
123
82
110
117120
123126
130
50
70
90
110
130
150
2006 2007 2008 2009 2010 2011 2012F 2013F 2014F 2015F
North American Steel Production(in millions of metric tons)
Source: AME, June 2012
15
0
500
1,000
1,500
2,000
1990 1995 2000 2005 2010 2015
15.1
12.6
8.6
11.913.1
15.1 15.316.0
0.0
4.0
8.0
12.0
16.0
20.0
2007 2008 2009 2010 2011 2012F 2013F 2014F
30
40
50
60
70
80
90
100
2002 2004 2006 2008 2010 2012
North American Demand Continues to Rebound
Service Center Inventories Still LowCap Utilization Recovering From LowsTotal Steel Inventories (mm tons)
Source: MSCI, September 2012
Capacity Utilization %
Source: AISI, October 2012
85.4
67.9
U.S. Steel Industry Capacity Utilization 2002-2008 Average Utilization
0
4,000
8,000
12,000
16,000
2005 2007 2009 2011
NA Vehicles Production Rebounding
(in millions)
Source: IHS AutoInsight, October 2012
U.S. steel industry recovery being driven by auto, energy, industrial and agricultural end-markets
Delayed Rebound in Non-Res Construction
(in million sq. feet)
Source: McGraw Hill, July 2012
15
16
Increased Adoption of Outsourcing as a Best Practice
Notes: Size of bubble represents current market size based on current Crude Steel Production Source: Management, CRU.Expected Market Growth is based on 2011E – 2016E Crude Steel Production CAGR. Source: CRU.
Expected Market Growth
Ma
turi
ty o
f S
tee
l S
erv
ice
s
Ou
tso
urc
ing
Ma
rke
t
Low High
Lo
wH
igh
China
APACex-China
MiddleEast
EasternEurope / Russia Latin
America
WesternEurope
North America
16
Increasing
Acceptance
of Outsourcing
as a
Best Practice
17
Global Growth Strategy
17
18
Our Growth Strategy
18
� Continue to expand our global raw materials procurement network
� Win new service contracts globally
- Expand to new locations
- Cross sell services at existing locations
- Take advantage of new outsourcing opportunities
� Selectively expand service and product offerings
� Selectively pursue acquisitions and partnerships
19
Current Operational Highlights
� The North American market, where we are the market leader, continues to
lead in terms of steel production growth. For the first three quarters of 2012
US production is up by 4%
� TMS European sites continue to operate at above average levels for Europe
� Company will continue to deploy capital where it makes sense and based on
strict ROIC hurdle rates
� Continued focus on strong cash flow generation
19
20
September YTD 2012:
� 17 new contracts wins
- Seven international contracts
- 15 of the 17 were the result of cross-selling efforts
� Startups are performing as expected
� Pipeline of opportunities remains strong
2011:
� Nine new contract wins
- Eight international contracts
- Three contract wins in new geographies (Middle East and South Africa)
- Two contract wins were cross-sells at existing sites
Summary of New Contracts:
RK
MSG Operational HighlightsSeptember YTD 2012 and 2011
2011 September YTD 2012
# of contract wins 9 17
Additional revenue backlog $433MM $307MM
Growth capital commitment $60 - $65MM $35 - $40MM
Average new contract term 5 - 10 years 7 - 15 years
20
21
� Continued to strengthen and diversify global procurement network
- 36 offices covering 5 continents
- Opened 2 new offices in: 1) Seoul, South Korea
2) Kuala Lumpur, Malaysia
- Another seasoned trader hired in the US in the 3rd quarter in addition to traders hired and offices opened in Mexico, Brazil, Texas and Dubai earlier in the year
- Continuing to expand commodity menu
� Continued success with large vessel transactions contributed positively to
per ton margins
RK
RMOG Operational HighlightsSeptember YTD 2012
21
22
Financial Overview
22
23
Unique Business Model Reduces Cyclicality and Risk
DR
- Average term of contracts: 7 years- Average length of relationship: 34 years
Tiered pricing structure
Minimum monthly fees regardless of volume
Price adjustments based on published price indices
Approximately 80% of operating costs variable
Variable maintenance capital expenditures
Procurement contracts matched with customer orders
Long-term contracts with long-term customers
BUSINESS MODEL ATTRIBUTESBUSINESS MODEL STRENGTHS
Revenue grows as steel production grows –not linked to steel prices.
Built-in protection from:
1) steel production declines and
2) increases in key operating costs
Ability to respond quickly to changing business conditions
Maintenance capital expenditures tied to equipment utilization
Minimal inventory and commodity price risk
23
Two complementary business segmentsComplementary segments produce cross-selling opportunities and more complete
knowledge of customer needs
24
Strong Adjusted EBITDA Margins 24% to 26%
High Discretionary Cash Margins (1)
Variable Operating Cost Structure~80%
Superior Contract Renewal Rate (2) >96%
Long-Term Contracted Revenue Base88%
Highly Visible Contracted Backlog (3) (4)
(1) Discretionary Cash is defined as Adjusted EBITDA – Maintenance Capital Expenditures.
(2) Since 2005.
(3) Estimated future Revenue After Raw Materials Costs over existing contracts’ remaining terms.
(4) As of September 30, 2012
1
2
3
4
5
6$1.9 billion
7 Strong Balance Sheet with Significant Liquidity (4) $350MM Revolver
$26MM Cash
24
Attractive Financial Profile
~17% to 19% of
Revenue After Raw
Materials Costs
25
Historical Financial Performance
Revenue After Raw Materials Costs ($MM)Total Revenue ($MM)
Adjusted EBITDA ($MM)
$54 $54
$67 $68
$89$92
14.2% 13.1%
14.4%
19.0% 19.0% 16.8%
0%
5%
10%
15%
20%
25%
30%
$0
$20
$40
$60
$80
$100
2006 2007 2008 2009 2010 2011
DCP % of Revenue After Raw Materials Costs
Discretionary Cash Production4 ($MM)
4 Adjusted EBITDA – Maintenance Capex
Revenue Growth and Disciplined Cost Management Driving Leading Margins
$1,376
$1,670
$2,983
$1,298
$2,031
$2,661
$224$257
$384
$209
$332$411
$0
$100
$200
$300
$400
$500
$600
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
2006 2007 2008 2009 2010 2011
Total Revenue Average Scrap Price / Ton1
3 % of Revenue After Raw Materials Costs
$378$410
$467
$358
$466
$549
85.3%
86.4%
81.2%
51.0%
70.1% 74.8%
0%
25%
50%
75%
100%
$0
$100
$200
$300
$400
$500
$600
2006 2007 2008 2009 2010 2011
Rev enue Af ter Raw Materials CostsU.S. Steel Industry Capacity Utilization
2 2012P EBITDA based off midpoint of 2012 guidance ($142-$148 million)
1 #1 Heavy Melt, American Metal Market
3
2
25
26
2012 Financial Highlights
Quarter Ended Sept 30($MM)
YTD Sept 30($MM)
2012 2011%
Change 2012 2011%
Change
Avg. U.S. Steel Industry Capacity Utilization
74.7% 76.2% (2%) 76.9% 74.8% +3%
Revenue After Raw Materials Costs
$149.0 $139.3 +7% $458.4 $411.6 +11%
Adjusted EBITDA $35.7 $34.3 +4% $110.4 $102.4 +8%
Discretionary Cashflow (1)
$24.9 $23.6 +6% $82.2 $73.8 +11%
Growth Capital (2) $18.4 $15.3 $56.5 $23.3
(1) Defined as Adjusted EBITDA less Maintenance Capital Expenditures.
(2) Capital expenditures includes 2011 carry-forward.
New contract wins in MSG and new business wins in RMOG driving significant year-over-year growth
26
27
� Significant liquidity available and no debt maturities until December 2016
� Corporate ratings: BB- (S&P, 4Q 2011) and Ba3 (Moody’s, 1Q 2012)
Capital Structure Summary
($MM) Rate Maturity
ABL Revolver ($350MM facility) $0 L + 150/225 Dec 2016
Senior Secured Term Loan $296 L + 450 (1) Mar 2019
Capital Leases and Other $12
Total Debt $308
Less: Cash $26
Net Debt $282
Adjusted EBITDA (TTM 3Q 2012) $142
Net Debt / EBITDA 2.0x
27
9/30/2012
(1) LIBOR floor of 1.25%.
28
Outlook
28
29
2012 Focus
� Continue global expansion of Mill Service contracts by selectively
penetrating new locations and cross-selling services
� Expand Outsourced Purchasing presence in Asia, Middle East/Africa, Latin
America and Europe
� Carefully manage start-ups to ensure smooth operational transitions and
achievement of profitability forecasts
� Continue to monitor customer production volumes and implement cost-
actions, if necessary
- Continued stringent cost discipline
� 2012 Adjusted EBITDA guidance of $142 - $148 million
29
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