timkensteel corps shares advanced tuesday after the steel producers board approved an up to 50 million share buyback program in morning trading the shares were 12 higher at 1552 adding to a rally this year timkensteel which makes carbon and alloy steel products from recycled scrap metal monday afternoon said its board authorized a repurchase program under which buybacks can be made through various methods including openmarket purchases and privatelynegotiated transactions the companys board also approved a capital expenditure budget for 2022 of 40 million with more than half dedicated to highreturn internal investment projects timkensteel said