Shares of TimkenSteel Corporation (TMST) were punished last week, falling as much as 11.5% to a low of $9.82 after the steel producer missed Wall Street's third quarter estimates for both revenue and profits. The stock closed Friday at $10.10, down 9% for the week. Although the shares look far more attractive than they did a month ago, it might be a while before TimkenSteel finds a bottom. For the quarter that ended September, the Canton, Ohio-based company reported net loss of $16.6 million, or 38 cents per share. While the measures mark a significant improvement from last year's loss of 69 cents per share, the results still missed Wall Street's forecast for a loss of 36 cents per share, according to Thomson Reuters. (See also: Nucor CEO Discusses Trade Within Steel Industry.) Third quarter revenue of $213.8 million declined 8% year over year and missed consensus estimates by about $2 million. The company's revenue was affected by lower shipments, which reached 178,000 tons, marking a 0.5% decline year over year and a 6% decline from the second quarter. However, the company remains upbeat about its prospects. "We've used this tough environment as an opportunity to further improve our cost structure and accelerate innovation," said CEO Tim Timken in a statement. "Our sales, supply chain and manufacturing teams are working together to leverage our material knowledge and modern assets to deliver customer value in new ways." As with several other commodity companies, TimkenSteel business is closely tied to the energy industry and oil prices. With U.S. rig counts falling some 40% year over year, TimkenSteel is seeing reduced demand for energy and related industrial products. Combined with weakness in the automotive segment and other end markets, TimkenSteel has had limited opportunities to drive revenues higher. (See also: Global Steel Industry Faces "Severe Winter".) Assuming the company can continue to improve its cost structure as the CEO noted, TimkenSteel could emerge from this downturn better capitalized and more prepared to profit from the recovery. But until there's more noticeable improvements within the energy industry, TimkenSteel shares will remain under pressure.