11.04.21
TimkenSteel Announces Third-Quarter 2021 Results
- Third quarter net sales of $343.7 million increased 5 percent sequentially
- Net income of $50.1 million and record adjusted EBITDA(1) of $72.0 million
- Strong operating cash flow of $53.8 million, a 37 percent sequential improvement, with record total liquidity(2) of $444.4 million TimkenSteel (NYSE: TMST), a leader in high-quality specialty steel, manufactured components, and supply chain solutions, today reported third-quarter 2021 net sales of $343.7 million and net income of $50.1 million, or $0.94 per diluted share. On an adjusted basis (1) , third-quarter 2021 net income was $55.2 million, or $1.04 per diluted share, and adjusted EBITDA was $72.0 million. In the same quarter last year, net sales were $205.9 million with a net loss of $13.9 million, or a loss of $0.31 per diluted share. On an adjusted basis (1) , third-quarter 2020 net loss was $17.3 million, or a loss of $0.38 per diluted share, and adjusted EBITDA was $2.6 million. Second-quarter 2021 net sales...
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10.29.21
United Steelworkers Ratify Four-Year Contract with TimkenSteel
TimkenSteel Corp. (NYSE: TMST), a leader in high-quality specialty steel, manufactured components and supply chain solutions, announced today that its employees who are members of the United Steelworkers (USW) Local 1123 have voted in favor of a new four-year contract. "The company and union worked diligently to reach an agreement that continues to provide some of the area's best wages and benefits, while also addressing some of our long-term competitive challenges," said Mike Williams, president and chief executive officer. "Under this contract, we've worked together to help TimkenSteel more effectively manage some of our ongoing obligations while positioning us to remain one of the area's best employers." The contract, which is in effect until Sept. 27, 2025, offers TimkenSteel's Canton-based bargaining employees increases to base wages every year, competitive healthcare and retirement benefits for all members, and a continued focus on employee wellbeing as well as safe and...
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10.21.21
TimkenSteel Announces Third-Quarter Fiscal 2021 Earnings Webcast Details
TimkenSteel Corp. (NYSE: TMST), a leader in high-quality specialty steel, manufactured components, and supply chain solutions, will release its 2021 third-quarter financial results on Thursday, November 4, after the market closes on the New York Stock Exchange. The company will provide live Internet listening access to its conference call with the financial community scheduled for Friday, November 5, 2021 at 9:00 a.m. ET. The live conference call will be broadcast at investors.timkensteel.com . A replay of the conference call will also be available at investors.timkensteel.com . ABOUT TIMKENSTEEL CORPORATION TimkenSteel (NYSE: TMST) manufactures high-performance carbon and alloy steel products from recycled scrap metal in Canton, OH, serving demanding applications in automotive, energy and a variety of industrial end markets. The company is a premier U.S. producer of alloy steel bars (up to 16 inches in diameter), seamless mechanical tubing and manufactured components. In the business...
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10.14.21
TimkenSteel Announces 2030 Environmental Goals, Reaffirms Overall Environmental, Social and Governance Commitments
TimkenSteel Corp. (NYSE: TMST), a leader in high-quality specialty steel, manufactured components and supply chain solutions, today announced environmental goals for 2030, a critical milestone in the evolution of the company's environmental, social and governance (ESG) program. TimkenSteel has established the following 2030 environmental goals, compared with a 2018 baseline: 40% absolute reduction in combined Scope 1 and Scope 2 greenhouse gas (GHG) emissions 30% absolute reduction in total energy consumption (direct and indirect) 35% absolute reduction in fresh water withdrawn 10% reduction in waste-to-landfill intensity These targets are supported by projects across the company's manufacturing, supply chain and corporate operations and are aligned with regional, national and international environmental priorities established by organizations such as the U.S. Environmental Protection Agency, the Task Force on Climate-Related Financial Disclosures (TCFD) and the Paris Climate Accords....
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10.13.21
TimkenSteel to Increase Prices on Special Bar Quality Products
TimkenSteel Corp. (NYSE: TMST), a leader in customized alloy steel products and services, today announced it will increase base pricing on all special bar quality (SBQ) products by $60 per ton. This increase is applicable to orders not already covered by pricing agreements and is effective for shipments beginning November 1, 2021. All surcharge mechanisms remain in effect. ABOUT TIMKENSTEEL CORPORATION TimkenSteel (NYSE: TMST) manufactures high-performance carbon and alloy steel products from recycled scrap materials in Canton, OH, serving demanding applications in automotive, energy and a variety of industrial end markets. The company is a premier U.S. producer of alloy steel bars (up to 16 inches in diameter), seamless mechanical tubing and manufactured components. In the business of making high-quality steel for more than 100 years, TimkenSteel's proven expertise contributes to the performance of our customers' products. The company employs approximately 1,900 people and had sales...
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10.08.21
TimkenSteel, United Steelworkers (USW) Local 1123 Reach Tentative Agreement for New Four-Year Contract
TimkenSteel Corp. (NYSE: TMST), a leader in high-quality specialty steel, manufactured components and supply chain solutions, and the United Steelworkers (USW) Local 1123 have reached a tentative agreement for a new four-year contract. The date of the vote will be set and announced by the union. "We have reached an agreement that keeps our employees earning some of the best wages and benefits in the region and industry while supporting the long-term viability of TimkenSteel," said Mike Williams, president and chief executive officer. "We're working together both to address the significant pressures we face from a highly competitive and ever-changing industry, and to keep our people working." The tentative agreement provides increases to base wages every year, competitive healthcare and retirement benefits for all members, and a continued focus on employee wellbeing as well as safe and sustainable operations. The current agreement covers approximately 1,180 bargaining employees at the...
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09.24.21
TimkenSteel and The United Steelworkers (USW) Local 1123 Agree to Extend Contract
TimkenSteel Corp. (NYSE: TMST), a leader in high-quality specialty steel, manufactured components and supply chain solutions, and the United Steelworkers (USW) Local 1123 have jointly agreed to extend their contract, which expires on Monday, September 27, 2021. The two-week extension will allow negotiations to continue as both sides work toward a mutually acceptable agreement. The extension will expire on Monday, October 11, 2021. "Negotiations are moving forward constructively," said Mike Williams, president and CEO. "TimkenSteel remains committed to reaching an agreement that supports the company's objectives and continues to position us as one of the area's best employers." The current agreement covers approximately 1,180 bargaining employees at the company's Canton, Ohio operations. ABOUT TIMKENSTEEL CORPORATION TimkenSteel (NYSE: TMST) manufactures high-performance carbon and alloy steel products from recycled scrap materials in Canton, OH, serving demanding applications in...
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