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12.21.15 TimkenSteel Amends Credit Facility Agreement
TimkenSteel (NYSE: TMST, timkensteel.com ), a leader in customized alloy steel products and services, today announced that it has completed an amendment and restatement of its revolving credit facility. Administrative Agent JPMorgan Chase Bank, Syndication Agent PNC Bank and several other lenders are providing the Company with the ability to borrow up to $300 million through June 30, 2019. The amended credit facility has an asset-based financing structure and borrowing covenants that are better aligned with current business conditions. About TimkenSteel Corporation TimkenSteel (NYSE: TMST, timkensteel.com ) creates tailored steel products and services for demanding applications, helping customers push the bounds of what's possible within their industries. The company reaches around the world in its customers' products and leads North America in large alloy steel bars (up to 16 inches in diameter) and seamless mechanical tubing made of its special bar quality (SBQ) steel, as well as...
11.13.15 TimkenSteel Suspends Current-Quarter Dividend
The board of directors of TimkenSteel (NYSE: TMST, timkensteel.com ), a leader in customized alloy steel products and services, has decided to suspend the company's cash dividend for the quarter as it continues to manage through a challenging market environment. "TimkenSteel remains committed to returning value to shareholders through dividend payments over the long term; however, at this time, the board has decided the prudent action is to suspend the dividend. Our intention is to restore the dividend payment as soon as possible as business conditions improve," said Tim Timken, chairman, CEO and president. "As we announced late last month, we've initiated significant cost reductions in response to the impact on our business from weak global commodity markets. Those cost reductions, and this action on the dividend, together with our steady focus on staying close to our customers and maintaining market share, are consistent with our disciplined approach to delivering value for our...
10.30.15 TimkenSteel to Present at Cowen Global Metals & Mining Conference
TimkenSteel Corporation (NYSE: TMST, timkensteel.com ) will present at the Sixth Annual Cowen Global Metals & Mining Conference on Nov. 10, 2015 , at approximately 3 p.m. EST in New York . Tim Timken, chairman, CEO and president, and Christopher J. Holding, executive vice president and chief financial officer, will address the conference. A live webcast of the presentation and supplemental materials will be available for download at investors.timkensteel.com . A recorded replay of the webcast will be retained via the same link until Dec. 1, 2015 . About TimkenSteel Corporation TimkenSteel (NYSE: TMST, timkensteel.com ) creates tailored steel products and services for demanding applications, helping customers push the bounds of what's possible within their industries. The company reaches around the world in its customers' products and leads North America in large alloy steel bars (up to 16 inches in diameter) and seamless mechanical tubing made of its special bar quality (SBQ)...
10.29.15 TimkenSteel Corporation Announces Third-Quarter 2015 Results; Additional Cost Reductions
- Net sales of $232.7 million decreased 16.4 percent sequentially. - Net loss of $30.8 million or minus 69 cents per share driven by weak commodity markets. - Initiated $50 million of additional cost reduction actions. - Paid quarterly dividend of 14 cents per share. TimkenSteel (NYSE: TMST, timkensteel.com), a leader in customized alloy steel products and services, today reported third-quarter net sales of $232.7 million and a net loss of $30 .8 million or minus 69 cents per share.  This compares with net income of $25.7 million or 56 cents per share in the same quarter last year. "The continuing impact from weak global commodity markets hit us harder in the third quarter than originally estimated.  We are staying very close to our customers, which has helped us hold market share across all of our segments," said Tim Timken, chairman, CEO and president.  "With no sign of near-term recovery, we initiated another round of cost reductions, which will generate about $50 million in...
10.01.15 TimkenSteel to Announce Third-Quarter 2015 Financial Results on Oct. 29
TimkenSteel Corp. (NYSE: TMST, timkensteel.com ) will release its 2015 third-quarter financial results on Thursday, Oct. 29, 2015 , after the market closes on the New York Stock Exchange . The company will host a conference call at 9 a.m. EDT on Friday, Oct. 30, 2015, to discuss its financial performance with investors and securities analysts. The financial results and conference call materials will be available online at investors.timkensteel.com. Conference Call Friday, Oct. 30, 2015 9 a.m. EDT Toll-free dial-in: 877-201-0168 International dial-in: 647-788-4901 Conference ID: 52964715 Conference Call Replay Replay dial-in available through Nov. 13, 2015 855-859-2056 or 404-537-3406 Replay passcode: 52964715 Live Webcast investors.timkensteel.com About TimkenSteel Corporation TimkenSteel (NYSE:TMST, timkensteel.com ) creates tailored steel products and services for demanding applications, helping customers push the bounds of what's possible within their industries. The company...
09.18.15 TimkenSteel Receives Environmental Excellence Awards
Special bar quality (SBQ) steel producer gets gold and silver awards from Ohio EPA for water treatment program TimkenSteel (NYSE: TMST, timkensteel.com ), a leader in customized alloy steel products and services, today received two awards for its water treatment program from the Ohio Environmental Protection Agency . Ohio EPA recognized TimkenSteel with gold and silver awards for utilizing a new compound that reduces chemical use by 90 percent, or 777,000 pounds per year. Additional benefits include reducing solids by more than 2 million pounds annually and cost savings of $30,000 per year. "The team at TimkenSteel's water treatment plant took an already highly efficient process and, through rigorous testing, discovered a new approach that reduces waste and costs," said Joe Garofalo , director – steel services. "This team and employees across the company make continuous innovation part of their daily work, which makes us a better steelmaker in every way." TimkenSteel's water treatment...
09.11.15 TimkenSteel Corporation Announces Updated Guidance for Third-Quarter 2015
TimkenSteel (NYSE: TMST) (timkensteel.com), a leader in customized alloy steel products and services, expects EBITDA for the third quarter of 2015 to be a loss of between $30 million and $40 million . The company updated guidance after experiencing a steeper-than-expected drop in industrial demand driven by depressed commodity prices. "We anticipated a difficult third quarter due to continued weakness in energy and some industrial end markets, but the impact is deeper than expected," said Ward J. "Tim" Timken, Jr., chairman, CEO and president.  "We're holding our share of these markets, but overall demand has dropped.  Lower demand in industrial markets accompanied by higher manufacturing costs associated with melt utilization of 40 percent will result in a greater loss than we had in the second quarter. "We continue on pace with a program of $25 million in cost reductions and will take additional actions to address the shortfall. At the same time, we continue to support our unique...
08.12.15 TimkenSteel Declares Fifth Consecutive Quarterly Dividend
The board of directors of TimkenSteel (NYSE: TMST, timkensteel.com ), a leader in customized alloy steel products and services, today declared a dividend of 14 cents per share. The dividend is payable on Sept. 10, 2015 , to shareholders of record as of Aug. 27, 2015 . The company has paid dividends every quarter since becoming a public company in June 2014 . About TimkenSteel Corporation TimkenSteel (NYSE:TMST, timkensteel.com ) creates tailored steel products and services for demanding applications, helping customers push the bounds of what's possible within their industries. The company reaches around the world in its customers' products and leads North America in large alloy steel bars (up to 16 inches in diameter) and seamless mechanical tubing made of its special bar quality (SBQ) steel, as well as supply chain and steel services. Operating from five countries, TimkenSteel posted sales of $1.7 billion in 2014 and was named 2015 Steel Producer of the Year by American Metal Market...
08.12.15 TimkenSteel Board of Directors Elects Additional Independent Director
The board of directors of TimkenSteel Corporation (NYSE: TMST, timkensteel.com ) elected Terry L. Dunlap , a retired executive vice president of Allegheny Technologies Inc. , as a new independent director. Ten directors now serve on the TimkenSteel board . "Terry brings a lifetime of knowledge in all aspects of the metals industry to the TimkenSteel board," said Ward J. "Tim" Timken, Jr., chairman, CEO and president of TimkenSteel. "From marketing and supply chain to serving as the leader of a $2 billion specialty metals business, his experience adds further depth to our board of directors' already significant understanding of the market and supply chain dynamics that affect our business." Dunlap spent 31 years with Allegheny Technologies (ATI), a diversified specialty metals producer, where he held numerous leadership positions in sales, marketing, manufacturing, supply chain, logistics, procurement and information technology. He served as executive vice president of ATI's...
07.30.15 TimkenSteel Corporation Announces Second-Quarter 2015 Results
- Net sales of $278.2 million is down 37.1 percent versus prior-year quarter. - Net loss of $24.3 million or minus 54 cents per share was driven by oil and gas markets. - Generated $30.9 million of free cash flow for the period. - Completed $25 million in annualized cost reduction actions. - Maintained quarterly dividend of 14 cents per share. TimkenSteel (NYSE: TMST, timkensteel.com), a leader in customized alloy steel products and services, today reported second-quarter net sales of $278.2 million and a loss of $24 .3 million or minus 54 cents per diluted share.  This compares with an adjusted net income (1) of $25.2 million or 55 cents per diluted share in the same quarter last year. The company completed a program of cost reductions in the quarter that will result in $25 million in annualized savings and continues a tight focus on cost control. The company reaffirmed its projection that these second-quarter earnings will mark the lowest EBITDA quarter of the year. "Our...
07.02.15 TimkenSteel to Announce Second-Quarter 2015 Financial Results on July 30
TimkenSteel Corp. (NYSE: TMST, timkensteel.com ) will release its 2015 second-quarter financial results on Thursday, July 30, 2015 , after the market closes on the New York Stock Exchange . The company will host a conference call at 9 a.m. EDT on Friday, July 31, 2015, to discuss its financial performance with investors and securities analysts. The financial results and conference call materials will be available online at investors.timkensteel.com. Conference Call Friday, July 31, 2015 9 a.m. EDT Toll-free dial-in: 877-201-0168 International dial-in: 647-788-4901 Conference ID: 73827500 Conference Call Replay Replay dial-in available through Aug. 14, 2015 855-859-2056 or 404-537-3406 Replay passcode: 73827500 Live Webcast investors.timkensteel.com About TimkenSteel Corporation TimkenSteel (NYSE:TMST, timkensteel.com ) creates tailored steel products and services for demanding applications, helping customers push the bounds of what's possible within their industries. The company...
06.24.15 TimkenSteel Opens Technology Center for SBQ Steel Research
New $5 Million Center Advances Steel Cleanness and Performance TimkenSteel (NYSE: TMST) ( timkensteel.com ), a leader in customized alloy steel products and services, recently opened a $5 million technology center at its Northeast Ohio corporate campus that gives the company a unique advantage in achieving clean special bar quality (SBQ) steel and developing new steel grades. "TimkenSteel is the global leader in clean steels because we understand the science and measurement of inclusions better than anyone, and we're the only steelmaker that can take that understanding and use it to predict component life," said Ray Fryan, vice president of technology and quality at TimkenSteel. "The new TimkenSteel Technology Center, along with the talent across our entire team, enhances our ability to develop the SBQ steel that our customers need to solve their toughest challenges." The TimkenSteel Technology Center features a dozen laboratories, including a brand new scanning electron microscope,...
06.11.15 TimkenSteel Named 'Steel Producer of the Year' by American Metal Market
TimkenSteel (NYSE: TMST, timkensteel.com ), a leader in customized alloy steel products and services, has earned two American Metal Market Awards for Steel Excellence, including "Steel Producer of the Year." TimkenSteel also won in the "Best Innovation, Process" category for its new jumbo bloom vertical caster. "We're honored by this recognition, which is the result of our employees' efforts in what was a remarkable year. Not only did we become an independent company, but we brought our new jumbo bloom vertical caster online," said Ward J . "Tim" Timken, Jr., chairman, CEO and president. "Our investment in the caster is part of our commitment to innovation, which gives us an ongoing competitive advantage in producing made-to-order steel that helps our customers solve their toughest challenges." Winners of the sixth annual American Metal Market Awards for Steel Excellence were announced Tuesday evening at an awards dinner held in conjunction with the Steel Success Strategies XXX...
05.06.15 TimkenSteel Holds Annual Meeting of Shareholders; Declares Fourth Consecutive Quarterly Dividend
TimkenSteel (NYSE: TMST) ( timkensteel.com ), a leader in customized alloy steel products and services, today held its first annual meeting of shareholders, where shareholders elected three board members to three-year terms: Joseph A. Carrabba , retired chairman, president and CEO of Cliffs Natural Resources, Inc. ; Phillip R. Cox , president and CEO of Cox Financial Corp. ; and John P. Reilly , retired chairman, president and CEO of Figgie International . In other business, shareholders voted to: Ratify the selection of Ernst & Young LLP as independent auditor for the year ending Dec. 31, 2015 ; Approve, on an advisory basis, the compensation of the company's named executive officers; Recommend, on an advisory basis, that shareholder advisory votes on named executive officer compensation occur annually; Approve the company's Amended and Restated Senior Executive Management Performance Plan; and Approve the material terms for qualified performance-based compensation under the...
04.30.15 TimkenSteel Corporation Announces First-Quarter 2015 Results; Reports Earnings Per Share of $0.15
- Net sales of $388.7 million is flat to prior-year quarter. - Reported earnings per share of $0.15, a 76.1 percent decrease over adjusted(1) prior-year quarter. - Paid quarterly dividend of $0.14 per share. - Opened advanced technology center in Canton, Ohio. TimkenSteel (NYSE: TMST, timkensteel.com), a leader in customized alloy steel products and services, today reported first-quarter net income of $6 .9 million on net sales of $388.7 million . "We saw increased volume in the first quarter compared with this time last year, although our earnings did not benefit from the higher volume due largely to pricing conditions in the scrap market," said Ward J. "Tim" Timken, Jr., chairman, CEO and president.  "Ferrous metal scrap prices dropped sharply due to the strong dollar, fewer exports, increased supply and other factors. Current market indicators point to scrap prices beginning to hit bottom. "Our mobile business continues to be strong, but our order book reflects a steeper drop in...
04.17.15 TimkenSteel Commissions World's Largest Jumbo Bloom Vertical Caster
TimkenSteel (NYSE: TMST, timkensteel.com ), a leader in customized alloy steel products and services, today held an open house ceremony to celebrate the commissioning of its jumbo bloom vertical caster, the largest of its kind in the world, at the Faircrest Steel Plant in Canton . "TimkenSteel's new jumbo bloom vertical caster improves both our efficiency and capacity to serve demand for large bars and seamless mechanical tubing," said Tom Moline, executive vice president of manufacturing. "The product quality that we're achieving with the caster is meeting our highest expectations." The $200 million caster makes sections of special bar quality (SBQ) steel that measure up to 18 inches x 24 inches, referred to as "jumbo blooms," which are later rolled into bars and tubes. The first heat from the caster, produced on Oct. 21, 2014 , was sold to a customer – a testament not only to the strength of the new technology, but the skill and expertise of the team operating it. The caster has now...
04.09.15 TimkenSteel to Announce First-Quarter 2015 Financial Results on April 30
TimkenSteel Corp. (NYSE: TMST, timkensteel.com ) will release its 2015 first-quarter financial results on Thursday, April 30, 2015 , after the market closes on the New York Stock Exchange . The company will host a conference call at 9 a.m. EDT on Friday, May 1, 2015, to discuss its financial performance with investors and securities analysts. The financial results and conference call materials will be available online at investors.timkensteel.com. Conference Call Friday, May 1, 2015 9 a.m. EDT Toll-free dial-in: 877-201-0168 International dial-in: 647-788-4901 Conference ID: 24348657 Conference Call Replay Replay dial-in available through May 15, 2015 855-859-2056 or 404-537-3406 Replay passcode: 24348657 Live Webcast investors.timkensteel.com About TimkenSteel Corporation TimkenSteel (NYSE:TMST, timkensteel.com) creates tailored steel products and services for demanding applications, helping customers push the bounds of what's possible within their industries. The company reaches...
01.29.15 TimkenSteel Corporation Increased Fourth-Quarter Sales By 24 Percent Over Prior Year; Declared Third Consecutive Quarterly Dividend
- Reported earnings per share of $0.37, a 15.6 percent increase over adjusted(1) prior-year quarter. - Achieved full-year 2014 sales growth of 21.2 percent over 2013, driven by demand in the energy and industrial market sectors. - Repurchased approximately 833,000 shares of its common stock. - Declared quarterly dividend of $0.14 per share.   TimkenSteel (NYSE: TMST, timkensteel.com), a leader in customized alloy steel products and services, today reported fourth-quarter net income of $17 .0 million on net sales of $408.3 million . Earnings per share (EPS) of $0.37 are 15.6 percent higher than adjusted EPS (1) of $0.32 for the fourth quarter of 2013. For the full year, net sales grew 21.2 percent over 2013. Adjusted EBIT(1) for the full year was $148.6 million, an improvement of 50.8 percent over 2013, driven by improved volume and mix. Adjusted EPS(1) of $2.11 increased 52.9 percent over adjusted EPS(1) of $1.38 for the full year of 2013. Increased shipments in the...
01.29.15 TimkenSteel Board of Directors Elects Two Additional Independent Directors
The board of directors of TimkenSteel (NYSE: TMST, timkensteel.com ) elected two new independent directors: Randall Edwards , president and chief operating officer of Premier Pipe, LLC , and Ronald Rice , president and chief operating officer of RPM International Inc. Nine directors now serve on the TimkenSteel board. "Randall and Ron each have deep experience in the markets we serve, and we welcome the insight they will bring to the TimkenSteel board," said Ward J. "Tim" Timken, Jr., chairman, CEO and president of TimkenSteel. "Randall has spent his career in the oil and gas industry and has a deep understanding of the supply chain, including steel mills supporting the energy market. Ron has breadth of experience across a variety of functions at industrial companies, including risk management, compensation and strategy. Together, their strengths round out a seasoned board of directors." In 2014, Edwards joined Premier Pipe, a leader in the supply and management of engineered premium...
01.13.15 Customer Ellwood Purchases TMST Stock
Ellwood Group announced in an SEC Filing on Jan.7 that it owns just over 5 percent of TimkenSteel stock. Ellwood is a customer and supplier of TimkenSteel, and we've had a long and valued relationship with them. Now, they'll also be among our larger shareholders. Ellwood stated in its SEC filing that it "purchased the Shares based on its belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity." For more information about this notification, please email tina.beskid@timkensteel.com....
01.05.15 TimkenSteel to Announce Fourth-Quarter 2014 Financial Results on Jan. 29
TimkenSteel Corp. (NYSE: TMST, timkensteel.com ) will release its 2014 fourth-quarter financial results on Thursday, Jan. 29, 2015 , after the market closes on the New York Stock Exchange . The company will host a conference call at 9 a.m. EST on Friday, Jan. 30, 2015, to discuss its financial performance with investors and securities analysts. The financial results and conference call materials will be available online at investors.timkensteel.com. Conference Call Friday, Jan. 30, 2015 9 a.m. EST Toll-free dial-in: 877-201-0168 International dial-in: 647-788-4901 Conference ID: 59708179  Conference Call Replay Replay dial-in available through Feb. 13, 2015 855-859-2056 or 404-537-3406 Replay passcode: 59708179  Live Webcast investors.timkensteel.com About TimkenSteel Corporation TimkenSteel (NYSE: TMST, timkensteel.com ) creates tailored steel products and services for demanding applications, helping customers push the bounds of what's possible within their industries. The...