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TimkenSteel Corp. (NYSE: TMST) has reached a tentative four-year contract agreement with the United Steelworkers Local 1123, benefiting approximately 1,180 employees at its Canton, Ohio operations. The agreement includes annual wage increases, competitive healthcare, and retirement benefits, aiming to enhance employee wellbeing and operational safety. CEO Mike Williams emphasized the importance of this agreement for maintaining high wages in a competitive environment. TimkenSteel, a leader in specialty steel products, reported $831 million in sales for 2020.
TimkenSteel Corp. (NYSE: TMST) announced a two-week extension of its contract with the United Steelworkers (USW) Local 1123, originally set to expire on September 27, 2021. This extension aims to facilitate ongoing negotiations for a mutually acceptable agreement, now set to conclude by October 11, 2021. Approximately 1,180 employees at the Canton, Ohio operations are affected. CEO Mike Williams stated that negotiations are progressing constructively, indicating TimkenSteel's commitment to employee relations and operational goals.
TimkenSteel Corp. (NYSE: TMST) has elected two new independent directors, Ken Garcia and Ellis Jones, strengthening its board. Garcia brings expertise from Q2 Software and extensive experience in business development, marketing, and finance. Jones has a background in environmental, health, and safety leadership from The Goodyear Tire and Rubber Company. Their appointments aim to enhance TimkenSteel's strategic priorities. The company, based in Canton, OH, focuses on manufacturing high-performance carbon and alloy steel products and reported sales of $831 million in 2020.
TimkenSteel Corp. (NYSE: TMST) has announced a $60 per ton increase in base pricing for all special bar quality (SBQ) products, effective from September 6, 2021. Additionally, pricing for all carbon and alloy seamless mechanical tubing (SMT) products will also rise by $60 per ton, starting January 3, 2022. These changes apply to new orders not covered by existing pricing agreements, while surcharge mechanisms remain unchanged. This development aims to strengthen the company's position in the alloy steel market.
TimkenSteel (NYSE: TMST) reported robust second-quarter 2021 results, with net sales reaching $327.3 million and net income of $54.0 million or $0.98 per diluted share. This marks a 113% increase in net sales compared to Q2 2020 and a 20% increase from Q1 2021. The quarter saw improved industrial demand despite challenges in the automotive sector due to semiconductor shortages. Cash balance as of June 30, 2021, stood at $115.2 million, with total liquidity of $376.5 million, reflecting a strong financial position.
TimkenSteel Corp. (NYSE: TMST) plans to release its 2021 second-quarter financial results on August 5, post market close. This will be followed by a live conference call on August 6 at 9:00 a.m. ET, accessible via the company’s investor relations website. TimkenSteel specializes in manufacturing high-performance carbon and alloy steel products, with 2020 sales reported at $831 million. The company has been in operation for over 100 years, focusing on high-quality steel production from recycled materials.
TimkenSteel (NYSE: TMST) announced that discussions will begin on August 9 regarding the labor agreement set to expire on September 27. The agreement impacts 1,180 bargaining employees at the Canton, Ohio facility. CEO Mike Williams emphasized their goal to achieve a fair deal that ensures job security for employees amidst changing market dynamics. TimkenSteel aims for sustainable profitability and will provide updates on the discussions through their website.
TimkenSteel Corp (NYSE: TMST) announced a $50 per ton price increase on all special bar quality (SBQ) products. Effective from July 5, 2021, this increase applies to orders not covered by existing pricing agreements. The company's surcharge mechanisms will remain intact. This move underscores TimkenSteel's commitment to maintaining its leadership in customized alloy steel products and services, which generated approximately $831 million in sales in 2020.
TimkenSteel (NYSE: TMST) reported first-quarter 2021 net sales of $273.6 million and a net income of $9.8 million or $0.20 per diluted share, showcasing significant recovery from a net loss of $19.9 million in the same quarter last year. Adjusted EBITDA nearly doubled sequentially to $40.8 million. The company achieved record cash of $115.7 million, with total liquidity at $357.5 million. New leadership changes include Ronald A. Rice as Chairman, and improved outlook suggests sequential ship ton increases in Q2.
TimkenSteel Corp. (NYSE: TMST) announced a sale agreement to divest its TimkenSteel (Shanghai) Corporation Limited to Daido Steel for approximately $7 million. This transition transforms Daido from a supplier to an authorized distributor of TimkenSteel products in China. The deal is subject to customary due diligence and is anticipated to close in the third quarter of 2021. This development reflects TimkenSteel's ongoing strategy to optimize its operations while maintaining strong partnerships in key markets.
