TimkenSteel to Increase Prices on Special Bar Quality Products

Rhea-AI Summary

TimkenSteel Corp. (NYSE: TMST) announced a $40 per ton increase in base pricing on all special bar quality (SBQ) products, effective for shipments starting March 1, 2021. This change is applicable to orders not covered by existing pricing agreements. The company maintains all surcharge mechanisms in effect. TimkenSteel has been a leader in the production of alloy steel products for over 100 years, primarily using recycled materials, and recorded sales of $1.2 billion in 2019.

Positive

• Price increase of $40 per ton could enhance revenue for the upcoming fiscal period.
• TimkenSteel's established reputation and long history may support customer retention.

Negative

• The price increase may deter some customers, potentially impacting order volumes.

CANTON, Ohio, Jan. 13, 2021 /PRNewswire/ -- 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 $40 per ton. This increase is applicable to orders not already covered by pricing agreements and is effective for shipments beginning March 1, 2021. All surcharge mechanisms remain in effect.

About TimkenSteel Corporation
TimkenSteel (NYSE: TMST) manufactures high-performance carbon and alloy steel products 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 precision components. In the business of making high-quality steel primarily from recycled materials for more than 100 years, TimkenSteel's proven expertise contributes to the performance of our customers' products. The company employs approximately 2,055 people and had sales of $1.2 billion in 2019. For more information, please visit us at www.timkensteel.com.

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SOURCE TimkenSteel Corp.

FAQ

What is the new pricing for TimkenSteel's SBQ products?

TimkenSteel is increasing the base price by $40 per ton on all special bar quality products, effective March 1, 2021.

When does the price increase for TimkenSteel take effect?

The price increase for TimkenSteel's products is effective starting March 1, 2021.

What are the current sales figures for TimkenSteel Corporation?

TimkenSteel reported sales of $1.2 billion in 2019.

Does the price increase apply to existing orders?

The price increase applies only to orders not covered by existing pricing agreements.