TimkenSteel to Increase Prices on Special Bar Quality Products

Rhea-AI Summary

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.

Positive

• None.

Negative

• Potential customer pushback due to increased prices affecting demand.
• Price increase may not compensate for raw material cost fluctuations.

CANTON, Ohio, June 4, 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 $50 per ton. This increase is applicable to orders not already covered by pricing agreements and is effective for shipments beginning July 5, 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 2,000 people and had sales of $831 million in 2020. For more information, please visit us at www.timkensteel.com.

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SOURCE TimkenSteel Corp.

FAQ

What is the new price increase for TimkenSteel's SBQ products?

TimkenSteel is increasing the base pricing on all special bar quality (SBQ) products by $50 per ton.

When does the new pricing for TimkenSteel's products take effect?

The price increase will be effective starting July 5, 2021.

What does TimkenSteel specialize in?

TimkenSteel specializes in customized alloy steel products and services, particularly in special bar quality products.

What was TimkenSteel's sales figure in 2020?

TimkenSteel had sales of approximately $831 million in 2020.