TimkenSteel to Increase Prices on Special Bar Quality Products

Rhea-AI Summary

TimkenSteel Corp. (NYSE: TMST) announced a $25 per ton increase in base pricing for all special bar quality (SBQ) products, effective January 4, 2021. This adjustment applies to orders not covered by existing pricing agreements, while all surcharge mechanisms will remain in effect. The company, based in Canton, Ohio, is a leading manufacturer of customized alloy steel products primarily serving automotive, energy, and industrial markets. In 2019, TimkenSteel reported sales of $1.2 billion and employs approximately 2,055 people.

Positive

• Price increase of $25 per ton on SBQ products may enhance revenue.
• Continued application of surcharge mechanisms could stabilize profits.

Negative

• None.

CANTON, Ohio, Dec. 3, 2020 /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 $25 per ton. This increase is applicable to orders not already covered by pricing agreements and is effective for shipments beginning January 4, 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 price increase announced by TimkenSteel?

TimkenSteel announced a $25 per ton increase in base pricing for special bar quality (SBQ) products.

When will the price increase for TimkenSteel products take effect?

The price increase will be effective for shipments beginning January 4, 2021.

Which products are affected by TimkenSteel's price increase?

The price increase affects all special bar quality (SBQ) products not covered by pricing agreements.

What is the current revenue status of TimkenSteel?

In 2019, TimkenSteel reported sales of $1.2 billion.

Where is TimkenSteel located?

TimkenSteel is located in Canton, Ohio.