TimkenSteel and United Steelworkers Local 1123 to Begin Contract Discussions on August 9

Rhea-AI Summary

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.

Positive

• Company emphasizes commitment to job security during labor negotiations.
• Focus on sustainable profitability amidst market changes.

Negative

• Upcoming expiration of labor agreement could signal potential labor disputes.

CANTON, Ohio, June 10, 2021 /PRNewswire/ -- TimkenSteel (NYSE: TMST) (timkensteel.com) and the United Steelworkers will begin discussions on August 9 regarding the current labor agreement that is set to expire on September 27. The current agreement covers approximately 1,180 bargaining employees at the company's Canton, Ohio operations.

"Our goal is to reach a fair, equitable agreement that supports the company's vision and provides job security for our employees," said Mike Williams, president and CEO. "We hope to reach a timely agreement as our industry and customers endure rapidly changing market dynamics, and our company continues to focus on achieving sustainable profitability through all cycles while operating safely and responsibly each and every day."

Consistent with prior practice, the company will reserve further comment until discussions are complete, although periodic updates will be posted on www.timkensteel.com/agreement.

About TimkenSteel Corporation
TimkenSteel (NYSE: TMST) manufactures high-performance carbon and alloy steel products in Canton, Ohio 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

When does TimkenSteel's current labor agreement expire?

The current labor agreement expires on September 27.

What is the significance of the labor discussions starting on August 9 for TimkenSteel?

The discussions are crucial as they pertain to the labor agreement affecting approximately 1,180 employees.

Who is involved in the labor negotiations for TimkenSteel?

TimkenSteel is negotiating with the United Steelworkers.

What does TimkenSteel aim to achieve in the upcoming labor negotiations?

TimkenSteel aims to reach a fair agreement that supports the company's vision and ensures job security.

What is TimkenSteel's focus during labor negotiations?

The company focuses on sustainable profitability and adapting to rapidly changing market dynamics.