TimkenSteel Publishes 2022 Sustainability Report

CANTON, Ohio, April 18, 2023 /PRNewswire/ -- TimkenSteel Corp. (NYSE: TMST), a leader in high-quality specialty steel, manufactured components, and supply chain solutions, today released its 2022 sustainability report, which is available at https://timkensteel.com/who-we-are/Sustainability.

The 2022 Sustainability Report provides an update on the company's continued commitment to responsible and sustainable operations. The report highlights progress on key initiatives and programs that support the company's three sustainability pillars: Environmental Stewardship, Social Commitment, and Governance and Ethics. These pillars connect directly to the theme of the 2022 report – "People. Passion. Principles." – which reflects how TimkenSteel strives for excellence in all areas of sustainability while maintaining its focus on its mission and core values.

"We are pleased to share our second sustainability report, which demonstrates the ways we prioritize the people who make up TimkenSteel, our passion for reducing our environmental impact, and the principles that inform our practices," said Michael Williams, president and chief executive officer. "Aligning our work against the Global Reporting Initiative Standards will help us continue to drive our sustainability performance, demonstrate progress, and develop a road map for the future."

Some highlights of note from the last year include:

• Increased transparency with Global Reporting Initiative (GRI) reporting: 2022 is the first year that TimkenSteel has reported with reference to the new GRI Standards, as well as continuing to report in alignment with the Sustainability Accounting Standards Board (SASB) Standards for the Iron & Steel Producers sector.
• Embedded focus on sustainability across the company: In its first full year of oversight, the ESG Steering Committee developed an organizational strategy and formed specialized subcommittees responsible for implementing foundational elements of TimkenSteel's company-wide sustainability programs and initiatives.
• Targeted capital allocation for continuous improvement: To ensure progress against environmental targets, the company has allocated approximately $3 million of capital expenditures per year through 2030 to achieve its long-term ESG goals.
• Enhanced focus on the safety of our employees: TimkenSteel implemented multiple training programs to improve its safety culture and safety performance and expects to invest approximately $7 million in 2023 in company-wide training, new equipment, and improved safety programs.
• Evaluated environmental impact, including Scope 3 emissions: An independent climate consultant worked with TimkenSteel to conduct a comprehensive Scope 3 GHG emissions inventory for 2022 and validate the company's Scope 1 and Scope 2 inventories.

ABOUT TIMKENSTEEL CORPORATION
TimkenSteel (NYSE: TMST) manufactures high-performance carbon and alloy steel products from recycled scrap metal in Canton, OH, serving demanding applications in mobile, 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 manufactured components. In the business of making high-quality steel for more than 100 years, TimkenSteel's proven expertise contributes to the performance of our customers' products. The company employs approximately 1,700 people and had sales of $1.3 billion in 2022. For more information, please visit us at www.timkensteel.com.

FORWARD-LOOKING STATEMENTS FORWARD-LOOKING STATEMENTS
This news release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. We use words such as aim, anticipate, aspire, believe, commit, confident, could, drive, estimate, ensure, expect, forecast, goal, intend, may, mission, outlook, plan, possible, potential, predict, project, seek, should, strategy, strategic direction, strive, target, will and would or similar expressions to identify forward-looking statements. In particular, such statements may include but are not limited to: (1) statements that relate to our purpose, ambitions, aims, commitments, targets, plans, objectives, and sustainability goal progress; (2) environmental, health, and safety (EHS) data as it relates to the environment, including our greenhouse gas emissions, energy consumption, water usage and waste-to-landfill intensity, safety performance, management systems, implementation and regulatory compliance, including data collection systems that track and collect EHS data through the corporate-wide EHS reporting systems; (3) social data as it relates to employee metrics, social practices and community engagement programs derived from our various databases; (4) responsible sourcing of materials and the related responsible sourcing systems and data; and (5) statements about actions of suppliers and partners or our work with them. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this news release and referenced report are also subject to a number of material risks and uncertainties that may cause actual results to differ materially. Such risks and uncertainties include, but are not limited to, economic, competitive, governmental, technological, public health, and geopolitical factors affecting our operations, markets, products, supply chain, services and prices; assumptions not being realized; scientific or technological developments; evolving sustainability strategies; changes in carbon markets; evolving government regulations; our adoption of new technologies and expansion into new markets; or other changes in circumstances, as well as those factors set forth in the "Risk Factors" section of our most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the U.S. Securities and Exchange Commission. Such forward-looking statements are not guarantees of future performance and actual results, and other developments, including the potential impact of economic and geopolitical conditions, and business decisions may differ from those envisaged by such forward-looking statements. The information and opinions contained in this news release and referenced report are provided as of the date of this report and are subject to change without notice. We undertake no obligation to update any forward-looking statements contained in this report as a result of new information or future events or developments except as may be required by applicable laws.

 

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SOURCE TimkenSteel Corp.