TimkenSteel Publishes Inaugural Sustainability Report
CANTON, Ohio, April 21, 2022 /PRNewswire/ -- TimkenSteel Corp. (NYSE: TMST), a leader in high-quality specialty steel, manufactured components and supply chain solutions, today released its inaugural sustainability report, which is available at https://timkensteel.com/who-we-are/Sustainability.
The 2021 Sustainability Report demonstrates the company's commitment to operate responsibly and sustainably. It highlights progress on key initiatives and programs that support the company's three sustainability pillars: Environmental Stewardship, Social Commitment, and Governance and Ethics. The report shares TimkenSteel's continued progress toward its 2030 environmental goals related to reductions in greenhouse gas emissions, energy consumption, fresh water usage, and waste, which were established in October 2021.
The report's theme: "At Our Core – Strong. Sustainable. Steel." reflects how the company continues to embrace sustainability as a fundamental consideration in its daily operations and overall vision.
As a steel company with more than 100 years of experience, the company's reputation as a sustainable steel supplier is rooted in its proud history. In 1952, TimkenSteel transitioned all production to electric arc furnaces (EAFs), and today, produces
"While this is our first official sustainability report, TimkenSteel has a distinguished legacy of producing sustainable, high-quality steel for more than 100 years," said Mike Williams, president and chief executive officer. "Sustainability is a driving factor in our strategy development, capital allocation, and reporting expectations. As we look to the future, we are guided by our vision of harnessing the enduring power of steel to make the world a better place."
As part of the continued maturation of TimkenSteel's sustainability strategy, a materiality assessment was conducted in 2021 to identify specific focus areas and ensure alignment with key internal and external stakeholders, including employees, customers, suppliers, communities, and investors. Twelve focus areas emerged and are aligned with the relevant pillars of our sustainability strategy.
- Environmental Stewardship: TimkenSteel's commitment to environmental stewardship encompasses how the company continuously seeks to improve the efficiency and cleanliness of its electric arc furnace (EAF) operations while delivering quality products and services that help customers compete in the marketplace. The associated focus areas are climate action; waste and recycling; water conservation; and product stewardship.
- Social Commitment: The company's social commitment begins with protecting the health and safety of employees, customers, and suppliers, and extends to fostering an inclusive workplace environment in which differences are celebrated, and where everyone has the opportunity to grow and achieve their full potential. TimkenSteel is also inspired to make a positive impact in local communities. The associated focus areas are health and safety; employee engagement; diversity, equity, and inclusion; and community engagement
- Governance and Ethics: TimkenSteel promotes the long-term interests of shareholders and builds public trust through good governance practices. This includes oversight of the sustainability strategy by the Board of Directors, which receives regular updates from senior leadership and reviews environmental, social, and governance-related risks and opportunities annually. The associated focus areas are corporate governance; business ethics and compliance; supply chain management; and cybersecurity and data privacy.
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 1,850 people and had sales of
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SOURCE TimkenSteel Corp.
