TimkenSteel to Increase Prices on Seamless Mechanical Tubing Products

Rhea-AI Summary

TimkenSteel Corp. (NYSE: TMST) announced a price increase of $40 per ton on its seamless mechanical tubing products. This increase is effective immediately for new orders and will apply to all shipments starting March 1, 2021. The company's surcharge mechanisms will remain unchanged. TimkenSteel, based in Canton, Ohio, specializes in alloy steel products and reported $1.2 billion in sales for 2019, employing approximately 2,055 people.

Positive

• Price increase of $40 per ton may improve revenue for seamless mechanical tubing products.
• TimkenSteel's strong market position in the alloy steel industry supports pricing power.

Negative

• None.

CANTON, Ohio, Dec. 21, 2020 /PRNewswire/ -- TimkenSteel Corp. (NYSE: TMST), a leader in customized alloy steel products and services, today announced it will increase prices on seamless mechanical tubing (SMT) products by $40 per ton. These increases are effective immediately with new orders received, and for all shipments beginning March 1, 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 recent price change announced by TimkenSteel (TMST)?

TimkenSteel announced a price increase of $40 per ton on seamless mechanical tubing products.

When will the new prices for TimkenSteel's products take effect?

The new prices are effective immediately for new orders and for all shipments beginning March 1, 2021.

How much did TimkenSteel report in sales for 2019?

TimkenSteel reported sales of $1.2 billion in 2019.

Where is TimkenSteel Corporation located?

TimkenSteel Corporation is located in Canton, Ohio.