TimkenSteel to Increase Prices on Special Bar Quality Products

Rhea-AI Summary

TimkenSteel Corp. (NYSE: TMST) announced a base price increase of $40 per ton on all special bar quality (SBQ) products. This pricing change affects orders not already bound by pricing agreements, taking effect for shipments beginning April 5, 2021. All surcharge mechanisms will remain in place. TimkenSteel, a leader in customized alloy steel products, recorded sales of $1.2 billion in 2019 and employs approximately 2,055 individuals.

Positive

• Price increase of $40 per ton on SBQ products may enhance revenue.
• TimkenSteel's long-standing expertise contributes to product value.

Negative

• None.

CANTON, Ohio, Feb. 24, 2021 /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 $40 per ton. This increase is applicable to orders not already covered by pricing agreements and is effective for shipments beginning April 5, 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.

View original content to download multimedia:http://www.prnewswire.com/news-releases/timkensteel-to-increase-prices-on-special-bar-quality-products-301234966.html

SOURCE TimkenSteel Corp.

FAQ

What is the new price increase announced by TimkenSteel for SBQ products?

TimkenSteel announced a price increase of $40 per ton on all special bar quality (SBQ) products.

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

The new pricing will take effect for shipments beginning April 5, 2021.

What is the significance of the price increase for TimkenSteel (TMST)?

The price increase could potentially boost TimkenSteel's revenue from SBQ products.

What were TimkenSteel's sales figures in 2019?

TimkenSteel reported sales of $1.2 billion in 2019.