TimkenSteel to Increase Prices on Special Bar Quality and Seamless Mechanical Tubing Products

Rhea-AI Summary

TimkenSteel Corp. (NYSE: TMST) has announced a $60 per ton increase in base pricing for all special bar quality (SBQ) products, effective from September 6, 2021. Additionally, pricing for all carbon and alloy seamless mechanical tubing (SMT) products will also rise by $60 per ton, starting January 3, 2022. These changes apply to new orders not covered by existing pricing agreements, while surcharge mechanisms remain unchanged. This development aims to strengthen the company's position in the alloy steel market.

Positive

• Price increase of $60 per ton for SBQ products expected to enhance revenue.
• Price increase of $60 per ton for SMT products aimed at stabilizing profit margins.

Negative

• None.

CANTON, Ohio, Aug. 9, 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 $60 per ton. This increase is effective for shipments beginning September 6, 2021.

The company also announced it will increase prices on all carbon and alloy seamless mechanical tubing (SMT) products by $60 per ton. SMT increases are effective for shipments beginning January 3, 2022.

All increases are applicable to orders not already covered by pricing agreements and 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 manufactured 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 1,900 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

What is the latest pricing announcement from TimkenSteel (TMST)?

TimkenSteel announced a $60 per ton price increase for special bar quality products effective September 6, 2021.

When will TimkenSteel increase prices on seamless mechanical tubing products?

The price for seamless mechanical tubing products will rise by $60 per ton starting January 3, 2022.

Are the price increases from TimkenSteel applicable to all orders?

The price increases apply to orders not already covered by pricing agreements.

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

The price increase is expected to enhance revenue and stabilize profit margins in a competitive market.