TimkenSteel to Increase Prices on Special Bar Quality Products

Rhea-AI Summary

TimkenSteel Corp. (NYSE: TMST) announced a $60 per ton increase in base pricing for all special bar quality (SBQ) products, effective November 1, 2021. This change applies to orders not already covered by existing pricing agreements. All surcharge mechanisms will remain in effect. TimkenSteel has been a leader in customized alloy steel products for over 100 years, with sales totaling $831 million in 2020 and approximately 1,900 employees. The company is based in Canton, Ohio.

Positive

• Effective price increase of $60 per ton for SBQ products enhances revenue potential.
• TimkenSteel's long-standing market presence (over 100 years) suggests established customer loyalty.

Negative

• Increased prices may lead to reduced demand in competitive markets.

CANTON, Ohio, Oct. 13, 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 applicable to orders not already covered by pricing agreements and is effective for shipments beginning November 1, 2021. All surcharge mechanisms remain in effect.

ABOUT TIMKENSTEEL CORPORATION
TimkenSteel (NYSE: TMST) manufactures high-performance carbon and alloy steel products from recycled scrap materials 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 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 effective date for the price increase on TMST SBQ products?

The price increase for TMST SBQ products is effective November 1, 2021.

How much will TimkenSteel increase the prices of its SBQ products?

TimkenSteel will increase the prices of its special bar quality products by $60 per ton.

What are the potential consequences of the price increase announced by TMST?

The price increase could enhance revenue but may reduce demand in competitive markets.

What were TimkenSteel's sales figures for 2020?

TimkenSteel reported sales of $831 million in 2020.