TimkenSteel to Increase Prices on Special Bar Quality Products

Rhea-AI Summary

TimkenSteel Corp. (NYSE: TMST) announced a price increase for special bar quality (SBQ) products effective May 3, 2021. The increase is $55 per ton for products sized 3.500" and below, and $40 per ton for sizes above 3.500". This adjustment applies to orders not covered by existing pricing agreements. TimkenSteel, a leader in alloy steel manufacturing, generated $831 million in sales in 2020 and continues to serve key sectors such as automotive and energy.

Positive

• Price increase of $55 per ton for SBQ products 3.500" and below, enhancing potential revenue.
• Price increase of $40 per ton for SBQ products above 3.500", potentially bolstering profit margins.

Negative

• None.

CANTON, Ohio, March 15, 2021 /PRNewswire/ -- TimkenSteel Corp. (NYSE: TMST), a leader in customized alloy steel products and services, today announced it will increase base pricing on special bar quality (SBQ) products 3.500" and below by $55 per ton and $40 per ton for sizes above 3.500". This increase is applicable to orders not already covered by pricing agreements and is effective for shipments beginning May 3, 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 2,000 people and had sales of $831 million in 2020. 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-301247642.html

SOURCE TimkenSteel Corp.

FAQ

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

TimkenSteel announced a price increase of $55 per ton for SBQ products 3.500" and below, and $40 per ton for sizes above 3.500", effective May 3, 2021.

When will the price increase for TimkenSteel's products take effect?

The price increase will take effect for shipments beginning May 3, 2021.

What are the implications of the price increase for TimkenSteel's revenue?

The price increases could enhance TimkenSteel's revenue, particularly for orders not already covered by pricing agreements.

How much did TimkenSteel generate in sales last year?

TimkenSteel generated $831 million in sales in 2020.

Which sectors does TimkenSteel serve?

TimkenSteel serves demanding applications in automotive, energy, and various industrial end markets.