United Steelworkers Ratify Four-Year Contract with TimkenSteel
On October 29, 2021, TimkenSteel Corp. (NYSE: TMST) announced that its employees, represented by the United Steelworkers (USW) Local 1123, ratified a new four-year contract. This agreement ensures annual wage increases, competitive healthcare, and retirement benefits for approximately 1,180 employees at the Canton, Ohio facility. CEO Mike Williams highlighted that the contract addresses long-term competitive challenges while maintaining TimkenSteel's commitment to employee wellbeing and safe operations. The contract is effective until September 27, 2025.
- New four-year contract ratified, providing annual wage increases.
- Competitive healthcare and retirement benefits secured for employees.
- Contract addresses long-term competitive challenges, enhancing business stability.
- None.
CANTON, Ohio, Oct. 29, 2021 /PRNewswire/ -- TimkenSteel Corp. (NYSE: TMST), a leader in high-quality specialty steel, manufactured components and supply chain solutions, announced today that its employees who are members of the United Steelworkers (USW) Local 1123 have voted in favor of a new four-year contract.
"The company and union worked diligently to reach an agreement that continues to provide some of the area's best wages and benefits, while also addressing some of our long-term competitive challenges," said Mike Williams, president and chief executive officer. "Under this contract, we've worked together to help TimkenSteel more effectively manage some of our ongoing obligations while positioning us to remain one of the area's best employers."
The contract, which is in effect until Sept. 27, 2025, offers TimkenSteel's Canton-based bargaining employees increases to base wages every year, competitive healthcare and retirement benefits for all members, and a continued focus on employee wellbeing as well as safe and sustainable operations.
The agreement covers approximately 1,180 bargaining employees at the company's Canton, Ohio operations. Additional information can be found at www.timkensteel.com/agreement.
ABOUT TIMKENSTEEL CORPORATION
TimkenSteel (NYSE: TMST) manufactures high-performance carbon and alloy steel products from recycled scrap metal in Canton, OH, serving demanding applications in mobile, 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
FORWARD-LOOKING STATEMENTS
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Further, this news release represents our current policy and intent and is not intended to create legal rights or obligations. Any standards of measurement and performance contained in this disclosure are developing and based on assumptions, and no assurance can be given that any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this news release can or will be achieved.
Additional risks relating to the company's business, the industries in which the company operates, or the company's common shares may be described from time to time in the company's filings with the SEC. All of these risk factors are difficult to predict, are subject to material uncertainties that may affect actual results and may be beyond the company's control. Readers are cautioned that it is not possible to predict or identify all of the risks, uncertainties and other factors that may affect future results and that the above list should not be considered to be a complete list. Except as required by the federal securities laws, the company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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SOURCE TimkenSteel Corp.
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