TimkenSteel and United Steelworkers (USW) Local 1123 agree to extend contract
TOWNSHIP, Ohio, September 24, 2021 / PRNewswire / – TimkenSteel Corp. (NYSE: TMST), a leader in high-quality specialty steels, fabricated components and supply chain solutions, and United Steelworkers (USW) Local 1123 have jointly agreed to extend their contract, which expires on Monday, September 27, 2021. The two-week extension will allow negotiations to continue as the two sides work to reach a mutually acceptable deal. The extension will expire on Monday, October 11, 2021.
“The negotiations are progressing constructively,” said Mike williams, President and CEO. “TimkenSteel remains committed to a deal that supports company goals and continues to position us as one of the region’s top employers.
The current agreement covers approximately 1,180 employee negotiators within the company Canton, Ohio operations.
ABOUT TIMKENSTEEL COMPANY
TimkenSteel (NYSE: TMST) manufactures carbon steel and high performance alloy steel products from recycled waste in Canton, Ohio, serving demanding applications in automotive, energy and a variety of industrial end markets. The Company is a leading US producer of alloy steel bar (up to 16 inches in diameter), seamless mechanical tubing and manufactured components. In manufacturing high quality steel for over 100 years, TimkenSteel’s proven expertise contributes to the performance of our customers’ products. The company employs around 1,900 people and has sales of $ 831 million in 2020. For more information, please visit us at www.timkensteel.com.
This press release contains “forward-looking” statements within the meaning of federal securities laws. You can usually identify a company’s forward-looking statements by words such as “will”, “anticipate”, “believe”, “could”, “estimate”, “expect”, “expect”, “prospect”, “Intend”, “may”, “possible”, “potential”, “foresee”, “project”, “seek”, “target”, “could”, “could”, “should” or “should” or other words, phrases or expressions which reflect the uncertainty of future events or results. The company cautions readers that actual results may differ materially from those expressed or implied in forward-looking statements made by or on behalf of the company due to various factors, such as: the potential impact of the COVID pandemic- 19 on financial operations and results, including cash flow and liquidity; whether the company is able to successfully implement actions designed to improve profitability under the conditions and schedules provided and if the company is able to fully realize the expected benefits of these actions; deterioration of global economic conditions or economic conditions in any of the geographic regions in which the company operates, including the additional negative effects of the global economic downturn, terrorism or hostilities, including political risks associated with the ‘potential instability of governments and legal systems in the countries in which the company or its clients operate, and changes in currency valuations; climate-related risks, including the environment and severe weather events caused by climate change, and legislative and regulatory initiatives addressing global climate change or other environmental concerns; the effects of fluctuations in customer demand on sales, product mix and prices in the industries in which the company operates, including the company’s ability to respond to rapid changes in customer demand, including including, but not limited to, changes in customer operating schedules due to supply chain constraints, effects of customer bankruptcies or liquidations, impact of changes in business cycles industrialists and the existence of fair trade conditions on American markets; competitive factors, including changes in market penetration, increased price competition from existing or new foreign and domestic competitors, the introduction of new products by existing and new competitors, and new technologies that can have an impact on the way the company’s products are sold or distributed; changes in operating costs, including the effect of changes in the company’s manufacturing processes, changes in costs associated with different levels of operation and manufacturing capacity, availability of raw materials and energy, the company’s ability to mitigate the impact of fluctuations in raw materials and energy costs and efficiency of its surcharge mechanism, changes in expected costs associated with warranty claims of products, changes resulting from inventory management, cost reduction initiatives and varying levels of customer demand, the effects of unplanned work stoppages and changes in labor costs and benefits; the success of the company’s operating plans, announced programs, initiatives and capital investments, and the company’s ability to maintain appropriate relationships with unions that represent its associates in certain locations to avoid business interruptions; unanticipated disputes, claims or assessments, including claims or issues relating to intellectual property, product liability or warranty, and environmental issues and taxes, among others; the availability of financing and interest rates, which affect the company’s cost of funds and / or its ability to raise capital, including the company’s ability to refinance or repay bonds at maturity convertibles due December 1, 2025; the company’s pension obligations and return on investments, and / or customer demand and the ability of customers to obtain financing to purchase the company’s products or equipment that contain its products; the amount of any dividend declared by the board of directors of the company on the common shares of the company; the overall impact of mark-to-market pension plans and other post-retirement benefits; and the effects of the conditional conversion function of the Convertible Bonds due December 1, 2025, which, if triggered, allows Holders to convert the Notes at any time during specified periods at their discretion and therefore could result in potential dilution if the Holder chooses to convert and the Company chooses to satisfy some or all of the of the conversion obligation by delivering ordinary shares instead of cash.
Additional risks relating to the business of the Company, the industries in which the Company operates or the common shares of the Company 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 significant uncertainties which may affect actual results and may be beyond the control of the company. 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 taken as a complete list. Except as required by federal securities laws, the company makes no commitment 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.