The Truth About TimkenSteel Corp (TMST): Quiet Stock, Loud Moves – Are You Sleeping on This Play?
The article analyzes TimkenSteel Corp (TMST), an old-school steel player, as a potentially undervalued stock despite lacking mainstream hype. It highlights TMST's focus on specialty steel products for industrial use and its cyclical nature, making it a high-risk/high-reward play for investors comfortable with volatility and industrial market trends. The author suggests TMST could be a strategic addition to a diversified portfolio for those looking beyond mainstream tech stocks and into potential turnaround stories.
The Truth About TimkenSteel Corp (TMST): Quiet Stock, Loud Moves – Are You Sleeping on This Play?
TimkenSteel Corp (TMST) is presented as a quiet, old-school steel player that might be an overlooked opportunity for value investors. The article explores TMST's stock performance, business model, and risk factors, comparing it to larger competitors and concluding it could be a high-risk/high-reward play for investors comfortable with industrial cycles and small-cap volatility. It emphasizes that TMST is not a meme stock but a fundamentals-driven investment.
Steelworkers Local 1123 members approve new 4-year deal with TimkenSteel
Members of Steelworkers Local 1123 have approved a new four-year contract with TimkenSteel after two months of negotiations. The agreement, which covers about 1,180 union members, includes annual base wage increases, competitive health care, and retirement benefits. The contract runs through September 27, 2025, and aims to balance employee benefits with the company's competitive challenges.
Beware! Toxic gases aren't poison here thanks to lapdogs on Ohio Supreme Court | Opinion
An opinion piece criticizes the Ohio Supreme Court's 6-1 decision that nitrogen gas is not "toxic" or "poison" despite its role in a workplace death, denying the widow additional compensation. The author argues this ruling, following a controversial "boneless chicken wing" decision, undermines public confidence in the judiciary and favors politically connected entities like TimkenSteel, whose family has made significant donations to current Supreme Court justices. The article highlights Justice Jennifer Brunner's dissent, which called the majority's reasoning illogical given nitrogen's use in executions.
High court finds no safety violation in fatal nitrogen release at Canton steel plant
The Ohio Supreme Court ruled against providing additional workers' compensation to the widow of a TimkenSteel employee who died from nitrogen asphyxiation. The court found that the Industrial Commission of Ohio did not err in denying the additional award, as the specific safety regulations cited did not apply to "toxic" or "poisonous" gases in the context of oxygen displacement. This decision overturns an appeals court ruling that had pushed for reconsideration.
TimkenSteel rebrands with new name, Metallus, to honor its steel legacy
TimkenSteel is rebranding as Metallus to differentiate itself from its former parent company, Timken Co., and to reflect a strategic focus on growth and diversification. The new name, a blend of "metallurgy" and "qualis," aims to honor its steel legacy while signaling its transformation since its 2014 spinoff. The rebrand will include a new website and NYSE ticker symbol (MTUS) effective Feb. 27.
Metallus completes pension buyout with Prudential to terminate salaried plan
Metallus Inc. has completed the termination of its salaried pension plan through a buyout with Prudential. This action falls under pension risk transfer.
TimkenSteel Announces Fourth-Quarter and Full-Year 2023 Earnings Webcast Details
TimkenSteel Corp. (soon to be Metallus Inc.) will release its fourth-quarter and full-year 2023 financial results on Tuesday, February 27, after market close. The company's common stock will trade under the new ticker symbol (NYSE: MTUS) starting February 27, 2024. A webcast of their conference call with the financial community will be held on Wednesday, February 28, 2023, at 9:00 a.m. ET.
US Gold Corp Advances CK Gold Project, TimkenSteel Rebrands To Metallus, Foremost Lithium Gets Permit For Jean Lake Project
US Gold Corp. provided an update on its CK Gold Project, anticipating permit approval and feasibility study completion in H1 2024, with potential for significant upside due to rising gold and copper markets. TimkenSteel announced its rebranding to Metallus Inc., reflecting a new vision for growth in the high-performance metals industry. Foremost Lithium received a multi-year work permit for its Jean Lake Lithium/Gold Project in Manitoba, enabling streamlined and more efficient exploration efforts, including a planned 15-hole drilling program.
TimkenSteel Corporation (NYSE:TMST) is favoured by institutional owners who hold 79% of the company
Institutional investors hold a significant 79% stake in TimkenSteel Corporation (NYSE:TMST), giving them substantial influence over the company's share price. The top 10 shareholders collectively own 51% of the company, with major firms like BlackRock, Dimensional Fund Advisors, and The Vanguard Group being prominent. Despite minimal insider ownership, this strong institutional presence, combined with analyst forecasts, suggests confidence in the company's future prospects.
TimkenSteel post third quarter loss, cites Faircrest shutting down after fatal accident
TimkenSteel reported a third-quarter loss of $13.3 million, or 29 cents per share, primarily due to the temporary shutdown of its Faircrest Steel Mill following a fatal accident in July. Revenue also decreased by 7.8% to $316.8 million compared to the previous year. The company is focused on improving safety, expects fourth-quarter profitability to be challenged, but anticipates positive momentum in 2023 with strong customer demand.
Fatal accident leads to lower revenue, earnings for TimkenSteel
TimkenSteel announced a downgrade in its Q3 revenue and earnings projections due to a July explosion at its Faircrest steel plant that caused an employee's death and a month-long shutdown. The company reported net sales of $316.8 million, a 23.8% drop from the previous quarter, and shipped 24% less steel. Despite the financial hit and $8 million in repair costs, TimkenSteel remains optimistic about strong customer demand and expects significant recovery from business interruption insurance.
July accident at Faircrest steel plant stalling TimkenSteel production
A July 26 accident at TimkenSteel's Faircrest Steel Mill has stalled melt shop operations, with repairs and an investigation ongoing, expected to resume mid-August. Despite this, the company reported strong second-quarter financial results with net income up 38% and sales up 27%, and does not anticipate a significant impact on full-year financial results. TimkenSteel is supplying customers from inventory and a partner, while also addressing safety concerns following the accident and a previous fatality.
TimkenSteel explosion update: One worker hospitalized, two treated and released
A TimkenSteel worker remains hospitalized with severe burns after a furnace explosion at the company's Faircrest plant. Two other workers were treated and released for smoke inhalation and minor burns. The Occupational Safety and Health Administration (OSHA) has launched an investigation into the incident.
Three workers injured at TimkenSteel's Faircrest plant in explosion
Three workers were injured in an explosion at TimkenSteel's Faircrest plant in Perry Township, Ohio, on Tuesday night. The incident occurred in the melt shop area involving a furnace, and the cause is under investigation by the company and the federal Occupational Safety and Health Administration (OSHA). This explosion follows TimkenSteel's placement in OSHA's severe violator enforcement program in June after a fatal accident at another facility.
An Interview with Ward J. “Tim” Timken, Jr., Chairman, Chief Executive Officer, and President, TimkenSteel Corporation
This interview features Ward J. “Tim” Timken, Jr., Chairman, CEO, and President of TimkenSteel Corporation, discussing the company's history, evolution as an independent entity, and future growth strategies. He highlights TimkenSteel's commitment to innovation, customized steel solutions for demanding applications, and its focus on the North American special bar quality (SBQ) steel market. Timken emphasizes the company's 100-year legacy and its strong customer base across various industries.
TimkenSteel, Golden Lodge have tentative deal on four-year contract
TimkenSteel has reached a tentative four-year contract agreement with United Steelworkers Local 1123, also known as the Golden Lodge. The proposed contract, which covers 1,180 union members, includes annual base wage increases, competitive health care and retirement benefits, and a focus on employee well-being and safe operations. The Golden Lodge's negotiating team will unanimously recommend the agreement for ratification.
TimkenSteel Enters into an Agreement to Sell TimkenSteel (Shanghai) Corporation Limited to Daido Steel
TimkenSteel Corp. announced it has signed a purchase agreement with Daido Steel (Shanghai) Co., Ltd. to sell its TimkenSteel (Shanghai) Corporation Limited (TSS) subsidiary in China for approximately $7 million in cash. Under the agreement, Daido will become a key authorized distributor of TimkenSteel products in China, and the transaction is expected to close in the third quarter of 2021.
New president, CEO brings experience to leaner TimkenSteel operation
Michael Williams has taken over as president and CEO of TimkenSteel, bringing extensive experience in turning around struggling companies within the metals industry. His arrival coincides with significant operational changes, including the idling of melt shop operations at the Harrison steel mill to optimize assets and improve profitability. Analysts and union representatives view these changes, coupled with Williams's leadership, as positive steps towards a leaner and more focused TimkenSteel.
TimkenSteel makes executive changes
TimkenSteel has announced executive leadership changes, naming Michael S. Williams as its new President and CEO, effective January 1, 2021. Williams, formerly CEO of Bayou Steel Group, replaces Terry L. Dunlap, who will remain an independent director on the board. Additionally, Kristine C. Syrvalin will succeed Frank A. DiPiero as executive vice president, general counsel, and secretary.
TimkenSteel names Michael S. Williams new president and CEO
TimkenSteel has appointed Michael S. Williams as its new president and CEO, effective January 1, replacing interim CEO Terry Dunlap. Williams previously served as CEO of Bayou Steel Group and held leadership roles at Outokumpu Americas and U.S. Steel. Additionally, Kristine C. Syrvalin will succeed Frank A. DiPiero as executive vice president, general counsel, and secretary.
Tim Timken joins Canton-based consulting firm McKinley Advisors
Tim Timken, former CEO of TimkenSteel, has co-founded McKinley Advisors, a new consulting firm based in Canton with offices in Columbus and Washington, D.C. He will serve as CEO, alongside Ryan Stenger as COO and William P. Blair III as senior partner. The firm will offer full-service consulting in business, government affairs, politics, and grassroots, leveraging the founders' extensive experience in these fields.
Former TimkenSteel CEO Tim Timken opening lobbying and consulting firm
Former TimkenSteel CEO Tim Timken is launching a new lobbying and consulting firm named McKinley Advisors, in partnership with political operative Ryan Stenger. The firm will be based in Canton with offices in Columbus and Washington, D.C., and aims to serve manufacturers and other companies, maintaining strict separation from the Ohio Republican Party. This move comes after Timken's departure from TimkenSteel and highlights his family's long-standing political and business influence in Ohio.
TimkenSteel names Leila Vespoli director
TimkenSteel has appointed Leila Vespoli, a retired executive vice president from FirstEnergy, to its board of directors as an independent director. John P. Reilly, TimkenSteel's board chairman, highlighted Vespoli's strategic business leadership, financial expertise, and experience in regulatory and mergers and acquisitions. Vespoli's appointment marks the first director selection since Tim Timken's departure from the company.
TimkenSteel removes CEO Ward J. 'Tim' Timken Jr., names Terry L. Dunlap as interim leader
TimkenSteel (NYSE: TMST) has removed Ward J. "Tim" Timken Jr. as its president and CEO, effective immediately, citing a need for new leadership to revitalize the company's performance. Terry L. Dunlap has been appointed interim president and CEO, while John P. Reilly takes over as chairman of the board. The change comes after a challenging year for TimkenSteel, with its stock falling 33% and the company reporting a net loss in the second quarter of 2019.
Ward 'Tim' Timken Jr. out as TimkenSteel CEO
Ward J. "Tim" Timken Jr. has departed from his roles as CEO, president, and board chairman of TimkenSteel, the company he led since its founding five years ago. While the company stated he "stepped down," SEC filings indicate his departure was treated as a termination without cause, resulting in a $4 million cash severance payout. Terry L. Dunlap has been named interim chief executive and president, with a focus on improving shareholder value and the company's market position, as TimkenSteel has seen a significant decline in its stock price since its inception.
Former ATI exec to run Ohio steel company
Terry Dunlap, a former executive at ATI, has been appointed as the interim CEO and president of TimkenSteel. The article highlights this significant leadership change at the Ohio steel company.
TimkenSteel retirees question benefit change
TimkenSteel retirees and the United Steelworkers International union are questioning a planned change in health insurance benefits for Medicare-eligible retirees. The company plans to end its $295-per-month payment for supplemental insurance and instead establish a health reimbursement account, which retirees contend violates negotiated contract language from 1994. Union officials are investigating options and have scheduled a meeting with the company to discuss the changes.
Elaine Russell Reolfi WON 2018
Elaine Russell Reolfi, Executive Vice President of Organizational Advancement and Corporate Relations at TimkenSteel Corp., is recognized for her success as a first-generation American who rose through the ranks. She is the only woman on TimkenSteel's eight-person senior leadership team, overseeing human resources, compensation, benefits, communications, and community relations. Reolfi is currently focused on rethinking the employee experience for the company's 2,800 employees, implementing initiatives like flexible working arrangements, additional holidays, paid parental leave, and Employee Resource Groups.
SMS provides heat-treatment line to TimkenSteel
SMS has installed an advanced quench-and-temper facility heat-treatment line at TimkenSteel Corp.’s Gambrinus Steel Plant in Canton, Ohio. The compact line can treat 10 tons per hour of bars and heavy-walled tubes up to 13 inches in diameter and has begun full commercial production.
Stark Heritage: The Timkens
This article details the history and lasting legacy of the Timken family and their businesses in Stark County, Ohio. It covers the evolution of the Timken Company from its origins with Henry Timken's tapered roller bearing patent to its modern-day operations as TimkenSteel and The Timken Co., highlighting the family's enduring influence, commitment to the community, and significant role in the local economy and philanthropy, including their involvement with Mercy Medical Center.
After 100 years, TimkenSteel looks to grow
TimkenSteel, celebrating its 100th anniversary, is focused on growth through technology, investment, and customer satisfaction. The company, which specializes in special bar-quality steel, has endured economic cycles and remains a significant employer in Stark County, Ohio. Despite being a smaller player in the global steel industry, TimkenSteel aims to continue its legacy by adapting and investing in its future.
Steel proud
TimkenSteel is celebrating 100 years of steel production, continuing a legacy that often spans generations within families, exemplified by the Norman family. The company's venture into steel production began strategically in 1917 to secure raw materials for its bearings and has since evolved into an independent entity, navigating market fluctuations and advancing steelmaking technology. Despite economic downturns, TimkenSteel remains a significant employer and innovator committed to producing high-quality steel.
Trump targets cheap Chinese steel in probe, rallying U.S. steel stocks
President Donald Trump launched a trade probe into cheap Chinese steel imports, citing national security concerns, which led to an increase in shares of U.S. steel manufacturers. The investigation, initiated under Section 232 of the Trade Expansion Act of 1962, explores potential tariffs, diverging from previous administrations' approaches. This move comes amidst Trump's efforts to press China on North Korea and his pledge to boost U.S. manufacturing.
Jackson senior nabs TimkenSteel award
Eli Abboud, a senior at Jackson High School, received the top TimkenSteel scholarship, a $20,000 renewable award for up to four years. He was surprised with the news by company executives and his family at his school. The TimkenSteel Charitable Fund awarded scholarships to seven children of company employees, totaling up to $145,000, based on academic, extracurricular, and leadership achievements.
TimkenSteel death: Kenny Ray Jr. was policeman, firefighter, EMT
Kenny Ray Jr., a fire technician at TimkenSteel's Faircrest plant, died from apparent nitrogen gas exposure. The 32-year-old was found unresponsive while checking fire extinguishers in an elevator room, and OSHA is investigating after confirming low oxygen levels caused by nitrogen release. TimkenSteel, which has faced previous OSHA violations, expressed condolences for Ray, who also served as a policeman, firefighter, and EMT.
Scrap or Iron Ore: What Drives US Steel Prices?
This article examines the primary drivers of US steel prices, distinguishing between the impact of steel scrap and iron ore. It highlights that US steel producers, such as Nucor (NUE) and Steel Dynamics (STLD), are more influenced by steel scrap prices than seaborne iron ore prices. The piece also notes that while short-term US scrap prices don't follow seaborne iron ore, changes in alternative raw material costs can impact overall dynamics in the medium to long term.
TimkenSteel suspends dividend
TimkenSteel announced the suspension of its quarterly dividend due to a poor third quarter and a challenging market environment. The company reported a significant loss of $30.8 million and a 46% drop in sales for the quarter, leading to cost-reduction efforts. While the dividend is suspended, the company expressed an intention to restore it once business conditions improve.
Philip Fracassa
Philip Fracassa, CFO of Timken Co., played a crucial role in the separation and spin-off of the company's steel business into TimkenSteel Corp. He was instrumental in re-positioning Timken and improving investor perceptions, having previously held various senior financial positions since joining in 2005. Fracassa is also active in professional organizations and community boards, showcasing his broad impact.
TimkenSteel board elects Terry Dunlap as independent director
The board of TimkenSteel Corp. has elected Terry L. Dunlap, a retired executive vice president of Allegheny Technologies Inc., as a new independent director, increasing the board's size to 10. Dunlap brings 31 years of experience in the metals industry, having held various leadership positions at Allegheny Technologies, including leading its flat-rolled products group. He now serves as principal at Sweetwater LLC, a consulting and investing business focused on manufacturing and technology.
James M. Gresh named next director of Timken Foundation
James M. Gresh, a TimkenSteel Corp. executive, has been named the next executive director of the Timken Foundation of Canton, succeeding the retiring Jeffrey A. Halm. Gresh will oversee worldwide activities, work with trustees on grants and policy, and collaborate with other foundations. He brings 33 years of experience with TimkenSteel and Timken, including leading international operations.
200 THINGS THAT PLAY IN STARK COUNTY: Faircrest steel mill, caster are one of a kind
The article details the history and continuous improvements of the Faircrest steel mill in Stark County, initially built by Timken Co. in the 1980s. It highlights a significant $225 million investment a jumbo bloom vertical caster, which led to the creation of the world's largest vertical bloom caster for TimkenSteel Corp. The mill also received other upgrades such as a $35 million forge press and a $5 million ultrasonic test inspection line to maintain its status as a modern steel facility.
TimkenSteel shows off new caster
TimkenSteel Corp. unveiled its new jumbo bloom vertical caster at the Faircrest Steel Mill, which company officials state is the largest of its kind globally. The caster has been operational since late October, producing over 45,000 tons of steel blooms. The event was attended by U.S. Sen. Rob Portman and U.S. Reps Bob Gibbs and Jim Renacci, who emphasized the importance of collaboration between government and business for American manufacturing strength.
Does Ellwood Group have its own plans for TimkenSteel?
Ellwood Group has been steadily accumulating shares of TimkenSteel Corp., becoming its second-largest shareholder with 8.5% of the company's stock. This move has fueled speculation among analysts that TimkenSteel, a spin-off of Timken Co., could be a takeover target or a merger partner for Ellwood Group. Ellwood officials claim they are buying shares because they believe TimkenSteel is undervalued, yet the privately-held company has a history of strategic investments and acquisitions.
Reinvention: How TimkenSteel, a 100-year-old manufacturer, is innovating with new products (photos)
TimkenSteel, a 100-year-old manufacturer, has undergone significant reinvention, with 30% of its products being less than five years old. This transformation involved a $225 million investment in a new steel mill and caster, and a strategic focus on solving customer problems in niche markets, leading to customized solutions and increased sales. The company emphasizes continuous innovation and customer-centric approaches to maintain its competitive edge in the high-end steel industry.
State rules aim to reduce scrap theft
Ohio has implemented new state regulations effective February 1st, requiring scrap yards to perform criminal background checks on sellers to combat metal theft. These rules mandate sellers show ID, have their photo taken, and have a picture of their vehicle, with a "do not buy" list deterring individuals with theft convictions. Scrap yards are also required to report daily transactions to state authorities, enhancing local efforts already in place in cities like Canton and Akron.
Pa. steel company invests in TimkenSteel
Ellwood Group, a Pennsylvania-based steel company, has acquired over 5% of TimkenSteel Corp.'s outstanding shares, citing the stock as undervalued and an attractive investment opportunity. This investment, which resulted in a spike in TimkenSteel's stock price, follows TimkenSteel's spin-off from Timken Co. last year due to pressure from outside investors. Ellwood Group, a long-time customer of TimkenSteel, noted it made the purchase independent of short-term financial perspectives, aiming for long-term value.
How Wall Street Bent Steel (Published 2014)
The article details how activist investor Relational Investors pushed Timken, a century-old steel and bearings company controlled by the Timken family, to split into two separate entities. This move, aimed at "unlocking value" and increasing share prices, made Timken's shares more valuable for Relational but left the newly formed companies vulnerable to takeover, causing apprehension in Canton, Ohio. It highlights the growing influence of activist investors on major corporations.
TimkenSteel’s big caster a big deal for Canton company
TimkenSteel Corp.'s new vertical caster, representing a nearly quarter-billion-dollar investment, has begun operations at its Faircrest steel plant. This substantial caster, the largest of its kind globally and unique in North America, dramatically increases TimkenSteel's ship capacity and production efficiencies, particularly for larger section sizes. Expected to reach full capacity by early to mid-2016, the caster can produce about a million tons of high-grade, premium steel annually, bolstering the company's product offerings.
Timken Co’s new, open headquarters a bump up
Timken Co. recently unveiled its $65 million renovated and expanded global headquarters in Jackson Township, designed to foster collaboration and informal interactions among employees. The new building, which accommodates approximately 800 employees, is a direct result of the company's split from TimkenSteel earlier in the year. It features an open design, a main corridor showcasing company history, and advanced technological displays to engage both employees and visitors.
