CANTON,
Ohio, April 18, 2023 /PRNewswire/ -- TimkenSteel
Corp. (NYSE: TMST), a leader in high-quality specialty steel,
manufactured components, and supply chain solutions, today released
its 2022 sustainability report, which is available at
https://timkensteel.com/who-we-are/Sustainability.
The 2022 Sustainability Report provides an update on the
company's continued commitment to responsible and sustainable
operations. The report highlights progress on key initiatives and
programs that support the company's three sustainability pillars:
Environmental Stewardship, Social Commitment, and Governance and
Ethics. These pillars connect directly to the theme of the 2022
report – "People. Passion. Principles." – which reflects how
TimkenSteel strives for excellence in all areas of sustainability
while maintaining its focus on its mission and core values.
"We are pleased to share our second sustainability report, which
demonstrates the ways we prioritize the people who make up
TimkenSteel, our passion for reducing our environmental impact, and
the principles that inform our practices," said Michael Williams, president and chief executive
officer. "Aligning our work against the Global Reporting Initiative
Standards will help us continue to drive our sustainability
performance, demonstrate progress, and develop a road map for the
future."
Some highlights of note from the last year include:
- Increased transparency with Global Reporting Initiative
(GRI) reporting: 2022 is the first year that TimkenSteel has
reported with reference to the new GRI Standards, as well as
continuing to report in alignment with the Sustainability
Accounting Standards Board (SASB) Standards for the Iron &
Steel Producers sector.
- Embedded focus on sustainability across the company: In
its first full year of oversight, the ESG Steering Committee
developed an organizational strategy and formed specialized
subcommittees responsible for implementing foundational elements of
TimkenSteel's company-wide sustainability programs and
initiatives.
- Targeted capital allocation for continuous improvement:
To ensure progress against environmental targets, the company has
allocated approximately $3 million of
capital expenditures per year through 2030 to achieve its long-term
ESG goals.
- Enhanced focus on the safety of our employees:
TimkenSteel implemented multiple training programs to improve its
safety culture and safety performance and expects to invest
approximately $7 million in 2023 in
company-wide training, new equipment, and improved safety
programs.
- Evaluated environmental impact, including Scope 3
emissions: An independent climate consultant worked with
TimkenSteel to conduct a comprehensive Scope 3 GHG emissions
inventory for 2022 and validate the company's Scope 1 and Scope 2
inventories.
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 1,700
people and had sales of $1.3 billion
in 2022. For more information, please visit us at
www.timkensteel.com.
FORWARD-LOOKING STATEMENTS FORWARD-LOOKING
STATEMENTS
This news release contains certain statements
that may be deemed "forward-looking statements" within the meaning
of Section 21E of the Securities Exchange Act of 1934. All
statements, other than statements of historical fact, that address
activities, events or developments that we or our management
intends, expects, projects, believes or anticipates will or may
occur in the future are forward-looking statements. We use words
such as aim, anticipate, aspire, believe, commit, confident, could,
drive, estimate, ensure, expect, forecast, goal, intend, may,
mission, outlook, plan, possible, potential, predict, project,
seek, should, strategy, strategic direction, strive, target, will
and would or similar expressions to identify forward-looking
statements. In particular, such statements may include but are not
limited to: (1) statements that relate to our purpose, ambitions,
aims, commitments, targets, plans, objectives, and sustainability
goal progress; (2) environmental, health, and safety (EHS) data as
it relates to the environment, including our greenhouse gas
emissions, energy consumption, water usage and waste-to-landfill
intensity, safety performance, management systems, implementation
and regulatory compliance, including data collection systems that
track and collect EHS data through the corporate-wide EHS reporting
systems; (3) social data as it relates to employee metrics, social
practices and community engagement programs derived from our
various databases; (4) responsible sourcing of materials and the
related responsible sourcing systems and data; and (5) statements
about actions of suppliers and partners or our work with them. Such
statements are based upon certain assumptions and assessments made
by our management in light of their experience and their perception
of historical trends, current economic and industry conditions,
expected future developments and other factors they believe to be
appropriate. The forward-looking statements included in this news
release and referenced report are also subject to a number of
material risks and uncertainties that may cause actual results to
differ materially. Such risks and uncertainties include, but are
not limited to, economic, competitive, governmental, technological,
public health, and geopolitical factors affecting our operations,
markets, products, supply chain, services and prices; assumptions
not being realized; scientific or technological developments;
evolving sustainability strategies; changes in carbon markets;
evolving government regulations; our adoption of new technologies
and expansion into new markets; or other changes in circumstances,
as well as those factors set forth in the "Risk Factors" section of
our most recent Annual Report on Form 10-K and subsequent quarterly
reports on Form 10-Q filed with the U.S. Securities and Exchange
Commission. Such forward-looking statements are not guarantees of
future performance and actual results, and other developments,
including the potential impact of economic and geopolitical
conditions, and business decisions may differ from those envisaged
by such forward-looking statements. The information and opinions
contained in this news release and referenced report are provided
as of the date of this report and are subject to change without
notice. We undertake no obligation to update any forward-looking
statements contained in this report as a result of new information
or future events or developments except as may be required by
applicable laws.
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SOURCE TimkenSteel Corp.