CANTON, Ohio, Oct. 8, 2021 /PRNewswire/ -- TimkenSteel
Corp. (NYSE: TMST), a leader in high-quality specialty steel,
manufactured components and supply chain solutions, and the United
Steelworkers (USW) Local 1123 have reached a tentative agreement
for a new four-year contract. The date of the vote will be set and
announced by the union.
"We have reached an agreement that keeps our employees
earning some of the best wages and benefits in the
region and industry while supporting the long-term viability of
TimkenSteel," said Mike Williams,
president and chief executive officer. "We're working together both
to address the significant pressures we face from a highly
competitive and ever-changing industry, and to keep our people
working."
The tentative agreement provides 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 current agreement covers approximately 1,180 bargaining
employees at the company's Canton,
Ohio operations.
ABOUT TIMKENSTEEL CORPORATION
TimkenSteel (NYSE: TMST) manufactures high-performance carbon
and alloy steel products from recycled scrap materials 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
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
$831 million in 2020. For more
information, please visit us at www.timkensteel.com.
FORWARD-LOOKING STATEMENTS
This news release includes "forward-looking" statements within
the meaning of the federal securities laws. You can generally
identify the company's forward-looking statements by words such as
"will," "anticipate," "believe," "could," "estimate," "expect,"
"forecast," "outlook," "intend," "may," "possible," "potential,"
"predict," "project," "seek," "target," "could," "may," "should" or
"would" or other similar words, phrases or expressions that convey
the uncertainty of future events or outcomes. 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 a variety of factors, such as: the
potential impact of the COVID-19 pandemic on the company's
operations and financial results, including cash flows and
liquidity; whether the company is able to successfully implement
actions designed to improve profitability on anticipated terms and
timetables and whether the company is able to fully realize the
expected benefits of such actions; deterioration in world economic
conditions, or in economic conditions in any of the geographic
regions in which the company conducts business, including
additional adverse effects from global economic slowdown, terrorism
or hostilities, including political risks associated with the
potential instability of governments and legal systems in countries
in which the company or its customers conduct business, and changes
in currency valuations; climate-related risks, including
environmental and severe weather caused by climate changes, 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 ability of
the company to respond to rapid changes in customer demand
including but not limited to changes in customer operating
schedules due to supply chain constraints, the effects of customer
bankruptcies or liquidations, the impact of changes in industrial
business cycles, and whether conditions of fair trade exist in U.S.
markets; competitive factors, including changes in market
penetration, increasing price competition by existing or new
foreign and domestic competitors, the introduction of new products
by existing and new competitors, and new technology that may impact
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 varying
levels of operations 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 the
effectiveness of its surcharge mechanism, changes in the expected
costs associated with product warranty claims, changes resulting
from inventory management, cost reduction initiatives and different
levels of customer demands, the effects of unplanned work
stoppages, and changes in the cost of labor and benefits; the
success of the company's operating plans, announced programs,
initiatives and capital investments, and the company's ability to
maintain appropriate relations with unions that represent its
associates in certain locations in order to avoid disruptions of
business; unanticipated litigation, claims or assessments,
including claims or problems related to intellectual property,
product liability or warranty, and environmental issues and taxes,
among other matters; the availability of financing and interest
rates, which affect the company's cost of funds and/or ability to
raise capital, including the ability of the company to refinance or
repay at maturity the convertible notes due December 1, 2025; the company's pension
obligations and investment performance, 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 company's Board of Directors
on the company's common shares; the overall impact of pension and
other postretirement benefit mark-to-market accounting; and the
effects of the conditional conversion feature of the Convertible
Notes due December 1, 2025, which, if
triggered, entitles holders to convert the notes at any time during
specified periods at their option and therefore could result in
potential dilution if the holder elects to convert and the company
elects to satisfy a portion or all of the conversion obligation by
delivering common shares instead of cash.
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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/timkensteel-united-steelworkers-usw-local-1123-reach-tentative-agreement-for-new-four-year-contract-301396121.html
SOURCE TimkenSteel Corp.