CANTON, Ohio, Oct. 14, 2021 /PRNewswire/ -- TimkenSteel Corp.
(NYSE: TMST), a leader in high-quality specialty steel,
manufactured components and supply chain solutions, today announced
environmental goals for 2030, a critical milestone in the evolution
of the company's environmental, social and governance (ESG)
program.
TimkenSteel has established the following 2030 environmental
goals, compared with a 2018 baseline:
- 40% absolute reduction in combined Scope 1 and Scope 2
greenhouse gas (GHG) emissions
- 30% absolute reduction in total energy consumption (direct and
indirect)
- 35% absolute reduction in fresh water withdrawn
- 10% reduction in waste-to-landfill intensity
These targets are supported by projects across the company's
manufacturing, supply chain and corporate operations and are
aligned with regional, national and international environmental
priorities established by organizations such as the U.S.
Environmental Protection Agency, the Task Force on Climate-Related
Financial Disclosures (TCFD) and the Paris Climate Accords. Beyond
2030, TimkenSteel aspires to achieve carbon neutrality.
"As TimkenSteel matures on its ESG journey, we are committed to
making progress toward and achieving our long-term goals and
building on our long-standing reputation as a sustainable steel
supplier," said Mike Williams,
president and chief executive officer. "Environmental
sustainability is not new to us – we moved all production to
electric arc furnaces in 1952 and produce 100 percent of our steel
primarily from recycled scrap metal. Past efforts around energy
conservation, recycled metal sourcing and handling, and water
management and reuse have made us an environmental leader. Steel
will continue to be a critical component of a reduced-carbon future
and establishing these 2030 environmental goals focuses our company
on areas where we can have the greatest impact and further
contribute to that future."
Through TimkenSteel's well-established commitment to
environmental stewardship and its culture of continuous
improvement, the company's GHG emissions are already less than half
of the World Steel Association's industry average. Ongoing projects
to improve the energy efficiency and cleanliness of its scrap
handling and electric arc furnace steelmaking operations will
further contribute to TimkenSteel's environmental goals.
"In addition to establishing the new climate goals, TimkenSteel
is reaffirming its commitments to safety first and fostering
diversity," said Williams. "With an aspiration to achieve zero
workplace injuries and to build a diverse, equitable, and inclusive
workplace culture on our Board, in leadership and throughout our
company, TimkenSteel's ESG program reflects our vision to harness
the enduring power of steel to make the world a better place."
For more information about the company's ESG program and its
performance to date, see the ESG section of our website and
TimkenSteel's 2021 Sustainability Accounting Standards Board (SASB)
Disclosure.
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 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. Further, this news
release represents our current policy and intent and is not
intended to create legal rights or obligations. The 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.