Feb. 19, 2014
TimkenSteel One Step Closer
The Timken Company, Canton, Ohio, has filed paperwork with the SEC, moving forward with its plan to spin off its steel business into an independent publicly traded company. Upon completion of the spinoff, TimkenSteel will be North America's only focused special bar quality steelmaker, with annual revenues of approximately $1.4 billion based on 2013 segment sales, the company claims.
"Filing the initial Form 10 is a significant milestone in the process of establishing TimkenSteel as a stand-alone publicly traded company," says James W. Griffith, president and chief executive officer. "The Form 10 offers current shareholders and future investors a first look at TimkenSteel, its business model and markets." He expects the new company to be operating, with its shares trading on the New York Stock Exchange, later this summer.