July 9, 2014
Timken Completes Spinoff of Steel Business
The Timken Co., Canton, Ohio, has completed the spinoff of TimkenSteel Corp., which is now trading as an independent public company on the New York Stock Exchange under the symbol TMST.
"The spinoff offers exceptional opportunity to drive value for both The Timken Co. and TimkenSteel Corp., their respective employees and shareholders," says Richard G. Kyle, president and CEO of The Timken Co. "We offer congratulations to Tim Timken and the entire TimkenSteel team on their launch as an independent steel company, and wish them every success in advancing their leadership position as a special bar quality steelmaker."
The Timken Co. will continue to focus on its bearings business, as well as power transmission products and related services, which include gearboxes, chain, lubrication systems, transmissions and other related rebuild and maintenance services.
TimkenSteel manufactures alloy steel and carbon and micro-alloy steel, with an annual melt capacity of approximately two million tons. The company offers SBQ, seamless mechanical tubing and precision steel components.