TimkenSteel Reports Profit in First Year as Standalone Company
By Metal Center News Staff
on Feb 4, 2015
Feb. 4, 2015 TimkenSteel Reports Profit in First Year as Standalone Company TimkenSteel, Canton, Ohio, reported net income of $105.0 million in 2014, a 17.3 percent increase over 2013. Net income in the fourth quarter declined 53.5 percent to $17.0 million. Full-year net sales grew 21.2 percent over 2013 to $1.67 billion. Fourth-quarter net sales rose 23.7 percent to $408.3 million. The company split from The Timken Company earlier in 2014, creating a separate business for steelmaking operations. "We performed well both operationally and financially in an exciting year for the company," said Ward J. Timken, Jr., chairman, CEO and president. "We drove financial performance, despite declining scrap prices that dampened our results, by fully leveraging our technical and operational advantages to serve a diverse portfolio of customers in the automotive, industrial and energy end markets. At the same time, we smoothly executed the spinoff, launched production on the jumbo bloom vertical caster, and announced our first strategic growth project as an independent company, an additional quench-and-temper heat-treat facility.” Tons shipped in the fourth quarter totaled 270,000, an increase of 25.7 percent over the same quarter the previous year. Shipments in the first quarter are projected to be flat over fourth-quarter 2014, with a shift in mix toward higher automotive sales. "In 2015, we'll continue to serve a broad range of industries. While the price of oil will impact our energy business this year, we've proven our ability to execute on our unique business model in both up and down markets,” Timken said.