TimkenSteel to Sell Chinese Subsidiary
By Metal Center News Staff
on Apr 26, 2021
TimkenSteel Corp., Canton, Ohio, will sell its TimkenSteel (Shanghai) Corporation Limited subsidiary in China to Daido Steel Co. Ltd. The deal is for approximately $7 million.
"With this arrangement, Daido will move from a valued supplier to a key authorized distributor of TimkenSteel products in China," said Mike Williams, president and CEO for TimkenSteel. "Daido and TimkenSteel have enjoyed a long relationship and have collaborated on everything from technical assistance to product development in order to support key customers in Asia and the United States."
The transaction is expected to close in the third quarter.