CANTON,
Ohio, Jan. 10, 2024 /PRNewswire/ -- TimkenSteel
(NYSE: TMST) today announced its intent to change its name to
Metallus Inc. The new name honors the company's century-long legacy
as an industry-leading producer of strong, sustainable steel and
reflects its vision to harness the enduring power of
high-performance metals to make the world a better place. The
company's common stock will continue to trade on the New York Stock
Exchange under its new ticker symbol (NYSE: MTUS), effective
February 27, 2024.
"We are extremely proud of the company we have built over the
past decade since becoming an independent company," said
Mike Williams, president and chief
executive officer. "Our long history as a leading producer of
high-quality steel products has been a testament to the dedication
and hard work of our employees, working together to serve our
customers and benefit our local communities. As we continue to
build on this legacy, we are excited to announce that we are
rebranding ourselves as Metallus, marking a pivotal milestone in
our evolution."
Williams continued, "This change underscores our commitment to
profitable growth and reflects the inherent strength of our
business, exceptional products, valuable partnerships, and, most
importantly, our vision for the future. As we embark on this new
chapter as Metallus, we remain focused on achieving our near-term
goals and further solidifying our leadership position in the
high-performance metals industry. We look forward to the
opportunities ahead as we continue to shape the future of our
company."
In accordance with the name change, the company will also
unveil a new company website on February 27,
2024.
Metallus was created through a combination of the words
"metallurgy," the branch of science and technology concerned with
the properties of metals and their production and purification, and
qualis, which is derived from the Latin word for "quality."
The spelling of qualis was intentionally altered to
incorporate "us" at the end of the name, reinforcing Metallus'
longstanding partnerships and the power of what can be achieved
together.
Operating as Metallus, the company will continue to serve the
automotive, energy and a variety of industrial end markets with
targeted growth in aerospace and defense.
About TimkenSteel
TimkenSteel (NYSE: TMST), which will
be known as Metallus Inc., manufactures high-performance carbon and
alloy steel products from recycled scrap metal in Canton, OH, serving demanding applications in
industrial, automotive, aerospace & defense and energy end
markets. The company's common stock is expected to trade under a
new ticker symbol (NYSE: MTUS) on February
27, 2024. 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 1,800 people and had
sales of $1.3 billion in 2022. 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,"
"aspire," "believe," "could," "estimate," "expect," "forecast,"
"outlook," "intend," "may," "plan," "possible," "potential,"
"predict," "project," "seek," "target," "should," "would,"
"strategy," or "strategic direction" 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 expected timing of the
company's name change; deterioration in global 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;
the impact of global conflicts on the economy, sourcing of raw
materials, and commodity prices; the potential impact of pandemics,
epidemics, widespread illness or other health issues, such as
COVID-19 or its variants 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; 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 or
unplanned work stoppages, 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 the union that represents 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, employment matters, and
environmental issues and taxes, among other matters; cyber-related
risks, including information technology system failures,
interruptions and security breaches; with respect to the company's
ability to achieve its sustainability goals, including its 2030
environmental goals, the ability to meet such goals within the
expected timeframe, changes in laws, regulations, prevailing
standards or public policy, the alignment of the scientific
community on measurement and reporting approaches, the complexity
of commodity supply chains and the evolution of and adoption of new
technology, including traceability practices, tools and processes;
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 overall impact of pension and other
postretirement benefit mark-to-market accounting; 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; the consistency of melt
production to meet forecasted demand levels following unplanned
downtime in the second half of 2022; additional amounts, if any,
that the company is able to obtain from its business interruption
insurance in connection with the unplanned downtime; availability
of property insurance coverage at commercially reasonable rates or
insufficient insurance coverage to cover claims or damages; and the
impacts from any repurchases of our common shares, including the
timing and amount of any repurchases. Further, this news release
represents our current policy and intent and is not intended to
create legal rights or obligations. Certain standards of
measurement and performance contained in this news release are
developing and based on assumptions, and no assurance can be given
that any plan, objective, initiative, projection, goal, mission,
commitment, expectation or prospect set forth in this news release
can or will be achieved. Inclusion of information in this news
release is not an indication that the subject or information is
material to our business or operating results.
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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/timkensteel-announces-intent-to-change-name-to-metallus-inc-302030560.html
SOURCE TimkenSteel Corporation