CANTON, Ohio, Nov. 13, 2015 /PRNewswire/ -- The board of directors of TimkenSteel (NYSE: TMST, timkensteel.com), a leader in customized alloy steel products and services, has decided to suspend the company's cash dividend for the quarter as it continues to manage through a challenging market environment.
"TimkenSteel remains committed to returning value to shareholders through dividend payments over the long term; however, at this time, the board has decided the prudent action is to suspend the dividend. Our intention is to restore the dividend payment as soon as possible as business conditions improve," said Tim Timken, chairman, CEO and president. "As we announced late last month, we've initiated significant cost reductions in response to the impact on our business from weak global commodity markets. Those cost reductions, and this action on the dividend, together with our steady focus on staying close to our customers and maintaining market share, are consistent with our disciplined approach to delivering value for our shareholders."
TimkenSteel's board of directors will review the dividend on an ongoing basis. The company previously paid dividends every quarter since becoming a public company in June 2014. The last dividend was paid Sept. 10, 2015, at 14 cents per share.
About TimkenSteel Corporation
TimkenSteel (NYSE: TMST, timkensteel.com) creates tailored steel products and services for demanding applications, helping customers push the bounds of what's possible within their industries. The company reaches around the world in its customers' products and leads North America in large alloy steel bars (up to 16 inches in diameter) and seamless mechanical tubing made of its special bar quality (SBQ) steel, as well as supply chain and steel services. Operating from five countries, TimkenSteel posted sales of $1.7 billion in 2014 and was named 2015 Steel Producer of the Year by American Metal Market. Follow us on Twitter @TimkenSteel.
SOURCE TimkenSteel Corporation