CANTON, Ohio, Oct. 29, 2021 /PRNewswire/ -- TimkenSteel Corp. (NYSE: TMST), a leader in high-quality specialty steel, manufactured components and supply chain solutions, announced today that its employees who are members of the United Steelworkers (USW) Local 1123 have voted in favor of a new four-year contract.
"The company and union worked diligently to reach an agreement that continues to provide some of the area's best wages and benefits, while also addressing some of our long-term competitive challenges," said Mike Williams, president and chief executive officer. "Under this contract, we've worked together to help TimkenSteel more effectively manage some of our ongoing obligations while positioning us to remain one of the area's best employers."
The contract, which is in effect until Sept. 27, 2025, offers TimkenSteel's Canton-based bargaining employees increases to base wages every year, competitive healthcare and retirement benefits for all members, and a continued focus on employee wellbeing as well as safe and sustainable operations.
The agreement covers approximately 1,180 bargaining employees at the company's Canton, Ohio operations. Additional information can be found at www.timkensteel.com/agreement.
ABOUT TIMKENSTEEL CORPORATION TimkenSteel (NYSE: TMST) manufactures high-performance carbon and alloy steel products from recycled scrap metal in Canton, OH, serving demanding applications in mobile, energy and a variety of industrial end markets. 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 1,900 people and had sales of $831 million in 2020. For more information, please visit us at www.timkensteel.com.
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