CANTON, Ohio, Nov. 19, 2019 /PRNewswire/ -- TimkenSteel
Corporation (NYSE: TMST), today announced plans to close its
TimkenSteel Material Services facility in Houston, Texas, in the first quarter of
2020.
The 100,000-square-foot operation currently employs
approximately 100 people who provide precision value-added and
finishing services, primarily to customers that service the energy
market.
"We are focusing on our core strengths of making and heat
treating steel and more fully utilizing our supply chain to provide
the value-added services required by our customers. This change to
how we serve the evolving energy market will improve the company's
financial performance," said William
Bryan, executive vice president of manufacturing and supply
chain.
As a result of the plant closure, the company expects to realize
approximately $6 million to
$8 million of annual savings.
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. TimkenSteel operates warehouses and sales offices in five
countries and has made its steel in America for more than 100
years. In 2018, the company posted sales of $1.6 billion and also achieved its safest year on
record. Follow us on Twitter @TimkenSteel and on Instagram.
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SOURCE TimkenSteel Corporation