CANTON,
Ohio, April 21, 2022 /PRNewswire/ -- TimkenSteel
Corp. (NYSE: TMST), a leader in high-quality specialty steel,
manufactured components and supply chain solutions, today released
its inaugural sustainability report, which is available at
https://timkensteel.com/who-we-are/Sustainability.
The 2021 Sustainability Report demonstrates the company's
commitment to operate responsibly and sustainably. It highlights
progress on key initiatives and programs that support the company's
three sustainability pillars: Environmental Stewardship, Social
Commitment, and Governance and Ethics. The report shares
TimkenSteel's continued progress toward its 2030 environmental
goals related to reductions in greenhouse gas emissions, energy
consumption, fresh water usage, and waste, which were established
in October 2021.
The report's theme: "At Our Core – Strong. Sustainable. Steel."
reflects how the company continues to embrace sustainability as a
fundamental consideration in its daily operations and overall
vision.
As a steel company with more than 100 years of experience, the
company's reputation as a sustainable steel supplier is rooted in
its proud history. In 1952, TimkenSteel transitioned all production
to electric arc furnaces (EAFs), and today, produces 100% of its
steel primarily from recycled scrap metal.
"While this is our first official sustainability report,
TimkenSteel has a distinguished legacy of producing sustainable,
high-quality steel for more than 100 years," said Mike Williams, president and chief executive
officer. "Sustainability is a driving factor in our strategy
development, capital allocation, and reporting expectations. As we
look to the future, we are guided by our vision of harnessing the
enduring power of steel to make the world a better place."
As part of the continued maturation of TimkenSteel's
sustainability strategy, a materiality assessment was conducted in
2021 to identify specific focus areas and ensure alignment with key
internal and external stakeholders, including employees, customers,
suppliers, communities, and investors. Twelve focus areas emerged
and are aligned with the relevant pillars of our sustainability
strategy.
- Environmental Stewardship: TimkenSteel's commitment to
environmental stewardship encompasses how the company continuously
seeks to improve the efficiency and cleanliness of its electric arc
furnace (EAF) operations while delivering quality products and
services that help customers compete in the marketplace. The
associated focus areas are climate action; waste and
recycling; water conservation; and product
stewardship.
- Social Commitment: The company's social commitment
begins with protecting the health and safety of employees,
customers, and suppliers, and extends to fostering an inclusive
workplace environment in which differences are celebrated, and
where everyone has the opportunity to grow and achieve their full
potential. TimkenSteel is also inspired to make a positive impact
in local communities. The associated focus areas are health and
safety; employee engagement; diversity, equity, and
inclusion; and community engagement
- Governance and Ethics: TimkenSteel promotes the
long-term interests of shareholders and builds public trust through
good governance practices. This includes oversight of the
sustainability strategy by the Board of Directors, which receives
regular updates from senior leadership and reviews environmental,
social, and governance-related risks and opportunities annually.
The associated focus areas are corporate governance;
business ethics and compliance; supply chain
management; and cybersecurity and data privacy.
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 1,850
people and had sales of $1.3 billion
in 2021. For more information, please visit us at
www.timkensteel.com.
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SOURCE TimkenSteel Corp.