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4-Traders Homepage  >  Equities  >  Nyse  >  Timkensteel Corp    TMST

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TimkenSteel : United Steelworkers Reach Second Tentative Agreement for New Four-Year Contract

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11/10/2017 | 10:33pm CET

CANTON, Ohio, Nov. 10, 2017 /PRNewswire/ -- TimkenSteel and the United Steelworkers (USW) Local 1123 have reached a second tentative agreement on a four-year contract. The union will set and announce the date for its membership to vote on the tentative agreement.

"We have continued to meet and work with union representatives over the past few weeks to arrive at an agreement that benefits our employees as well as our community," said Bill Bryan, TimkenSteel's executive vice president of manufacturing & supply chain. "We remain focused on upholding TimkenSteel's position as an employer of choice in Stark County and keeping our people working, while at the same time addressing the competitive pressure we face as an independent steel company operating in a global marketplace."

The tentative agreement provides increases to permanent base wages every year, bonus opportunities, high-quality healthcare and retirement benefits for all members, and a continued focus on safety and employee wellbeing.

The USW Local 1123 represents approximately 1,650 employees at the company's facilities in Canton, Ohio.

Additional information can be found at www.timkensteel.com/agreement.

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 100 years. The company posted sales of $870 million in 2016. Follow us on Twitter @TimkenSteel and on Instagram.

View original content with multimedia:http://www.prnewswire.com/news-releases/timkensteel-united-steelworkers-reach-second-tentative-agreement-for-new-four-year-contract-300554077.html

SOURCE TimkenSteel Corporation

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