Second Tentative Agreement Between TimkenSteel, United Steelworkers Voted Down

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Nov 16, 2017, 19:14 ET

CANTON, Ohio, Nov. 16, 2017 /PRNewswire/ -- TimkenSteel employees who are members of the United Steelworkers (USW) Local 1123 have failed to ratify a second tentative agreement between their bargaining representatives and the company.

"We're extremely disappointed because both the company and the union returned to the bargaining table a few weeks ago and once again worked hard to arrive at a fair and realistic agreement focused on benefitting our employees and the community," said Bill Bryan, TimkenSteel's executive vice president of manufacturing and supply chain. "The agreement, which was voted down despite recommendation from the union's bargaining committee, offered our employees the ability to continue to earn some of the best wages and benefits packages in Stark County, while allowing TimkenSteel to stand stronger against the significant competitive pressures the company faces as an independent steel producer in today's global marketplace."

The tentative agreement that was not ratified in today's vote offered TimkenSteel's Canton-based bargaining employees annual increases to base wages as well as competitive and flexible healthcare and retirement benefits for all members, and it supported a continued focus on operating 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.

SOURCE TimkenSteel Corporation