TimkenSteel Holds Annual Meeting of Shareholders; Declares Fourth Consecutive Quarterly Dividend

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May 06, 2015, 04:05 ET

CANTON, Ohio, May 6, 2015 /PRNewswire/ -- TimkenSteel (NYSE: TMST) (timkensteel.com), a leader in customized alloy steel products and services, today held its first annual meeting of shareholders, where shareholders elected three board members to three-year terms: Joseph A. Carrabba, retired chairman, president and CEO of Cliffs Natural Resources, Inc.; Phillip R. Cox, president and CEO of Cox Financial Corp.; and John P. Reilly, retired chairman, president and CEO of Figgie International.

In other business, shareholders voted to:

Ratify the selection of Ernst & Young LLP as independent auditor for the year ending Dec. 31, 2015;
Approve, on an advisory basis, the compensation of the company's named executive officers;
Recommend, on an advisory basis, that shareholder advisory votes on named executive officer compensation occur annually;
Approve the company's Amended and Restated Senior Executive Management Performance Plan; and
Approve the material terms for qualified performance-based compensation under the TimkenSteel Corporation 2014 Equity and Incentive Compensation Plan.

TimkenSteel's board of directors today declared the company's fourth straight dividend of $0.14 per share, payable on June 4, 2015, to shareholders of record as of May 21, 2015.

Ward J. "Tim" Timken, Jr., chairman, CEO and president, told shareholders, "When we launched the company, we built on our long-established and unique business model. That model provides a foundation that helps us to help customers push the bounds of what's possible in their own products. Our employees thrive in overcoming the toughest engineering and supply chain challenges. To customers, that means improved performance and advanced innovation. To shareholders, that means long-term value."

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 (6"+) and seamless mechanical tubing made of its special bar quality steel, as well as supply chain and steel services. Operating from six countries, TimkenSteel posted sales of $1.7 billion in 2014. Follow us on Twitter @TimkenSteel.

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SOURCE TimkenSteel Corporation