TimkenSteel Announces 2030 Environmental Goals, Reaffirms Overall Environmental, Social and Governance Commitments

Published: Oct. 8, 2021 at 7:30 AM CDT|Updated: Oct. 14, 2021 at 3:10 PM CDT

CANTON, Ohio, Oct. 14, 2021 /PRNewswire/ -- TimkenSteel Corp. (NYSE: TMST), a leader in high-quality specialty steel, manufactured components and supply chain solutions, today announced environmental goals for 2030, a critical milestone in the evolution of the company's environmental, social and governance (ESG) program.

TimkenSteel Corporation Logo. (PRNewsFoto/TimkenSteel Corporation)
TimkenSteel Corporation Logo. (PRNewsFoto/TimkenSteel Corporation)

TimkenSteel has established the following 2030 environmental goals, compared with a 2018 baseline:

  • 40% absolute reduction in combined Scope 1 and Scope 2 greenhouse gas (GHG) emissions
  • 30% absolute reduction in total energy consumption (direct and indirect)
  • 35% absolute reduction in fresh water withdrawn
  • 10% reduction in waste-to-landfill intensity

These targets are supported by projects across the company's manufacturing, supply chain and corporate operations and are aligned with regional, national and international environmental priorities established by organizations such as the U.S. Environmental Protection Agency, the Task Force on Climate-Related Financial Disclosures (TCFD) and the Paris Climate Accords. Beyond 2030, TimkenSteel aspires to achieve carbon neutrality.

"As TimkenSteel matures on its ESG journey, we are committed to making progress toward and achieving our long-term goals and building on our long-standing reputation as a sustainable steel supplier," said Mike Williams, president and chief executive officer. "Environmental sustainability is not new to us – we moved all production to electric arc furnaces in 1952 and produce 100 percent of our steel primarily from recycled scrap metal. Past efforts around energy conservation, recycled metal sourcing and handling, and water management and reuse have made us an environmental leader. Steel will continue to be a critical component of a reduced-carbon future and establishing these 2030 environmental goals focuses our company on areas where we can have the greatest impact and further contribute to that future."

Through TimkenSteel's well-established commitment to environmental stewardship and its culture of continuous improvement, the company's GHG emissions are already less than half of the World Steel Association's industry average. Ongoing projects to improve the energy efficiency and cleanliness of its scrap handling and electric arc furnace steelmaking operations will further contribute to TimkenSteel's environmental goals.

"In addition to establishing the new climate goals, TimkenSteel is reaffirming its commitments to safety first and fostering diversity," said Williams. "With an aspiration to achieve zero workplace injuries and to build a diverse, equitable, and inclusive workplace culture on our Board, in leadership and throughout our company, TimkenSteel's ESG program reflects our vision to harness the enduring power of steel to make the world a better place."

For more information about the company's ESG program and its performance to date, see the ESG section of our website and TimkenSteel's 2021 Sustainability Accounting Standards Board (SASB) Disclosure.

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 automotive, 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 1,900 people and had sales of $831 million in 2020. For more information, please visit us at www.timkensteel.com.

FORWARD-LOOKING STATEMENTS
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The company cautions readers that actual results may differ materially from those expressed or implied in forward-looking statements made by or on behalf of the company due to a variety of factors, such as: the potential impact of the COVID-19 pandemic on the company's operations and financial results, including cash flows and liquidity; whether the company is able to successfully implement actions designed to improve profitability on anticipated terms and timetables and whether the company is able to fully realize the expected benefits of such actions; deterioration in world economic conditions, or in economic conditions in any of the geographic regions in which the company conducts business, including additional adverse effects from global economic slowdown, terrorism or hostilities, including political risks associated with the potential instability of governments and legal systems in countries in which the company or its customers conduct business, and changes in currency valuations; climate-related risks, including environmental and severe weather caused by climate changes, and legislative and regulatory initiatives addressing global climate change or other environmental concerns; the effects of fluctuations in customer demand on sales, product mix and prices in the industries in which the company operates, including the ability of the company to respond to rapid changes in customer demand including but not limited to changes in customer operating schedules due to supply chain constraints, the effects of customer bankruptcies or liquidations, the impact of changes in industrial business cycles, and whether conditions of fair trade exist in U.S. markets; competitive factors, including changes in market penetration, increasing price competition by existing or new foreign and domestic competitors, the introduction of new products by existing and new competitors, and new technology that may impact the way the company's products are sold or distributed; changes in operating costs, including the effect of changes in the company's manufacturing processes, changes in costs associated with varying levels of operations and manufacturing capacity, availability of raw materials and energy, the company's ability to mitigate the impact of fluctuations in raw materials and energy costs and the effectiveness of its surcharge mechanism, changes in the expected costs associated with product warranty claims, changes resulting from inventory management, cost reduction initiatives and different levels of customer demands, the effects of unplanned work stoppages, and changes in the cost of labor and benefits; the success of the company's operating plans, announced programs, initiatives and capital investments, and the company's ability to maintain appropriate relations with unions that represent its associates in certain locations in order to avoid disruptions of business; unanticipated litigation, claims or assessments, including claims or problems related to intellectual property, product liability or warranty, and environmental issues and taxes, among other matters; the availability of financing and interest rates, which affect the company's cost of funds and/or ability to raise capital, including the ability of the company to refinance or repay at maturity the convertible notes due December 1, 2025; the company's pension obligations and investment performance, and/or customer demand and the ability of customers to obtain financing to purchase the company's products or equipment that contain its products; the amount of any dividend declared by the company's Board of Directors on the company's common shares; the overall impact of pension and other postretirement benefit mark-to-market accounting; and the effects of the conditional conversion feature of the Convertible Notes due December 1, 2025, which, if triggered, entitles holders to convert the notes at any time during specified periods at their option and therefore could result in potential dilution if the holder elects to convert and the company elects to satisfy a portion or all of the conversion obligation by delivering common shares instead of cash. Further, this news release represents our current policy and intent and is not intended to create legal rights or obligations. The standards of measurement and performance contained in this disclosure are developing and based on assumptions, and no assurance can be given that any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this news release can or will be achieved.

Additional risks relating to the company's business, the industries in which the company operates, or the company's common shares may be described from time to time in the company's filings with the SEC. All of these risk factors are difficult to predict, are subject to material uncertainties that may affect actual results and may be beyond the company's control.  Readers are cautioned that it is not possible to predict or identify all of the risks, uncertainties and other factors that may affect future results and that the above list should not be considered to be a complete list. Except as required by the federal securities laws, the company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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