February 13, 2014
The Timken Co., Canton, Ohio, has announced that TimkenSteel Corp., its newly formed subsidiary that will hold the company's steel business, has filed an initial Form 10 Registration Statement with the U. S. Securities and Exchange Commission (SEC). The filing relates to the previously announced plan to pursue a spinoff of The Timken Co.'s steel business into an independent, publicly traded company.
Upon completion of the spinoff, TimkenSteel, Canton, Ohio, will be North America's only focused special bar quality steelmaker.
“The project to separate the steel business is moving along quite well and remains on track,” said James W. Griffith, president and CEO, “and we expect TimkenSteel to be operating independently, with its shares trading on the New York Stock Exchange, later this summer.”