TimkenSteel Corp., the newly formed subsidiary of The Timken Company, Canton, OH, has filed an initial Form 10 Registration with the U.S. Securities and Exchange Commission. This filing relates to the previously announced plan to pursue a spinoff of The Timken Company's steel business into an independent publicly traded company.
Upon completion of the spinoff, TimkenSteel will have annual revenues of $1.4 billion based on 2013 segment sales.
"The project to separate the steel business is moving along quite well and remains on track, and we expect TimkenSteel to be operating independently, with its shares trading on the New York Stock Exchange, later this summer," said James W. Griffith, president and CEO. "As to the new name, we chose 'TimkenSteel Corporation' to reflect both the focus of the new independent steel business and our century-plus legacy of delivering Timken engineered products and services tailored to meet the toughest application needs."
Timken expects the spinoff to be tax-free to shareholders, with TimkenSteel common shares listed on the New York Stock Exchange under the ticker symbol TMST.