The 2020 Mid-Year Economic Update_long

TimkenSteel Sales Down 0.2% in 1Q

Profit decreased 79.5 percent to $6.9 million in the first quarter.

TimkenSteel Corp. (NYSE: TMST), Canton, OH, reported sales for the first quarter of $388.7 million, down 0.2 percent year-over-year. Profit decreased 79.5 percent to $6.9 million.

Industrial and mobile segment sales in the first quarter were $233.5 million, up 0.7 percent year-over-year. Energy and distribution segment sales were down 1.6 percent to $155.2 million.

"We saw increased volume in the first quarter compared with this time last year, although our earnings did not benefit from the higher volume due largely to pricing conditions in the scrap market," said Ward J. Timken, Jr., president and CEO.  "Ferrous metal scrap prices dropped sharply due to the strong dollar, fewer exports, increased supply and other factors. Current market indicators point to scrap prices beginning to hit bottom."

About the Author
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

By subscribing, you are agreeing to MDM’s Privacy Policy.

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

0

articles left

This is your last free article

Subscribe to MDM Premium today and get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.