TimkenSteel publishes its first sustainability report
CANTON, Ohio, April 21, 2022 /PRNewswire/ — TimkenSteel Corp. (NYSE: TMST), a leader in high-quality specialty steel, manufactured components and supply chain solutions, today released its inaugural Sustainability Report, which is available at https: //timkensteel.com/who -we-are/Sustainability.
The 2021 Sustainability Report demonstrates the company’s commitment to operating responsibly and sustainably. It highlights progress on key initiatives and programs that support the company’s three pillars of sustainability: environmental stewardship, social commitment, and governance and ethics. The report shares TimkenSteel’s continued progress toward its 2030 environmental goals related to reducing greenhouse gas emissions, energy use, freshwater use and waste, which were established in October 2021.
The theme of the report: “At Our Core – Strong. Sustainable. Steel.” reflects how the company continues to embrace sustainability as a fundamental consideration in its day-to-day operations and overall vision.
As a steel company with over 100 years of experience, the company’s reputation as a supplier of sustainable steel is rooted in its proud history. In 1952, TimkenSteel shifted all of its production to electric arc furnaces (EAF) and today produces 100% of its steel primarily from recycled scrap.
“Although this is our first official sustainability report, TimkenSteel has a remarkable heritage of producing high-quality, sustainable steel for more than 100 years,” said mike williams, President and CEO. “Sustainability is a driving factor in our strategy development, capital allocation and reporting expectations. As we look to the future, we are guided by our vision to harness the sustainable power of steel to make the world a better place.”
As part of the continued maturation of TimkenSteel’s sustainability strategy, a materiality assessment was conducted in 2021 to identify specific focus areas and ensure alignment with key internal and external stakeholders, including employees, customers, suppliers, communities and investors. Twelve priority areas emerged and are aligned with the relevant pillars of our sustainability strategy.
- Environmental Stewardship: TimkenSteel’s commitment to environmental stewardship encompasses how the company continually seeks to improve the efficiency and cleanliness of its electric arc furnace (EAF) operations while providing quality products and services. which help customers to be competitive in the market. The associated focus areas are climate action; waste and recycling; water conservation; and product management.
- Social engagement : The company’s social commitment begins with protecting the health and safety of employees, customers and suppliers, and extends to promoting an inclusive work environment where differences are celebrated and where everyone has the opportunity to grow and realize their full potential. TimkenSteel is also inspired to have a positive impact on local communities. The associated focus areas are health and security; employee contract; diversity, equity and inclusion; and community involvement
- Governance and ethics: TimkenSteel promotes the long-term interests of shareholders and builds public trust through good governance practices. This includes oversight of the sustainability strategy by the Board of Directors, which receives regular updates from senior management and annually reviews environmental, social and governance risks and opportunities. The associated focus areas are corporate governance; business ethics and compliance; supply chain management; and cybersecurity and data privacy.
ABOUT TIMKENSTEEL CORPORATION
TimkenSteel (NYSE: TMST) manufactures high performance carbon and alloy steel products from recycled scrap metal in Canton, Ohio, serving demanding applications in mobile, power and various industrial end markets. The company is a leading US producer of alloy steel bars (up to 16 inches in diameter), seamless mechanical tubing and manufactured components. In the business of fabricating high quality steel for over 100 years, TimkenSteel’s proven expertise contributes to the performance of our customers’ products. The company employs approximately 1,850 people and achieved sales of $1.3 billion in 2021. For more information, visit us on www.timkensteel.com.
SOURCE TimkenSteel Corp.