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CANTON, Ohio, Nov. 19, 2019 /PRNewswire/ -- TimkenSteel Corporation (NYSE:TMST), today announced plans to close its TimkenSteel Material Services facility in Houston, Texas, in the first quarter of 2020.
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The 100,000-square-foot operation currently employs approximately 100 people who provide precision value-added and finishing services, primarily to customers that service the energy market.
"We are focusing on our core strengths of making and heat treating steel and more fully utilizing our supply chain to provide the value-added services required by our customers. This change to how we serve the evolving energy market will improve the company's financial performance," said William Bryan, executive vice president of manufacturing and supply chain.
As a result of the plant closure, the company expects to realize approximately $6 million to $8 million of annual savings.
About TimkenSteel Corporation
TimkenSteel (NYSE:TMST, timkensteel.com))) creates tailored steel products and services for demanding applications, helping customers push the bounds of what's possible within their industries. The company reaches around the world in its customers' products and leads North America in large alloy steel bars (up to 16 inches in diameter) and seamless mechanical tubing made of its special bar quality (SBQ) steel, as well as supply chain and steel services. TimkenSteel operates warehouses and sales offices in five countries and has made its steel in America for more than 100 years. In 2018, the company posted sales of $1.6 billion and also achieved its safest year on record. Follow us on Twitter @TimkenSteel and on Instagram.
SOURCE TimkenSteel Corporation
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.