CANTON -- TimkenSteel, a leader in customized alloy steel products and services, recently reported first-quarter net income of $6.9 million on net sales of $388.7 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. "Tim" Timken Jr., chairman, CEO and president. "Ferrous metal scrap prices dropped sharply due to the strong dollar, fewer exports, increased supply and other factors."
As part of its strategy to expand leadership in profitable niche markets that require specialized steel for demanding applications, the company opened an advanced technology center in Canton during the quarter. The technology center houses capabilities that are unique in the North American special bar quality (SBQ) market and focused on improving customers' application performance.