TimkenSteel plans to cut workforce by 8%

Resource from: Market Watch Likes:144

Oct 30,2015

TimkenSteel Corp. TMST, -2.28% said it plans to reduce its management and salaried staff by 8% in the latest round of cost-cutting as the maker of specialty steel products posted a third-quarter loss. Shares fell 5% to $10.17 in recent after-hours trading as the company added that its dividend level would be evaluated and that stock repurchases weren't anticipated. Chairman and Chief Executive Tim Timken said in prepared remarks on Thursday that the impact of weak commodities market hit the Canton, Ohio, company harder than expected in the latest quarter, with "no sign of near-term recovery." The company is aiming for annual savings of $50 million next year with the latest round of cuts, in addition to $25 million of annual savings targeted in a streamlining during the second quarter, Mr. Timken said. TimkenSteel reported a loss of $30.8 million, or 69 cents a share, compared with a year-earlier profit of $25.7 million, or 56 cents a share. Revenue slumped 46% to $232.7 million. Analysts polled by Thomson Reuters expected per-share loss of 79 cents and revenue of $253 million. Net sales in its energy and distribution segment skidded 77%, mostly on lower volume. Industrial and mobile segment sales dropped 22%, as stronger mobile demand was offset by lower surcharges and reduced industrial demand.

(Market Watch)

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