CHICAGO TimkenSteel Corp. shares began trading on the New York Stock Exchange July 1 after its June 30 spinoff from Timken Co.
"As a 100-year-old start-up, we are excited to write this next chapter of our history," TimkenSteel chairman, president and chief executive officer Ward J. "Tim" Timken Jr. said in a statement.
Canton, Ohio-based TimkenSteel will focus on making special bar-quality steels and seamless mechanical tubing, demanding alloy applications that the company will be able to deliver in a "tailored solution," he said.
TimkenSteel expects revenue to increase 20 to 25 percent in 2014 compared with Timkens steel segment revenue in 2013 thanks to strong demand from energy and industry markets.
The companys shares closed at $40.30 apiece Tuesday on the NYSE in an intraday trading range of $39.46 to $41.45 per share.
Timken, also based in Canton, will now focus on its bearings business, as well as power transmission products and services, including gearboxes, lubrications systems and maintenance, it said.
"The separation is now behind us, and we are focused on growing our business in targeted markets across the world," Timken president and chief executive officer Richard G. Kyle said.
Timken agreed to spin off the steel operations following pressure from two shareholder groups (amm.com, Sept. 6).