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Timken steel business spinoff plan on track

Keywords: Tags  Timken, steel business, TimkenSteel, spinoff, James Griffith, shareholders, Securities and Exchange Commission, SEC Corinna Petry

CHICAGO — Timken Co.’s newly formed subsidiary, TimkenSteel Corp., has filed an initial Form 10 registration statement with the U.S. Securities and Exchange Commission (SEC).

The Feb. 11 filing outlines the plan to spin off Timken’s steel business into an independent publicly traded company, which after the divestiture should realize annual revenue of about $1.4 billion based on 2013 segment sales.

The filing "is a significant milestone in the process of establishing TimkenSteel as a standalone publicly traded company," president and chief executive officer James W. Griffith said in a statement. "The project to separate the steel business is moving along quite well and remains on track."

The SEC document offers current shareholders and future investors a first look at TimkenSteel’s business model and markets. The company’s shares are expected to trade on the New York Stock Exchange as soon as this summer.

Canton, Ohio-based Timken will enter into a supply agreement with TimkenSteel, which will assume assets, contracts and liabilities of the existing steel business.

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