CANTON − TimkenSteel is changing its name to Metallus ― a merging of “metallurgy,” the science of metals, and “qualis,” derived from the Latin word for quality.
It’s a move to fully differentiate the Canton-based steel company from its former parent company, the Jackson Township-based Timken. Co. The steelmaking and bearing divisions of the Timken company split into two independent, publicly-traded companies in 2014.
President and CEO Michael Williams said the company appreciates its origins but has been on a transformational journey the past several years after early financial struggles. The company’s stock traded around $40 shortly after the spinoff but dropped to single dollars by 2016 and, while it’s rebounded some, share prices haven’t risen above $30.
‘The management team here, with the board of directors, has made a significant amount of transformational changes to the way we do business, around our products, our footprint, our assets, the markets that we now focus on,” Williams said. “And we felt that we had reached that part in our transformational journey that the time was about right to rename the company to ensure a strategic focus around growth and the continued success of the company.”
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The company ― headquartered at 1835 Dueber Ave. SW ― produces carbon and alloy steel products from recycled scrap metal for industrial, automotive, aerospace and other end markets. It originated in the early 1900s with founder Henry Timken, whose descendants continued to work in the business until Ward J. “Tim” Timken Jr. left the company in October 2019.
Williams said confusion about the distinction between Timken Co. and TimkenSteel has persisted and “we get their mail, they get our mail.” The rebrand will take effect Feb. 27 with the debut of a new website and updated New York Stock Exchange ticker symbol ― MTUS.
“This distinguishes us in the marketplace, particularly in the markets that we serve,” he said. “It definitely distinguishes us in the investor community, and it also demonstrates, strategically, our focus on diversification and growth.”
Jennifer Beeman, the company spokeswoman, said market research helped identify the characteristics of metallurgy and quality products attributed to TimkenSteel that influenced the new name. The spelling of qualis was altered to end with “us,” reinforcing the company’s dedication to partnerships.
TimkenSteel employed about 1,700 people and reported sales of $1.3 billion in 2022.
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