TimkenSteel to Purchase Group Annuity Contract for Retiree Pension BenefitsTimkenSteel Corp • July 13th, 2022 • Steel works, blast furnaces & rolling mills (coke ovens)
CANTON, Ohio: July 13, 2022 – TimkenSteel (NYSE: TMST), a leader in high-quality specialty steel, manufactured components, and supply chain solutions, on July 7, 2022, entered into an agreement to purchase a group annuity contract from The Prudential Insurance Company of America (“Prudential”) to settle approximately $250 million of the company’s approximate $800 million in U.S. pension obligations under the TimkenSteel Corporation Bargaining Unit Pension Plan (the “Pension Plan”).
