FEBRUARY 16, 2021 — 100 EMPLOYEES TO BE LAID OFF IN CANTON, OHIO.
The company has announced that it is planning to idle melt and cast operations at the Harrison Steel Mill and moving operations to the updated and better-equipped Faircrest Steel Mill, both located in Canton, Ohio. The decision will affect approximately 100 employees commencing in March 2021. Rolling mills and finishing operations will continue operating in the Harrison facility.
OCTOBER 31, 2020 — COST-CUTTING DEEPER THAN PREVIOUSLY ANNOUNCEMENT
The company has announced that they are planning to increase cost-cutting from $70 million to over $100 million which will result in additional job loss.
The company is consolidating its administrative office space in Canton, Ohio that will be completed in 2021. It remains to be seen how many workers will continue to work from home.
DECEMBER 21, 2019 COST-CUTTING CONTINUES WITH MORE LAYOFFS.
TimkenSteel announced that it was continuing its cost-cutting program and has laid off 55 salaried employees. The United Steelworkers Local 1123 estimates about 250 members are on layoff.
A company spokesperson noted, “the effort is aimed at flattening TimkenSteel’s organization. The changes “not only will save money, but more importantly will help drive greater alignment, accountability and results.”
The company is also closing a materials handling facility in Houston, Texas which will impact an additional 100 employees.
It remains an open question about how the company will continue to perform since being spun-off from its parent, Timken, the iconic bearing manufacturer in 2014. The spin-off was a direct result of an assault on the company by an activist investor.
JULY 11, 2019 — Original post …
Canton, Ohio-based TimkenSteel, a manufacturer of steel and associated alloys, is continuing with a “lean/agile” restructuring announced earlier this year to improve profitability “through a combination of investment in growth, resource optimization and efficiency improvements.”
As a consequence of the restructuring, TimkenSteel has announced a reduction in headcount of more than 100 non-union and union employees.
According to a company spokesman, “In the ongoing effort to balance inventory with customer needs, we have chosen to permanently lay off some production employees as we adjust our staffing and production schedule to align with market demand. It is always our hope that as customer demand increases, we will provide those laid off with an opportunity for reemployment.”
It is no secret that the steel industry is cyclical and deeply impacted by foreign products and tariffs.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life, or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?