Canton, Ohio-based The Timken Company announced Wednesday that TimkenSteel Corporation, its newly formed subsidiary which will hold the company's steel business, has filed an initial Form 10 Registration Statement with the US Securities and Exchange Commission (SEC). The filing relates to the previously announced plan to pursue a spinoff of The Timken Company's steel business into an independent publicly traded company. Upon completion of the spinoff, TimkenSteel will produce special bar quality steel products with projected annual revenues of approximately $1.4 billion, based on 2013 segment sales.
Completion of the transaction requires further work on structure, management, governance and other matters, and is subject to customary conditions and final approval of The Timken Company's Board of Directors.