TimkenSteel suspend’s quarterly dividend due to “challenging market environment”

The board of directors of TimkenSteel announced Monday that it has decided to suspend the company's cash dividend for the quarter as it continues to manage through a challenging market environment.
  
"TimkenSteel remains committed to returning value to shareholders through dividend payments over the long term; however, at this time, the board has decided the prudent action is to suspend the dividend. Our intention is to restore the dividend payment as soon as possible as business conditions improve," said Tim Timken, chairman, CEO and president. "As we announced late last month, we've initiated significant cost reductions in response to the impact on our business from weak global commodity markets. Those cost reductions, and this action on the dividend, together with our steady focus on staying close to our customers and maintaining market share, are consistent with our disciplined approach to delivering value for our shareholders."
  
TimkenSteel's board of directors will review the dividend on an ongoing basis. The company previously paid dividends every quarter since becoming a public company in June 2014. The last dividend was paid Sept. 10, 2015, at 14 cents per share.