• Lt. Governor
Jon Husted and other officials
attended today's groundbreaking ceremony
CANTON,
Ohio, Aug. 7, 2024 /PRNewswire/ -- Metallus
(NYSE: MTUS), a leader in high-quality specialty metals,
manufactured components and supply chain solutions, announced today
that it has received $3.5 million in
grants from JobsOhio to support the planned expansion of its
steelmaking plants.
Metallus, formerly known as TimkenSteel, plans to invest more
than $100 million in partnership with
the U.S. Department of Defense to supply their munitions programs.
These grants aim to provide training, modernize equipment and
upskill talent to deploy state-of-the-art steelmaking. The new
technology will meet the growing demand for both existing and new
customers.
"We are grateful for the support from Team NEO, Stark Economic
Development Board, and JobsOhio. The economic development grant
from JobsOhio, in particular, will allow us to enhance and optimize
our assets, increasing our capacity for high-quality defense
products, and the workforce development grant will support key
training initiatives around safety and technology. This not only
benefits our workforce but secures Canton-area jobs and strengthens the Army's
munitions program," stated Mike
Williams, president, and chief executive officer.
Lt. Governor Jon Husted and other
officials attended a groundbreaking event to celebrate this
significant investment.
"Producing steel in America is vital to our economic and
national security, and Ohio is the
heart of 'Made in America,'" said Lt. Governor Jon Husted. "Companies like Metallus are
expanding here in Ohio because of
our business-friendly environment and access to energy and skilled
workers. I am grateful Metallus is continuing to invest in
Ohio, and we look forward to their
partnership in creating good jobs for Ohioans."
JobsOhio President and CEO J.P.
Nauseef stated, "Metallus and its employees have, for
decades, produced some of the world's highest quality steel for
customers worldwide. Metallus' investment will continue that legacy
of manufacturing excellence in Stark
County. As the steel industry evolves, Metallus' upgrades
will advance technology and efficiencies that will benefit both
private industry and national security."
Ray Hexamer, President and CEO of
Stark Economic Development Board, expressed his gratitude to
Metallus for their continued, strong community presence.
"We greatly appreciate Metallus' dedication to the community and
their local workforce of over 1,700 employees," Hexamer noted.
"They play a crucial role in Stark
County's economy, and we are excited to support them as they
continue to innovate and expand."
Team NEO Chief Executive Officer Bill
Koehler shared how the region's continued investment in
manufacturing supports companies like Metallus.
"Metallus' strategic capital investment plan is a testimony to
its confidence in Northeast Ohio's
ability to drive research, innovation, education, and collaboration
to facilitate growth for Northeast
Ohio manufacturers."
ABOUT METALLUS
Metallus (NYSE: MTUS) manufactures
high-performance specialty metals from recycled scrap metal in
Canton, OH, serving demanding
applications in industrial, automotive, aerospace & defense and
energy end-markets. The company is a premier U.S. producer of alloy
steel bars (up to 16 inches in diameter), seamless mechanical
tubing and manufactured components. In the business of making
high-quality steel for more than 100 years, Metallus' proven
expertise contributes to the performance of our customers'
products. The company employs approximately 1,860 people and had
sales of $1.4 billion in 2023. For
more information, please visit us at www.metallus.com.
ABOUT TEAM NEO
Team NEO is a private, nonprofit
economic development organization that ignites economic vibrancy,
fosters sustainable growth, and champions equitable prosperity. As
a designated JobsOhio Network Partner, we collaborate across all 14
counties in the Northeast Ohio Region to create strategies to
attract and retain companies, drive innovation, cultivate a skilled
workforce, advance market-ready sites, and promote and engage the
region. To learn how Team NEO helps make Northeast Ohio more competitive, visit
northeastohioregion.com.
ABOUT JOBSOHIO
JobsOhio, Ohio's private nonprofit economic development
corporation, enhances company growth and personnel development
through business attraction, retention, and expansion across ten
competitive industry sectors. With a team of seasoned
professionals, JobsOhio utilizes a comprehensive network to foster
talent production in targeted industries and attract talent through
Find Your Ohio. Collaborating with seven regional partners,
including Dayton Development Coalition, Lake to River Economic
Development, Ohio Southeast Economic Development, One Columbus, REDI Cincinnati, Regional Growth
Partnership, and Team NEO. JobsOhio delivers world-class customer
service to provide companies with a competitive advantage.
ABOUT STARK ECONOMIC
DEVELOPMENT BOARD
The Stark Economic Development Board is a
private, non-profit organization formed by business and community
leaders in May of 1985 to help businesses grow and expand in
Stark County. The mission of the
Stark Economic Development Board is to strengthen Stark County by driving business growth and
leading its economic transformation. For more information, visit
www.starkcoohio.com.
FORWARD-LOOKING STATEMENTS
This news release
includes "forward-looking" statements within the meaning of the
federal securities laws. You can generally identify the company's
forward-looking statements by words such as "will," "anticipate,"
"aspire," "believe," "could," "estimate," "expect," "forecast,"
"outlook," "intend," "may," "plan," "possible," "potential,"
"predict," "project," "seek," "target," "should," "would,"
"strategy," or "strategic direction" or other similar words,
phrases or expressions that convey the uncertainty of future events
or outcomes. The company cautions readers that actual results may
differ materially from those expressed or implied in
forward-looking statements made by or on behalf of the company due
to a variety of factors, such as: (1) the effects of fluctuations
in customer demand on sales, product mix and prices in the
industries in which the company operates, including the ability of
the company to respond to rapid changes in customer demand
including but not limited to changes in customer operating
schedules due to supply chain constraints or unplanned work
stoppages, the ability of customers to obtain financing to purchase
the company's products or equipment that contains its products, the
effects of customer bankruptcies or liquidations, the impact of
changes in industrial business cycles, and whether conditions of
fair trade exist in U.S. markets; (2) changes in operating costs,
including the effect of changes in the company's manufacturing
processes, changes in costs associated with varying levels of
operations and manufacturing capacity, availability of raw
materials and energy, the company's ability to mitigate the impact
of fluctuations in raw materials and energy costs and the
effectiveness of its surcharge mechanism, changes in the expected
costs associated with product warranty claims, changes resulting
from inventory management, cost reduction initiatives and different
levels of customer demands, the effects of unplanned work
stoppages, availability of skilled labor and changes in the cost of
labor and benefits; (3) the success of the company's operating
plans, announced programs, initiatives and capital investments, the
consistency to meet demand levels following unplanned downtime, and
the company's ability to maintain appropriate relations with the
union that represents its associates in certain locations in order
to avoid disruptions of business; (4) whether the company is able
to successfully implement actions designed to improve profitability
on anticipated terms and timetables and whether the company is able
to fully realize the expected benefits of such actions; (5) the
company's pension obligations and investment performance; (6) with
respect to the company's ability to achieve its sustainability
goals, including its 2030 environmental goals, the ability to meet
such goals within the expected timeframe, changes in laws,
regulations, prevailing standards or public policy, the alignment
of the scientific community on measurement and reporting
approaches, the complexity of commodity supply chains and the
evolution of and adoption of new technology, including traceability
practices, tools and processes; (7) availability of property
insurance coverage at commercially reasonable rates or insufficient
insurance coverage to cover claims or damages; (8) the availability
of financing and interest rates, which affect the company's cost of
funds and/or ability to raise capital; (9) the effects of the
conditional conversion feature of the convertible notes due
December 1, 2025, which, if
triggered, entitles holders to convert the notes at any time during
specified periods at their option and therefore could result in
potential dilution if the holder elects to convert and the company
elects to satisfy a portion or all of the conversion obligation by
delivering common shares instead of cash; (10) the impacts from any
repurchases of our common shares, including the timing and amount
of any repurchases; (11) competitive factors, including changes in
market penetration, increasing price competition by existing or new
foreign and domestic competitors, the introduction of new products
by existing and new competitors, and new technology that may impact
the way the company's products are sold or distributed; (12)
deterioration in global economic conditions, or in economic
conditions in any of the geographic regions in which the company
conducts business, including additional adverse effects from global
economic slowdown, terrorism or hostilities, including political
risks associated with the potential instability of governments and
legal systems in countries in which the company or its customers
conduct business, and changes in currency valuations; (13) the
impact of global conflicts on the economy, sourcing of raw
materials, and commodity prices; (14) climate-related risks,
including environmental and severe weather caused by climate
changes, and legislative and regulatory initiatives addressing
global climate change or other environmental concerns; (15)
unanticipated litigation, claims or assessments, including claims
or problems related to intellectual property, product liability or
warranty, employment matters, regulatory compliance and
environmental issues and taxes, among other matters; (16)
cyber-related risks, including information technology system
failures, interruptions and security breaches; (17) the potential
impact of pandemics, epidemics, widespread illness or other health
issues; and (18) with respect to the equipment investments to
support the U.S. Army's mission of ramping up munitions production
in the coming years, whether the funding awarded to support this
investment is received on the anticipated timetable, whether the
company is able to successfully complete the installation and
commissioning of the new assets on the targeted budget and
timetable, and whether the anticipated increase in throughput is
achieved. Further, this news release represents our current policy
and intent and is not intended to create legal rights or
obligations. Certain standards of measurement and performance
contained in this news release are developing and based on
assumptions, and no assurance can be given that any plan,
objective, initiative, projection, goal, mission, commitment,
expectation or prospect set forth in this news release can or will
be achieved. Inclusion of information in this news release is not
an indication that the subject or information is material to our
business or operating results.
Additional risks relating to the company's business, the
industries in which the company operates, or the company's common
shares may be described from time to time in the company's filings
with the SEC. All of these risk factors are difficult to predict,
are subject to material uncertainties that may affect actual
results and may be beyond the company's control. Readers are
cautioned that it is not possible to predict or identify all of the
risks, uncertainties and other factors that may affect future
results and that the above list should not be considered to be a
complete list. Except as required by the federal securities laws,
the company undertakes no obligation to publicly update or revise
any forward-looking statement, whether as a result of new
information, future events or otherwise.
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SOURCE Metallus Inc.
