TimkenSteel announces surprising name change

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TimkenSteel announced in a press release Wednesday morning that the company is changing its name, in what comes as a surprise to many.

Here’s what the company released:

TimkenSteel (NYSE: TMST) today announced its intent to change its name to Metallus Inc. The new name honors the company’s century-long legacy as an industry-leading producer of strong, sustainable steel and reflects its vision to harness the enduring power of high-performance metals to make the world a better place. The company’s common stock will continue to trade on the New York Stock Exchange under its new ticker symbol (NYSE: MTUS), effective February 27, 2024.

“We are extremely proud of the company we have built over the past decade since becoming an independent company,” said Mike Williams, president and chief executive officer. “Our long history as a leading producer of high-quality steel products has been a testament to the dedication and hard work of our employees, working together to serve our customers and benefit our local communities. As we continue to build on this legacy, we are excited to announce that we are rebranding ourselves as Metallus, marking a pivotal milestone in our evolution.”

Williams continued, “This change underscores our commitment to profitable growth and reflects the inherent strength of our business, exceptional products, valuable partnerships, and, most importantly, our vision for the future. As we embark on this new chapter as Metallus, we remain focused on achieving our near-term goals and further solidifying our leadership position in the high-performance metals industry. We look forward to the opportunities ahead as we continue to shape the future of our company.”

In accordance with the name change, the company will also unveil a new company website on February 27, 2024.

Metallus was created through a combination of the words “metallurgy,” the branch of science and technology concerned with the properties of metals and their production and purification, and qualis, which is derived from the Latin word for “quality.” The spelling of qualis was intentionally altered to incorporate “us” at the end of the name, reinforcing Metallus’ longstanding partnerships and the power of what can be achieved together.

Operating as Metallus, the company will continue to serve the automotive, energy and a variety of industrial end markets with targeted growth in aerospace and defense.