{"id":408332,"date":"2021-01-05T07:47:20","date_gmt":"2021-01-05T12:47:20","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=408332"},"modified":"2021-01-05T07:47:20","modified_gmt":"2021-01-05T12:47:20","slug":"timkensteel-announces-inducement-grants-for-its-new-chief-executive-officer","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/timkensteel-announces-inducement-grants-for-its-new-chief-executive-officer\/","title":{"rendered":"Timkensteel Announces Inducement Grants For Its New Chief Executive Officer"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n CANTON, Ohio<\/span>, Jan. 5, 2021<\/span> \/PRNewswire\/ — TimkenSteel Corp. (NYSE: TMST), a leader in customized alloy steel products and services, today announced that, as previously disclosed in its Form 8-K filed with the Securities and Exchange Commission on December 18, 2020<\/span>, TimkenSteel made inducement grants to Michael S. Williams<\/span>, the newly-appointed President and Chief Executive Officer of TimkenSteel. The Compensation Committee of TimkenSteel’s Board of Directors approved, pursuant to Section 303A.08 of the New York Stock Exchange Listed Company Manual, grants of inducement equity awards to Mr. Williams consisting of time-based restricted share units covering 423,400 of TimkenSteel’s common shares (the “RSU Award”) and performance-based restricted share units covering a target number of 423,400 of TimkenSteel’s common shares (with a maximum payout opportunity of 635,100 common shares) (the “PRSU Award”). These awards were granted outside of the TimkenSteel Corporation 2020 Equity and Incentive Compensation Plan as inducements material to Mr. Williams’ acceptance of employment with TimkenSteel. The grant date for the awards is January 5, 2021<\/span> (the “Grant Date”).<\/p>\n

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\n \"TimkenSteel
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The RSU Award generally vests, subject to continued employment or other specified events, on the third anniversary of the Grant Date. The PRSU Award is generally subject to relative total shareholder return performance achievement against a benchmark group of 16 entities over a three-year period ending December 31, 2023<\/span> as follows: 0% payout for achievement below the 25th<\/sup> percentile; 50% payout for achievement at the 25th<\/sup> percentile; 100% payout for achievement at the 50th<\/sup> percentile; 150% payout for achievement at or above the 80th<\/sup> percentile; and payout based on interpolation between levels above the threshold level.<\/p>\n

\n About TimkenSteel Corporation
<\/b>TimkenSteel (NYSE: TMST) manufactures high-performance carbon and alloy steel products in Canton, OH<\/span> serving demanding applications in automotive, energy and a variety of industrial end markets. The company is a premier U.S. producer of alloy steel bars (up to 16 inches in diameter), seamless mechanical tubing and precision components. In the business of making high-quality\u00a0<\/b>steel primarily from recycled materials for more than 100 years, TimkenSteel’s proven expertise contributes to the performance of our customers’ products. The company\u00a0employs approximately 2,055 people and had sales of $1.2<\/span> billion\u00a0in 2019. For more information, please visit us at\u00a0www.timkensteel.com<\/a>.<\/p>\n

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\n \"Cision\" View original content to download multimedia:http:\/\/www.prnewswire.com\/news-releases\/timkensteel-announces-inducement-grants-for-its-new-chief-executive-officer-301201015.html<\/a><\/p>\n

SOURCE TimkenSteel Corp.<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire CANTON, Ohio, Jan. 5, 2021 \/PRNewswire\/ — TimkenSteel Corp. (NYSE: TMST), a leader in customized alloy steel products and services, today announced that, as previously disclosed in its Form 8-K filed with the Securities and Exchange Commission on December 18, 2020, TimkenSteel made inducement grants to Michael S. Williams, the newly-appointed President and Chief Executive Officer of TimkenSteel. The Compensation Committee of TimkenSteel’s Board of Directors approved, pursuant to Section 303A.08 of the New York Stock Exchange Listed Company Manual, grants of inducement equity awards to Mr. Williams consisting of time-based restricted share units covering 423,400 of TimkenSteel’s common shares (the “RSU Award”) and performance-based restricted share units covering a target number of 423,400 of TimkenSteel’s common shares … <\/p>\n

Continue reading “Timkensteel Announces Inducement Grants For Its New Chief Executive Officer”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-408332","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nTimkensteel Announces Inducement Grants For Its New Chief Executive Officer - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/timkensteel-announces-inducement-grants-for-its-new-chief-executive-officer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Timkensteel Announces Inducement Grants For Its New Chief Executive Officer - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire CANTON, Ohio, Jan. 5, 2021 \/PRNewswire\/ — TimkenSteel Corp. 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