TimkenSteel Corp. (NYSE: TMST), Canton, OH, reported sales for the first quarter of $388.7 million, down 0.2 percent year-over-year. Profit decreased 79.5 percent to $6.9 million.
Industrial and mobile segment sales in the first quarter were $233.5 million, up 0.7 percent year-over-year. Energy and distribution segment sales were down 1.6 percent to $155.2 million.
"We saw increased volume in the first quarter compared with this time last year, although our earnings did not benefit from the higher volume due largely to pricing conditions in the scrap market," said Ward J. Timken, Jr., president and CEO. "Ferrous metal scrap prices dropped sharply due to the strong dollar, fewer exports, increased supply and other factors. Current market indicators point to scrap prices beginning to hit bottom."
