CANTON, Ohio, Oct. 14, 2021 /PRNewswire/ -- TimkenSteel Corp. (NYSE: TMST), a leader in high-quality specialty steel, manufactured components and supply chain solutions, today announced environmental goals for 2030, a critical milestone in the evolution of the company's environmental, social and governance (ESG) program.
TimkenSteel has established the following 2030 environmental goals, compared with a 2018 baseline:
- 40% absolute reduction in combined Scope 1 and Scope 2 greenhouse gas (GHG) emissions
- 30% absolute reduction in total energy consumption (direct and indirect)
- 35% absolute reduction in fresh water withdrawn
- 10% reduction in waste-to-landfill intensity
These targets are supported by projects across the company's manufacturing, supply chain and corporate operations and are aligned with regional, national and international environmental priorities established by organizations such as the U.S. Environmental Protection Agency, the Task Force on Climate-Related Financial Disclosures (TCFD) and the Paris Climate Accords. Beyond 2030, TimkenSteel aspires to achieve carbon neutrality.
"As TimkenSteel matures on its ESG journey, we are committed to making progress toward and achieving our long-term goals and building on our long-standing reputation as a sustainable steel supplier," said Mike Williams, president and chief executive officer. "Environmental sustainability is not new to us – we moved all production to electric arc furnaces in 1952 and produce 100 percent of our steel primarily from recycled scrap metal. Past efforts around energy conservation, recycled metal sourcing and handling, and water management and reuse have made us an environmental leader. Steel will continue to be a critical component of a reduced-carbon future and establishing these 2030 environmental goals focuses our company on areas where we can have the greatest impact and further contribute to that future."
Through TimkenSteel's well-established commitment to environmental stewardship and its culture of continuous improvement, the company's GHG emissions are already less than half of the World Steel Association's industry average. Ongoing projects to improve the energy efficiency and cleanliness of its scrap handling and electric arc furnace steelmaking operations will further contribute to TimkenSteel's environmental goals.
"In addition to establishing the new climate goals, TimkenSteel is reaffirming its commitments to safety first and fostering diversity," said Williams. "With an aspiration to achieve zero workplace injuries and to build a diverse, equitable, and inclusive workplace culture on our Board, in leadership and throughout our company, TimkenSteel's ESG program reflects our vision to harness the enduring power of steel to make the world a better place."
For more information about the company's ESG program and its performance to date, see the ESG section of our website and TimkenSteel's 2021 Sustainability Accounting Standards Board (SASB) Disclosure.
ABOUT TIMKENSTEEL CORPORATION
TimkenSteel (NYSE: TMST) manufactures high-performance carbon and alloy steel products from recycled scrap metal in Canton, OH, 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 manufactured components. In the business of making high-quality steel for more than 100 years, TimkenSteel's proven expertise contributes to the performance of our customers' products. The company employs approximately 1,900 people and had sales of $831 million in 2020. For more information, please visit us at www.timkensteel.com.
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