TimkenSteel Publishes 2022 Sustainability Report
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TimkenSteel Corp. (NYSE: TMST), a leader in high-quality specialty steel, manufactured components, and supply chain solutions, today released its 2022 sustainability report, which is available at https://timkensteel.com/who-we-are/Sustainability.
The 2022 Sustainability Report provides an update on the company’s continued commitment to responsible and sustainable operations. The report highlights progress on key initiatives and programs that support the company’s three sustainability pillars: Environmental Stewardship, Social Commitment, and Governance and Ethics. These pillars connect directly to the theme of the 2022 report – “People. Passion. Principles.” – which reflects how TimkenSteel strives for excellence in all areas of sustainability while maintaining its focus on its mission and core values.
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“We are pleased to share our second sustainability report, which demonstrates the ways we prioritize the people who make up TimkenSteel, our passion for reducing our environmental impact, and the principles that inform our practices,” said Michael Williams, president and chief executive officer. “Aligning our work against the Global Reporting Initiative Standards will help us continue to drive our sustainability performance, demonstrate progress, and develop a road map for the future.”
Some highlights of note from the last year include:
- Increased transparency with Global Reporting Initiative (GRI) reporting: 2022 is the first year that TimkenSteel has reported with reference to the new GRI Standards, as well as continuing to report in alignment with the Sustainability Accounting Standards Board (SASB) Standards for the Iron & Steel Producers sector.
- Embedded focus on sustainability across the company: In its first full year of oversight, the ESG Steering Committee developed an organizational strategy and formed specialized subcommittees responsible for implementing foundational elements of TimkenSteel’s company-wide sustainability programs and initiatives.
- Targeted capital allocation for continuous improvement: To ensure progress against environmental targets, the company has allocated approximately $3 million of capital expenditures per year through 2030 to achieve its long-term ESG goals.
- Enhanced focus on the safety of our employees: TimkenSteel implemented multiple training programs to improve its safety culture and safety performance and expects to invest approximately $7 million in 2023 in company-wide training, new equipment, and improved safety programs.
- Evaluated environmental impact, including Scope 3 emissions: An independent climate consultant worked with TimkenSteel to conduct a comprehensive Scope 3 GHG emissions inventory for 2022 and validate the company’s Scope 1 and Scope 2 inventories.
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