Timkensteel to purchase group annuity contract for retiree pension benefits

Canton, ohio , july 13, 2022 /prnewswire/ -- timkensteel (nyse: tmst), a leader in high-quality specialty steel, manufactured components, and supply chain solutions, on july 7, 2022, entered into an agreement to purchase a group annuity contract from the prudential insurance company of america ("prudential") to settle approximately $250 million of the company's approximate $800 million in u.s. pension obligations under the timkensteel corporation bargaining unit pension plan (the "pension plan"). in connection with the agreement, prudential will pay future benefits under the group annuity contract starting october 1, 2022, for a specified group of approximately 1,900 retirees and beneficiaries who are currently receiving payments from the pension plan.
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