Alexander Haynes
Special situations, deep value, growth at reasonable price, event-driven

TimkenSteel: Spinoff Opportunity In Niche Steel Company

Separate Company History: TimkenSteel (NYSE:TMST) recently spun off from Timken Company (NYSE:TKR); each shareholder of Timken received 1 share of TimkenSteel per 2 Timken shares owned on June 30th (record date June 23rd). TimkenSteel ceased to be a wholly-owned subsidiary of Timken and is now an independent, publicly-traded company. The rationale for the transaction are essentially the normal considerations normally put forward. Taken directly from the form 10, the rationale is:

((i)) improving the market's understanding and valuation of Timken's two industry-leading businesses;

((ii)) enhancing the ability of the management team of each company to pursue more focused strategies that are in the best interests of its business and shareholders;

((iii)) providing the ability to better...

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