The Timken Company’s (TKR) board of directors has approved a plan to pursue a separation of its (100% spinoff) steel business from the Timken Company. The new spinoff will be named TimkenSteel Corporation and will list its share under the symbol “TMST” at the NYSE. The company will focus on creating tailored alloy steel products and services for “demanding applications”. Spinoff date and ratio TBD. The parent will continue to trade under the symbol “TKR”.