Timken, who has served as CEO of the company for the past five years, will vacate his position immediately.

Board member Terry L. Dunlap has been appointed interim CEO and president. Dunlap has been a member of TimkenSteel’s board of directors since 2015 and boasts decades of experience in the metals industry, including more than 30 years with Allegheny Technologies Inc. 

"I look forward to leading TimkenSteel and improving shareholder value by engaging with customers, suppliers and employees to improve operating performance and deliver consistent profitable growth at the company," said Dunlap in a statement. 

Lead director John P. Reilly, a founding member of TimkenSteel’s board of directors, will assume the position of chairman of the board.

For more information, read the full statement here.