Date: 2013-08-01

Timken Evaluates $225 Million Investment for New Capacity at Faircrest Steel Plant in Ohio

CANTON, Ohio, Aug. 24, 2011 /PRNewswire/ -- The Timken Company (NYSE: TKR) is considering an investment of $225 million at its Canton, Ohio-based Faircrest Steel Plant that would increase capacity, expand product range and strengthen competitiveness of Timken® alloy steel bars. A ladle refiner and a new large-bloom continuous caster would be central to the investment, targeted to begin production in 2014.

A team from Timken, charged with developing a comprehensive plan with recommendations that would allow the project to move forward, is beginning discussions with suppliers and government officials. In addition, company representatives plan to engage the United Steelworkers on the labor agreement that covers the facility.

"We are seeing continued long-term opportunity for profitable growth in key markets, which makes this a sound investment if we can achieve the necessary structural support for the project," said Salvatore J. Miraglia, president of Timken's steel group. "This investment would give us the capacity and capabilities to meet future customer needs and to further strengthen our leadership position in special-quality steel products."

Miraglia said that the investment would increase Timken's Faircrest shipped capacity by 25 percent. "It also gives a wider large-diameter product selection to customers around the world who use our steel in a diverse range of demanding applications, including those in the heavy equipment and energy sectors," Miraglia added.

Since 2006, Timken has invested more than $200 million in its steel operations in Stark County, Ohio. In February, the company announced a $35 million investment in a high-volume in-line forge press at the Faircrest rolling mill. That announcement followed $50 million in capital improvements the company initiated at its Harrison and Gambrinus steel plants in 2010.

Previous: Dana's Leadership in Battery Cooling Technologies for Hybrid and Electric Vehicles Furthered by Technology Grant from Province of Ontario
Next: Research and Markets: Ball and Roller Bearing Manufacturing Industry in the US and its International Trade 2011 Q3 Edition: Industry Grows by $6.5Billion in 2010 with Profits up 38.88%

Hot Products:

Product Model	Inside Diameter	Outside Diameter	Thickness
33885/33821 KOYO	44.45	95.25	28.575
46176/46368 KOYO	44.45	93.662	31.75

【TradeBearings News Statement】

1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"TradeBearings".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.