LATROBE, Pa., Sept. 1 /PRNewswire-FirstCall/ -- Timken Latrobe Steel, a subsidiary of The Timken Company, announced it would change two pricing policies on all remelted aerospace alloy steel grades.
- Beginning with shipments on September 1, 2004, raw material surcharges will take effect at time of shipment.
- For orders cancelled prior to melting, the cancellation charge will change from 15 percent to 50 percent. On orders already melted, the cancellation charge will remain at 100 percent.
In addition to the policy changes, Timken Latrobe will also increase base prices by 3 to 10 percent on remelted aerospace alloy steel grades. The price increase is effective with all new orders received after September 1, 2004. Raw material surcharges will remain in effect.
"Increasing raw material costs and other key factors have made it necessary for us to implement this price increase and policy changes," said Richard H. Brown, vice president - business development and sales - Timken Latrobe Steel.
Timken Latrobe Steel is a leading specialty steel producer in North America.
The Timken Company (NYSE: TKR, www.timken.com) is a leading global manufacturer of highly engineered bearings and alloy steels and a provider of related products and services with operations in 29 countries. The company recorded 2003 sales of $3.8 billion and employed approximately 26,000 at year-end.
Media Contact:
Robert G. Bourquin, Senior Communications Representative (330) 471-7106
http://www.timken.com/media
Investor Contact:
Kevin R. Beck, Manager - Investor Relations (330) 471-7181
SOURCE The Timken Company