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.
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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.
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) keeps the world turning with innovative friction management and power transmission products and services that help machinery perform efficiently and reliably. With sales of $4.1 billion in 2010 and 20,000 people operating from locations in 30 countries, Timken is Where You Turn® for better performance.
Contacts - Media: Lorrie Paul Crum, Ofc: 330.471.3514; Mob: 330.224.5021. firstname.lastname@example.org; Investors: Steve Tschiegg, Ofc: 330.471.7446. email@example.com, The Timken Company.
SOURCE The Timken Company