LATROBE, Pa., May 17 /PRNewswire-FirstCall/ -- Timken Latrobe Steel, a subsidiary of The Timken Company, announced it would increase prices by 5 percent on High Speed Steel products. The price change is effective with the new orders received beginning June 1, 2004. Raw material surcharges will remain in effect.
"Continued higher production costs in the form of scrap and energy are key factors in this price increase," said David A. Murray, vice president-sales and marketing-Timken Latrobe Steel. "We are continuing with our efforts to try to offset these costs."
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, www.timken.com/media, Investor Contact: Kevin R. Beck, Manager - Investor Relations, (330) 471-7181
SOURCE The Timken Company
CONTACT: Media, Robert G. Bourquin, Senior Communications
Representative, +1-330-471-7106, or Investors, Kevin R. Beck, Manager -
Investor Relations, +1-330-471-7181, both of The Timken Company
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Web site: http://www.timken.com
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(TKR)