LATROBE, Pa., Jan. 31 /PRNewswire-FirstCall/ -- Timken Latrobe Steel, a subsidiary of The Timken Company, announced that it is changing its pricing policy to "price in effect at time of shipment" to select market segments, effective with shipments on April 1, 2005. Timken Latrobe Steel will temporarily suspend its cancellation charge of 50 percent during the month of February on any planned orders to customers affected by this policy change. Raw material surcharges will continue to remain in effect.
"This change in policy will enable Timken Latrobe to increase the speed of various planned capital projects to better service the demands being placed on the specialty steel industry. In addition, this policy change will better align Timken Latrobe with some of the market segments we serve," said Hans J. Sack, president - 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