OHIO (Commodity Online): The Timken company(NYSE: TKR) announced that they will invest $225 million at the Faircrest Steel Plant in Stark County, Ohio, the alloy steel manufacturer which will improve its productivity, and expand its product range and increase capacity to serve growing demand for Timken speciality alloy steel bar.
Salvatore J.Miraglia, Jr., Timken President said that there is growing demand for Timken specialty steel to support the most demanding energy and industrial applications.
He added,"This is the right time to make the kind of investment that will improve our operating performance while also expanding our capacity and size range for these products. Combined, that will strengthen our ability to serve these important industries and position the business for continued profitable growth and greater shareholder value."
A new ladle refiner and large-bloom continuous caster are central to the productivity gains from the investment which will increase the Faircrest's capacity by 25 percent and helps the production of a broader range of large-diameter bars.
Thomas D. Moline, vice president of steel manufacturing, said “This investment, which is the largest since opening the plant in 1985, builds on those skills to improve our productivity, while giving us the ability to offer even more to the customers who rely on us for their own success."
Timken, known for the reliability of its power transmission products that include bearings, gears and related components, cites its century-long steelmaking expertise as a key competitive differentiator.
