The Timken Company (NYSE:TKR) announced today that it is the exclusive supplier of tapered, spherical and cylindrical roller bearings for Arcelor Mittal's new high-capacity hot-strip steel rolling mill in Krakow, Poland. Timken received the $2 million contract from Siemens Metals Technologies, which is building the mill.
Timken bearings have been installed in various locations throughout the mill including the roll stands that shape the steel, cutting sheers and the power coilers that wind the finished steel sheets onto a roll and other equipment. The mill is scheduled to be commissioned later this quarter.
"Steel mill builders turn to us because we not only deliver product that improves a mill’s performance,” said Michael J. Connors, Timken's vice president – industrial equipment, "but also because we work closely with builders to bring our first-hand knowledge of rolling-mill manufacturing to the design and selection of the bearing products for such a mill."
With a steel strip width of up to 2100 mm, or 84 inches, the mill produces some of the widest finished products in Europe for carbon, stainless and special-steel grades to meet the higher quality needs of the automotive, petroleum and fuel industries. The new mill will also significantly reduce operating costs for Arcelor Mittal, while producing 2.4 million tons of steel annually, which is approximately 20 percent of total steel production in Poland.
Luxembourg-based Arcelor Mittal, the world's largest steelmaker, invested around 300 million euros, or about $400 million USD, in construction of the Krakow mill. Constructed as part of a comprehensive modernization program, the mill is the first hot-rolled facility to be built in Europe in 10 years.
About Siemens Metals Technologies
Siemens Metals Technologies (MT), a division of the Siemens Industrial Solutions and Services (I&S) Group, is one of the world's leading engineering and plant-building companies for the iron and steel industry as well as for the flat-rolling sector of the aluminum industry and for open-cast mining. MT, which was created from the integration of Voest-Alpine Industrieanlagenbau, Linz/Austria, plus the electrical engineering product business and automation solutions of Siemens, provides a comprehensive range of supplies and services for all related technological processes and integrated automation solutions for the entire life-cycle of metallurgical plants.
About The Timken Company
The Timken Company (NYSE: TKR, http://www.timken.com) keeps the world turning, with innovative friction management and power transmission products and services, enabling our customers to perform faster and more efficiently. With sales of $5.0 billion in 2006, operations in 26 countries and approximately 25,000 employees, Timken is Where You Turn™ for better performance.
Gloria Irwin, 330-471-7948
Manager – Trade Media Relations
Steve Tschiegg, 330-471-7446
Manager – Investor Relations
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