The Timken Company (NYSE: TKR) today officially opened a new $60 million small-bar steel rolling mill that has expanded its portfolio of differentiated steel products. The new mill enables the company to produce steel bars down to 1 inch in diameter for use in power transmission and friction management applications. The company expects this high-performance steel to meet the needs of a variety of customers in the bearing, industrial, energy, distribution and automotive market sectors, including transplant automakers.
“Our new small-bar mill is part of a strategic focus on driving differentiation in our steel products and expanding into new market sectors where we can grow profitably,” said Salvatore J. Miraglia, Jr., president of Timken’s Steel Group. “When we create value for customers with our highly engineered steelmaking capabilities, we improve our ability to create value for our shareholders.”
Timken collaborated on the design and construction of the mill with Daido Steel Co. Ltd, a leading Japanese producer with experience manufacturing special quality small-bar steel and serving demanding customers, including Nissan Motor Co. Ltd., Honda Motor Co. Ltd. and Toyota Motor Corp.
The new mill, originally announced in January 2007, consists of approximately 76,000 square feet to house expanded rolling, finishing and inspection capabilities and is part of Timken’s Harrison Steel Plant in Canton, Ohio. Timken added approximately 30 new positions to operate the small-bar mill.
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, enabling our customers to perform faster and more efficiently. With sales of $5.2 billion in 2007, operations in 27 countries and approximately 25,000 employees, Timken is Where You Turn™ for better performance.
Jeff Dafler, 330-471-3514
Manager – Global Media & Government Relations
Steve Tschiegg, 330-471-7446
Director – Capital Markets & Investor Relations
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