Canton, OH — The Timken Company has begun work on a US$225-million expansion of its Faircrest Steel Plant in Stark County, OH.
The investment by the specialty alloy steel and industrial components manufacturer is expected to improve the Faircrest plant’s productivity, expand its product range and increase capacity to serve growing demand for Timken specialty alloy steel bars.
A new ladle refiner and large-bloom continuous caster are the centerpieces of the steel plant expansion. Targeted for start up in 2014, the new equipment is expected to increase the Faircrest plant’s shippable capacity by 25% and enable the production of a broader range of large-diameter bars.
Timken says it aims to help improve the reliability and efficiency of the machinery, equipment and vehicles that incorporate Timken steel as well as its bearings, gears and related components.
In 2011, the Timken Steel segment melted 1.7 million tons of scrap steel—equal to approximately one million junk cars — and generated $2 billion in sales of its custom-designed steel. The company has invested steadily in its operations through the years, but this $225 million investment at the Faircrest plant is the largest since the facility opened in 1985.