Timken to invest $225 million in Ohio steel plant
Canton, OH – After securing a new five-year labour agreement, officials at The Timken Company announced they will move forward with a US$225-million investment at its Faircrest Steel Plant in Stark County, OH.With this investment, the...
Canton, OH – After securing a new five-year labour agreement, officials at The Timken Company announced they will move forward with a US$225-million investment at its Faircrest Steel Plant in Stark County, OH.With this investment, the specialty alloy steel manufacturer will improve productivity, expand its product range and increase capacity for producing specialty alloy steel bars.
“This is a good day for our customers around the world, for our company and for the local community,” said Salvatore J. Miraglia, Jr., Timken president – steel. “We’ve received great support for our steel expansion from state and local officials and suppliers, and now our employees have put the last element in place to make this project a go.”
The ratification on Feb. 21, 2012, of a new extended labour agreement between Timken and members of United Steelworkers (USW) Local 1123 establishes workforce stability through project construction and start-up in 2014. The labour agreement covers four facilities in Stark County through September 2017 and replaces an agreement that would have expired in the midst of the project’s start-up in 2013.
A new ladle refiner and large-bloom continuous caster are central to the productivity gains from the investment. The new equipment also is expected to increase the Faircrest operation’s shippable capacity by 25% and enable the production of a broader range of large-diameter bars.
“We have a highly skilled, capable workforce committed to continuous improvement,” said Thomas D. Moline, vice-president of steel manufacturing.
Timken power transmission products include bearings, gears and related components, cites its century-long steelmaking expertise as a key competitive differentiator. In 2011, the Timken steel segment melted 1.7 million tons of raw materials to generate $2 billion of sales of its custom-designed steel. To further productivity and growth, the company invested more than $200 million in its steel operations in northeast Ohio in the past five years. The most recent of those investments included a $35-million high-volume in-line forge press at the Faircrest rolling mill, which is under construction, and $50 million in capital improvements at its Harrison and Gambrinus steel plants.