Timken invests $225 million in Ohio steel plant
After securing a new 5 year labor agreement, officials at The Timken Company said they will move forward with a $225 million investment at the Faircrest Steel Plant in Stark County, Ohio. With this investment, the specialty alloy steel manufacturer will improve productivity, expand its product range and increase capacity to serve growing demand for Timken® specialty alloy steel bars.
The recent ratification of a new extended labor agreement between Timken and members of United Steelworkers (USW) Local 1123 establishes workforce stability through project construction and startup in 2014. The labor 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 percent and enable the production of a broader range of large-diameter bars.
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.