Timken breaks ground on $225 million expansion
Officials of The Timken Company were joined by Ohio Gov. John Kasich, Sen. Rob Portman, Rep. Jim Renacci, Rep. Bob Gibbs, state Rep. William Batchelder and other state and local political leaders to mark the start of work on a $225 million expansion of the Faircrest Steel Plant in Stark County, Ohio.
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 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 scrap steel –equal to approximately 1 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.