Timken to modify specialty steel pricing policy

January 31, 2005

Timken Latrobe Steel, a subsidiary of The Timken Company, announced that it is changing its pricing policy to "price in effect at time of shipment" to select market segments, effective with shipments on April 1, 2005. Timken Latrobe Steel will suspend temporarily its cancellation charge of 50 percent during the month of February on any planned orders to customers affected by this policy change. Raw material surcharges will continue to remain in effect.

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