Timken Co. to invest $50 million in Ohio steel operations
The Timken Company has announced that it will invest approximately $50 million in its steel operations in Canton, Ohio. Slated to begin this year, the investment is for the installation of a new intermediate finishing line at the Gambrinus Steel Plant and expansion of the steel lay-down yard at the Harrison Steel Plant's small-bar mill.
According to the company, Timken's Steel Group has had a significant increase in demand across all markets, and 2010 sales are expected to increase by 70 to 80 percent compared to 2009. "The investments have the goal of both meeting demand and continuing to improve the long-term competitiveness of our operations," said Sal Miraglia, president – steel for Timken.