After securing a new five-year labor agreement, officials at The Timken Co. announced 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 says it will improve productivity, expand its product range and increase capacity to serve demand for Timken specialty alloy steel bars.
“This is a good day for our customers around the world, for our company and for the local community,” says Salvatore 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 recent ratification of a new extended labor agreement between Timken and members of United Steelworkers Local 1123 establishes work force stability through project construction and startup in 2014, the company says. 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 startup in 2013.
”We are seeing growing demand for Timken specialty steel to support the most demanding energy and industrial applications,” says Miraglia. “This is the right time to make the kind of investment that will improve our operating performance while also expanding our capacity and size range for these products. Combined, that will strengthen our ability to serve these important industries and position the business for continued profitable growth and greater shareholder value.”