The Timken Co. and the United Steelworkers union announced that they have agreed to enter early formal negotiations over the current labor contract, which expires in September 2005.

The current contract includes associates in steelmaking operations in the Canton district, in addition to the company's bearing plants in Canton. A favorable new labor contract could mitigate the impact of announced closure of the Canton bearing plants on employment.

Consistent with prior practice, there will be no further comments until discussions are completed.

The Timken Co. is a leading global manufacturer of highly engineered bearings and alloy steels and a provider of related products and services with operations in 27 countries. A Fortune 500 company, Timken recorded 2003 sales of $3.8 billion and employed approximately 26,000 at year-end.