Timken Breaks Ground on Faircrest Expansion
04/24/2012 - The Timken Co. celebrated the start of work on a $225 million expansion of its Faircrest Steel Plant that will feature the addition of a new ladle refiner and large-bloom continuous caster.
The Timken Co. celebrated this week the start of work on a $225 million expansion of the Faircrest Steel Plant in Stark County, Ohio. The investment is expected to improve the plant's productivity, expand its product range and increase capacity to serve growing demand for Timken® specialty alloy steel bars.
Salvatore J. Miraglia Jr., President of Timken steel, acknowledged the company's associates, suppliers, customers and union membership, many of whom were on hand for the occasion, recognizing the critical roles that they played in moving the project forward. "You helped make this investment possible, and we thank you for that."
The Faircrest expansion will feature the addition of a new ladle refiner and large-bloom continuous caster. Targeted for startup in 2014, the new equipment is expected to increase the Faircrest plant's shippable capacity by 25% and enable the production of a broader range of large-diameter bars.
"Demand for Timken® steel to support the challenging needs of energy and industrial applications continues to grow in this region, throughout the United States, and in the developing economies of the world," commented Chairman of the Board Ward J. "Tim" Timken Jr., speaking to the crowd gathered for the groundbreaking. "This investment is part of the company's ongoing strategy to expand in markets that value the reliability and efficiency of our world-leading products and offer opportunity for sustained long-term growth."
In addition to Timken officials, the groundbreaking ceremony was attended by Ohio Gov. John Kasich, Sen. Rob Portman, Rep. Jim Renacci, Rep. Bob Gibbs, and State Rep. William Batchelder as well as other state and local political leaders. Following remarks by all speakers, Tim Timken used a nearby hydraulic excavator to formally initiate work on the plant expansion.
Timken is known for helping improve the reliability and efficiency of the machinery, equipment and vehicles that incorporate Timken steel as well as its bearings, gears and related components. The company's century-long steelmaking expertise is considered a key competitive differentiator.
In 2011, the Timken Steel segment melted 1.7 million tons of scrap steel and generated $2 billion in sales of its custom-designed steel. The company has continued to invest in its operations through the years, but this $225 million investment at the Faircrest plant is the largest since the facility opened in 1985.
The Timken Co. supplies innovative friction management and power transmission products and services that allow machinery to perform more efficiently and reliably. The company employs 21,000 people operating from locations in 30 countries, and generated sales of $5.2 billion in 2011.
