Timken to Increase Steel Bar Prices
03/10/2004 -
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Timken to Increase Steel Bar Prices
March 10, 2004 — The Timken Corp. announced price increases for all sizes and grades of carbon and alloy steel bars. Non-contract prices will increase by $30 per ton effective with shipments beginning April 5, 2004.
"Scrap concerns are well documented throughout the industry and our surcharge system has been effective in recovering some of those cost increases. Escalating costs in our industry have permeated all other consumable items as well, and this base price increase is necessary to address those costs," said Robert N. Keeler, Director of Steel Sales for North and South America.
The Timken Corp. is a U.S. sales and marketing subsidiary of The Timken Co., a leading global manufacturer of highly engineered bearings and alloy steels and a provider of related products and services with operations in 29 countries. The company recorded 2003 sales of $3.8 billion and employed approximately 26,000 at year-end.
