For the quarter ending 30 June, the steelmaker recorded a net income of US$1.3 million, or 3 cents per diluted share, on sales of US$339.3 million. In the same quarter last year, the company posted a loss of US$6.6 million, or 15 cents per share, on sales of US$223.1 million. 

Timken saw its sales rise 52.1% on an increase in surcharge revenue and higher shipments. Shipments were up 55.3% to 295,000 tons, primarily due to greater market penetration. The company said it won new orders to supply billet to tubemakers and increased sales to industrial and energy end-markets.

"We're continuing a steady pace of performance improvement, driven by growing market demand and the actions we've taken over the past two years to improve both our operating efficiency and our competitive position," said chairman and chief executive Tim Timken. "We've had improvement in our markets, structural improvement in our business performance and a successful production ramp, which positions us well for the future."

The company said it expects third-quarter shipments to increase between 2% and 5% over the second quarter.