Specialty Steel Prices to Increase
LATROBE, Pa., July 18 -- Timken Latrobe Steel, a subsidiary of The Timken Company , announced it would increase prices by five percent on all high-speed steel products. The price change is effective with new orders received after September 1, 2003. Raw material surcharges will remain in effect.
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"Higher production costs in the form of energy, health care and other benefits are key factors in this price increase on high-speed steels," said David A. Murray, vice president - sales and marketing, Timken Latrobe Steel. "Our continued focus on generating new manufacturing efficiencies has not been enough to offset the increases in these production costs."
Timken Latrobe Steel is the leading high-speed steel producer in North America. The Timken Company is a leading international manufacturer of highly engineered bearings, alloy and specialty steels and components, and a provider of related products and services. Following its February 2003 acquisition of The Torrington Company, Timken employs 28,000 people worldwide in operations in 29 countries. In 2002, the combined companies had sales of approximately $3.8 billion.
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