Rising Costs Push Specialty Steel Prices Higher
LATROBE, Pa., Aug. 21, 2003 -- Timken Latrobe Steel, a subsidiary of The Timken Company, announced it would increase prices by three percent on all Aerospace and Tool Steel remelted alloys. The price change is effective September 1, 2003 for all new orders of VIM-VAR, AOD-VAR and AOD-ESR products. Raw material surcharges will remain in effect.
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"This price increase will help offset higher energy, health care and other benefit costs associated with the production of specialty steels," said Richard H. Brown, vice president - business development and sales, Timken Latrobe Steel.
Timken Latrobe Steel is a leading international supplier of specialty alloys to the aerospace and tool making industries. 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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