Timken to Increase High Speed Steel Prices
LATROBE, Pa., May 17, 2004 -- Timken Latrobe Steel, a subsidiary of The Timken Company, announced it would increase prices by 5 percent on High Speed Steel products. The price change is effective with the new orders received beginning June 1, 2004. Raw material surcharges will remain in effect.
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"Continued higher production costs in the form of scrap and energy are key factors in this price increase," said David A. Murray, vice president-sales and marketing-Timken Latrobe Steel. "We are continuing with our efforts to try to offset these costs."
Timken Latrobe Steel is a leading specialty steel producer in North America. The Timken Company ; ( www.timken.com ) is a leading global manufacturer of highly engineered bearings and alloy steels and a provider of related products and services with operations in 27 countries. A Fortune 500 company, Timken recorded 2003 sales of $3.8 billion and employed approximately 26,000 at year-end.
Media Contact: Robert G. Bourquin, Senior Communications Representative, (330) 471-7106, www.timken.com/media, Investor Contact: Kevin R. Beck, Manager - Investor Relations, (330) 471-7181
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