Timken to Increase Specialty Steel Prices
LATROBE, Pa., Aug. 3, 2004 -- Timken Latrobe Steel, a subsidiary of The Timken Company, announced it has increased base prices by 3 to 10 percent on all remelted aerospace alloy steel grades. The price change is effective with all new orders received.
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Timken Latrobe Steel also has increased base prices on all air melt stainless alloys by 5 to 10 percent. This price change is effective with all new orders and shipments scheduled after August 1, 2004. Raw material surcharges will remain in effect.
"Increased operational costs and other key factors have made these price increases necessary," said Richard H. Brown, vice president - business development and sales - Timken Latrobe Steel. "Our efforts continue to focus on ways to offset these costs."
Timken Latrobe Steel is a leading specialty steel producer in North America. The Timken Company ; ( http://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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