The Timken Company is considering an investment of $225m at its Canton, Ohio-based Faircrest Steel Plant that would increase capacity, expand product range and strengthen competitiveness of Timken® alloy steel bars. A ladle refiner and a new large-bloom continuous caster would be central to the investment, targeted to begin production in 2014.
A team from Timken, charged with developing a comprehensive plan with recommendations that would allow the project to move forward, is beginning discussions with suppliers and government officials. In addition, company representatives plan to engage the United Steelworkers on the labour agreement that covers the facility.
“We are seeing continued long-term opportunity for profitable growth in key markets, which makes this a sound investment if we can achieve the necessary structural support for the project,” said Salvatore J. Miraglia, president of Timken’s steel group. “This investment would give us the capacity and capabilities to meet future customer needs and to further strengthen our leadership position in special quality steel products.”
Miraglia said that the investment would increase Timken’s Faircrest shipped capacity by 25%.
“It also gives a wider large-diameter product selection to customers around the world who use our steel in a diverse range of demanding applications, including those in the heavy equipment and energy sectors,” Miraglia added.
Since 2006, Timken has invested more than $200m in its steel operations in Stark County, Ohio. In February, the company announced a $35m investment in a high-volume in-line forge press at the Faircrest rolling mill. That announcement followed $50m in capital improvements the company initiated at its Harrison and Gambrinus steel plants in 2010.