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Labor Agreement Leads Steel Manufacturer To Invest $225 million On Plant Expansion

The Timken Company, an alloy steel manufacturer, will invest $225 million to expand and improve productivity at its Faircrest Steel Plant in Stark County, Ohio.

The expansion was made possible after Timken officials bargained new 5-year labor agreement with its unionized employees, a company spokesman said. The investment will enable the company to expand its product range and increase capacity to meet a growing demand for Timken specialty alloy steel bars, gears, bearings and power transmission equipment.

"This is a good day for our customers around the world, for our company and for the local community," said Salvatore J. Miraglia, Jr., Timken president. "We've received great support for our steel expansion from state and local officials and suppliers, and now our employees have put the last element in place to make this project a go."

The ratification of a new extended labor agreement between Timken and members of United Steelworkers Local-- 1123 establishes workforce stability through project construction and startup in 2014, Miraglia added.

We are seeing growing demand for Timken specialty steel to support the most demanding energy and industrial applications," said Miraglia. "This is the right time to make the kind of investment that will improve our operating performance, while also expanding our capacity and size range for these products. "

"We have a highly skilled, capable workforce committed to continuous improvement," said Thomas D. Moline, vice president of steel manufacturing. "Our team understands what it takes to make custom-melted, high-quality alloy bars and tubes that meet our customers' exacting metallurgical requirements.

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