Ohio Manufacturer Breaks Ground on $225 Million Expansion at Faircrest Steel Plant
The investment by the specialty alloy steel and industrial components manufacturer is expected to improve the Faircrest plant's productivity, expand its product range and increase capacity to serve growing demand for Timken's specialty alloy steel bars.
Salvatore J. Miraglia, Jr., president of Timken steel, told the company's associates, suppliers, customers and union members "you helped make this investment possible, and we thank you for that."
The largest incentive sparking Timken's expansion was the firm securing a new five-year labor agreement with its employees who are members of its United Steelworkers Local-- 1123.
A new ladle refiner and large-bloom continuous caster are the centerpieces of the steel plant expansion. Targeted for start up in 2014, the new equipment is expected to increase the Faircrest plant's shippable capacity by 25 percent and enable the production of a broader range of large-diameter bars.
"Demand for Timken steel to support the challenging needs of energy and industrial applications continues to grow in this region, throughout the United States, and in the developing economies of the world," said Ward J. "Tim" Timken, Jr. said Chairman of the Board. "This investment is part of the company's ongoing strategy to expand in markets that value the reliability and efficiency of our world-leading products and offer opportunity for sustained long-term growth."
"We're heartened by the support we've received from the Timken team, customers, suppliers and our elected officials in bringing this project to our official launch this morning," said Tom Moline, vice president of steel manufacturing. "That makes this a great day for Timken customers, the company and our local community."
2019 Leading Metro Locations: Pacific and South-Atlantic Metros Dominate the List
2019 Top States for Doing Business: Georgia Ranks #1 Sixth Year in a Row
A Heightened Focus on Reshoring
Site Selection 2020: The Importance of “Regional Depth” with Global Reach
COVID-19 and Site Selection in the Near and Long Term
34th Annual Corporate Survey & the 16th Annual Consultants Survey