On December 31, Timken Company, Ohio, US-based manufacturer of highly engineered bearings, alloy steels, and related components and assemblies, announced that its wholly-owned subsidiary TSB Metal Recycling LLC has purchased substantially all of the assets of Akron, Ohio-based City Scrap and Salvage Co.
According to a Timken release, City Scrap, which employs 30 people, has been supplying ferrous scrap to Timken's steelmaking operations for more than 15 years. The acquisition is consistent with Timken's history of maintaining reliable resources for its businesses. City Scrap had revenues of approximately $17 million in 2010.
"For our plants, steel scrap sources are essential as we continue to expand our business," said William P. Bryan, director of supply chain and supply chain economics for Timken's steel group, adding that "Acquiring City Scrap further ensures we have the resources needed to serve our customers now and in the future."
In 2010, Timken converted more than 1.5 million mt of scrap metal - the equivalent of more than 750,000 scrap automobiles - into new steel bars and tubes.