Canton, Ohio-based specialty steelmaker the Timken Company announced Wednesday that it is considering an investment of $225 million to increase capacity at its Ohio Faircrest Steel Plant by installing a ladle refiner and a new large-bloom continuous caster.
Salvatore J. Miraglia, President of Timken's steel group said in a press release that the investment would increase Timken's Faircrest shipped capacity by 25 percent and "also give 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."
"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," added Miraglia.
A decision on the project is expected by the end of the year, with production slated to begin in 2014.