Timken to change specialty steel pricing policy

Timken to change specialty steel pricing policy

Timken Latrobe, a subsidiary of Timken Company recently announced that it will modify its pricing policy on all remelted aerospace alloy steel grades. According to the new pricing policy, beginning with shipments as of September 1, 2004, raw material surcharges will be effective at the time of the shipment. For orders cancelled prior to melting, the cancellation charge will range between 15-50%, and on orders already melted, the cancellation charge will remain at 100%. Timken Latrobe also announced that it will increase base prices of remelted aerospace alloy steel grades by 3-10% effective for new orders as of September 1, 2004.