Canton, Ohio-based steelmaker and manufacturer The Timken Company announced Tuesday that it plans to invest $225 million at the Faircrest Steel Plant in Stark County, Ohio. The news comes after the ratification of a new extended labor agreement between Timken and members of United Steelworkers (USW) Local 1123, which establishes workforce stability through project construction and startup in 2014.
With this investment, the specialty alloy steel manufacturer will improve productivity, expand its product range and increase capacity to serve growing demand for specialty alloy steel bars. A new ladle refiner and large-bloom continuous caster are central to the productivity gains from the investment. The new equipment also is expected to increase the Faircrest operation's shippable capacity by 25 percent and enable the production of a broader range of large-diameter bars.