Excess tubing inventory to hurt Timken’s 2d-half sales
Jul 27, 2012 | 03:54 PM
| Corinna Petry
Tags
Timken,
steel,
seamless tube,
special bar quality,
outages,
James W. Griffith,
Salvatore J. Miraglia,
Corinna Petry
CHICAGO — Timken Co. has forecast that its steel business will be less robust during the second half of the year than it was in the first half as certain customer segments—especially energy—are drawing down excess inventory.
"We saw a tempering of (demand) growth toward the end of the second quarter and anticipate further slowing in the last half," president and chief executive officer James W. Griffith said during the company’s earnings conference call. Timken expects its steel segment sales will be flat to down 5 percent this year.....
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