Timken bullish on demand, but prices flat for '13
Oct 29, 2012 | 07:00 AM
| Corinna Petry
Tags
Timken,
steel prices,
steel demand,
contract demand,
raw materials,
James Griffith,
Salvatore Miraglia,
Corinna Petry
CHICAGO — Timken Co. has seen foreign demand for its diversified product line decline since the second quarter, which is now affecting some domestic sectors, said president and chief executive officer James W. Griffith.
"Reduced demand for commodities has translated into lower demand for mining, and oil and gas drilling equipment, (and) is now impacting our steel shipments in the United States," he said.
Timken anticipates full-year steel sales will fall between 11 and 13 percent from 2011 levels.....
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