Steel profits to grow despite low capacity rates: Timken
Apr 25, 2013 | 01:37 PM
| Corinna Petry
CHICAGO Timken Co. will be able to operate profitably in a weak demand environment and with relatively low capacity utilization by investing in new equipment that both increases efficiency and raises the quality of its steel bar products, the company says.
Canton, Ohio-based Timken maintained a double-digit steel operating margin during the first quarter despite a 55-percent capacity utilization rate and lead times of less than 12 weeks, president and chief executive officer James W. Griffith said during an April 24 earnings call.
Steel sales this year will decline 7 to 12 percent compared with 2012 levels, executive vice president of finance Glenn A. Eisenberg projected. Raw material surcharges will also decline.....
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