Timken expects steel sales to jump in 2014

Jan 30, 2014 | 05:15 PM | Corinna Petry

Tags  Timken, steel business, sales forecast, earnings report, James Griffith, Ward Timken, bloom caster, steel spinoff Timken Steel

CHICAGO — Timken Co. expects sales by its steel business to jump between 12 and 17 percent this year from 2013, driven by greater demand in the oil and gas and industrial end-market sectors.

This will occur at the same time that the steel business is spun off as Timken Steel Corp., president and chief executive officer James W. Griffith said during a conference call Jan. 30 to discuss its earnings report.

"We are expecting improved profitability based on volume and mix, and (steel selling prices)," chairman Ward J. "Tim" Timken Jr. told analysts during the call. "(Steel sales increases) will be solidly in the double digits. If you look at (a rise of) 14 percent, half would come from volume and product mix and the other half from improved surcharges," he said, predicting that scrap surcharges will continue to run higher "throughout the year."....

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