NEW YORK A $30-per-ton ($1.50-per-hundredweight) price increase on special bar quality (SBQ) products announced in February has taken hold and should remain in place, according to a top executive at Timken Co.
"We have locked ... that into the marketplace. And as weve looked at our order book going forward and the conditions that we see in our end markets, we would assume that quarter over quarter we will see our utilization rates improve, so I think market conditions will support it going forward," chairman Ward J. "Tim" Timken Jr. said during an April 24 earnings conference call, although he added that the increase affects a "relatively small amount" of the companys products.
Charlotte, N.C.-based Nucor Corp. led the hike and Canton, Ohio-based Timken followed, although market participants were mixed on whether the increase would succeed (amm.com, Feb. 28).