CANTON, Ohio — Timken has announced an expanded ability to offer its high-performance, premium engineered steel solutions to customers in Asia, establishing production within the region through an arrangement with Daido Steel Co. Ltd.
According to the agreement signed yesterday, Daido, a leading steelmaker based in Japan, will manufacture specialty steel products according to Timken specifications. This will allow Timken to broaden service to industrial customers throughout Asia, where such highly engineered, specialty steel is not widely available, and demand for it continues to grow.
This is the second collaboration between Timken and Daido Steel. In 2006, the two companies initiated collaboration on technical aspects of Timken’s new small bar mill commissioned last year in Canton, Ohio.
“This is a fast-track approach to accelerate the growth of our steel business while building the Timken brand further in Asia,” said Salvatore Miraglia Jr., president of Timken’s Steel Group. “It will allow us to capitalize on more of the growth opportunities we see in the Asian market, bringing all of the technical expertise Timken is known for, with the added advantage of Daido’s state-of-the-art manufacturing facilities in the region. For customers in Asia, this local proximity is most desirable and necessary to ensure timely, reliable service."
“We are very pleased to again work with Timken on this opportunity that strengthens our bonds of business and friendship. This is a positive development to serve a wider field of industrial opportunity in Asia where the demand for high-quality steel is growing. In addition to this agreement working with Timken, we will continue to serve our own Japanese customer base with our product offering,” said Tadashi Shimao, executive vice president of Daido Steel Co.
Under an initial five-year agreement, Daido will manufacture high-performance steel as specified by Timken. Those finished products will carry the Timken brand, and will be marketed, sold and distributed by The Timken Co.’s sales force and its authorized distributors in Asia.
