CANTON, Ohio (AP) -- Bearings and specialty steel maker Timken Co. said Thursday it will invest $50 million in its steel operations in Canton, Ohio, to help keep up with increasing demand.
The money will pay for installation of a new intermediate finishing line at the Gambrinus Steel Plant, which will improve efficiency and incorporate new technologies and processes. The line is expected to be fully operational in 2013.
The money also will fund expansion of the steel lay-down yard at the Harrison Steel Plant.
The small-bar mill at Harrison, which opened in 2008, continues to increase its output in response to demand, requiring additional space in the laydown yard outside the mill for both finished and semifinished steel.
The project will be completed by the end of the year.
Timken has seen an increased demand for steel products. Sales for this year are expected to rise 70 to 80 percent from 2009.
Shares rose $1.02, or 3 percent, to $34.41 in afternoon trading.
