News
News Home
Quick Bites
Exploradio
News Archive
News Channel
Special Features
NPR
nowplaying
On AirNewsClassical
Loading...
  
School Closings
WKSU Support
Funding for WKSU is made possible in part through support from the following businesses and organizations.

Lehmans

Knight Foundation

Levin Furniture


For more information on how your company or organization can support WKSU, download the WKSU Media Kit.

(WKSU Media Kit PDF icon )


Donate Your Vehicle to WKSU

Programs Schedule Make A Pledge Member BenefitsFAQ/HelpContact Us
Economy and Business


Boom in oil-gas drilling isn't showing up in Timken's earnings as hoped
First-quarter earnings are off, especially in steel, as shareholders prepare for a vote on whether the company should split
by WKSU's M.L. SCHULTZE


Web Editor
M.L. Schultze
 
In The Region:

Two weeks before shareholders vote on whether to split the Timken Company’s steel and bearing businesses into two, a new earnings report shows Timken’s sales are suffering. WKSU’s M.L. Schultze reports that’s in part a result of the oil and gas industry’s ratcheting back.

SCHULTZE: Timken's earning show a big drop in steel

Other options:
Windows Media / MP3 Download (1:10)


The first quarter report shows Timken’s sales are down 23 percent over all those sectors from the same period a year ago. But the biggest decrease came in steel, down 35 percent.  Timken had ratcheted up in part to supply special steel for the oil-and-gas drilling boom, and that's fallen short of expectations.

Joe Hoagland is president of the United Steelworkers local that represents some  2,300 Timken workers says the steel business is cyclical.

“The third quarter of 2010, we actually had everybody recalled, and the company started to hire people. And then back down again starting last August, layoffs, August and September. We still have actually 160 people laid off. So it’s been that little bit of a ride the last four years.”

In all, the sales totaled $1.1 billion for the first quarter of 2013. Still, Timken CEO James Griffith says the first-quarter results were  “in line with our expectations," and that orders increased as the first quarter progressed.

The California teacher’s pension system and a group called Relational Investors are pushing to split Timken’s steel and bearing businesses into two. Today, ISS, a group that advises shareholders who delegate their votes, issued a statement supporting the split.

Add Your Comment
Name:

Location:

E-mail: (not published, only used to contact you about your comment)


Comments:




 
Page Options

Print this page

E-Mail this page / Send mp3

Share on Facebook




Stories with Recent Comments

Cleveland deal ramps up civilian oversight of police
i would like to see police get mandatory psych evals one a year from out side the department.

The generation gap in care for developmentally disabled Ohioans
I don't understand how a few hours a day of caregiving can possibly help a person who lives with complex/multiple disabilities. Many waiver recipients totally d...

Marijuana referendum may change more than pot's legal status in Ohio
If our representatives would act in accordance with the will of the people things like this wouldn't happen. They dragged their feet and blocked discussion on t...

Area pastors and congregation members protest justice system
I live in Cleveland. trust me when I say the high incarceration rate is due to the high crime rate.

Ohio's attorney general rejectsthe latest proposal to legalize marijuana
i think the ag launguage is money hes talking about drug companies must pay him more than responsible ohio can

PBS documentary chronicles the fall of Saigon through new footage and stories
Hi, Does anyone know the number - in the pbs special "Last Days of Vietnam" documentary, of how many Vietnamese were evacuated? Please e-mail me the answer. T...

Protest planned at tomorrow's FirstEnergy meeting
The problems of the poor and downtrodden have nothing to do with First Energy. They are the result of Republican legislators who consistently reduce taxes on th...

Ohio bill would help smaller communities with LGBT discrimination laws
Do we not try and have rights for all individuals equally? On the HUD list of "preferred" candidates who get "special consideration" it states that: For purp...

Ohio likely will continue with two types of police academies
Wake up people your wanting a Harvard law school education for a job that may pay a little over the poverty level. I don't know anyone who could support a wife ...

Police Week's ties from NE Ohio to D.C.
The men and women in blue who risk their lives everyday to serve and protect us....and this is as much recognition and appreciation that NPR/WKSU feels to offer...

Copyright © 2015 WKSU Public Radio, All Rights Reserved.

 
In Partnership With:

NPR PRI Kent State University

listen in windows media format listen in realplayer format Car Talk Hosts: Tom & Ray Magliozzi Fresh Air Host: Terry Gross A Service of Kent State University 89.7 WKSU | NPR.Classical.Other smart stuff. NPR Senior Correspondent: Noah Adams Living on Earth Host: Steve Curwood 89.7 WKSU | NPR.Classical.Other smart stuff. A Service of Kent State University