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.

The Holden Arboretum

Hennes Paynter Communications

Akron BioInnovation


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

Bridgestone exec indictments are latest step in a billion-dollar price-fixing case
Why is O.P.E.C Not investigated and charges brought against it and it's member companies? It sounds exactly the same...

Ohio's new drilling rules rely on known earthquake faults
requiring drillers to place seismic monitors when they drill within 3 miles of known fault lines. This comment really upsets me!! What good does an instrument t...

Kasich's gubernatorial ad focuses on his blue-collar roots
John Kasich is the biggest con-man in America. He will say one thing and then do the opposite. He is terribly successful at fooling the public and he is worki...

Cab drivers who refuse to drive Gay Games taxis will be replaced
the irony is that most americans distrust or hate muslims much more than they hate gays!! silly ignorant bigots-GO HOME!!!

New transportation companies come to Cleveland
Ride-sharing companies are breaking laws and regulations every day. From regulatory fee evasion to use of smartphone while driving (and even two smartphones(!) ...

Cleveland anti-poverty agency executive resigns amid financial probe
That committee won't be too independent. He plans to stay on until after the new appointee is chosen.

How can you wipe a criminal record clean?
Great article! NO CLINIC in May 2014, however, because it's graduation month for students For the next dates of the FREE Legal Clinic to help with Expungment,...

Drilling remains suspended while ODNR investigates NE Ohio earthquakes
Flaring and lights, so has all been halted? Also, smell of HS2 and sounds of an auger/drilling/water rushing underground. So, has all been halted? In light of t...

Will the Ohio River carry fracking wastewater?
Texas $ vs. WV citizens . Who will our governor listen to?

Copyright © 2014 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