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.

Wayside Furniture

Lehmans

Hennes Paynter Communications


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

Ohio politicians rally against Planned Parenthood
The baby cries out....I am a person too! ... at least do not sell my heart. In an abortion there are three parties involved...the mother, the father and the ch...

Ohio lawmakers propose grants for home construction for disabled people
We have been trying to have a "Visitability Bill" passed for years. Thanks, Greg

Lake County crimes may give Trump immigration fodder
Shoddy reporting at best. "Mixed views" The question that came to my mind was, "How many people did he have to interview to get "mixed views". Do the two peo...

Ohio's U.S. Sen. Sherrod Brown announces plans to improve Medicare by lowering prescription costs for seniors
Sounds good. I'm living in Florida to escape the snow. So far it's working. I retired from GM in 2000. Keep pushing for all the working people. In the long run ...

The tiny town that time, and elections, forgot may go out of existence
Thank you for this story. I grew up in Limaville, my parents home is there still...unsellable due to the septic/sewer problem. Sometimes I am sorry I left...wis...

Where Ohio'sJohn Kasich stands in the presidential polls
We are fans of Gov. Kasich since he served in the House of Representatives. It pleases us to finally see him as the potential President of the United States. We...

Cleveland hosts the first national Movement for Black Lives conference
What a wonderful experience this was, So much love and understanding, without all of the other distractions that tend to come with organizing for change, this e...

Air Force unit gets training and Youngstown gets rid of some eyesores
Do they have to totally destroy all the beautiful oak and leaded windows, which I am thinking are probably there? Do they just have to destroy them like that? C...

Jewish challah and Native American fry bread at an Akron cultural exchange
Each time I saw the young students relate to each other, I got goose bumps. These young students can and hopefully will teach all of us to live and respect eac...

One of the Cleveland Orchestra's most celebrated musicians bids farewell
I had the honor of studying with Franklin Cohen in the late 80s and early 90s. He is unparalleled both as a clarinetist and as a musician. His deep personal war...

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