The Timken Company and the United Steelworkers Local 1123 announced they have reached agreement on a new 5 year contract to replace the existing contract, which would have expired September 2013.

A ratification vote is being scheduled.

Mr Salvatore J Miraglia Jr president of Timken's Steel Group said “The company and the union were able to reach a tentative agreement that would pave the way for the most significant investment in our steel operations since we built the Faircrest plant. The expansion would position us to increase capacity, expand product range and strengthen competitiveness.”

The company announced in August that it would move forward with a USD 225 million investment in its Faircrest Steel Plant, pending successful discussions with the union, suppliers and government officials.