Sister Steel Companies Fight Over Tariffs
Recent Trump Steel Tariffs have found sister companies on opposing sides. Canton, Ohio steel producer TimkenSteel Corporation and its sister steel importer Timken Co have differing views on recent steel tariffs. Both companies originated when Henry Timken, a carriage maker, patented a tapered roller bearing in 1898.
Steel Importers Will Be Taxed An Additional 25%
Timken Co. is a global manufacturer of bearings, gear drives, belts, chain and other “transmission” related products. They employee over 15,000 in 33 countries.
“…we do not view steel tariffs as a positive development for our domestic manufacturing operations and are also concerned that higher U.S. steel costs could negatively impact the global competitiveness of many of our U.S. customers…” – Timken Co.
Domestic US Steel Producers View Tariffs Favorably
TinkenSteel employs over 2,800 whom work in Ohio manufacturing SBQ bars, seamless mechanical tubing and precision steel components.
“This is a meaningful step toward restoring fair trade, which will strengthen both the U.S. steel industry and America’s national security…” – TimkenSteel.
Quotations Source: March 27, 2018 article written by Peter Coy – Bloomberg Businessweek Columnist