The Timken Co., Canton, Ohio, reports that members of United Steelworkers Local 1123 based in Canton have failed to ratify a tentative agreement between their bargaining representatives and the company.
The contract offered to the workers included wage and benefit increases, a signing bonus for ratification and additional job security measures. Timken Steel Business President Salvatore Miraglia says in a company statement, "Many parts of this company are growing and expanding around the world. We are disappointed in this outcome because the contract was a necessary step before our commitment to invest $225 million in steel operations in Canton."
Miraglia notes that the existing contract remains in effect until Sept. 2013. The company will be evaluating other investment opportunities in bearing and power transmission markets and operations around the world to support the company's overall growth strategy.
The Timken Co., profiled in the 2012 Recycling Today Scrap Metals Supplement, recycles between 1.5 and 2 million tons of scrap every year.
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