LATROBE, Pa., May 17 (UPI) -- The Timken Co.'s Latrobe Steel subsidiary said Monday it will raise the price of its high-speed steel products by 5 percent.
Timken Latrobe Steel said the price change will be effective with new orders received beginning June 1. Raw material surcharges will remain in effect, the company said.
"Continued higher production costs in the form of scrap and energy are key factors in this price increase," said David Murray, vice president of Timken Latrobe Steel sales and marketing. "We are continuing with our efforts to try to offset these costs."