The Timken Company Buys City Scrap & Salvage
According to an article published in CantonRep.com, The Timken Company confirmed on Friday that its subsidiary TSB Metal Recycling is buying the family-owned City Scrap and Salvage in Akron, Ohio. The company told the CantonRep.com reporter the purchase was to “…ensure Timken has a steady supply of scrap steel for its steel manufacturing plants in Canton.”
The purchase will reportedly be closed at the start of the New Year.
According to Timken spokeswoman Lorrie Crum, this is the first scrap company Timken has purchased. The Timken spokeswoman told CantonRep.com City Scrap and Salvage has been supplying scrap to Timken for 15 years.
City Scrap and Salvage revenues for 2010 were about $17 million. The company was founded in 1947 by Nathan Katz and is now run by three of his cousins – Steve Katz, Randy Katz and Alan Katz.
Timken, which produces steel bars and tubes, produces all of their products through the use of an electric arc furnace (EAF) and they use about 1.5 million tons of scrap – or about 750,000 recycled cars – to produce their products. (Source: CantonRep.com)
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