Timken Latrobe Steel to Modernize Rolling Mill

New Capability to Increase Market Opportunity for Specialty Steel LATROBE, PA ¨C August 1, 2003 ¨C Timken Latrobe Steel announced it would begin a modernization project to update the capabilities of its existing continuous rolling mill in Latrobe, Pennsylvania. Upgrades to the rolling mill further establish Timken as a leading international supplier of high quality steel bar and wire for specialty applications. The project is scheduled for completion in 2004. ¡°The quality and productivity improvements to the rolling mill will enhance our unique capabilities for rolling specialty steels and other materials that require low reductions, slow speeds and smaller volumes for niche markets. We will also be able to manufacture product to closer tolerances and improve already high quality levels, which brings additional benefit to customers,¡± said Hans J. Sack, president ¨C Timken Latrobe Steel. ¡°This project continues an investment cycle at Latrobe that began in 1992, creating a modern facility with efficient production capabilities from melt to finish.¡± The modernized mill will be able to roll product substantially free of decarburization, enabling Timken Latrobe Steel to compete more effectively in global markets. The resulting improved quality and productivity will provide the capability to enter additional markets in specialty metals and stainless steel products. Productivity increases and increased participation in existing and new market segments will bring value to our customers. Timken Latrobe Steel, a subsidiary of The Timken Company, is a leading producer of aerospace structural, multi-phase alloys, aerospace bearing steels, and high-speed steels, as well as a leading tool steel distributor in the United States. The Timken Company is a leading international manufacturer of highly engineered bearings, alloy and specialty steels and components, and a provider of related products and services. Following its February 2003 acquisition of The Torrington Company, Timken employs 28,000 people worldwide in operations in 29 countries. In 2002, the combined companies had sales of approximately $3.8 billion. Certain statements in this news release (including statements regarding the Company's forecasts, beliefs and expectations) that are not historical in nature are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company cautions that actual results may differ materially from those projected or implied in forward-looking statements due to a variety of important factors, including: risks associated with the rolling mill construction schedule; uncertainties in both the timing and amount of benefits from the modernized rolling mill; competition and global overcapacity in the steel industry; risks associated with the greater level of debt associated with the Torrington acquisition; and the impact on operations of general economic conditions, higher raw material and energy costs, the cyclicality of the Company's business, and customer demand. These and additional factors are described in greater detail in the Company's Prospectus Supplement dated February 11, 2003 relating to the offering of the Company's common stock, in the Company's 2002 Annual Report, page 47, and in the Company¡¯s Quarterly Report on Form 10-Q for the quarter ended March 31, 2003. The Company undertakes no obligation to update or revise any forward-looking statement.