Timken to Increase Tool Steel Prices

Timken Latrobe Steel, a subsidiary of The Timken Company, announced it would increase prices by 5 percent on tool steel and alloy products. The price change is effective with shipments beginning on August 8, 2004. Raw material surcharges will remain in effect. "Continued rising operational costs and other key factors are reasons for this price increase," said David A. Murray, vice president -- sales and marketing -- Timken Latrobe Steel. "We are continuing with our efforts to try to offset these costs." Timken Latrobe Steel is a leading specialty steel producer in North America. The Timken Company (NYSE: TKR); ( http://www.timken.com ) is a leading global manufacturer of highly engineered bearings and alloy steels and a provider of related products and services with operations in 27 countries. A Fortune 500 company, Timken recorded 2003 sales of $3.8 billion and employed approximately 26,000 at year-end.