In the steel company's Canton, Ohio, facilities, only two people work per shift. The rest of the company, which manufactures special bar quality steel in five U.S. locations, is fully automated. Timken — the chief executive officer, president and chairman — said his company will make efforts to grow its business with the excess funds made from the tariffs.
"Even though there is a high level of automation [at present], it's important to recognize that you have to lean out your entire organization, you have to be as organized as possible, in order to compete in a global market that is awash with excess capacity," Timken told CNBC on "Power Lunch" on Monday.
Posted: Mar 5th, 2018