Daido Steel Signs New Contract with Timken for Special Steel in Asia

Daido Steel, Japanese largest special steel maker, announced on Thursday the firm signed a new contract with Timken, the world largest bearing maker, for special steel supply in Asia. They will cooperatively expand the sales in Asia. Daido Steel utilizes Timken’s sales network in Asia and expands the sales of structural steel to non-Japanese users at overseas toward 30 billion per annum in next 5 years.

Both companies’ special steel products are used for automobile, bearing, heavy electric equipment or industrial machine. The demand for high grade special steel is expected to increase from Asian industries. Daido Steel has production technology of special steel for automobile and bearing steel. The firm utilizes Timken’s business know-how for highly-functional steel, such as high alloy steel, and seeks new businesses and sales expansion.

Timken has expanded sales and production of bearing in Asia since 2000 by building up business network for sales, stocks and technology services. The firm will expand the business with Daido Steel when the demand of special steel is expected to increase in Asia.

Both companies established the project for many-sided collaboration in January 2007. Daido Steel started engineering support for production lines in Timken’s plants. Both companies will build up each competition power in global special steel market.