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The Timken Company Message Board

  • mentges mentges Sep 29, 1998 2:07 PM Flag

    Steel Industry Story from Dow/Jones

    This doesn't look good - any comments? Is Timken
    impacted by this?

    RIVERDALE, Ill. -(Dow Jones)- An
    Illinois-based steel maker, Acme Metals
    Inc., has succumbed
    to the deteriorating fundamentals of the steel
    industry,
    announcing Tuesday it filed for Chapter 11 bankruptcy
    protection for itself
    and its five units.
    Acme Metals
    (AMI), whose shares are listed on the New York Stock
    Exchange,
    said it suffered greater-than-anticipated losses
    because of a slump in demand
    and prices for steel
    products. "Record high levels of low-priced imports
    and
    high steel inventories have caused a significant drop
    in our steel order book
    and average selling
    prices," the company said.
    The announcement came as
    major U.S. steelmakers are preparing to
    file
    complaints of unfair trade against a handful of nations in
    an effort to stop
    the recent collapse of U.S.
    steel prices. Tuesday's Wall Street Journal
    reported
    the filings could come as early as Wednesday against
    Japan, Russia
    and Brazil, and possibly other
    countries. They will target hot-rolled steel,
    the
    industry's basic commodity product used in everything from
    pipe to
    garbage cans. Other complaints, on more
    processed forms of cold-rolled steel,
    could come later,
    according to one person familiar with the industry's plans.

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    • I agree that panic selling may bring this stock
      down to those levels, but it won't stay there for more
      than a week. If it sees those levels, I'll be selling
      other stocks and buying more of these eggs.

    • This stock is currently trading a little below
      book value. That's another thing it has going for it
      in the way of value.

      The oil drillers showed
      me how ridiculous the market can get on the
      downside. If the general market really goes to hell in a
      handbag, this stock may get beat down to the $10 to $12
      range. If it gets down to that level I'm going to be
      buying hand over fist. I already own some, but I'm not
      sure the worst is over yet.

    • im a value investor, so dividend yields say a
      lot.tkr cut its dividend back after 87 crash--however,
      they were timely in restoring part of it, but it takes
      years of 3% increases to get back to where you were.i
      hope the current market conditions bring dividends
      back into vogue.an established company can keep its
      core investors with dividends.

    • TKR's value is not commodity. This stock won't go lower than 15.5, because the dividend yield (.72 / 15.5) is 4.6 % which is better than 10 yr T-bill. I'm buying in today.

      • 1 Reply to dookie2
      • Since we are in a worldwide recession, can Timken
        keep its dividend at current level. Already trading
        belowe 15.5 - at 15 3/8! I think we could see this stock
        go to 12. I bought in at 18, so I am not pleased
        with this, but it is my own fault for not studying the
        impact of Asia, Latin America, and now the faltering
        European economy. We will be lucky if U.S. avoids a real
        major recession.

 
TKR
31.98+0.44(+1.40%)Jul 28 4:04 PMEDT