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.
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.
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.