Sorry for not responding - I have been out of the country (Europe). My feeling is that Europe is in a recovery mode, but it is hard to tell if that means more sales for TKR. Timken, as you know, has a big prescence in Europe, so that should help. Asia is another matter. China claims it isn't going to devalue because they have very good foreign reserves. Japan seems to be recovering, and certainly Korea is. The major factor still remains worldwide overcapacity in the steel industry. Timken does have a special market niche - perhaps they should really shrink down to the bearings units and get out of the general steel business. Aren't they thinking about unloading Latrobe?
At 15 and change, TKR seem like a good buy at this point.