The Timken Company  is a leading international manufacturer of highly engineered bearings, alloy and specialty steels and components, and a provider of related products and services. Timken employs 28,000 people in operations in 29 countries

http://www.timken.com

Timken Receives $3.8 Million Contract From Masteel in China
CANTON, Ohio — June 17, 2008 — The Timken Company (NYSE: TKR) announced today that it secured a $3.8 million contract for bearings from Masteel, one of the largest iron and steel producers in China.
The order is for large-bore Timken™ tapered and spherical roller bearings for application in the rougher and finisher of Masteel’s hot-strip rolling mill.  Masteel awarded this contract to Timken based on its previous experience using Timken tapered roller bearings in a separate application. 
Timken supplies a broad range of friction-management and power-transmission solutions, including tapered, spherical, cylindrical and needle bearings for industrial applications. 

Timken Declares Quarterly Dividend 
 CANTON, Ohio – May 2, 2008 – The board of directors of The Timken Company (NYSE: TKR) today declared a quarterly cash dividend of 17 cents per share.  The dividend is payable on June 3, 2008, to shareholders of record as of May 16, 2008.  It will be the 344th consecutive dividend paid on the common stock of the company.

Timken Reports Record First-Quarter Results 
Sales rise as global industrial demand remains strong 
Earnings improve on execution of strategic initiatives 
Company confirms expectations for record full-year earnings
CANTON, Ohio – April 30, 2008 – The Timken Company (NYSE: TKR) today reported sales of $1.43 billion during the first quarter of 2008, an increase of 12 percent over the same period a year ago.  The increase was driven by strong sales in global industrial markets, as the company benefited from its capacity-expansion initiatives, as well as the favorable impact of pricing, surcharges and currency.
First-quarter income from continuing operations was $84.5 million, or $0.88 per diluted share, compared to $74.3 million, or $0.78 per diluted share, in the first quarter of 2007.  Excluding special items, income from continuing operations increased 26 percent to $78.9 million or $0.82 per diluted share for the first quarter of 2008, compared to $62.5 million or $0.66 per diluted share in the prior-year period.  Strong first-quarter earnings benefited from favorable pricing, volume, mix and currency, which were partially offset by higher LIFO charges related to increased material costs.  Special items, net of tax, in the first quarter of 2008 totaled $5.6 million of income compared to $11.8 million of income in the same period last year and included a gain on a real estate divestment associated with a prior plant closure, partially offset by charges related to restructuring, rationalization and impairment.
“We achieved record first-quarter earnings as execution of our strategic initiatives and a more efficient operating model allowed us to take better advantage of continued strong global demand for our industrial products,” said James W. Griffith, Timken’s president and chief executive officer.  “We continue to have a positive outlook for 2008 performance as we bring more capacity online in attractive markets and advance our pricing and execution initiatives.”
During the quarter, the company:
Implemented the next wave of Project O.N.E., Timken’s business process improvement and global systems initiative, covering most of the company’s remaining U.S. and European operations; 
Completed construction of a new industrial bearing manufacturing plant in Chennai, India, and a new aerospace and precision products facility in Chengdu, China, which are part of Timken’s strategy of driving growth in key global industrial markets; and 
Acquired the assets of Boring Specialties Inc. (BSI), which provides steel components for the oil and gas industry, further expanding Timken’s ability to serve the growing market for high-performance energy products.
 Total debt was $873.3 million as of March 31, 2008, or 29.7 percent of capital.  Net debt at March 31, 2008, was $805.1 million, or 28.0 percent of capital, compared to $693.0 million, or 26.1 percent, as of Dec. 31, 2007.  The increase in net debt was due to seasonal working capital requirements and strong demand.  In addition, net debt increased due to acquisitions, net of divestments, during the quarter.  The company expects to end 2008 with lower net debt and leverage, providing additional financial capacity to pursue strategic investments.
First-quarter financial reporting reflects changes to the company’s management structure to improve execution and accelerate profitable growth.  The company operates under two major business groups, the Steel Group and the Bearings and Power Transmission Group, which includes three reporting segments – Mobile Industries, Process Industries, and Aerospace and Defense.  The following group and segment results exclude special items and unallocated corporate expenses.

Timken Reports 2007 Results, Strong Outlook for 2008
      Operating performance improves despite automotive weakness,   higher costs
      Global industrial demand remains strong
CANTON, Ohio--(BUSINESS WIRE)--Jan. 31, 2008--The Timken Company (NYSE: TKR) today reported sales of $5.2 billion for 2007, an increase of 5 percent from a year ago. Strong sales in industrial markets and the favorable impact of currency were partially offset by the impact of the strategic divestment of the company's automotive steering and European steel tube manufacturing operations. The company achieved income from continuing operations of $219.4 million, or $2.29 per diluted share, up from $176.4 million, or $1.87 per diluted share, in 2006.
Excluding special items, income from continuing operations increased 15 percent to $229.9 million or $2.40 per diluted share in 2007, compared to $200.8 million or $2.13 per diluted share in the prior year. Special items, net of tax, totaled $10.5 million of expense in 2007 compared to $24.4 million in 2006. These special items included losses on divestitures and charges related to restructuring, rationalization and impairment, which were partially offset by disbursements received under the Continued Dumping and Subsidy Offset Act (CDSOA) and favorable tax adjustments.

"Our financial results for 2007 reflect the strength of industrial markets and the progress we made on initiatives to shift our portfolio to markets where we can create greater shareholder value," said James W. Griffith, Timken's president and chief executive officer. "We expect to see continued strong demand for our products and are committed to achieving improved financial performance through a combination of better execution and portfolio management."
During 2007, the company took actions to drive further growth in key market sectors while improving operational performance.
    *      Timken made progress in shifting its portfolio toward key growth      markets, including Asia, aerospace, distribution, energy and
      heavy industries. Examples include:
    *      Significant capacity expansion over the past two years in      China, India, Romania and the United States to meet growing
      demand for large-bore and aerospace bearings;
    *      The acquisition of the assets of The Purdy Corp. for $200      million, expanding the company's range of gearbox manufacturing
      and repair to serve the aerospace industry;
    *      Establishment of a joint venture in China to manufacture ultra-large-bore bearings for the growing Chinese wind energy
      market;
    *      Closure of steel tube manufacturing operations in Desford,   England; and
    *     Advancement of restructuring initiatives within the company's   bearing operations, including closure of its manufacturing
      facility in Clinton, S.C.
    *     Timken commissioned a new induction heat-treat line focused on      steel products for the energy and industrial sectors and began
      building a $60 million expansion for special small-bar steel      capabilities that will give the company one of the broadest
      ranges of super-clean alloy steel bars in North America.
   *      The company realigned operations under two major business      groups, the Bearings and Power Transmission Group and the Steel
      Group, to improve execution and accelerate profitable growth.
   *      The company completed the first major U.S. implementation of     Project O.N.E., a program designed to improve enterprise-wide
      business processes and systems. Over the next year, the company      will complete the next phase of the rollout, covering most of its remaining operations.

Fourth-Quarter Results
For the quarter ended Dec. 31, 2007, sales were $1.3 billion, an increase of 9 percent from a year ago. Strong sales in industrial markets were partially offset by the impact of the company's strategic divestments.
Income from continuing operations per diluted share was $0.50 in the fourth quarter of 2007 compared to $0.17 in the same period a year ago. The company's performance benefited from higher volume and improved pricing, which were partially offset by higher raw-material, manufacturing and logistics costs.
Special items, net of tax, in the fourth quarter of 2007 totaled $0.8 million of expense, compared to $5.5 million in the same period a year ago and included losses on divestitures and charges related to restructuring, rationalization and impairment, partially offset by disbursements received under CDSOA. Excluding these items, income from continuing operations per diluted share in the fourth quarter of 2007 was $0.51, compared to $0.23 during the same period in 2006.
Total debt was $723.2 million as of Dec. 31, 2007, or 26.9 percent of capital. Net debt at Dec. 31, 2007, was $693.0 million, or 26.1 percent of capital, compared to $496.8 million, or 25.2 percent, as of Dec. 31, 2006. The increase in net debt was due primarily to the Purdy aerospace acquisition in the fourth quarter of 2007, higher working capital requirements driven by strong demand and increased capital expenditures in support of growth initiatives.
In the fourth quarter of 2007 the company implemented a change to its management structure and now operates under two major business groups, the Steel Group and the Bearings and Power Transmission Group, which includes three segments - Mobile Industries, Process Industries and Aerospace & Defense. Beginning with the first quarter of 2008, the company will report its financial results under the new structure and reclassify its prior-period segmentation accordingly. Financial reporting under the previous segmentation (Industrial, Automotive and Steel) was used throughout the fourth quarter of 2007.