Timken Latrobe Steel

The Port Authority assisted Timken Latrobe Steel Distribution (Timken) retain and expand its operations in the Mahoning Valley by providing financial resources to Timken to acquire a site, construct a building, and equip and furnish the same. The Port Authority acquired the property for the project, let a facility lease to Timken for its operation of such facilities, obtained a $150,000 Development Grant from the Ohio Department of Development (ODOD), obtained $6,185,000 in State Economic Development Revenue Bonds through the Ohio Enterprise Bond Fund Program, obtained a $3,000,000 Loan from ODOD’s 166 Direct Loan Program, and passed through the proceeds to Timken Latrobe for the project.