Summit Notebook

Exclusive outtakes from industry leaders

Audio – Commodities giveth and commodities taketh away

February 26, 2008

griffith.jpgHigh commodities’ costs have been much on the minds of almost all of the executives at this year’s Reuters Manufacturing Summit.

For Timken Co Chief Executive Jim Griffith, the question is one the diversified company is addressing on a real-time basis and one it has gained some pricing power with its customers.

Griffith, speaking at the second day of the summit, said that while higher commodities costs help one side of their business, they can also be a detriment to the other side — and that’s where they need to raise some prices.

Timken, a maker of bearings and specialty steel that still gets a large portion of its revenues from the automobile industry, said it was looking for some low double-digit price hikes from certain customers to offset rising costs that they face.

Griffith was one of the featured speakers at this year’s summit, held in our Chicago offices. The summit continues through Thursday and is followed in two weeks with the Reuters Global Mining and Steel Summit held in New York, London and Sydney, Australia.

Post Your Comment

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
  •