TKR Timken Co

The Timken Company (“Timken”) recently received approximately $48 million (pre-tax) under the U.S. Continued Dumping and Subsidy Offset Act (“CDSOA”).

CDSOA provides for distribution of monies collected by U.S. Customs and Border Protection (“U.S. Customs”) on entries of merchandise subject to antidumping duty orders that entered the U.S. prior to October 1, 2007 to qualifying domestic producers where the domestic producers have continued to invest in their technology, equipment and people.

CDSOA has been the subject of significant litigation since 2002, and U.S. Customs has withheld CDSOA distributions in recent years while litigation was ongoing. In recent months, much of the CDSOA litigation that involves antidumping duty orders where Timken is a qualifying domestic producer has concluded. The recent distribution received by Timken represents funds that would have been distributed to Timken at the end of calendar years 2011 to 2015.

Since there continue to be legal challenges related to CDSOA, U.S. Customs has advised all affected domestic producers that it is possible that CDSOA distributions could be subject to clawback. At this time, Timken believes the likelihood of clawback is remote.

This information shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

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