‘Mad Money’ host on CNBC told viewers Thursday that Timken Co. is part of an American industrial renaissance.
Timken Co. and the oil and natural gas rich Utica Shale are part of an American industrial comeback, according to CNBC investment show host Jim Cramer.
A special edition of CNBC’s “Mad Money with Jim Cramer” originated from Timken’s Faircrest Steel Plant on Thursday.
Cramer said he chose to come to Faircrest “to tell a story that hasn’t been told, about this time in American industry and how there’s a renaissance going on.
“I’m convinced the renaissance is real and it’s going on at Timken Co.,” he told The Repository during an interview at the plant where the company is making at $260 million investment to boost steel making capacity.
Cramer did several appearances during his day at Timken, including a short talk at 2:45 p.m. on the show “Street Signs.” He also was to do his hour-long show at 6 and 11 p.m. from the plant.
He indicated that Timken was a solid investment, as opposed to Google stock, which fell more than 10 percent Wednesday before trading was halted on the Nasdaq exchange.
“How about buying something you can touch and feel, like this?” he said, gesturing for the camera at huge steel components in racks behind him.
He spent Wednesday at a Chesapeake Energy drilling rig in Carroll County.
“Those rigs use Timken technology that allows the Utica shale to be drilled economically, and allows it to be delivered economically to companies like American Electric Power,” he said before the show.
“It produces a much more robust economy than we had three or four years ago,” he said.
A lot of people are opposed to using fossil fuels, he said. “I care about jobs,” he said. “I care about the environment.”
But natural gas is “really cheap” to get out of the ground in Ohio, he said. “It’s very impressive.
“Right now, fracking (fracturing the shale to reach fuels deep underground) is very controversial, but the more I learn about it, the less controversial it seems ... I think I have very good credentials as an environmentalist and this doesn’t seem that nasty to me.
“I saw it when I was at that rig. It seems fine to me.”
He said he likes AEP because the company shows “that made in America exists and shows manufacturing power” because more and more electric power is using natural gas to run generators. He talked with Timken and AEP officials on the show.
Cramer said his show doesn’t tell viewers in what stocks they should invest, but “to help people make money — through investing — to teach them how it works, to educate them.”
Cramer’s show airs at 6 and 11 p.m., Monday through Friday.
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